# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001398344-26-004775
**Filing Date:** 2026-3
**Character Count:** 6178963
**Document Hash:** bdbae3d8fc7cb904e14a175acdcf65ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004775.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001398344-26-004775

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 259

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000914036

**ORGANIZATION NAME:**
- **EIN:** 521835648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08090
- **FILM NUMBER:** 26731698

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802
- **BUSINESS PHONE:** 260-455-2000

**MAIL ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGGRESSIVE GROWTH FUND /
- **DATE OF NAME CHANGE:** 20031001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20030910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN NATIONAL AGGRESSIVE GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19931025

## Series and Classes Contracts Data

### LVIP Government Money Market Fund (Series ID: S000002805)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007706 | Standard Class |  |
| C000007707 | Service Class  |  |

### LVIP Global Conservative Allocation Managed Risk Fund (Series ID: S000002808)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007712 | Standard Class |  |
| C000007713 | Service Class  |  |

### LVIP Global Moderate Allocation Managed Risk Fund (Series ID: S000002809)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007714 | Standard Class |  |
| C000007715 | Service Class  |  |

### LVIP Global Growth Allocation Managed Risk Fund (Series ID: S000002810)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007716 | Standard Class |  |
| C000007717 | Service Class  |  |

### LVIP Franklin Templeton Core Bond Fund (Series ID: S000002812)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007720 | Standard Class |  |
| C000007721 | Service Class  |  |

### LVIP Blended Large Cap Growth Managed Volatility Fund (Series ID: S000002813)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007722 | Standard Class |  |
| C000007723 | Service Class  |  |

### LVIP BlackRock Dividend Value Managed Volatility Fund (Series ID: S000002815)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007726 | Standard Class |  |
| C000007727 | Service Class  |  |

### LVIP Dimensional U.S. Core Equity 1 Fund (Series ID: S000002818)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000007732 | Standard Class |  |
| C000007733 | Service Class  |  |

### LVIP Baron Growth Opportunities Fund (Series ID: S000015785)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043352 | Standard Class |  |
| C000043353 | Service Class  |  |

### LVIP Blended Mid Cap Managed Volatility Fund (Series ID: S000015972)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043859 | Standard Class |  |
| C000043860 | Service Class  |  |

### LVIP AllianceBernstein Large Cap Growth Fund (Series ID: S000015975)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043865 | Standard Class |  |
| C000043866 | Service Class  |  |

### LVIP Global Equity Managed Volatility Fund (Series ID: S000015976)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000043867 | Standard Class |  |
| C000043868 | Service Class  |  |

### LVIP BlackRock Real Estate Fund (Series ID: S000016761)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000046809 | Standard Class |  |
| C000046810 | Service Class  |  |

### LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund (Series ID: S000021659)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000062031 | Standard Class |  |
| C000062032 | Service Class  |  |

### LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund (Series ID: S000021660)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000062033 | Standard Class |  |
| C000062034 | Service Class  |  |

### LVIP Franklin Templeton Multi-Factor International Equity Fund (Series ID: S000021661)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000062035 | Service Class  |  |
| C000062036 | Standard Class |  |

### LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund (Series ID: S000021662)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000062037 | Standard Class |  |
| C000062038 | Service Class  |  |

### LVIP American Global Growth Fund (Series ID: S000028402)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000086779 | Service Class II |  |

### LVIP American Growth Fund (Series ID: S000028404)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000086781 | Service Class II |  |

### LVIP American Growth-Income Fund (Series ID: S000028405)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000086782 | Service Class II |  |

### LVIP American International Fund (Series ID: S000028406)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000086783 | Service Class II |  |

### LVIP BlackRock Inflation Protected Bond Fund (Series ID: S000028580)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087492 | Standard Class |  |
| C000087493 | Service Class  |  |

### LVIP JPMorgan High Yield Fund (Series ID: S000028582)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087496 | Standard Class |  |
| C000087497 | Service Class  |  |

### LVIP American Balanced Allocation Fund (Series ID: S000029470)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090441 | Standard Class |  |
| C000090442 | Service Class  |  |

### LVIP American Growth Allocation Fund (Series ID: S000029471)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090443 | Standard Class |  |
| C000090444 | Service Class  |  |

### LVIP American Income Allocation Fund (Series ID: S000029472)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000090445 | Standard Class |  |
| C000090446 | Service Class  |  |

### LVIP Dimensional U.S. Equity Managed Volatility Fund (Series ID: S000031867)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000099222 | Standard Class |  |
| C000099223 | Service Class  |  |

### LVIP Dimensional International Equity Managed Volatility Fund (Series ID: S000031868)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000099224 | Standard Class |  |
| C000099225 | Service Class  |  |

### LVIP American Global Balanced Allocation Managed Risk Fund (Series ID: S000036023)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000110362 | Standard Class |  |
| C000110363 | Service Class  |  |

### LVIP American Global Growth Allocation Managed Risk Fund (Series ID: S000036024)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000110364 | Standard Class |  |
| C000110365 | Service Class  |  |

### LVIP American Preservation Fund (Series ID: S000038140)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000117544 | Standard Class |  |
| C000117545 | Service Class  |  |

### LVIP BlackRock Global Allocation Managed Risk Fund (Series ID: S000040167)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000124874 | Standard Class |  |
| C000124875 | Service Class  |  |

### LVIP Fidelity Institutional AM(R) Select Core Equity Managed Volatility Fund (Series ID: S000040169)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000124878 | Standard Class |  |
| C000124879 | Service Class  |  |

### LVIP American Century Select Mid Cap Managed Volatility Fund (Series ID: S000042336)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000131265 | Standard Class |  |
| C000131266 | Service Class  |  |

### LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund (Series ID: S000042337)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000131267 | Standard Class |  |
| C000131268 | Service Class  |  |

### LVIP Dimensional U.S. Core Equity 2 Fund (Series ID: S000048564)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000153122 | Standard Class |  |
| C000153123 | Service Class  |  |

### LVIP Dimensional International Core Equity Fund (Series ID: S000048565)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000153124 | Standard Class |  |
| C000153125 | Service Class  |  |

### LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund (Series ID: S000053201)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000167347 | Standard Class |  |
| C000167348 | Service Class  |  |

### LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund (Series ID: S000053203)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000167351 | Standard Class |  |
| C000167352 | Service Class  |  |

### LVIP Global Aggressive Growth Allocation Managed Risk Fund (Series ID: S000063431)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000205541 | Service Class  |  |
| C000205542 | Standard Class |  |

### LVIP U.S. Aggressive Growth Allocation Managed Risk Fund (Series ID: S000063432)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000205543 | Service Class  |  |
| C000205544 | Standard Class |  |

### LVIP BlackRock Global Allocation Fund (Series ID: S000065355)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000211424 | Standard Class |  |
| C000211425 | Service Class  |  |

### LVIP Fidelity Institutional AM Total Bond Fund (Series ID: S000070165)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223150 | Service Class  |  |
| C000223151 | Standard Class |  |

### LVIP BlackRock Equity Dividend Fund (Series ID: S000070171)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223162 | Standard Class |  |
| C000223163 | Service Class  |  |

### Lincoln Hedged S&P 500 Fund (Series ID: S000071412)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000226491 | Service      |  |
| C000226492 | Standard     |  |

### Lincoln Hedged S&P 500 Conservative Fund (Series ID: S000071413)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000226493 | Service      |  |
| C000226494 | Standard     |  |

### Lincoln Hedged Nasdaq-100 Fund (Series ID: S000073099)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229902 | Service      |  |
| C000229903 | Standard     |  |

### LVIP Channing Small Cap Value Fund (Series ID: S000076864)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236983 | Standard Class |  |
| C000236984 | Service Class  |  |

### LVIP JPMorgan Core Bond Fund (Series ID: S000079874)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000241300 | Service Class  |  |
| C000241301 | Standard Class |  |

### Lincoln Opportunistic Hedged Equity Fund (Series ID: S000083326)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000246876 | Standard Class |  |
| C000246877 | Service Class  |  |

### LVIP American Century Balanced Fund (Series ID: S000083643)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247618 | Service Class     |  |
| C000247619 | Standard Class II |  |
| C000247620 | Standard Class    |  |

### LVIP American Century Capital Appreciation Fund (Series ID: S000083644)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247621 | Standard Class    |  |
| C000247622 | Standard Class II |  |
| C000247623 | Service Class     |  |

### LVIP American Century Disciplined Core Value Fund (Series ID: S000083645)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247626 | Service Class     |  |
| C000247627 | Standard Class II |  |
| C000247628 | Standard Class    |  |

### LVIP American Century Inflation Protection Fund (Series ID: S000083646)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247629 | Standard Class II |  |
| C000247630 | Service Class     |  |
| C000247632 | Standard Class    |  |

### LVIP American Century International Fund (Series ID: S000083647)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247634 | Service Class     |  |
| C000247635 | Standard Class    |  |
| C000247636 | Standard Class II |  |

### LVIP American Century Large Company Value Fund (Series ID: S000083648)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247637 | Standard Class II |  |
| C000247638 | Service Class     |  |
| C000247640 | Standard Class    |  |

### LVIP American Century Mid Cap Value Fund (Series ID: S000083649)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247641 | Standard Class    |  |
| C000247642 | Standard Class II |  |
| C000247643 | Service Class     |  |

### LVIP American Century Ultra Fund (Series ID: S000083650)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247645 | Standard Class    |  |
| C000247647 | Service Class     |  |
| C000247648 | Standard Class II |  |

### LVIP American Century Value Fund (Series ID: S000083651)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247649 | Standard Class II |  |
| C000247650 | Standard Class    |  |
| C000247652 | Service Class     |  |

### LVIP American Funds Vanguard Active Passive Growth Fund (Series ID: S000092701)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000260739 | Standard Class |  |
| C000260740 | Service Class  |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-08090</u>

Lincoln Variable Insurance Products Trust

(Exact name of registrant as specified in charter)

1301 South Harrison Street

Fort Wayne, Indiana 46802

(Address of principal executive offices) (Zip code)

Paul Chryssikos, Esq.

Lincoln Financial Group

150 North Radnor Chester Road

Radnor, Pennsylvania 19087

(Name and address of agent for service)

Copies of all communications to:

Robert A. Robertson, Esq.

Dechert LLP

US Bank Tower

633 West 5<sup>th</sup> Street

Suite 4900

Los Angeles, CA 90071-2013

Registrant's telephone number, including area code: <u>(260) 455-2000</u>

Date of fiscal year end<u>: December 31</u>

Date of reporting period: <u>December 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

**# Lincoln Hedged Nasdaq-100 Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Hedged Nasdaq-100 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $66 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the Nasdaq-100 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA NASDAQ 100 Index Fund and the QQQ FLEX options. In 2025, the Nasdaq-100 stocks proved surprisingly resilient to policy changes, primarily driven by the "Magnificent Seven" technology stocks and strong corporate earnings related to AI investment. For the year, the Fund captured 62% of the Index's positive return with 60% of its volatility and 68% of its maximum peak-to-trough drawdown, which resulted in a higher return-to-risk ratio compared to the Index.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA NASDAQ 100 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of September 17, 2021 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i76f90a6af8c18eca6b4b7b14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Invesco QQQ Trust℠, Series 1 | S&P U.S. Treasury Bond 0-1 Year Index |
| 9/17/2021 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2021 | $10319 | $10636 | $10643 | $9995 |
| 12/31/2022 | $8551 | $8570 | $7123 | $10047 |
| 12/31/2023 | $11700 | $10835 | $10955 | $10555 |
| 12/31/2024 | $13468 | $13445 | $13675 | $11103 |
| 12/31/2025 | $15198 | $15778 | $16433 | $11586 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 9/17/2021 |
| Standard Class | 12.84% | 10.25% |
| Morningstar US Market Index | 17.35% | 11.22% |
| Invesco QQQ Trust℠, Series 1 | 20.16% | 12.27% |
| S&P U.S. Treasury Bond 0-1 Year Index | 4.35% | 3.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $15610813 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $41065 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 54.2% |
| Equity Funds | 52.2% |
| Money Market Funds | 0.2% |
| Other | (6.6%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged Nasdaq-100 Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Hedged Nasdaq-100 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $103 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the Nasdaq-100 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA NASDAQ 100 Index Fund and the QQQ FLEX options. In 2025, the Nasdaq-100 stocks proved surprisingly resilient to policy changes, primarily driven by the "Magnificent Seven" technology stocks and strong corporate earnings related to AI investment. For the year, the Fund captured 62% of the Index's positive return with 60% of its volatility and 68% of its maximum peak-to-trough drawdown, which resulted in a higher return-to-risk ratio compared to the Index.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA NASDAQ 100 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of September 17, 2021 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i3337b246bab9bc055c897c5d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Invesco QQQ Trust℠, Series 1 | S&P U.S. Treasury Bond 0-1 Year Index |
| 9/17/2021 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2021 | $10308 | $10636 | $10643 | $9995 |
| 12/31/2022 | $8514 | $8570 | $7123 | $10047 |
| 12/31/2023 | $11607 | $10835 | $10955 | $10555 |
| 12/31/2024 | $13315 | $13445 | $13675 | $11103 |
| 12/31/2025 | $14972 | $15778 | $16433 | $11586 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 9/17/2021 |
| Service Class | 12.44% | 9.86% |
| Morningstar US Market Index | 17.35% | 11.22% |
| Invesco QQQ Trust℠, Series 1 | 20.16% | 12.27% |
| S&P U.S. Treasury Bond 0-1 Year Index | 4.35% | 3.49% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $15610813 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $41065 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 54.2% |
| Equity Funds | 52.2% |
| Money Market Funds | 0.2% |
| Other | (6.6%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Hedged S&P 500 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $61 | 0.58% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the S&P 500 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA S&P 500 Index Fund and the S&P 500 FLEX options. In 2025, the US large cap stocks proved surprisingly resilient to policy changes, backed by the strong performance of the AI, communication services, and information technology sectors. For the year, the Fund captured 70% of the Index's positive return with 60% of its volatility and 62% of its maximum peak-to-trough drawdown, which resulted in a higher return-to-risk ratio compared to the Index.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA S&P 500 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 21, 2021 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i99d5ea2d0eadb6d6c1774f7f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | S&P U.S. Treasury Bond 0-1 Year Index |
| 5/21/2021 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2021 | $10718 | $11382 | $11565 | $9996 |
| 12/31/2022 | $10016 | $9171 | $9470 | $10048 |
| 12/31/2023 | $11721 | $11595 | $11960 | $10556 |
| 12/31/2024 | $13400 | $14388 | $14952 | $11104 |
| 12/31/2025 | $14995 | $16884 | $17625 | $11588 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 5/21/2021 |
| Standard Class | 11.90% | 9.17% |
| Morningstar US Market Index | 17.35% | 12.02% |
| S&P 500<sup>®</sup> Index | 17.88% | 13.07% |
| S&P U.S. Treasury Bond 0-1 Year Index | 4.35% | 3.24% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $54781238 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $157311 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 53.4% |
| Equity Funds | 51.7% |
| Money Market Funds | 0.1% |
| Other | (5.2%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Hedged S&P 500 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $98 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the S&P 500 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA S&P 500 Index Fund and the S&P 500 FLEX options. In 2025, the US large cap stocks proved surprisingly resilient to policy changes, backed by the strong performance of the AI, communication services, and information technology sectors. For the year, the Fund captured 70% of the Index's positive return with 60% of its volatility and 62% of its maximum peak-to-trough drawdown, which resulted in a higher return-to-risk ratio compared to the Index.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA S&P 500 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 21, 2021 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iadb5f8e46c42cad2d25e369a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | S&P U.S. Treasury Bond 0-1 Year Index |
| 5/21/2021 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2021 | $10696 | $11382 | $11565 | $9996 |
| 12/31/2022 | $9961 | $9171 | $9470 | $10048 |
| 12/31/2023 | $11617 | $11595 | $11960 | $10556 |
| 12/31/2024 | $13233 | $14388 | $14952 | $11104 |
| 12/31/2025 | $14757 | $16884 | $17625 | $11588 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 5/21/2021 |
| Service Class | 11.52% | 8.80% |
| Morningstar US Market Index | 17.35% | 12.02% |
| S&P 500<sup>®</sup> Index | 17.88% | 13.07% |
| S&P U.S. Treasury Bond 0-1 Year Index | 4.35% | 3.24% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $54781238 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $157311 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 53.4% |
| Equity Funds | 51.7% |
| Money Market Funds | 0.1% |
| Other | (5.2%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Conservative Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Hedged S&P 500 Conservative Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $60 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the S&P 500 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA S&P 500 Index Fund and the S&P 500 FLEX options. In 2025, the US large cap stocks proved surprisingly resilient to policy changes, backed by the strong performance of the AI, communication services, and information technology sectors. For the year, the Fund captured 57% of the Index's positive return with 42% of its volatility and 42% of its maximum peak-to-trough drawdown, which resulted in a higher return-to-risk ratio compared to the Index.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA S&P 500 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 21, 2021 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7a45896e5412af64431e84b0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | S&P U.S. Treasury Bond 0-1 Year Index |
| 5/21/2021 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2021 | $10369 | $11382 | $11565 | $9996 |
| 12/31/2022 | $10086 | $9171 | $9470 | $10048 |
| 12/31/2023 | $11436 | $11595 | $11960 | $10556 |
| 12/31/2024 | $12655 | $14388 | $14952 | $11104 |
| 12/31/2025 | $13878 | $16884 | $17625 | $11588 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 5/21/2021 |
| Standard Class | 9.66% | 7.36% |
| Morningstar US Market Index | 17.35% | 12.02% |
| S&P 500<sup>®</sup> Index | 17.88% | 13.07% |
| S&P U.S. Treasury Bond 0-1 Year Index | 4.35% | 3.24% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $25890522 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $81877 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 54.3% |
| Equity Funds | 52.8% |
| Money Market Funds | 0.3% |
| Other | (7.4%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Hedged S&P 500 Conservative Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Hedged S&P 500 Conservative Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $96 | 0.92% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the S&P 500 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA S&P 500 Index Fund and the S&P 500 FLEX options. In 2025, the US large cap stocks proved surprisingly resilient to policy changes, backed by the strong performance of the AI, communication services, and information technology sectors. For the year, the Fund captured 57% of the Index's positive return with 42% of its volatility and 42% of its maximum peak-to-trough drawdown, which resulted in a higher return-to-risk ratio compared to the Index.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA S&P 500 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 21, 2021 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iea5ab46898a641c86eee34d8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | S&P U.S. Treasury Bond 0-1 Year Index |
| 5/21/2021 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2021 | $10345 | $11382 | $11565 | $9996 |
| 12/31/2022 | $10028 | $9171 | $9470 | $10048 |
| 12/31/2023 | $11332 | $11595 | $11960 | $10556 |
| 12/31/2024 | $12495 | $14388 | $14952 | $11104 |
| 12/31/2025 | $13654 | $16884 | $17625 | $11588 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 5/21/2021 |
| Service Class | 9.27% | 6.98% |
| Morningstar US Market Index | 17.35% | 12.02% |
| S&P 500<sup>®</sup> Index | 17.88% | 13.07% |
| S&P U.S. Treasury Bond 0-1 Year Index | 4.35% | 3.24% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $25890522 |
| # of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $81877 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 54.3% |
| Equity Funds | 52.8% |
| Money Market Funds | 0.3% |
| Other | (7.4%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Opportunistic Hedged Equity Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Opportunistic Hedged Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $62 | 0.59% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the S&P 500 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA S&P 500 Index Fund and the S&P 500 FLEX options. In 2025, the US large cap stocks proved surprisingly resilient to policy changes, backed by the strong performance of the AI, communication services, and information technology sectors. For the year, the Fund captured 60% of the Index's positive return with 65% of its volatility and 68% of its maximum peak-to-trough drawdown.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA S&P 500 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of December 13, 2023 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i4d2e9de8d70b905378b91b55.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Lincoln Opportunistic Hedged Equity Composite |
| 12/13/2023 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2023 | $10092 | $10163 | $10141 | $10099 |
| 12/31/2024 | $11657 | $12612 | $12678 | $11798 |
| 12/31/2025 | $12841 | $14800 | $14945 | $13272 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 12/13/2023 |
| Standard Class | 10.16% | 12.96% |
| Morningstar US Market Index | 17.35% | 21.07% |
| S&P 500<sup>®</sup> Index | 17.88% | 21.65% |
| Lincoln Opportunistic Hedged Equity Composite | 12.49% | 14.80% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10783039 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $45158 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 52.3% |
| Equity Funds | 50.5% |
| Money Market Funds | 0.7% |
| Other | (3.5%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# Lincoln Opportunistic Hedged Equity Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about Lincoln Opportunistic Hedged Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $99 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
The Fund maintained its exposure to the S&P 500 Price Return Index (the "Index") throughout the year via its position in the LVIP SSGA S&P 500 Index Fund and the S&P 500 FLEX options. In 2025, the US large cap stocks proved surprisingly resilient to policy changes, backed by the strong performance of the AI, communication services, and information technology sectors. For the year, the Fund captured 60% of the Index's positive return with 65% of its volatility and 68% of its maximum peak-to-trough drawdown.

The largest contributors to the performance of the Fund are:

* The underlying LVIP SSGA S&P 500 Index Fund and the long call options which are used for providing exposure to the Index

The largest detractors from the performance of the Fund are:

* The put options which are used for providing downside protection

* The short call options that finance the put options, resulting in upside limitation

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of December 13, 2023 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i0424ee70bf2d9331bf0db48e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Lincoln Opportunistic Hedged Equity Composite |
| 12/13/2023 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2023 | $10090 | $10163 | $10141 | $10099 |
| 12/31/2024 | $11615 | $12612 | $12678 | $11798 |
| 12/31/2025 | $12749 | $14800 | $14945 | $13272 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 12/13/2023 |
| Service Class | 9.77% | 12.57% |
| Morningstar US Market Index | 17.35% | 21.07% |
| S&P 500<sup>®</sup> Index | 17.88% | 21.65% |
| Lincoln Opportunistic Hedged Equity Composite | 12.49% | 14.80% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10783039 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $45158 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Options | 52.3% |
| Equity Funds | 50.5% |
| Money Market Funds | 0.7% |
| Other | (3.5%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Aggressive Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $35 | 0.33% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to domestic equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of November 1, 2018 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i2987dd6772ade1e0a6b06caf.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | Global Aggressive Growth Blended Composite |
| 11/1/2018 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2018 | $9682 | $9155 | $9168 | $9465 |
| 12/31/2019 | $11372 | $12013 | $12049 | $11696 |
| 12/31/2020 | $12104 | $14524 | $14574 | $13564 |
| 12/31/2021 | $13887 | $18269 | $18430 | $15546 |
| 12/31/2022 | $11174 | $14719 | $14905 | $12971 |
| 12/31/2023 | $12748 | $18610 | $18859 | $15311 |
| 12/31/2024 | $14284 | $23094 | $23482 | $17225 |
| 12/31/2025 | $16417 | $27100 | $27559 | $20394 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 11/1/2018 |
| Standard Class | 14.94% | 6.29% | 7.16% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.93% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.20% |
| Global Aggressive Growth Blended Composite | 18.40% | 8.50% | 10.46% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $340109288 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $794137 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 51.7% |
| International Equity Funds | 27.3% |
| Fixed Income Funds | 17.7% |
| Money Market Funds | 2.9% |
| Global Equity Funds | 0.3% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Aggressive Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $62 | 0.58% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to domestic equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of November 1, 2018 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ica6e404302395388666da333.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | Global Aggressive Growth Blended Composite |
| 11/1/2018 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2018 | $9677 | $9155 | $9168 | $9465 |
| 12/31/2019 | $11340 | $12013 | $12049 | $11696 |
| 12/31/2020 | $12039 | $14524 | $14574 | $13564 |
| 12/31/2021 | $13779 | $18269 | $18430 | $15546 |
| 12/31/2022 | $11059 | $14719 | $14905 | $12971 |
| 12/31/2023 | $12585 | $18610 | $18859 | $15311 |
| 12/31/2024 | $14067 | $23094 | $23482 | $17225 |
| 12/31/2025 | $16127 | $27100 | $27559 | $20394 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 11/1/2018 |
| Service Class | 14.64% | 6.02% | 6.90% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.93% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.20% |
| Global Aggressive Growth Blended Composite | 18.40% | 8.50% | 10.46% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $340109288 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $794137 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 51.7% |
| International Equity Funds | 27.3% |
| Fixed Income Funds | 17.7% |
| Money Market Funds | 2.9% |
| Global Equity Funds | 0.3% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Aggressive Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP U.S. Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $33 | 0.32% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to domestic equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to multi-factor funds contributed positively to performance.

* Conversely, equity allocations to actively managed large and mid-cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of November 1, 2018 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i64080a1a8e0b0ada3ef112e8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | U.S. Aggressive Allocation Blended Composite |
| 11/1/2018 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2018 | $9639 | $9155 | $9168 | $9345 |
| 12/31/2019 | $11407 | $12013 | $12049 | $11787 |
| 12/31/2020 | $12380 | $14524 | $14574 | $14033 |
| 12/31/2021 | $14632 | $18269 | $18430 | $16701 |
| 12/31/2022 | $11476 | $14719 | $14905 | $13761 |
| 12/31/2023 | $13290 | $18610 | $18859 | $16500 |
| 12/31/2024 | $15295 | $23094 | $23482 | $19332 |
| 12/31/2025 | $16704 | $27100 | $27559 | $22041 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 11/1/2018 |
| Standard Class | 9.21% | 6.17% | 7.42% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.93% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.20% |
| U.S. Aggressive Allocation Blended Composite | 14.01% | 9.45% | 11.66% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $246325079 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $543440 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 79.1% |
| Fixed Income Funds | 17.6% |
| Money Market Funds | 3.0% |
| Global Equity Funds | 0.2% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP U.S. Aggressive Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP U.S. Aggressive Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $60 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to domestic equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to multi-factor funds contributed positively to performance.

* Conversely, equity allocations to actively managed large and mid-cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of November 1, 2018 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ifb615bad8b242cce365b4f07.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | U.S. Aggressive Allocation Blended Composite |
| 11/1/2018 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2018 | $9635 | $9155 | $9168 | $9345 |
| 12/31/2019 | $11376 | $12013 | $12049 | $11787 |
| 12/31/2020 | $12316 | $14524 | $14574 | $14033 |
| 12/31/2021 | $14518 | $18269 | $18430 | $16701 |
| 12/31/2022 | $11359 | $14719 | $14905 | $13761 |
| 12/31/2023 | $13122 | $18610 | $18859 | $16500 |
| 12/31/2024 | $15064 | $23094 | $23482 | $19332 |
| 12/31/2025 | $16410 | $27100 | $27559 | $22041 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 11/1/2018 |
| Service Class | 8.94% | 5.91% | 7.16% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.93% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.20% |
| U.S. Aggressive Allocation Blended Composite | 14.01% | 9.45% | 11.66% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $246325079 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $543440 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 79.1% |
| Fixed Income Funds | 17.6% |
| Money Market Funds | 3.0% |
| Global Equity Funds | 0.2% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP AllianceBernstein Large Cap Growth Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP AllianceBernstein Large Cap Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $67 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
For the full year 2025, the Fund rose in absolute terms but underperformed the Russell 1000 Growth. Stock selection hurt relative returns, while sector selection was neutral overall. Selection within industrials and healthcare detracted, while selection in technology and consumer staples contributed.

* Top detractors were lululemon athletica (sold before year end), Chipotle Mexican Grill, UnitedHealth Group, Progressive and Copart.

* Top contributors were Apple (underweight), Alphabet Inc. (underweight), TSMC, Monster Beverage and Broadcom.

Large-cap equities advanced in 2025, with growth stocks outperforming value. Volatility has been elevated, with high-beta and momentum factors leading, while quality factors, such as profitability, which the Fund is overweight, lagged.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i86ee53b9571914f1dad8297a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10139 | $11244 | $10708 |
| 12/31/2017 | $13556 | $13658 | $13943 |
| 12/31/2018 | $13404 | $12968 | $13732 |
| 12/31/2019 | $17567 | $17018 | $18729 |
| 12/31/2020 | $23973 | $20575 | $25938 |
| 12/31/2021 | $28881 | $25880 | $33096 |
| 12/31/2022 | $17121 | $20851 | $23453 |
| 12/31/2023 | $25052 | $26363 | $33462 |
| 12/31/2024 | $31548 | $32715 | $44623 |
| 12/31/2025 | $35965 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 14.00% | 8.45% | 13.65% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1605453571 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $8933319 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 96.9% |
| Money Market Funds | 2.4% |
| Convertible Preferred Stocks | 0.8% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.6% |
| Interactive Media & Services | 13.6% |
| Software | 12.9% |
| Broadline Retail | 7.3% |
| Financial Services | 4.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP AllianceBernstein Large Cap Growth Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP AllianceBernstein Large Cap Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $94 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
For the full year 2025, the Fund rose in absolute terms but underperformed the Russell 1000 Growth. Stock selection hurt relative returns, while sector selection was neutral overall. Selection within industrials and healthcare detracted, while selection in technology and consumer staples contributed.

* Top detractors were lululemon athletica (sold before year end), Chipotle Mexican Grill, UnitedHealth Group, Progressive and Copart.

* Top contributors were Apple (underweight), Alphabet Inc. (underweight), TSMC, Monster Beverage and Broadcom.

Large-cap equities advanced in 2025, with growth stocks outperforming value. Volatility has been elevated, with high-beta and momentum factors leading, while quality factors, such as profitability, which the Fund is overweight, lagged.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i01712c45e89a16684a655906.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10114 | $11244 | $10708 |
| 12/31/2017 | $13489 | $13658 | $13943 |
| 12/31/2018 | $13305 | $12968 | $13732 |
| 12/31/2019 | $17393 | $17018 | $18729 |
| 12/31/2020 | $23677 | $20575 | $25938 |
| 12/31/2021 | $28454 | $25880 | $33096 |
| 12/31/2022 | $16826 | $20851 | $23453 |
| 12/31/2023 | $24558 | $26363 | $33462 |
| 12/31/2024 | $30849 | $32715 | $44623 |
| 12/31/2025 | $35080 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 13.72% | 8.18% | 13.37% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1605453571 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $8933319 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 96.9% |
| Money Market Funds | 2.4% |
| Convertible Preferred Stocks | 0.8% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.6% |
| Interactive Media & Services | 13.6% |
| Software | 12.9% |
| Broadline Retail | 7.3% |
| Financial Services | 4.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Balanced Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Balanced Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $29 | 0.27% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to domestic value and global small cap funds detracted from returns as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within high yield contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7e2f33d78869b629ab1441af.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Balanced Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10620 | $10254 | $10265 | $10569 |
| 12/31/2017 | $12192 | $10602 | $10628 | $12040 |
| 12/31/2018 | $11697 | $10617 | $10629 | $11563 |
| 12/31/2019 | $13759 | $11535 | $11556 | $13787 |
| 12/31/2020 | $16014 | $12399 | $12423 | $15568 |
| 12/31/2021 | $17715 | $12200 | $12232 | $17320 |
| 12/31/2022 | $15124 | $10615 | $10641 | $14746 |
| 12/31/2023 | $17193 | $11179 | $11229 | $16985 |
| 12/31/2024 | $19106 | $11331 | $11369 | $18684 |
| 12/31/2025 | $22062 | $12138 | $12199 | $21599 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 15.47% | 6.62% | 8.23% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Balanced Allocation Composite | 15.60% | 6.77% | 8.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $849578657 |
| # of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $1748500 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 40.1% |
| Fixed Income Funds | 35.6% |
| Asset Allocation Funds | 11.1% |
| International Equity Funds | 10.2% |
| Global Equity Funds | 3.0% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Balanced Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Balanced Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $67 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to domestic value and global small cap funds detracted from returns as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within high yield contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i3e0f003dab523c91ff26d407.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Balanced Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10583 | $10254 | $10265 | $10569 |
| 12/31/2017 | $12108 | $10602 | $10628 | $12040 |
| 12/31/2018 | $11576 | $10617 | $10629 | $11563 |
| 12/31/2019 | $13569 | $11535 | $11556 | $13787 |
| 12/31/2020 | $15736 | $12399 | $12423 | $15568 |
| 12/31/2021 | $17348 | $12200 | $12232 | $17320 |
| 12/31/2022 | $14759 | $10615 | $10641 | $14746 |
| 12/31/2023 | $16719 | $11179 | $11229 | $16985 |
| 12/31/2024 | $18513 | $11331 | $11369 | $18684 |
| 12/31/2025 | $21303 | $12138 | $12199 | $21599 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.07% | 6.24% | 7.86% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Balanced Allocation Composite | 15.60% | 6.77% | 8.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $849578657 |
| # of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $1748500 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 40.1% |
| Fixed Income Funds | 35.6% |
| Asset Allocation Funds | 11.1% |
| International Equity Funds | 10.2% |
| Global Equity Funds | 3.0% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Growth Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $29 | 0.27% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to international funds generally detracted as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i2f4882d02703c4dc59d82a3d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Growth Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10645 | $11244 | $11196 | $10586 |
| 12/31/2017 | $12514 | $13658 | $13640 | $12278 |
| 12/31/2018 | $11888 | $12968 | $13042 | $11651 |
| 12/31/2019 | $14220 | $17018 | $17149 | $14082 |
| 12/31/2020 | $16667 | $20575 | $20304 | $15938 |
| 12/31/2021 | $18481 | $25880 | $26132 | $18025 |
| 12/31/2022 | $15588 | $20851 | $21399 | $15301 |
| 12/31/2023 | $17919 | $26363 | $27025 | $17860 |
| 12/31/2024 | $20071 | $32715 | $33786 | $19807 |
| 12/31/2025 | $23498 | $38390 | $39827 | $23288 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 17.07% | 7.11% | 8.92% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Growth Allocation Composite | 17.58% | 7.88% | 8.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $909823384 |
| # of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $1857508 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 46.1% |
| Fixed Income Funds | 26.8% |
| International Equity Funds | 17.5% |
| Asset Allocation Funds | 6.0% |
| Global Equity Funds | 3.6% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Growth Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $67 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to international funds generally detracted as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i5cf6c722f8f80f6d3b94e59b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | Growth Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10608 | $11244 | $11196 | $10586 |
| 12/31/2017 | $12427 | $13658 | $13640 | $12278 |
| 12/31/2018 | $11764 | $12968 | $13042 | $11651 |
| 12/31/2019 | $14022 | $17018 | $17149 | $14082 |
| 12/31/2020 | $16377 | $20575 | $20304 | $15938 |
| 12/31/2021 | $18098 | $25880 | $26132 | $18025 |
| 12/31/2022 | $15210 | $20851 | $21399 | $15301 |
| 12/31/2023 | $17424 | $26363 | $27025 | $17860 |
| 12/31/2024 | $19447 | $32715 | $33786 | $19807 |
| 12/31/2025 | $22688 | $38390 | $39827 | $23288 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 16.67% | 6.74% | 8.54% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Growth Allocation Composite | 17.58% | 7.88% | 8.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $909823384 |
| # of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $1857508 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 46.1% |
| Fixed Income Funds | 26.8% |
| International Equity Funds | 17.5% |
| Asset Allocation Funds | 6.0% |
| Global Equity Funds | 3.6% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Income Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Income Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $32 | 0.30% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund outperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, an equity allocation to a global small cap fund detracted from returns as the fund underperformed the equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iffd0537b7107d2ed353f2398.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Income Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10562 | $10254 | $10265 | $10503 |
| 12/31/2017 | $11646 | $10602 | $10628 | $11547 |
| 12/31/2018 | $11347 | $10617 | $10629 | $11314 |
| 12/31/2019 | $12970 | $11535 | $11556 | $13092 |
| 12/31/2020 | $14808 | $12399 | $12423 | $14628 |
| 12/31/2021 | $15902 | $12200 | $12232 | $15672 |
| 12/31/2022 | $13773 | $10615 | $10641 | $13431 |
| 12/31/2023 | $15256 | $11179 | $11229 | $15032 |
| 12/31/2024 | $16550 | $11331 | $11369 | $16174 |
| 12/31/2025 | $18628 | $12138 | $12199 | $18126 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 12.56% | 4.70% | 6.42% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Income Allocation Composite | 12.07% | 4.38% | 6.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $169635006 |
| # of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $356387 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 55.6% |
| Equity Funds | 29.2% |
| Asset Allocation Funds | 11.0% |
| International Equity Funds | 2.9% |
| Global Equity Funds | 1.3% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Income Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Income Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $69 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund outperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, an equity allocation to a global small cap fund detracted from returns as the fund underperformed the equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i67b9b068e72273f380ff0bbd.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Income Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10525 | $10254 | $10265 | $10503 |
| 12/31/2017 | $11565 | $10602 | $10628 | $11547 |
| 12/31/2018 | $11229 | $10617 | $10629 | $11314 |
| 12/31/2019 | $12790 | $11535 | $11556 | $13092 |
| 12/31/2020 | $14551 | $12399 | $12423 | $14628 |
| 12/31/2021 | $15571 | $12200 | $12232 | $15672 |
| 12/31/2022 | $13438 | $10615 | $10641 | $13431 |
| 12/31/2023 | $14836 | $11179 | $11229 | $15032 |
| 12/31/2024 | $16036 | $11331 | $11369 | $16174 |
| 12/31/2025 | $17987 | $12138 | $12199 | $18126 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.16% | 4.33% | 6.05% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Income Allocation Composite | 12.07% | 4.38% | 6.13% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $169635006 |
| # of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $356387 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 55.6% |
| Equity Funds | 29.2% |
| Asset Allocation Funds | 11.0% |
| International Equity Funds | 2.9% |
| Global Equity Funds | 1.3% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Balanced Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $70 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Stock choices in the information technology sector limited the Fund's gains.

* Selection in the semiconductors and semiconductor equipment and software industries produced a drag on relative performance.

* Positioning in the consumer discretionary sector also detracted from results.

* An overweight and selection among specialty retail stocks, and stock choices in textiles, apparel and luxury goods, detracted.

* Security selection in the communication services sector contributed to returns.

* Having no exposure to media stocks, along with selection in the interactive media and services industry, had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](if4150f20c12f19cfa65cc5c7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $10888 | $11573 | $11605 |
| 12/31/2025 | $11947 | $13580 | $13680 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 9.73% | 11.16% |
| Morningstar US Market Index | 17.35% | 20.09% |
| S&P 500<sup>®</sup> Index | 17.88% | 20.62% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $396326089 |
| # of Portfolio Holdings | 550 |
| Portfolio Turnover Rate | 96% |
| Total Advisory Fees Paid | $2478796 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 61.8% |
| Agency Mortgage-Backed Securities | 10.5% |
| U.S. Treasury Obligations | 9.3% |
| Corporate Bonds | 9.2% |
| Non-Agency Collateralized Mortgage Obligations | 4.2% |
| Non-Agency Asset-Backed Securities | 1.5% |
| Money Market Funds | 1.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.0% |
| Exchange-Traded Funds | 0.7% |
| Agency Obligations | 0.5% |
| Other | (0.2%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Balanced Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $81 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Stock choices in the information technology sector limited the Fund's gains.

* Selection in the semiconductors and semiconductor equipment and software industries produced a drag on relative performance.

* Positioning in the consumer discretionary sector also detracted from results.

* An overweight and selection among specialty retail stocks, and stock choices in textiles, apparel and luxury goods, detracted.

* Security selection in the communication services sector contributed to returns.

* Having no exposure to media stocks, along with selection in the interactive media and services industry, had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i48dd6f26a518bad5164a3433.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10699 | $11244 | $11196 |
| 12/31/2017 | $12188 | $13658 | $13640 |
| 12/31/2018 | $11721 | $12968 | $13042 |
| 12/31/2019 | $14048 | $17018 | $17149 |
| 12/31/2020 | $15807 | $20575 | $20304 |
| 12/31/2021 | $18300 | $25880 | $26132 |
| 12/31/2022 | $15140 | $20851 | $21399 |
| 12/31/2023 | $17625 | $26363 | $27025 |
| 12/31/2024 | $19751 | $32715 | $33786 |
| 12/31/2025 | $21650 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 9.62% | 6.49% | 8.03% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $396326089 |
| # of Portfolio Holdings | 550 |
| Portfolio Turnover Rate | 96% |
| Total Advisory Fees Paid | $2478796 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 61.8% |
| Agency Mortgage-Backed Securities | 10.5% |
| U.S. Treasury Obligations | 9.3% |
| Corporate Bonds | 9.2% |
| Non-Agency Collateralized Mortgage Obligations | 4.2% |
| Non-Agency Asset-Backed Securities | 1.5% |
| Money Market Funds | 1.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.0% |
| Exchange-Traded Funds | 0.7% |
| Agency Obligations | 0.5% |
| Other | (0.2%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Balanced Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $107 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Stock choices in the information technology sector limited the Fund's gains.

* Selection in the semiconductors and semiconductor equipment and software industries produced a drag on relative performance.

* Positioning in the consumer discretionary sector also detracted from results.

* An overweight and selection among specialty retail stocks, and stock choices in textiles, apparel and luxury goods, detracted.

* Security selection in the communication services sector contributed to returns.

* Having no exposure to media stocks, along with selection in the interactive media and services industry, had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 2, 2016 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i1e5088732e01beab3c399f9e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 5/2/2016 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10467 | $10977 | $10919 |
| 12/31/2017 | $11893 | $13334 | $13303 |
| 12/31/2018 | $11425 | $12660 | $12720 |
| 12/31/2019 | $13640 | $16613 | $16725 |
| 12/31/2020 | $15314 | $20085 | $19802 |
| 12/31/2021 | $17684 | $25264 | $25486 |
| 12/31/2022 | $14594 | $20355 | $20870 |
| 12/31/2023 | $16947 | $25736 | $26356 |
| 12/31/2024 | $18945 | $31937 | $32951 |
| 12/31/2025 | $20713 | $37477 | $38842 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/2/2016 |
| Service Class | 9.33% | 6.23% | 7.82% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.65% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.08% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $396326089 |
| # of Portfolio Holdings | 550 |
| Portfolio Turnover Rate | 96% |
| Total Advisory Fees Paid | $2478796 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 61.8% |
| Agency Mortgage-Backed Securities | 10.5% |
| U.S. Treasury Obligations | 9.3% |
| Corporate Bonds | 9.2% |
| Non-Agency Collateralized Mortgage Obligations | 4.2% |
| Non-Agency Asset-Backed Securities | 1.5% |
| Money Market Funds | 1.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.0% |
| Exchange-Traded Funds | 0.7% |
| Agency Obligations | 0.5% |
| Other | (0.2%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Capital Appreciation Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Capital Appreciation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $59 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the period.

* Security selection in the consumer discretionary sector limited the Fund's gains.

* In consumer discretionary, selection among hotels, restaurants and leisure stocks and an overweight in distributors hurt performance.

* Security selection in communication services also detracted from results.

* An underweight allocation, along with selection in the entertainment industry, hurt performance.

* Security selection in the information technology sector was the primary contributor to returns.

* In consumer discretionary, selection among hotels, restaurants and leisure stocks and an overweight in distributors hurt performance.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of September 22, 2017 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ie4e8698873bec52d16da428d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Growth Index |
| 9/22/2017 | $10000 | $10000 | $10000 |
| 12/31/2017 | $10678 | $10734 | $10775 |
| 12/31/2018 | $10152 | $10192 | $10263 |
| 12/31/2019 | $13809 | $13374 | $13904 |
| 12/31/2020 | $19746 | $16169 | $18852 |
| 12/31/2021 | $22032 | $20338 | $21251 |
| 12/31/2022 | $15881 | $16387 | $15573 |
| 12/31/2023 | $19237 | $20718 | $19601 |
| 12/31/2024 | $24118 | $25710 | $23933 |
| 12/31/2025 | $25793 | $30170 | $26005 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 9/22/2017 |
| Standard Class | 6.95% | 5.49% | 12.13% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.28% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.24% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $470077221 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid | $2710230 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.3% |
| Money Market Funds | 0.4% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 11.1% |
| Software | 8.7% |
| Aerospace & Defense | 7.9% |
| Health Care Equipment & Supplies | 6.2% |
| Life Sciences Tools & Services | 6.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Capital Appreciation Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Capital Appreciation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $82 | 0.79% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the period.

* Security selection in the consumer discretionary sector limited the Fund's gains.

* In consumer discretionary, selection among hotels, restaurants and leisure stocks and an overweight in distributors hurt performance.

* Security selection in communication services also detracted from results.

* An underweight allocation, along with selection in the entertainment industry, hurt performance.

* Security selection in the information technology sector was the primary contributor to returns.

* In consumer discretionary, selection among hotels, restaurants and leisure stocks and an overweight in distributors hurt performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](idba60b0697aa822c311c5739.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Market Index | Russell Midcap<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10323 | $11244 | $10733 |
| 12/31/2017 | $12572 | $13658 | $13445 |
| 12/31/2018 | $11919 | $12968 | $12806 |
| 12/31/2019 | $16158 | $17018 | $17348 |
| 12/31/2020 | $23018 | $20575 | $23522 |
| 12/31/2021 | $25586 | $25880 | $26516 |
| 12/31/2022 | $18394 | $20851 | $19431 |
| 12/31/2023 | $22199 | $26363 | $24457 |
| 12/31/2024 | $27745 | $32715 | $29863 |
| 12/31/2025 | $29609 | $38390 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 6.72% | 5.16% | 11.47% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $470077221 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid | $2710230 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.3% |
| Money Market Funds | 0.4% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 11.1% |
| Software | 8.7% |
| Aerospace & Defense | 7.9% |
| Health Care Equipment & Supplies | 6.2% |
| Life Sciences Tools & Services | 6.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Capital Appreciation Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Capital Appreciation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $97 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the period.

* Security selection in the consumer discretionary sector limited the Fund's gains.

* In consumer discretionary, selection among hotels, restaurants and leisure stocks and an overweight in distributors hurt performance.

* Security selection in communication services also detracted from results.

* An underweight allocation, along with selection in the entertainment industry, hurt performance.

* Security selection in the information technology sector was the primary contributor to returns.

* In consumer discretionary, selection among hotels, restaurants and leisure stocks and an overweight in distributors hurt performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i0bd662be8343eb0c3c9de611.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10308 | $11244 | $10733 |
| 12/31/2017 | $12542 | $13658 | $13445 |
| 12/31/2018 | $11869 | $12968 | $12806 |
| 12/31/2019 | $16061 | $17018 | $17348 |
| 12/31/2020 | $22853 | $20575 | $23522 |
| 12/31/2021 | $25377 | $25880 | $26516 |
| 12/31/2022 | $18209 | $20851 | $19431 |
| 12/31/2023 | $21951 | $26363 | $24457 |
| 12/31/2024 | $27392 | $32715 | $29863 |
| 12/31/2025 | $29189 | $38390 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.56% | 5.02% | 11.31% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $470077221 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid | $2710230 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.3% |
| Money Market Funds | 0.4% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 11.1% |
| Software | 8.7% |
| Aerospace & Defense | 7.9% |
| Health Care Equipment & Supplies | 6.2% |
| Life Sciences Tools & Services | 6.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Disciplined Core Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Disciplined Core Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $66 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap core and value stocks posted positive performance during the period, assisted by easing tariff fears, improving economic growth and further anticipated easing by the U.S. Federal Reserve (the "Fed"). The Fed made three cuts of 25 bps each late in 2025. While sector allocation decisions contributed, the underperformance of the Fund relative to the secondary benchmark was due largely to to stock selection.

* The consumer staples sector was the primary detractor. Selection hampered results primarily in the consumer staples distribution and retail industry.

* An overweight in personal care products also detracted, as did a lack of exposure to the tobacco industry. 

* Stock selections in the communication services sector also detracted, with an underweight of Alphabet hampering results most. 

* In health care, selection contributed most, though an overweight in biotechnology was also beneficial. 

* Selection was strongest in the health care equipment and supplies industry.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i5e73ee094d35955a0f376052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $10670 | $11573 | $10809 |
| 12/31/2025 | $12267 | $13580 | $12528 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 14.97% | 12.92% |
| Morningstar US Market Index | 17.35% | 20.09% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 14.44% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $254043326 |
| # of Portfolio Holdings | 191 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid | $1726880 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Money Market Funds | 0.9% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 11.3% |
| Pharmaceuticals | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.5% |
| Consumer Staples Distribution & Retail | 5.3% |
| Financial Services | 5.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Disciplined Core Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Disciplined Core Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $76 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap core and value stocks posted positive performance during the period, assisted by easing tariff fears, improving economic growth and further anticipated easing by the U.S. Federal Reserve (the "Fed"). The Fed made three cuts of 25 bps each late in 2025. While sector allocation decisions contributed, the underperformance of the Fund relative to the secondary benchmark was due largely to to stock selection.

* The consumer staples sector was the primary detractor. Selection hampered results primarily in the consumer staples distribution and retail industry.

* An overweight in personal care products also detracted, as did a lack of exposure to the tobacco industry. 

* Stock selections in the communication services sector also detracted, with an underweight of Alphabet hampering results most. 

* In health care, selection contributed most, though an overweight in biotechnology was also beneficial. 

* Selection was strongest in the health care equipment and supplies industry.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i8c28fce9d8f1a10a4f3eef6d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11348 | $11244 | $11734 |
| 12/31/2017 | $13673 | $13658 | $13337 |
| 12/31/2018 | $12734 | $12968 | $12235 |
| 12/31/2019 | $15784 | $17018 | $15482 |
| 12/31/2020 | $17648 | $20575 | $15915 |
| 12/31/2021 | $21821 | $25880 | $19919 |
| 12/31/2022 | $19042 | $20851 | $18418 |
| 12/31/2023 | $20690 | $26363 | $20529 |
| 12/31/2024 | $23399 | $32715 | $23478 |
| 12/31/2025 | $26875 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 14.86% | 8.78% | 10.39% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $254043326 |
| # of Portfolio Holdings | 191 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid | $1726880 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Money Market Funds | 0.9% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 11.3% |
| Pharmaceuticals | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.5% |
| Consumer Staples Distribution & Retail | 5.3% |
| Financial Services | 5.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Disciplined Core Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Disciplined Core Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $103 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
Large-cap core and value stocks posted positive performance during the period, assisted by easing tariff fears, improving economic growth and further anticipated easing by the U.S. Federal Reserve (the "Fed"). The Fed made three cuts of 25 bps each late in 2025. While sector allocation decisions contributed, the underperformance of the Fund relative to the secondary benchmark was due largely to to stock selection.

* The consumer staples sector was the primary detractor. Selection hampered results primarily in the consumer staples distribution and retail industry.

* An overweight in personal care products also detracted, as did a lack of exposure to the tobacco industry. 

* Stock selections in the communication services sector also detracted, with an underweight of Alphabet hampering results most. 

* In health care, selection contributed most, though an overweight in biotechnology was also beneficial. 

* Selection was strongest in the health care equipment and supplies industry.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i918dc20d872614cfabbfbf82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11320 | $11244 | $11734 |
| 12/31/2017 | $13617 | $13658 | $13337 |
| 12/31/2018 | $12638 | $12968 | $12235 |
| 12/31/2019 | $15639 | $17018 | $15482 |
| 12/31/2020 | $17429 | $20575 | $15915 |
| 12/31/2021 | $21498 | $25880 | $19919 |
| 12/31/2022 | $18739 | $20851 | $18418 |
| 12/31/2023 | $20282 | $26363 | $20529 |
| 12/31/2024 | $22887 | $32715 | $23478 |
| 12/31/2025 | $26220 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 14.56% | 8.51% | 10.12% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $254043326 |
| # of Portfolio Holdings | 191 |
| Portfolio Turnover Rate | 104% |
| Total Advisory Fees Paid | $1726880 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Money Market Funds | 0.9% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 11.3% |
| Pharmaceuticals | 6.2% |
| Semiconductors & Semiconductor Equipment | 5.5% |
| Consumer Staples Distribution & Retail | 5.3% |
| Financial Services | 5.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Inflation Protection Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Inflation Protection Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $37 | 0.36% |

---

## How did the Fund perform last year and what affected its performance?
Inflation moderated slightly over the period but remained above the U.S. Federal Reserve's (the "Fed") 2% target. Nevertheless, a slowing labor market led to three rate cuts by the Fed late in the year. These factors, along with tariff policy uncertainty, resilient economic growth and the longest government shutdown in U.S. history, influenced the investment landscape in 2025. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg US Treasury US TIPS TR USD (the "Index").

* Sector allocations drove performance, particularly out-of-index positions in securitized and investment-grade credit securities.

* The Fund's allocation to Treasury Inflation-Protected Securities (TIPS) weighed on results, largely due to different year-end securities pricing schedules for the Fund and the Index.

* To maximize inflation exposure while adhering to the IRS-mandated TIPS limit (55% of assets), inflation swaps were used to create an inflation overlay for the non-index securities. This strategy aided results.

* Positioning along the yield curve and carry/roll-down effects detracted from performance. However, positioning in non-U.S. markets, including Canada, Australia, New Zealand and the U.K., provided a positive offset.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ib53f1afab0d7e39ba01670f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Treasury U.S.TIPS Index |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $10352 | $10427 | $10324 |
| 12/31/2025 | $11046 | $11169 | $11048 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 6.71% | 6.09% |
| Morningstar US Core Bond Index | 7.12% | 6.84% |
| Bloomberg U.S. Treasury U.S.TIPS Index | 7.01% | 6.14% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $264613452 |
| # of Portfolio Holdings | 178 |
| Portfolio Turnover Rate | 111% |
| Total Advisory Fees Paid | $1435281 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 60.6% |
| AAA | 16.6% |
| AA | 4.7% |
| A | 6.2% |
| BBB | 8.3% |
| Not Rated | 3.6% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 51.8% |
| Corporate Bonds | 14.7% |
| Non-Agency Collateralized Mortgage Obligations | 10.3% |
| Sovereign Bonds | 8.3% |
| Agency Mortgage-Backed Securities | 5.2% |
| Money Market Funds | 4.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.7% |
| Non-Agency Asset-Backed Securities | 1.4% |
| Municipal Bonds | 0.8% |
| Other | 1.2% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 4.2% |
| Electric | 2.8% |
| Diversified Financial Services | 1.3% |
| Biotechnology | 1.0% |
| Retail | 0.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Inflation Protection Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Inflation Protection Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $48 | 0.46% |

---

## How did the Fund perform last year and what affected its performance?
Inflation moderated slightly over the period but remained above the U.S. Federal Reserve's (the "Fed") 2% target. Nevertheless, a slowing labor market led to three rate cuts by the Fed late in the year. These factors, along with tariff policy uncertainty, resilient economic growth and the longest government shutdown in U.S. history, influenced the investment landscape in 2025. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg US Treasury US TIPS TR USD (the "Index").

* Sector allocations drove performance, particularly out-of-index positions in securitized and investment-grade credit securities.

* The Fund's allocation to Treasury Inflation-Protected Securities (TIPS) weighed on results, largely due to different year-end securities pricing schedules for the Fund and the Index.

* To maximize inflation exposure while adhering to the IRS-mandated TIPS limit (55% of assets), inflation swaps were used to create an inflation overlay for the non-index securities. This strategy aided results.

* Positioning along the yield curve and carry/roll-down effects detracted from performance. However, positioning in non-U.S. markets, including Canada, Australia, New Zealand and the U.K., provided a positive offset.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ifff19a57c04cb49bb83820e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Core Bond Index | Bloomberg U.S. Treasury U.S.TIPS Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10471 | $10254 | $10468 |
| 12/31/2017 | $10881 | $10602 | $10783 |
| 12/31/2018 | $10602 | $10617 | $10647 |
| 12/31/2019 | $11572 | $11535 | $11544 |
| 12/31/2020 | $12707 | $12399 | $12813 |
| 12/31/2021 | $13548 | $12200 | $13577 |
| 12/31/2022 | $11803 | $10615 | $11968 |
| 12/31/2023 | $12228 | $11179 | $12435 |
| 12/31/2024 | $12450 | $11331 | $12663 |
| 12/31/2025 | $13272 | $12138 | $13550 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 6.60% | 0.87% | 2.87% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Treasury U.S.TIPS Index | 7.01% | 1.12% | 3.09% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $264613452 |
| # of Portfolio Holdings | 178 |
| Portfolio Turnover Rate | 111% |
| Total Advisory Fees Paid | $1435281 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 60.6% |
| AAA | 16.6% |
| AA | 4.7% |
| A | 6.2% |
| BBB | 8.3% |
| Not Rated | 3.6% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 51.8% |
| Corporate Bonds | 14.7% |
| Non-Agency Collateralized Mortgage Obligations | 10.3% |
| Sovereign Bonds | 8.3% |
| Agency Mortgage-Backed Securities | 5.2% |
| Money Market Funds | 4.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.7% |
| Non-Agency Asset-Backed Securities | 1.4% |
| Municipal Bonds | 0.8% |
| Other | 1.2% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 4.2% |
| Electric | 2.8% |
| Diversified Financial Services | 1.3% |
| Biotechnology | 1.0% |
| Retail | 0.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Inflation Protection Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Inflation Protection Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $73 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Inflation moderated slightly over the period but remained above the U.S. Federal Reserve's (the "Fed") 2% target. Nevertheless, a slowing labor market led to three rate cuts by the Fed late in the year. These factors, along with tariff policy uncertainty, resilient economic growth and the longest government shutdown in U.S. history, influenced the investment landscape in 2025. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg US Treasury US TIPS TR USD (the "Index").

* Sector allocations drove performance, particularly out-of-index positions in securitized and investment-grade credit securities.

* The Fund's allocation to Treasury Inflation-Protected Securities (TIPS) weighed on results, largely due to different year-end securities pricing schedules for the Fund and the Index.

* To maximize inflation exposure while adhering to the IRS-mandated TIPS limit (55% of assets), inflation swaps were used to create an inflation overlay for the non-index securities. This strategy aided results.

* Positioning along the yield curve and carry/roll-down effects detracted from performance. However, positioning in non-U.S. markets, including Canada, Australia, New Zealand and the U.K., provided a positive offset.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id683bbbf76b88eeffb55b8f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Treasury U.S.TIPS Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10439 | $10254 | $10468 |
| 12/31/2017 | $10822 | $10602 | $10783 |
| 12/31/2018 | $10517 | $10617 | $10647 |
| 12/31/2019 | $11453 | $11535 | $11544 |
| 12/31/2020 | $12547 | $12399 | $12813 |
| 12/31/2021 | $13334 | $12200 | $13577 |
| 12/31/2022 | $11590 | $10615 | $11968 |
| 12/31/2023 | $11984 | $11179 | $12435 |
| 12/31/2024 | $12169 | $11331 | $12663 |
| 12/31/2025 | $12939 | $12138 | $13550 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.33% | 0.62% | 2.61% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Treasury U.S.TIPS Index | 7.01% | 1.12% | 3.09% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $264613452 |
| # of Portfolio Holdings | 178 |
| Portfolio Turnover Rate | 111% |
| Total Advisory Fees Paid | $1435281 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 60.6% |
| AAA | 16.6% |
| AA | 4.7% |
| A | 6.2% |
| BBB | 8.3% |
| Not Rated | 3.6% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 51.8% |
| Corporate Bonds | 14.7% |
| Non-Agency Collateralized Mortgage Obligations | 10.3% |
| Sovereign Bonds | 8.3% |
| Agency Mortgage-Backed Securities | 5.2% |
| Money Market Funds | 4.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.7% |
| Non-Agency Asset-Backed Securities | 1.4% |
| Municipal Bonds | 0.8% |
| Other | 1.2% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 4.2% |
| Electric | 2.8% |
| Diversified Financial Services | 1.3% |
| Biotechnology | 1.0% |
| Retail | 0.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century International Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century International Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $92 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
Non-U.S. developed markets stocks finished the period higher. Central banks in most developed economies cut their benchmark interest rates, although Japan was the exception. From a style perspective, value solidly outperformed growth in non-U.S. developed markets. U.S. tariff threats caused periods of volatility, and artificial intelligence-related uncertainties drove a rotation into value-oriented sectors.The Fund underperformed the MSCI EAFE NR USD for the period due to stock selection and less-favored factor exposures.

* Stock selection within the financials sector was a notable source of underperformance as the London Stock Exchange Group was the top individual detractor from relative performance. The company faced headwinds primarily due to slowing annual growth in its data subscriptions. The Fund's overall underweighting of the sector, especially banks, also weighed on relative performance.

* Within the consumer discretionary sector, Ferrari was another notable detractor after management guided conservatively with financial targets despite strong orders. Textiles, apparel and luxury goods industry holdings were another area of relative weakness.

* Societe Generale was the top individual contributor to relative returns for the period as the France-based investment bank reported strong quarterly results and a boosted profit outlook. The bank has benefited from initiatives to improve its performance versus peers.

* Underweight allocations to the real estate and energy sectors also helped with a lack of exposure to underperforming benchmark names.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i1b13e936e524e308cb43264b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $10032 | $10161 | $10057 |
| 12/31/2025 | $11648 | $13453 | $13197 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 16.11% | 9.49% |
| Morningstar Developed Markets ex-US Index | 32.39% | 19.41% |
| MSCI EAFE Index (net dividends) | 31.22% | 18.05% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $151174231 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 92% |
| Total Advisory Fees Paid | $1268648 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 19.1% |
| France | 15.8% |
| United Kingdom | 14.5% |
| Switzerland | 7.6% |
| Germany | 7.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.6% |
| Money Market Funds | 1.2% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.6% |
| Pharmaceuticals | 8.9% |
| Semiconductors & Semiconductor Equipment | 6.3% |
| Aerospace & Defense | 6.3% |
| Textiles, Apparel & Luxury Goods | 5.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century International Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century International Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $103 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Non-U.S. developed markets stocks finished the period higher. Central banks in most developed economies cut their benchmark interest rates, although Japan was the exception. From a style perspective, value solidly outperformed growth in non-U.S. developed markets. U.S. tariff threats caused periods of volatility, and artificial intelligence-related uncertainties drove a rotation into value-oriented sectors.The Fund underperformed the MSCI EAFE NR USD for the period due to stock selection and less-favored factor exposures.

* Stock selection within the financials sector was a notable source of underperformance as the London Stock Exchange Group was the top individual detractor from relative performance. The company faced headwinds primarily due to slowing annual growth in its data subscriptions. The Fund's overall underweighting of the sector, especially banks, also weighed on relative performance.

* Within the consumer discretionary sector, Ferrari was another notable detractor after management guided conservatively with financial targets despite strong orders. Textiles, apparel and luxury goods industry holdings were another area of relative weakness.

* Societe Generale was the top individual contributor to relative returns for the period as the France-based investment bank reported strong quarterly results and a boosted profit outlook. The bank has benefited from initiatives to improve its performance versus peers.

* Underweight allocations to the real estate and energy sectors also helped with a lack of exposure to underperforming benchmark names.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ic0f781e80a5a67ffd8a2f687.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9450 | $10283 | $10100 |
| 12/31/2017 | $12399 | $12844 | $12628 |
| 12/31/2018 | $10512 | $10997 | $10887 |
| 12/31/2019 | $13499 | $13498 | $13284 |
| 12/31/2020 | $16993 | $14636 | $14322 |
| 12/31/2021 | $18480 | $16419 | $15935 |
| 12/31/2022 | $13905 | $13913 | $13632 |
| 12/31/2023 | $15654 | $16313 | $16118 |
| 12/31/2024 | $16061 | $17027 | $16735 |
| 12/31/2025 | $18629 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 15.98% | 1.85% | 6.42% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $151174231 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 92% |
| Total Advisory Fees Paid | $1268648 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 19.1% |
| France | 15.8% |
| United Kingdom | 14.5% |
| Switzerland | 7.6% |
| Germany | 7.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.6% |
| Money Market Funds | 1.2% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.6% |
| Pharmaceuticals | 8.9% |
| Semiconductors & Semiconductor Equipment | 6.3% |
| Aerospace & Defense | 6.3% |
| Textiles, Apparel & Luxury Goods | 5.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century International Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century International Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $119 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
Non-U.S. developed markets stocks finished the period higher. Central banks in most developed economies cut their benchmark interest rates, although Japan was the exception. From a style perspective, value solidly outperformed growth in non-U.S. developed markets. U.S. tariff threats caused periods of volatility, and artificial intelligence-related uncertainties drove a rotation into value-oriented sectors.The Fund underperformed the MSCI EAFE NR USD for the period due to stock selection and less-favored factor exposures.

* Stock selection within the financials sector was a notable source of underperformance as the London Stock Exchange Group was the top individual detractor from relative performance. The company faced headwinds primarily due to slowing annual growth in its data subscriptions. The Fund's overall underweighting of the sector, especially banks, also weighed on relative performance.

* Within the consumer discretionary sector, Ferrari was another notable detractor after management guided conservatively with financial targets despite strong orders. Textiles, apparel and luxury goods industry holdings were another area of relative weakness.

* Societe Generale was the top individual contributor to relative returns for the period as the France-based investment bank reported strong quarterly results and a boosted profit outlook. The bank has benefited from initiatives to improve its performance versus peers.

* Underweight allocations to the real estate and energy sectors also helped with a lack of exposure to underperforming benchmark names.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i4d95a25612665ad51f98fd7d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9445 | $10283 | $10100 |
| 12/31/2017 | $12366 | $12844 | $12628 |
| 12/31/2018 | $10475 | $10997 | $10887 |
| 12/31/2019 | $13423 | $13498 | $13284 |
| 12/31/2020 | $16866 | $14636 | $14322 |
| 12/31/2021 | $18317 | $16419 | $15935 |
| 12/31/2022 | $13764 | $13913 | $13632 |
| 12/31/2023 | $15474 | $16313 | $16118 |
| 12/31/2024 | $15854 | $17027 | $16735 |
| 12/31/2025 | $18361 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.81% | 1.71% | 6.27% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $151174231 |
| # of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 92% |
| Total Advisory Fees Paid | $1268648 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 19.1% |
| France | 15.8% |
| United Kingdom | 14.5% |
| Switzerland | 7.6% |
| Germany | 7.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.6% |
| Money Market Funds | 1.2% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.6% |
| Pharmaceuticals | 8.9% |
| Semiconductors & Semiconductor Equipment | 6.3% |
| Aerospace & Defense | 6.3% |
| Textiles, Apparel & Luxury Goods | 5.1% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Large Company Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Large Company Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $65 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
All sectors advanced during the 2025 market rally, with the communication services and information technology sectors posting the highest returns. Additionally, large-cap stocks outperformed mid- and small-cap stocks, and growth outperformed value.

* Security selection in the information techology sector detracted from secondary benchmark relative performance, particularly in the semiconductors and semiconductor equipment industry.

* Fund choices in the materials sector also weighed on performance, and Graphic Packaging Holding was a notable detractor. Consumers cut back on food purchases due to increasing food prices, which challenged volumes for this packaging company.

* On the other hand, security selection in the industrials sector helped performance, particularly in the machinery industry.

* Pharmaceutical company Johnson & Johnson was also a key contributor, driven by it strong 2026 guidance and attractive product pipeline.

Although it is not a principal investment strategy, the portfolio managers use foreign currency exchange contracts to hedge potential foreign currency fluctuations.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ibf7963e856ceee01e55d0ce3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $10661 | $11573 | $10809 |
| 12/31/2025 | $12316 | $13580 | $12528 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 15.52% | 13.18% |
| Morningstar US Market Index | 17.35% | 20.09% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 14.44% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $154634842 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $847555 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.4% |
| Money Market Funds | 1.5% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 7.5% |
| Capital Markets | 6.4% |
| Health Care Equipment & Supplies | 6.3% |
| Oil, Gas & Consumable Fuels | 5.3% |
| Beverages | 4.6% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Large Company Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Large Company Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $75 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
All sectors advanced during the 2025 market rally, with the communication services and information technology sectors posting the highest returns. Additionally, large-cap stocks outperformed mid- and small-cap stocks, and growth outperformed value.

* Security selection in the information techology sector detracted from secondary benchmark relative performance, particularly in the semiconductors and semiconductor equipment industry.

* Fund choices in the materials sector also weighed on performance, and Graphic Packaging Holding was a notable detractor. Consumers cut back on food purchases due to increasing food prices, which challenged volumes for this packaging company.

* On the other hand, security selection in the industrials sector helped performance, particularly in the machinery industry.

* Pharmaceutical company Johnson & Johnson was also a key contributor, driven by it strong 2026 guidance and attractive product pipeline.

Although it is not a principal investment strategy, the portfolio managers use foreign currency exchange contracts to hedge potential foreign currency fluctuations.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i329560cde38b6a4f2936be31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11525 | $11244 | $11734 |
| 12/31/2017 | $12801 | $13658 | $13337 |
| 12/31/2018 | $11772 | $12968 | $12235 |
| 12/31/2019 | $15006 | $17018 | $15482 |
| 12/31/2020 | $15399 | $20575 | $15915 |
| 12/31/2021 | $18742 | $25880 | $19919 |
| 12/31/2022 | $18693 | $20851 | $18418 |
| 12/31/2023 | $19419 | $26363 | $20529 |
| 12/31/2024 | $21502 | $32715 | $23478 |
| 12/31/2025 | $24813 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 15.40% | 10.01% | 9.51% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $154634842 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $847555 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.4% |
| Money Market Funds | 1.5% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 7.5% |
| Capital Markets | 6.4% |
| Health Care Equipment & Supplies | 6.3% |
| Oil, Gas & Consumable Fuels | 5.3% |
| Beverages | 4.6% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Large Company Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Large Company Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $91 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
All sectors advanced during the 2025 market rally, with the communication services and information technology sectors posting the highest returns. Additionally, large-cap stocks outperformed mid- and small-cap stocks, and growth outperformed value.

* Security selection in the information techology sector detracted from secondary benchmark relative performance, particularly in the semiconductors and semiconductor equipment industry.

* Fund choices in the materials sector also weighed on performance, and Graphic Packaging Holding was a notable detractor. Consumers cut back on food purchases due to increasing food prices, which challenged volumes for this packaging company.

* On the other hand, security selection in the industrials sector helped performance, particularly in the machinery industry.

* Pharmaceutical company Johnson & Johnson was also a key contributor, driven by it strong 2026 guidance and attractive product pipeline.

Although it is not a principal investment strategy, the portfolio managers use foreign currency exchange contracts to hedge potential foreign currency fluctuations.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i0e0823f635d762d41146e521.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11502 | $11244 | $11734 |
| 12/31/2017 | $12763 | $13658 | $13337 |
| 12/31/2018 | $11718 | $12968 | $12235 |
| 12/31/2019 | $14918 | $17018 | $15482 |
| 12/31/2020 | $15289 | $20575 | $15915 |
| 12/31/2021 | $18580 | $25880 | $19919 |
| 12/31/2022 | $18496 | $20851 | $18418 |
| 12/31/2023 | $19194 | $26363 | $20529 |
| 12/31/2024 | $21213 | $32715 | $23478 |
| 12/31/2025 | $24443 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.23% | 9.84% | 9.35% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $154634842 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $847555 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.4% |
| Money Market Funds | 1.5% |
| Other | 0.1% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 7.5% |
| Capital Markets | 6.4% |
| Health Care Equipment & Supplies | 6.3% |
| Oil, Gas & Consumable Fuels | 5.3% |
| Beverages | 4.6% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Mid Cap Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Mid Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $79 | 0.76% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the period.

* Security selection and an underweight in the information technology sector limited the Fund's gains relative to the secondary benchmark. In information technology, selection among computers and peripherals as well as communications equipment stocks hurt performance. Security selection in materials also detracted from results.

* Selection and an underweight in metals and mining stocks and selection and an overweight in containers and packaging hurt performance.

* Security selection in the industrials sector, and to a lesser degree an underweight, contributed to returns.

* Selection within machinery stocks, combined with no investment in professional services, had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i5658ea3d87d8c50d87c0a544.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $10693 | $11573 | $10843 |
| 12/31/2025 | $11666 | $13580 | $12041 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 9.11% | 9.59% |
| Morningstar US Market Index | 17.35% | 20.09% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 11.75% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $459433195 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid | $4191410 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 96.5% |
| Money Market Funds | 2.4% |
| Preferred Stocks | 0.9% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Health Care Equipment & Supplies | 7.5% |
| Banks | 7.2% |
| Machinery | 5.7% |
| Health Care Providers & Services | 5.4% |
| Electric Utilities | 5.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Mid Cap Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Mid Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $90 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the period.

* Security selection and an underweight in the information technology sector limited the Fund's gains relative to the secondary benchmark. In information technology, selection among computers and peripherals as well as communications equipment stocks hurt performance. Security selection in materials also detracted from results.

* Selection and an underweight in metals and mining stocks and selection and an overweight in containers and packaging hurt performance.

* Security selection in the industrials sector, and to a lesser degree an underweight, contributed to returns.

* Selection within machinery stocks, combined with no investment in professional services, had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iaa3e39fa3a6c9edc0da1792b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12285 | $11244 | $12000 |
| 12/31/2017 | $13722 | $13658 | $13601 |
| 12/31/2018 | $11961 | $12968 | $11930 |
| 12/31/2019 | $15447 | $17018 | $15158 |
| 12/31/2020 | $15634 | $20575 | $15910 |
| 12/31/2021 | $19262 | $25880 | $20419 |
| 12/31/2022 | $19032 | $20851 | $17962 |
| 12/31/2023 | $20200 | $26363 | $20246 |
| 12/31/2024 | $21963 | $32715 | $22892 |
| 12/31/2025 | $23938 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 8.99% | 8.89% | 9.12% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $459433195 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid | $4191410 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 96.5% |
| Money Market Funds | 2.4% |
| Preferred Stocks | 0.9% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Health Care Equipment & Supplies | 7.5% |
| Banks | 7.2% |
| Machinery | 5.7% |
| Health Care Providers & Services | 5.4% |
| Electric Utilities | 5.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Mid Cap Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Mid Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $105 | 1.01% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the period.

* Security selection and an underweight in the information technology sector limited the Fund's gains relative to the secondary benchmark. In information technology, selection among computers and peripherals as well as communications equipment stocks hurt performance. Security selection in materials also detracted from results.

* Selection and an underweight in metals and mining stocks and selection and an overweight in containers and packaging hurt performance.

* Security selection in the industrials sector, and to a lesser degree an underweight, contributed to returns.

* Selection within machinery stocks, combined with no investment in professional services, had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ia0db8a46b13e459cbb393c97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12272 | $11244 | $12000 |
| 12/31/2017 | $13679 | $13658 | $13601 |
| 12/31/2018 | $11906 | $12968 | $11930 |
| 12/31/2019 | $15358 | $17018 | $15158 |
| 12/31/2020 | $15528 | $20575 | $15910 |
| 12/31/2021 | $19102 | $25880 | $20419 |
| 12/31/2022 | $18838 | $20851 | $17962 |
| 12/31/2023 | $19973 | $26363 | $20246 |
| 12/31/2024 | $21675 | $32715 | $22892 |
| 12/31/2025 | $23589 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 8.83% | 8.72% | 8.96% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $459433195 |
| # of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 86% |
| Total Advisory Fees Paid | $4191410 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 96.5% |
| Money Market Funds | 2.4% |
| Preferred Stocks | 0.9% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Health Care Equipment & Supplies | 7.5% |
| Banks | 7.2% |
| Machinery | 5.7% |
| Health Care Providers & Services | 5.4% |
| Electric Utilities | 5.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Select Mid Cap Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Select Mid Cap Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $83 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Security selection and an underweight in the information technology sector limited the Fund's gains relative to the secondary benchmark. In information technology, selection among computers and peripherals as well as communications equipment stocks hurt performance. Security selection in materials also detracted from results.

* Selection and an underweight in metals and mining stocks and selection and an overweight in containers and packaging hurt performance.

* Security selection in the industrials sector, and to a lesser degree an underweight, contributed to returns.

* Selection within machinery stocks, combined with no investment in professional services, had a positive effect.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i6e21269cd89aa4a56df094a6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11783 | $11244 | $12000 |
| 12/31/2017 | $13407 | $13658 | $13601 |
| 12/31/2018 | $11995 | $12968 | $11930 |
| 12/31/2019 | $15330 | $17018 | $15158 |
| 12/31/2020 | $16121 | $20575 | $15910 |
| 12/31/2021 | $19542 | $25880 | $20419 |
| 12/31/2022 | $18095 | $20851 | $17962 |
| 12/31/2023 | $19814 | $26363 | $20246 |
| 12/31/2024 | $22178 | $32715 | $22892 |
| 12/31/2025 | $23258 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 4.87% | 7.61% | 8.81% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $458516934 |
| # of Portfolio Holdings | 217 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $3409584 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.2% |
| Money Market Funds | 5.8% |
| Preferred Stocks | 0.7% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Health Care Equipment & Supplies | 7.0% |
| Banks | 5.6% |
| Machinery | 4.5% |
| Health Care Providers & Services | 4.4% |
| Oil, Gas & Consumable Fuels | 4.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Select Mid Cap Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Select Mid Cap Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $119 | 1.16% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Security selection and an underweight in the information technology sector limited the Fund's gains relative to the secondary benchmark. In information technology, selection among computers and peripherals as well as communications equipment stocks hurt performance. Security selection in materials also detracted from results.

* Selection and an underweight in metals and mining stocks and selection and an overweight in containers and packaging hurt performance.

* Security selection in the industrials sector, and to a lesser degree an underweight, contributed to returns.

* Selection within machinery stocks, combined with no investment in professional services, had a positive effect.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ia1408454316268cbc5afd548.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11743 | $11244 | $12000 |
| 12/31/2017 | $13315 | $13658 | $13601 |
| 12/31/2018 | $11871 | $12968 | $11930 |
| 12/31/2019 | $15117 | $17018 | $15158 |
| 12/31/2020 | $15846 | $20575 | $15910 |
| 12/31/2021 | $19140 | $25880 | $20419 |
| 12/31/2022 | $17660 | $20851 | $17962 |
| 12/31/2023 | $19272 | $26363 | $20246 |
| 12/31/2024 | $21496 | $32715 | $22892 |
| 12/31/2025 | $22463 | $38390 | $25421 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 4.50% | 7.23% | 8.43% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $458516934 |
| # of Portfolio Holdings | 217 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $3409584 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.2% |
| Money Market Funds | 5.8% |
| Preferred Stocks | 0.7% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Health Care Equipment & Supplies | 7.0% |
| Banks | 5.6% |
| Machinery | 4.5% |
| Health Care Providers & Services | 4.4% |
| Oil, Gas & Consumable Fuels | 4.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Ultra<sup>®</sup> Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Ultra<sup>®</sup> Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $69 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Security selection in the information technology sector limited the Fund's gains relative to the secondary benchmark.

* Selection in the software and semiconductors and semiconductor equipment industries produced a drag on relative performance.

* Security selection in consumer discretionary also detracted from results.

* Selection among hotels, restaurants and leisure stocks, and selection and overweight in textiles, apparel and luxury goods, detracted.

* Security selection and an overweight in the communication services sector contributed to returns.

* Selection and an overweight in the interactive media and services industry had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ib823d3d2a8dd1ef026f5849a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $11949 | $11573 | $12277 |
| 12/31/2025 | $13497 | $13580 | $14555 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 12.95% | 19.51% |
| Morningstar US Market Index | 17.35% | 20.09% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 25.17% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1264631692 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $7327454 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.4% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 0.2% |
| Rights | 0.0% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 21.9% |
| Software | 14.5% |
| Interactive Media & Services | 13.3% |
| Technology Hardware, Storage & Peripherals | 8.7% |
| Broadline Retail | 7.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Ultra<sup>®</sup> Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Ultra<sup>®</sup> Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $80 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Security selection in the information technology sector limited the Fund's gains relative to the secondary benchmark.

* Selection in the software and semiconductors and semiconductor equipment industries produced a drag on relative performance.

* Security selection in consumer discretionary also detracted from results.

* Selection among hotels, restaurants and leisure stocks, and selection and overweight in textiles, apparel and luxury goods, detracted.

* Security selection and an overweight in the communication services sector contributed to returns.

* Selection and an overweight in the interactive media and services industry had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iefb5585e02c7f98fff0bf2ae.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10445 | $11244 | $10708 |
| 12/31/2017 | $13810 | $13658 | $13943 |
| 12/31/2018 | $13915 | $12968 | $13732 |
| 12/31/2019 | $18727 | $17018 | $18729 |
| 12/31/2020 | $28063 | $20575 | $25938 |
| 12/31/2021 | $34562 | $25880 | $33096 |
| 12/31/2022 | $23372 | $20851 | $23453 |
| 12/31/2023 | $33541 | $26363 | $33462 |
| 12/31/2024 | $43200 | $32715 | $44623 |
| 12/31/2025 | $48748 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 12.84% | 11.68% | 17.16% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1264631692 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $7327454 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.4% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 0.2% |
| Rights | 0.0% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 21.9% |
| Software | 14.5% |
| Interactive Media & Services | 13.3% |
| Technology Hardware, Storage & Peripherals | 8.7% |
| Broadline Retail | 7.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Ultra<sup>®</sup> Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Ultra<sup>®</sup> Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $96 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
Major U.S. indices achieved double-digit gains for the calendar year.

* Security selection in the information technology sector limited the Fund's gains relative to the secondary benchmark.

* Selection in the software and semiconductors and semiconductor equipment industries produced a drag on relative performance.

* Security selection in consumer discretionary also detracted from results.

* Selection among hotels, restaurants and leisure stocks, and selection and overweight in textiles, apparel and luxury goods, detracted.

* Security selection and an overweight in the communication services sector contributed to returns.

* Selection and an overweight in the interactive media and services industry had a positive effect.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i941f75f2f1cbf6ec8578ba64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10435 | $11244 | $10708 |
| 12/31/2017 | $13775 | $13658 | $13943 |
| 12/31/2018 | $13857 | $12968 | $13732 |
| 12/31/2019 | $18632 | $17018 | $18729 |
| 12/31/2020 | $27864 | $20575 | $25938 |
| 12/31/2021 | $34271 | $25880 | $33096 |
| 12/31/2022 | $23146 | $20851 | $23453 |
| 12/31/2023 | $33161 | $26363 | $33462 |
| 12/31/2024 | $42651 | $32715 | $44623 |
| 12/31/2025 | $48056 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.67% | 11.52% | 17.00% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1264631692 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $7327454 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.4% |
| Exchange-Traded Funds | 0.5% |
| Money Market Funds | 0.2% |
| Rights | 0.0% |
| Other | (0.1%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 21.9% |
| Software | 14.5% |
| Interactive Media & Services | 13.3% |
| Technology Hardware, Storage & Peripherals | 8.7% |
| Broadline Retail | 7.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $66 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
All sectors advanced during the 2025 market rally, with the communication services and information technology sectors posting the highest returns. Additionally, large-cap stocks outperformed mid- and small-cap stocks, and growth outperformed value.

* Security selection in the industrials sector contributed to secondary benchmark relative performance. Several positions in the machinery, electrical equipment, industrial conglomerates and ground transportation industries outperformed.

* The Fund's choice of investments in the financials sector also positively impacted performance, particularly in the financial services and capital markets industries.

* On the other hand, stock selection in the consumer staples sector, coupled with the Fund's overweight position in this sector relative to the benchmark, detracted from relative results.

* Although it is not a principal investment strategy, the portfolio managers use foreign currency exchange contracts to hedge potential foreign currency fluctuations.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2024 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id16d8a47552b6eaf55dbc776.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 4/29/2024 | $10000 | $10000 | $10000 |
| 12/31/2024 | $10667 | $11573 | $10809 |
| 12/31/2025 | $12389 | $13580 | $12528 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 4/29/2024 |
| Standard Class | 16.14% | 13.58% |
| Morningstar US Market Index | 17.35% | 20.09% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 14.44% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $917163078 |
| # of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $5141881 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.8% |
| Money Market Funds | 2.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Pharmaceuticals | 6.3% |
| Health Care Equipment & Supplies | 5.5% |
| Capital Markets | 5.4% |
| Oil, Gas & Consumable Fuels | 5.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class II | $77 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
All sectors advanced during the 2025 market rally, with the communication services and information technology sectors posting the highest returns. Additionally, large-cap stocks outperformed mid- and small-cap stocks, and growth outperformed value.

* Security selection in the industrials sector contributed to secondary benchmark relative performance. Several positions in the machinery, electrical equipment, industrial conglomerates and ground transportation industries outperformed.

* The Fund's choice of investments in the financials sector also positively impacted performance, particularly in the financial services and capital markets industries.

* On the other hand, stock selection in the consumer staples sector, coupled with the Fund's overweight position in this sector relative to the benchmark, detracted from relative results.

* Although it is not a principal investment strategy, the portfolio managers use foreign currency exchange contracts to hedge potential foreign currency fluctuations.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iebde4f8abbd5aee55f413f8f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class II | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12048 | $11244 | $11734 |
| 12/31/2017 | $13102 | $13658 | $13337 |
| 12/31/2018 | $11903 | $12968 | $12235 |
| 12/31/2019 | $15121 | $17018 | $15482 |
| 12/31/2020 | $15269 | $20575 | $15915 |
| 12/31/2021 | $19011 | $25880 | $19919 |
| 12/31/2022 | $19114 | $20851 | $18418 |
| 12/31/2023 | $20853 | $26363 | $20529 |
| 12/31/2024 | $22830 | $32715 | $23478 |
| 12/31/2025 | $26487 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class II | 16.02% | 11.65% | 10.23% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $917163078 |
| # of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $5141881 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.8% |
| Money Market Funds | 2.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Pharmaceuticals | 6.3% |
| Health Care Equipment & Supplies | 5.5% |
| Capital Markets | 5.4% |
| Oil, Gas & Consumable Fuels | 5.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Century Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Century Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $93 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
All sectors advanced during the 2025 market rally, with the communication services and information technology sectors posting the highest returns. Additionally, large-cap stocks outperformed mid- and small-cap stocks, and growth outperformed value.

* Security selection in the industrials sector contributed to secondary benchmark relative performance. Several positions in the machinery, electrical equipment, industrial conglomerates and ground transportation industries outperformed.

* The Fund's choice of investments in the financials sector also positively impacted performance, particularly in the financial services and capital markets industries.

* On the other hand, stock selection in the consumer staples sector, coupled with the Fund's overweight position in this sector relative to the benchmark, detracted from relative results.

* Although it is not a principal investment strategy, the portfolio managers use foreign currency exchange contracts to hedge potential foreign currency fluctuations.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ibb80307d1008c5d7b320c810.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12028 | $11244 | $11734 |
| 12/31/2017 | $13059 | $13658 | $13337 |
| 12/31/2018 | $11848 | $12968 | $12235 |
| 12/31/2019 | $15038 | $17018 | $15482 |
| 12/31/2020 | $15163 | $20575 | $15915 |
| 12/31/2021 | $18844 | $25880 | $19919 |
| 12/31/2022 | $18902 | $20851 | $18418 |
| 12/31/2023 | $20607 | $26363 | $20529 |
| 12/31/2024 | $22522 | $32715 | $23478 |
| 12/31/2025 | $26092 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.85% | 11.47% | 10.07% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $917163078 |
| # of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 66% |
| Total Advisory Fees Paid | $5141881 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.8% |
| Money Market Funds | 2.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 8.6% |
| Pharmaceuticals | 6.3% |
| Health Care Equipment & Supplies | 5.5% |
| Capital Markets | 5.4% |
| Oil, Gas & Consumable Fuels | 5.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Funds Vanguard Active Passive Growth Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Funds Vanguard Active Passive Growth Fund for the period of June 2, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for June 2, 2025 (commencement of operations) through December 31, 2025?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $26<sup>Footnote Reference\*</sup> | 0.42%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the entire year. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of actively managed American Funds mutual funds, actively managed Capital Group ETFs and passive Vanguard ETFs.

* Since the Fund's inception in late May 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund performed in line with its composite benchmark from inception through year-end.

* Equity allocations to developed international and domestic growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to domestic value funds detracted from returns as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, allocations to investment grade corporate credit contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of June 2, 2025 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i1ad457e4439686c862c3e083.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | American Vanguard Growth Allocation Composite |
| 6/2/2025 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2025 | $11298 | $11635 | $11664 | $11298 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Sub header | Since Inception 6/2/2025 |
| Standard Class | 12.98% |
| Morningstar US Market Index | 16.35% |
| S&P 500<sup>®</sup> Index | 16.64% |
| American Vanguard Growth Allocation Composite | 12.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13599920 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $10786 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 65.5% |
| Fixed Income Funds | 18.2% |
| International Equity Funds | 16.3% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Funds Vanguard Active Passive Growth Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Funds Vanguard Active Passive Growth Fund for the period of June 2, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for June 2, 2025 (commencement of operations) through December 31, 2025?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $48<sup>Footnote Reference\*</sup> | 0.77%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the entire year. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of actively managed American Funds mutual funds, actively managed Capital Group ETFs and passive Vanguard ETFs.

* Since the Fund's inception in late May 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund performed in line with its composite benchmark from inception through year-end.

* Equity allocations to developed international and domestic growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to domestic value funds detracted from returns as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, allocations to investment grade corporate credit contributed to returns.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of June 2, 2025 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7e8da061aef5033dd17ae2ec.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | American Vanguard Growth Allocation Composite |
| 6/2/2025 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2025 | $11275 | $11635 | $11664 | $11298 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Sub header | Since Inception 6/2/2025 |
| Service Class | 12.75% |
| Morningstar US Market Index | 16.35% |
| S&P 500<sup>®</sup> Index | 16.64% |
| American Vanguard Growth Allocation Composite | 12.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13599920 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $10786 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 65.5% |
| Fixed Income Funds | 18.2% |
| International Equity Funds | 16.3% |
| Money Market Funds | 0.0% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Growth Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Global Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $69 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large-cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

* Most sectors posted gains for the Fund, with information technology, industrials, financials and consumer staples contributing most significantly. Returns from the communication services and consumer discretionary sectors were also positive, though below the portfolio's overall returns. Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.

* Conversely, the health care and real estate sectors were the largest detractors from overall results. Country-wise, holdings in Denmark and Australia were among the most notable detractors for the Fund.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ie581cc63e5d17bda3a7996b6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class II | Morningstar Global Markets Index | MSCI All Country World Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10024 | $10822 | $10787 |
| 12/31/2017 | $13130 | $13405 | $13372 |
| 12/31/2018 | $11897 | $12089 | $12113 |
| 12/31/2019 | $16034 | $15261 | $15335 |
| 12/31/2020 | $20842 | $17713 | $17827 |
| 12/31/2021 | $24181 | $20866 | $21132 |
| 12/31/2022 | $18132 | $17045 | $17251 |
| 12/31/2023 | $22149 | $20715 | $21081 |
| 12/31/2024 | $25083 | $24093 | $24769 |
| 12/31/2025 | $30409 | $29424 | $30301 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class II | 21.23% | 7.85% | 11.76% |
| Morningstar Global Markets Index | 22.13% | 10.68% | 11.40% |
| MSCI All Country World Index (net dividends) | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $402452679 |
| # of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $0 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 100.1% |
| Other | (0.1%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

The Fund invests substantially all of its assets in Class 1 shares of the Global Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $66 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500 Index to record highs. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

* Most sectors posted gains for the Fund, with information technology and communication services contributing significantly. The industrials and materials sectors also delivered positive returns. U.S.-based holdings, representing the majority of the portfolio, contributed most of the Fund's performance.

* Conversely, the financials and energy sectors were detractors from overall results.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i2047c9d35bd729d5042144fc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class II | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10910 | $11244 | $11196 |
| 12/31/2017 | $13946 | $13658 | $13640 |
| 12/31/2018 | $13857 | $12968 | $13042 |
| 12/31/2019 | $18055 | $17018 | $17149 |
| 12/31/2020 | $27361 | $20575 | $20304 |
| 12/31/2021 | $33265 | $25880 | $26132 |
| 12/31/2022 | $23222 | $20851 | $21399 |
| 12/31/2023 | $32045 | $26363 | $27025 |
| 12/31/2024 | $42039 | $32715 | $33786 |
| 12/31/2025 | $50372 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class II | 19.82% | 12.98% | 17.55% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3055428069 |
| # of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $0 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 100.1% |
| Other | (0.1%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

The Fund invests substantially all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Growth-Income Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Growth-Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $65 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 Index reached record highs as solid corporate earnings from large-cap technology companies outweighed concerns about the economic impact of tariffs. Consumer spending remained resilient, fueling economic growth. However, persistent labor market softness led the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the year.

* Most sectors contributed positively to Fund results, with information technology, industrials and communication services being particularly impactful. Financials posted positive returns, although they lagged the overall portfolio. Consumer staples also added to absolute returns but represented a relatively small portion of Fund holdings.

* Conversely, the materials and utilities sectors had negative returns and detracted from overall results.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i61706204e9e4ac17ae451f40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class II | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11115 | $11244 | $11196 |
| 12/31/2017 | $13556 | $13658 | $13640 |
| 12/31/2018 | $13265 | $12968 | $13042 |
| 12/31/2019 | $16674 | $17018 | $17149 |
| 12/31/2020 | $18865 | $20575 | $20304 |
| 12/31/2021 | $23333 | $25880 | $26132 |
| 12/31/2022 | $19413 | $20851 | $21399 |
| 12/31/2023 | $24406 | $26363 | $27025 |
| 12/31/2024 | $30216 | $32715 | $33786 |
| 12/31/2025 | $35555 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class II | 17.67% | 13.51% | 13.52% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2085331053 |
| # of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $0 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 100.1% |
| Other | (0.1%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

The Fund invests substantially all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American International Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class II

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American International Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class II | $70 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. European equities advanced on easing inflation and improving confidence, with Germany driving growth through major infrastructure and defense investments. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals. For the full year 2025, the Fund rose in absolute terms but underperformed the MSCI ACWI Ex USA NR USD.

* Most sectors posted gains, with financials, information technology, communication services and materials contributing significantly. Returns from the industrials and consumer staples sectors were also positive, though below the portfolio's overall results. Companies based in the U.K., Canada and South Korea generated strong gains, surpassing returns of the overall portfolio.

* Conversely, holdings in the health care sector significantly dragged results. The real estate sector also posted negative returns. Country-wise, Denmark was the most notable detractor on absolute results.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i034468d8bc748e1243f426ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class II | Morningstar Global Markets ex-US Index | MSCI All Country World ex USA Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10315 | $10545 | $10450 |
| 12/31/2017 | $13579 | $13431 | $13291 |
| 12/31/2018 | $11746 | $11527 | $11404 |
| 12/31/2019 | $14382 | $14014 | $13858 |
| 12/31/2020 | $16333 | $15579 | $15334 |
| 12/31/2021 | $16032 | $16889 | $16533 |
| 12/31/2022 | $12654 | $14163 | $13888 |
| 12/31/2023 | $14604 | $16370 | $16056 |
| 12/31/2024 | $15005 | $17215 | $16944 |
| 12/31/2025 | $18947 | $22655 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class II | 26.27% | 3.01% | 6.60% |
| Morningstar Global Markets ex-US Index | 31.60% | 7.78% | 8.52% |
| MSCI All Country World ex USA Index (net dividends) | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $313074338 |
| # of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $0 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 100.1% |
| Other | (0.1%) |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

The Fund invests substantially all of its assets in Class 1 shares of the International Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Balanced Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Global Balanced Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $33 | 0.31% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to international funds generally detracted as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ie4cc096e05aafe539f5ca055.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Balanced Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10464 | $10254 | $10265 | $10629 |
| 12/31/2017 | $11728 | $10602 | $10628 | $11971 |
| 12/31/2018 | $11369 | $10617 | $10629 | $11497 |
| 12/31/2019 | $13228 | $11535 | $11556 | $13587 |
| 12/31/2020 | $14564 | $12399 | $12423 | $15491 |
| 12/31/2021 | $15927 | $12200 | $12232 | $16867 |
| 12/31/2022 | $13453 | $10615 | $10641 | $14311 |
| 12/31/2023 | $15041 | $11179 | $11229 | $16240 |
| 12/31/2024 | $16525 | $11331 | $11369 | $17639 |
| 12/31/2025 | $18646 | $12138 | $12199 | $20078 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 12.84% | 5.06% | 6.43% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Balanced Blended Composite | 13.83% | 5.32% | 7.22% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1105733407 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $2816923 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 44.4% |
| Equity Funds | 34.1% |
| Asset Allocation Funds | 10.8% |
| International Equity Funds | 4.6% |
| Global Equity Funds | 3.6% |
| Money Market Funds | 2.5% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Balanced Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Global Balanced Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $70 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to international funds generally detracted as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i6a6d5a09b142aa2bb735906f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Balanced Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10427 | $10254 | $10265 | $10629 |
| 12/31/2017 | $11646 | $10602 | $10628 | $11971 |
| 12/31/2018 | $11251 | $10617 | $10629 | $11497 |
| 12/31/2019 | $13046 | $11535 | $11556 | $13587 |
| 12/31/2020 | $14312 | $12399 | $12423 | $15491 |
| 12/31/2021 | $15596 | $12200 | $12232 | $16867 |
| 12/31/2022 | $13129 | $10615 | $10641 | $14311 |
| 12/31/2023 | $14626 | $11179 | $11229 | $16240 |
| 12/31/2024 | $16014 | $11331 | $11369 | $17639 |
| 12/31/2025 | $18004 | $12138 | $12199 | $20078 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 12.43% | 4.70% | 6.06% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Balanced Blended Composite | 13.83% | 5.32% | 7.22% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1105733407 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $2816923 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 44.4% |
| Equity Funds | 34.1% |
| Asset Allocation Funds | 10.8% |
| International Equity Funds | 4.6% |
| Global Equity Funds | 3.6% |
| Money Market Funds | 2.5% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $32 | 0.30% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year. 

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to international funds generally detracted as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i50dbd18512565cda83505337.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | Growth Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10331 | $11244 | $11205 | $10759 |
| 12/31/2017 | $12063 | $13658 | $13636 | $12547 |
| 12/31/2018 | $11585 | $12968 | $12983 | $11795 |
| 12/31/2019 | $13597 | $17018 | $17063 | $14354 |
| 12/31/2020 | $15078 | $20575 | $20640 | $16571 |
| 12/31/2021 | $16763 | $25880 | $26101 | $18653 |
| 12/31/2022 | $13724 | $20851 | $21108 | $15656 |
| 12/31/2023 | $15641 | $26363 | $26708 | $18227 |
| 12/31/2024 | $17558 | $32715 | $33255 | $20241 |
| 12/31/2025 | $20176 | $38390 | $39030 | $23658 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 14.91% | 6.00% | 7.27% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Growth Blended Composite | 16.88% | 7.38% | 8.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2229930972 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $5656388 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 47.4% |
| Fixed Income Funds | 26.0% |
| International Equity Funds | 11.9% |
| Global Equity Funds | 5.9% |
| Asset Allocation Funds | 5.8% |
| Money Market Funds | 2.9% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Global Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $70 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a diversified portfolio of American Funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year. 

* Equity allocations to domestic core and growth-oriented funds contributed positively to performance.

* Conversely, equity allocations to international funds generally detracted as they underperformed their respective equity indexes within the Fund's composite benchmark for the year.

* Within fixed income, positive security selection within investment grade credit contributed to returns.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id2fd0fa9edba961101a89681.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | Growth Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10294 | $11244 | $11205 | $10759 |
| 12/31/2017 | $11978 | $13658 | $13636 | $12547 |
| 12/31/2018 | $11463 | $12968 | $12983 | $11795 |
| 12/31/2019 | $13407 | $17018 | $17063 | $14354 |
| 12/31/2020 | $14816 | $20575 | $20640 | $16571 |
| 12/31/2021 | $16413 | $25880 | $26101 | $18653 |
| 12/31/2022 | $13390 | $20851 | $21108 | $15656 |
| 12/31/2023 | $15207 | $26363 | $26708 | $18227 |
| 12/31/2024 | $17013 | $32715 | $33255 | $20241 |
| 12/31/2025 | $19481 | $38390 | $39030 | $23658 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 14.51% | 5.63% | 6.90% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Growth Blended Composite | 16.88% | 7.38% | 8.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2229930972 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $5656388 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 47.4% |
| Fixed Income Funds | 26.0% |
| International Equity Funds | 11.9% |
| Global Equity Funds | 5.9% |
| Asset Allocation Funds | 5.8% |
| Money Market Funds | 2.9% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Preservation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Preservation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $25 | 0.24% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates under a fund of funds structure, investing all its assets in mutual funds ("underlying funds"). The underlying funds invest predominantly in short-term and medium-term U.S. investment grade fixed income securities.

* U.S. Fixed Income markets had positive returns for the calendar year 2025, as easing monetary policy pushed yields lower, particularly on the front end of the curve, and healthy corporate fundamentals helped to keep spreads tight.

* The Fund's longer duration profile contributed to relative performance versus the benchmark, as interest rates moved lower.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](idd3c987ad590ee3bd59c481e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Government/Credit 1-5 Year A+ Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10192 | $10254 | $10124 |
| 12/31/2017 | $10364 | $10602 | $10225 |
| 12/31/2018 | $10452 | $10617 | $10375 |
| 12/31/2019 | $10913 | $11535 | $10852 |
| 12/31/2020 | $11548 | $12399 | $11347 |
| 12/31/2021 | $11488 | $12200 | $11223 |
| 12/31/2022 | $10725 | $10615 | $10608 |
| 12/31/2023 | $11164 | $11179 | $11101 |
| 12/31/2024 | $11527 | $11331 | $11495 |
| 12/31/2025 | $12238 | $12138 | $12183 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 6.17% | 1.17% | 2.04% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Government/Credit 1-5 Year A+ Index | 5.98% | 1.43% | 1.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $592534638 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $1071929 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 97.0% |
| Money Market Funds | 3.0% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP American Preservation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP American Preservation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $61 | 0.59% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates under a fund of funds structure, investing all its assets in mutual funds ("underlying funds"). The underlying funds invest predominantly in short-term and medium-term U.S. investment grade fixed income securities.

* U.S. Fixed Income markets had positive returns for the calendar year 2025, as easing monetary policy pushed yields lower, particularly on the front end of the curve, and healthy corporate fundamentals helped to keep spreads tight.

* The Fund's longer duration profile contributed to relative performance versus the benchmark, as interest rates moved lower.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iec6c4be52c6a7ff0d383c805.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Government/Credit 1-5 Year A+ Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10157 | $10254 | $10124 |
| 12/31/2017 | $10292 | $10602 | $10225 |
| 12/31/2018 | $10344 | $10617 | $10375 |
| 12/31/2019 | $10764 | $11535 | $10852 |
| 12/31/2020 | $11349 | $12399 | $11347 |
| 12/31/2021 | $11251 | $12200 | $11223 |
| 12/31/2022 | $10467 | $10615 | $10608 |
| 12/31/2023 | $10858 | $11179 | $11101 |
| 12/31/2024 | $11171 | $11331 | $11495 |
| 12/31/2025 | $11819 | $12138 | $12183 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 5.80% | 0.81% | 1.69% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Government/Credit 1-5 Year A+ Index | 5.98% | 1.43% | 1.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $592534638 |
| # of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $1071929 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 97.0% |
| Money Market Funds | 3.0% |
| Other | 0.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Baron Growth Opportunities Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Baron Growth Opportunities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $86 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
The Fund trailed the Russell 2000 Growth Index due to unfavorable style-related biases,coupled with adverse stock selection and active industry exposures.

* From a style perspective, the Fund's overexposure to the poor performing Earnings Quality factor was the largest drag.

* Lower exposure to the strong performing Momentum, Residual Volatility, and Beta factors also proved costly.

* On a sector level, stock selection was negative, led by investments in financials, information technology (IT), industrials, healthcare, and real estate.

* Weakness in financials was driven by Kinsale Capital Group, Inc., FactSet Research Systems Inc., Morningstar, Inc., and MSCI Inc. and further exasperated by meaningfully higher exposure to this lagging sector.

* Top 10 position Gartner, Inc. was responsible for nearly the entirety of relative losses within the IT sector.

* Lower exposure to better performing Industrials sector and declines from Trex Company Inc. (not held as of 12/31/2025) hampered relative performance. 

* In Health Care, Bio-Techne Corporation and West Pharmaceutical Services, Inc. detracted from performance.

* CoStar Group, Inc. hurt relative results in Real Estate.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i9318396cbe5c9992c643dff4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10583 | $11244 | $11132 |
| 12/31/2017 | $13500 | $13658 | $13599 |
| 12/31/2018 | $13001 | $12968 | $12334 |
| 12/31/2019 | $17775 | $17018 | $15847 |
| 12/31/2020 | $23892 | $20575 | $21335 |
| 12/31/2021 | $28436 | $25880 | $21939 |
| 12/31/2022 | $21144 | $20851 | $16157 |
| 12/31/2023 | $24972 | $26363 | $19171 |
| 12/31/2024 | $26397 | $32715 | $22077 |
| 12/31/2025 | $23797 | $38390 | $24949 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | (9.85%) | (0.08%) | 9.06% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $716300514 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $6493541 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.6% |
| Money Market Funds | 0.6% |
| Other | (0.2%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 19.3% |
| Insurance | 18.7% |
| Software | 12.8% |
| Hotels, Restaurants & Leisure | 8.9% |
| Life Sciences Tools & Services | 6.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Baron Growth Opportunities Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Baron Growth Opportunities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $109 | 1.15% |

---

## How did the Fund perform last year and what affected its performance?
The Fund trailed the Russell 2000 Growth Index due to unfavorable style-related biases,coupled with adverse stock selection and active industry exposures.

* From a style perspective, the Fund's overexposure to the poor performing Earnings Quality factor was the largest drag.

* Lower exposure to the strong performing Momentum, Residual Volatility, and Beta factors also proved costly.

* On a sector level, stock selection was negative, led by investments in financials, information technology (IT), industrials, healthcare, and real estate.

* Weakness in financials was driven by Kinsale Capital Group, Inc., FactSet Research Systems Inc., Morningstar, Inc., and MSCI Inc. and further exasperated by meaningfully higher exposure to this lagging sector.

* Top 10 position Gartner, Inc. was responsible for nearly the entirety of relative losses within the IT sector.

* Lower exposure to better performing Industrials sector and declines from Trex Company Inc. (not held as of 12/31/2025) hampered relative performance. 

* In Health Care, Bio-Techne Corporation and West Pharmaceutical Services, Inc. detracted from performance.

* CoStar Group, Inc. hurt relative results in Real Estate.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i0e3e23a96803f7f97cec0e85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10557 | $11244 | $11132 |
| 12/31/2017 | $13432 | $13658 | $13599 |
| 12/31/2018 | $12904 | $12968 | $12334 |
| 12/31/2019 | $17599 | $17018 | $15847 |
| 12/31/2020 | $23597 | $20575 | $21335 |
| 12/31/2021 | $28014 | $25880 | $21939 |
| 12/31/2022 | $20778 | $20851 | $16157 |
| 12/31/2023 | $24478 | $26363 | $19171 |
| 12/31/2024 | $25810 | $32715 | $22077 |
| 12/31/2025 | $23210 | $38390 | $24949 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | (10.08%) | (0.33%) | 8.78% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $716300514 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $6493541 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.6% |
| Money Market Funds | 0.6% |
| Other | (0.2%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 19.3% |
| Insurance | 18.7% |
| Software | 12.8% |
| Hotels, Restaurants & Leisure | 8.9% |
| Life Sciences Tools & Services | 6.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Dividend Value Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Dividend Value Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $68 | 0.64% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equity markets exhibited strong performance in 2025 driven by continued artificial intelligence boom, resilient corporate earnings, and rate cuts. The U.S. Federal Reserve implemented three rate cuts in 2025, bringing the federal funds rate down to a target range of 3.5% to 3.75% by December. Within the Russell 1000 Value Index, the communication services, information technology, and industrials sectors were the best performers. The largest contributor to relative performance was stock selection in the consumer staples sector.

* The Fund's returns were positively influenced by stock selection in the materials sector, especially in chemicals.

* Stock selection in the communication services sector had a beneficial impact with investment decisions in media proving to be additive. Within the Russell 1000 Value Index, the real estate and consumer oriented sectors were the worst performing.

* The largest relative detractor was security selection in the financials sector, specifically in the capital markets industry.

* Stock selection in the consumer discretionary sector detracted during the period, especially in specialty retail.

* Stock selection in the industrials sector was a detractor.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](if9a506ef75ba6c3aaa57e381.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11197 | $11244 | $11734 |
| 12/31/2017 | $13036 | $13658 | $13337 |
| 12/31/2018 | $12005 | $12968 | $12235 |
| 12/31/2019 | $14236 | $17018 | $15482 |
| 12/31/2020 | $14395 | $20575 | $15915 |
| 12/31/2021 | $17717 | $25880 | $19919 |
| 12/31/2022 | $17313 | $20851 | $18418 |
| 12/31/2023 | $18938 | $26363 | $20529 |
| 12/31/2024 | $21116 | $32715 | $23478 |
| 12/31/2025 | $23615 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 11.84% | 10.41% | 8.97% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2031980557 |
| # of Portfolio Holdings | 195 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $10365191 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.4% |
| Money Market Funds | 5.6% |
| Preferred Stocks | 0.7% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.0% |
| Oil, Gas & Consumable Fuels | 7.6% |
| Health Care Equipment & Supplies | 4.6% |
| Health Care Providers & Services | 3.9% |
| Technology Hardware, Storage & Peripherals | 3.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Dividend Value Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Dividend Value Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $94 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
U.S. equity markets exhibited strong performance in 2025 driven by continued artificial intelligence boom, resilient corporate earnings, and rate cuts. The U.S. Federal Reserve implemented three rate cuts in 2025, bringing the federal funds rate down to a target range of 3.5% to 3.75% by December. Within the Russell 1000 Value Index, the communication services, information technology, and industrials sectors were the best performers. The largest contributor to relative performance was stock selection in the consumer staples sector.

* The Fund's returns were positively influenced by stock selection in the materials sector, especially in chemicals.

* Stock selection in the communication services sector had a beneficial impact with investment decisions in media proving to be additive. Within the Russell 1000 Value Index, the real estate and consumer oriented sectors were the worst performing.

* The largest relative detractor was security selection in the financials sector, specifically in the capital markets industry.

* Stock selection in the consumer discretionary sector detracted during the period, especially in specialty retail.

* Stock selection in the industrials sector was a detractor.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ica389cfd513ffd8cfceffa16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11168 | $11244 | $11734 |
| 12/31/2017 | $12970 | $13658 | $13337 |
| 12/31/2018 | $11915 | $12968 | $12235 |
| 12/31/2019 | $14095 | $17018 | $15482 |
| 12/31/2020 | $14217 | $20575 | $15915 |
| 12/31/2021 | $17454 | $25880 | $19919 |
| 12/31/2022 | $17012 | $20851 | $18418 |
| 12/31/2023 | $18564 | $26363 | $20529 |
| 12/31/2024 | $20646 | $32715 | $23478 |
| 12/31/2025 | $23033 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 11.56% | 10.13% | 8.70% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2031980557 |
| # of Portfolio Holdings | 195 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $10365191 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.4% |
| Money Market Funds | 5.6% |
| Preferred Stocks | 0.7% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 10.0% |
| Oil, Gas & Consumable Fuels | 7.6% |
| Health Care Equipment & Supplies | 4.6% |
| Health Care Providers & Services | 3.9% |
| Technology Hardware, Storage & Peripherals | 3.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Equity Dividend Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Equity Dividend Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $71 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in large cap stocks. The Fund seeks higher quality securities with strong free cash flow generation to support dividend growth.

* During calendar year 2025, underweight allocations to the most expensive (as measured by price/book ratio quartiles) domestic companies generally detracted from relative returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i3a722c128609a8b03d9342fd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11465 | $11244 | $11734 |
| 12/31/2017 | $13047 | $13658 | $13337 |
| 12/31/2018 | $12690 | $12968 | $12235 |
| 12/31/2019 | $15224 | $17018 | $15482 |
| 12/31/2020 | $15287 | $20575 | $15915 |
| 12/31/2021 | $18714 | $25880 | $19919 |
| 12/31/2022 | $18103 | $20851 | $18418 |
| 12/31/2023 | $18735 | $26363 | $20529 |
| 12/31/2024 | $20081 | $32715 | $23478 |
| 12/31/2025 | $22777 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.43% | 8.30% | 8.58% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1271353897 |
| # of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $7266166 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.1% |
| Money Market Funds | 3.9% |
| Preferred Stocks | 1.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.1% |
| Health Care Equipment & Supplies | 6.4% |
| Health Care Providers & Services | 5.4% |
| Technology Hardware, Storage & Peripherals | 5.4% |
| Oil, Gas & Consumable Fuels | 4.8% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective May 1, 2025, the Fund changed its name from the "LVIP Macquarie Value Fund" to the LVIP BlackRock Equity Dividend Fund."

In addition, BlackRock Investment Management, LLC replaced the Delaware Investments Fund Advisers as sub-adviser to the Fund.

Further, the principal investment strategies of the Fund were updated to reflect that the Fund will generally employ a value-oriented analysis and, under normal circumstances, invest at least 80% of its net assets in large capitalization, dividend paying, equity securities.

For more information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at www.lincolnfinancial.com/lvip or upon request at 1-800-4LINCOLN (454-6265)

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Equity Dividend Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Equity Dividend Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $103 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in large cap stocks. The Fund seeks higher quality securities with strong free cash flow generation to support dividend growth.

* During calendar year 2025, underweight allocations to the most expensive (as measured by price/book ratio quartiles) domestic companies generally detracted from relative returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i236d75928bd4efca113bc4fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Value Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11432 | $11244 | $11734 |
| 12/31/2017 | $12979 | $13658 | $13337 |
| 12/31/2018 | $12590 | $12968 | $12235 |
| 12/31/2019 | $15057 | $17018 | $15482 |
| 12/31/2020 | $15077 | $20575 | $15915 |
| 12/31/2021 | $18400 | $25880 | $19919 |
| 12/31/2022 | $17745 | $20851 | $18418 |
| 12/31/2023 | $18309 | $26363 | $20529 |
| 12/31/2024 | $19565 | $32715 | $23478 |
| 12/31/2025 | $22126 | $38390 | $27213 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 13.09% | 7.97% | 8.27% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1271353897 |
| # of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $7266166 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.1% |
| Money Market Funds | 3.9% |
| Preferred Stocks | 1.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.1% |
| Health Care Equipment & Supplies | 6.4% |
| Health Care Providers & Services | 5.4% |
| Technology Hardware, Storage & Peripherals | 5.4% |
| Oil, Gas & Consumable Fuels | 4.8% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective May 1, 2025, the Fund changed its name from the "LVIP Macquarie Value Fund" to the LVIP BlackRock Equity Dividend Fund."

In addition, BlackRock Investment Management, LLC replaced the Delaware Investments Fund Advisers as sub-adviser to the Fund.

Further, the principal investment strategies of the Fund were updated to reflect that the Fund will generally employ a value-oriented analysis and, under normal circumstances, invest at least 80% of its net assets in large capitalization, dividend paying, equity securities.

For more information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at www.lincolnfinancial.com/lvip or upon request at 1-800-4LINCOLN (454-6265)

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Global Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $78 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Equity market performance was largely defined by resilient growth, driven in part by robust earnings and U.S. Federal Reserve (the "Fed") rate cuts in the U.S. On a global scale, performance in Europe, China and Japan led the pack. In the U.S., large cap names outperformed their smaller peers. Three Fed rate cuts in 2025 and the ongoing pivot toward less restrictive monetary policy generally favored most bond sectors.

* Exposure to commodities, notably gold related securities, added to returns, as did security selection within the energy sector.

* An underweight to consumer staples and an overweight to financials were positive. Security selection in both sectors was also positive.

* Within fixed income, exposure to credit, notably high yield bonds and loans, and an underweight to U.S. government bonds, contributed.

* Positioning within rate derivatives, notably along the U.S. yield curve, positively impacted performance.

* Exposure to cash and cash equivalents weighed on returns, as did an overweight to and security selection within consumer discretionary.

* Security selection within healthcare, and security selection within and an overweight to information technology, detracted.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2019 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id1903eb1416aad78d2a544ee.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | BlackRock Global Allocation Composite |
| 4/29/2019 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2019 | $10800 | $11065 | $11130 | $10798 |
| 12/31/2020 | $12878 | $13378 | $13178 | $12321 |
| 12/31/2021 | $13850 | $16827 | $16961 | $13582 |
| 12/31/2022 | $11720 | $13558 | $13889 | $11457 |
| 12/31/2023 | $13316 | $17142 | $17540 | $13254 |
| 12/31/2024 | $14582 | $21272 | $21929 | $14476 |
| 12/31/2025 | $17311 | $24962 | $25850 | $17057 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 4/29/2019 |
| Standard Class | 18.71% | 6.10% | 8.57% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.69% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.29% |
| BlackRock Global Allocation Composite | 17.83% | 6.72% | 8.33% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2126640137 |
| # of Portfolio Holdings | 2621 |
| Portfolio Turnover Rate | 128% |
| Total Advisory Fees Paid | $12982098 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 61.3% |
| Corporate Bonds | 9.2% |
| Short-Term Investments | 6.8% |
| Non-Agency Asset-Backed Securities | 3.5% |
| Sovereign Bonds | 3.3% |
| Loan Agreements | 3.1% |
| Exchange-Traded Funds | 2.9% |
| Money Market Funds | 2.7% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.3% |
| Preferred Stocks | 0.8% |
| Other | 5.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Global Allocation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $105 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
Equity market performance was largely defined by resilient growth, driven in part by robust earnings and U.S. Federal Reserve (the "Fed") rate cuts in the U.S. On a global scale, performance in Europe, China and Japan led the pack. In the U.S., large cap names outperformed their smaller peers. Three Fed rate cuts in 2025 and the ongoing pivot toward less restrictive monetary policy generally favored most bond sectors.

* Exposure to commodities, notably gold related securities, added to returns, as did security selection within the energy sector.

* An underweight to consumer staples and an overweight to financials were positive. Security selection in both sectors was also positive.

* Within fixed income, exposure to credit, notably high yield bonds and loans, and an underweight to U.S. government bonds, contributed.

* Positioning within rate derivatives, notably along the U.S. yield curve, positively impacted performance.

* Exposure to cash and cash equivalents weighed on returns, as did an overweight to and security selection within consumer discretionary.

* Security selection within healthcare, and security selection within and an overweight to information technology, detracted.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of April 29, 2019 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i139c90ec90ed0f3ec510377c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | BlackRock Global Allocation Composite |
| 4/29/2019 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2019 | $10784 | $11065 | $11130 | $10798 |
| 12/31/2020 | $12834 | $13378 | $13178 | $12321 |
| 12/31/2021 | $13772 | $16827 | $16961 | $13582 |
| 12/31/2022 | $11626 | $13558 | $13889 | $11457 |
| 12/31/2023 | $13177 | $17142 | $17540 | $13254 |
| 12/31/2024 | $14394 | $21272 | $21929 | $14476 |
| 12/31/2025 | $17043 | $24962 | $25850 | $17057 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 4/29/2019 |
| Service Class | 18.41% | 5.84% | 8.32% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.69% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.29% |
| BlackRock Global Allocation Composite | 17.83% | 6.72% | 8.33% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2126640137 |
| # of Portfolio Holdings | 2621 |
| Portfolio Turnover Rate | 128% |
| Total Advisory Fees Paid | $12982098 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 61.3% |
| Corporate Bonds | 9.2% |
| Short-Term Investments | 6.8% |
| Non-Agency Asset-Backed Securities | 3.5% |
| Sovereign Bonds | 3.3% |
| Loan Agreements | 3.1% |
| Exchange-Traded Funds | 2.9% |
| Money Market Funds | 2.7% |
| Non-Agency Commercial Mortgage-Backed Securities | 1.3% |
| Preferred Stocks | 0.8% |
| Other | 5.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Global Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $16 | 0.15% |

---

## How did the Fund perform last year and what affected its performance?
Equity market performance was largely defined by resilient growth, driven in part by robust earnings and U.S. Federal Reserve (the "Fed") rate cuts in the U.S. On a global scale, performance in Europe, China and Japan led the pack. In the U.S., large cap names outperformed their smaller peers. Three Fed rate cuts in 2025 and the ongoing pivot toward less restrictive monetary policy generally favored most bond sectors.

* Exposure to commodities, notably gold-related securities, added to returns, as did security selection within the energy sector.

* An underweight to consumer staples and an overweight to financials were positive. Security selection in both sectors was also positive.

* Within fixed income, exposure to credit, notably high yield bonds and loans, and an underweight to U.S. government bonds, contributed.

* Positioning within rate derivatives, notably along the U.S. yield curve, positively impacted performance.

* Exposure to cash and cash equivalents weighed on returns, as did an overweight to and security selection within consumer discretionary.

* Security selection within healthcare, and security selection within and an overweight to information technology, detracted.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ib64db358711dcb53ae41cff0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | BlackRock Global Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10285 | $11244 | $11196 | $10601 |
| 12/31/2017 | $11643 | $13658 | $13640 | $12270 |
| 12/31/2018 | $10800 | $12968 | $13042 | $11710 |
| 12/31/2019 | $12596 | $17018 | $17149 | $13905 |
| 12/31/2020 | $13958 | $20575 | $20304 | $15866 |
| 12/31/2021 | $15037 | $25880 | $26132 | $17489 |
| 12/31/2022 | $12364 | $20851 | $21399 | $14754 |
| 12/31/2023 | $13805 | $26363 | $27025 | $17067 |
| 12/31/2024 | $15130 | $32715 | $33786 | $18641 |
| 12/31/2025 | $17719 | $38390 | $39827 | $21965 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 17.11% | 4.89% | 5.89% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| BlackRock Global Allocation Composite | 17.83% | 6.72% | 8.19% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $626063025 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid | $470465 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Global Multi-Asset Funds | 96.9% |
| Money Market Funds | 2.9% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Global Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $54 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
Equity market performance was largely defined by resilient growth, driven in part by robust earnings and U.S. Federal Reserve (the "Fed") rate cuts in the U.S. On a global scale, performance in Europe, China and Japan led the pack. In the U.S., large cap names outperformed their smaller peers. Three Fed rate cuts in 2025 and the ongoing pivot toward less restrictive monetary policy generally favored most bond sectors.

* Exposure to commodities, notably gold-related securities, added to returns, as did security selection within the energy sector.

* An underweight to consumer staples and an overweight to financials were positive. Security selection in both sectors was also positive.

* Within fixed income, exposure to credit, notably high yield bonds and loans, and an underweight to U.S. government bonds, contributed.

* Positioning within rate derivatives, notably along the U.S. yield curve, positively impacted performance.

* Exposure to cash and cash equivalents weighed on returns, as did an overweight to and security selection within consumer discretionary.

* Security selection within healthcare, and security selection within and an overweight to information technology, detracted.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i45ce3e761559933fe59c681e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index | BlackRock Global Allocation Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10250 | $11244 | $11196 | $10601 |
| 12/31/2017 | $11563 | $13658 | $13640 | $12270 |
| 12/31/2018 | $10688 | $12968 | $13042 | $11710 |
| 12/31/2019 | $12422 | $17018 | $17149 | $13905 |
| 12/31/2020 | $13716 | $20575 | $20304 | $15866 |
| 12/31/2021 | $14725 | $25880 | $26132 | $17489 |
| 12/31/2022 | $12065 | $20851 | $21399 | $14754 |
| 12/31/2023 | $13423 | $26363 | $27025 | $17067 |
| 12/31/2024 | $14660 | $32715 | $33786 | $18641 |
| 12/31/2025 | $17111 | $38390 | $39827 | $21965 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 16.72% | 4.52% | 5.52% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| BlackRock Global Allocation Composite | 17.83% | 6.72% | 8.19% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $626063025 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid | $470465 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Global Multi-Asset Funds | 96.9% |
| Money Market Funds | 2.9% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $34 | 0.32% |

---

## How did the Fund perform last year and what affected its performance?
Public markets delivered stellar returns across asset classes in 2025, driven by a weaker dollar, a continuation of the U.S. Federal Reserve's (the "Fed") cutting cycle, and improving economic data in the U.S. The S&P 500 was positive in 2025, with all eleven sectors posting annual gains. International equities outperformed U.S. equities, aided by a declining dollar and increased local investment. Developed markets and emerging markets were positive in 2025. The Bloomberg U.S. Aggregate Bond market was positive for 2025, as the Fed continued its easing cycle with three rate cuts throughout the year. Gold surged with a record year, while oil ended below $60 per barrel amid geopolitical turmoil. The year saw volatility across equity and fixed income, leading to a performance drag between the Fund and benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025,due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 2, 2016 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ibac8d4cac19b48a524db1877.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | BlackRock Global Growth ETF Alloc Composite |
| 5/2/2016 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10230 | $9936 | $9946 | $10342 |
| 12/31/2017 | $11699 | $10274 | $10298 | $11907 |
| 12/31/2018 | $11347 | $10287 | $10300 | $11584 |
| 12/31/2019 | $13396 | $11177 | $11197 | $13877 |
| 12/31/2020 | $13662 | $12015 | $12038 | $15365 |
| 12/31/2021 | $15396 | $11822 | $11852 | $17306 |
| 12/31/2022 | $12853 | $10286 | $10310 | $14874 |
| 12/31/2023 | $14354 | $10833 | $10880 | $16774 |
| 12/31/2024 | $15957 | $10980 | $11016 | $18649 |
| 12/31/2025 | $17740 | $11761 | $11821 | $21041 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/2/2016 |
| Standard Class | 11.17% | 5.36% | 6.11% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.75% |
| BlackRock Global Growth ETF Alloc Composite | 12.83% | 6.49% | 8.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $454321325 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid | $1095613 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 49.6% |
| Fixed Income Funds | 28.7% |
| International Equity Funds | 18.4% |
| Money Market Funds | 3.2% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $71 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
Public markets delivered stellar returns across asset classes in 2025, driven by a weaker dollar, a continuation of the U.S. Federal Reserve's (the "Fed") cutting cycle, and improving economic data in the U.S. The S&P 500 was positive in 2025, with all eleven sectors posting annual gains. International equities outperformed U.S. equities, aided by a declining dollar and increased local investment. Developed markets and emerging markets were positive in 2025. The Bloomberg U.S. Aggregate Bond market was positive for 2025, as the Fed continued its easing cycle with three rate cuts throughout the year. Gold surged with a record year, while oil ended below $60 per barrel amid geopolitical turmoil. The year saw volatility across equity and fixed income, leading to a performance drag between the Fund and benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025,due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 2, 2016 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ie1c2f9fb21df95c1871c7f57.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | BlackRock Global Growth ETF Alloc Composite |
| 5/2/2016 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10207 | $9936 | $9946 | $10342 |
| 12/31/2017 | $11630 | $10274 | $10298 | $11907 |
| 12/31/2018 | $11242 | $10287 | $10300 | $11584 |
| 12/31/2019 | $13226 | $11177 | $11197 | $13877 |
| 12/31/2020 | $13440 | $12015 | $12038 | $15365 |
| 12/31/2021 | $15094 | $11822 | $11852 | $17306 |
| 12/31/2022 | $12556 | $10286 | $10310 | $14874 |
| 12/31/2023 | $13973 | $10833 | $10880 | $16774 |
| 12/31/2024 | $15481 | $10980 | $11016 | $18649 |
| 12/31/2025 | $17149 | $11761 | $11821 | $21041 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/2/2016 |
| Service Class | 10.78% | 4.99% | 5.74% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.75% |
| BlackRock Global Growth ETF Alloc Composite | 12.83% | 6.49% | 8.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $454321325 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid | $1095613 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 49.6% |
| Fixed Income Funds | 28.7% |
| International Equity Funds | 18.4% |
| Money Market Funds | 3.2% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Inflation Protected Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Inflation Protected Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $87 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
The performance of the Fund and its underlying funds was impacted by rates volatility, mostly due to U.S. trade and political policies and U.S. Federal Reserve annoucements. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg World Government IL 1-10Y TR Hdg USD.

* During 2025, an overweight position in agency mortgage-backed securities contributed most positively to performance, as spreads grinded tighter in response to trade de-escalation and interest rate cuts. An overweight in rental inflation linked also notably contributed as spread and carry move in favorable direction over the year. The long positions in both emerging market rates and spreads both added to performance, benefitting from improved fundamentals, tightened spreads, and a weakening U.S. Dollar.

* U.S. rates detracted. A steepener and overall headline duration position were challenged by volatility and curve movement in 2025.

* A position in Japan Rates modestly detracted as the Japan yield curve overall steepened, against a flattening view.

* The Fund's exposure to the 5-year U.S. Inflation breakeven underperformed as inflation expectations declined.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ice9d43d321e611fec293aca3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Global Core Bond Index | Bloomberg World Government 1-10 year Inflation-Linked Bond Index USD hedged |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10357 | $10213 | $10445 |
| 12/31/2017 | $10583 | $10931 | $10693 |
| 12/31/2018 | $10612 | $10813 | $10776 |
| 12/31/2019 | $11237 | $11527 | $11443 |
| 12/31/2020 | $11830 | $12580 | $12110 |
| 12/31/2021 | $12383 | $11860 | $12795 |
| 12/31/2022 | $11800 | $9797 | $12153 |
| 12/31/2023 | $12399 | $10305 | $12827 |
| 12/31/2024 | $12725 | $10113 | $13211 |
| 12/31/2025 | $13458 | $10903 | $14015 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 5.76% | 2.61% | 3.01% |
| Morningstar Global Core Bond Index | 7.82% | (2.82%) | 0.87% |
| Bloomberg World Government 1-10 year Inflation-Linked Bond Index USD hedged | 6.09% | 2.96% | 3.43% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1172832470 |
| # of Portfolio Holdings | 348 |
| Portfolio Turnover Rate | 218% |
| Total Advisory Fees Paid | $4942484 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 54.4% |
| AAA | 8.1% |
| AA | 16.8% |
| A | 5.6% |
| BBB | 6.7% |
| Not Rated | 8.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 54.2% |
| Sovereign Bonds | 40.5% |
| Agency Mortgage-Backed Securities | 4.7% |
| Non-Agency Asset-Backed Securities | 2.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.0% |
| Agency Collateralized Mortgage Obligations | 1.5% |
| Money Market Funds | 0.6% |
| Corporate Bonds | 0.5% |
| Options | 0.0% |
| Other | (8.6%) |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 67.5% |
| United Kingdom | 12.8% |
| France | 9.0% |
| Italy | 6.4% |
| Spain | 3.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Inflation Protected Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Inflation Protected Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $113 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
The performance of the Fund and its underlying funds was impacted by rates volatility, mostly due to U.S. trade and political policies and U.S. Federal Reserve annoucements. For the full year 2025, the Fund rose in absolute terms but underperformed the Bloomberg World Government IL 1-10Y TR Hdg USD.

* During 2025, an overweight position in agency mortgage-backed securities contributed most positively to performance, as spreads grinded tighter in response to trade de-escalation and interest rate cuts. An overweight in rental inflation linked also notably contributed as spread and carry move in favorable direction over the year. The long positions in both emerging market rates and spreads both added to performance, benefitting from improved fundamentals, tightened spreads, and a weakening U.S. Dollar.

* U.S. rates detracted. A steepener and overall headline duration position were challenged by volatility and curve movement in 2025.

* A position in Japan Rates modestly detracted as the Japan yield curve overall steepened, against a flattening view.

* The Fund's exposure to the 5-year U.S. Inflation breakeven underperformed as inflation expectations declined.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i84c16db6fe67ab9219a0fda3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Global Core Bond Index | Bloomberg World Government 1-10 year Inflation-Linked Bond Index USD hedged |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10330 | $10213 | $10445 |
| 12/31/2017 | $10530 | $10931 | $10693 |
| 12/31/2018 | $10533 | $10813 | $10776 |
| 12/31/2019 | $11125 | $11527 | $11443 |
| 12/31/2020 | $11683 | $12580 | $12110 |
| 12/31/2021 | $12198 | $11860 | $12795 |
| 12/31/2022 | $11595 | $9797 | $12153 |
| 12/31/2023 | $12153 | $10305 | $12827 |
| 12/31/2024 | $12442 | $10113 | $13211 |
| 12/31/2025 | $13125 | $10903 | $14015 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 5.49% | 2.36% | 2.76% |
| Morningstar Global Core Bond Index | 7.82% | (2.82%) | 0.87% |
| Bloomberg World Government 1-10 year Inflation-Linked Bond Index USD hedged | 6.09% | 2.96% | 3.43% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1172832470 |
| # of Portfolio Holdings | 348 |
| Portfolio Turnover Rate | 218% |
| Total Advisory Fees Paid | $4942484 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 54.4% |
| AAA | 8.1% |
| AA | 16.8% |
| A | 5.6% |
| BBB | 6.7% |
| Not Rated | 8.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 54.2% |
| Sovereign Bonds | 40.5% |
| Agency Mortgage-Backed Securities | 4.7% |
| Non-Agency Asset-Backed Securities | 2.5% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.1% |
| Non-Agency Collateralized Mortgage Obligations | 2.0% |
| Agency Collateralized Mortgage Obligations | 1.5% |
| Money Market Funds | 0.6% |
| Corporate Bonds | 0.5% |
| Options | 0.0% |
| Other | (8.6%) |

---

### Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| United States | 67.5% |
| United Kingdom | 12.8% |
| France | 9.0% |
| Italy | 6.4% |
| Spain | 3.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Real Estate Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Real Estate Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $90 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
In 2025, while the global real estate market lagged broader global equities, it was a constructive year for global real estate securities as market regained appreciation for the asset class's ability to deliver durable cash flows. U.S. industrial and healthcare platforms led, while office and life science assets staged a late-year rebound. Europe delivered steady progress on governance and balance-sheet strength. Asia-Pacific was mixed: Japan developers advanced on improved capital policies, while Australia softened as rate expectations shifted. The Fund marginally underperformed the secondary benchmark net of fees.

* By region, the Americas made a positive contribution, APAC had a negative effect, and EMEA attribution was close to flat.

* In terms of sectors, the main contributors were U.S. healthcare, Japanese developers, and U.S. communications.

* While UK student housing, Australian communications, and Japanese REITs were the top detractors.

Derivatives, specifically FX forwards, were used to hedge FX exposure relative to the benchmark.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ic1d6db6c3688bee807681365.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets Index | FTSE EPRA/NAREIT Developed Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10118 | $10792 | $10406 |
| 12/31/2017 | $11218 | $13220 | $11485 |
| 12/31/2018 | $10282 | $11987 | $10838 |
| 12/31/2019 | $12844 | $15267 | $13212 |
| 12/31/2020 | $12560 | $17662 | $12018 |
| 12/31/2021 | $16079 | $21301 | $15153 |
| 12/31/2022 | $11474 | $17402 | $11352 |
| 12/31/2023 | $12972 | $21390 | $12450 |
| 12/31/2024 | $13181 | $25144 | $12566 |
| 12/31/2025 | $14357 | $30468 | $13770 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 8.92% | 2.71% | 3.68% |
| Morningstar Developed Markets Index | 21.18% | 11.52% | 11.79% |
| FTSE EPRA/NAREIT Developed Index | 9.58% | 2.76% | 3.25% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $251925083 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $1812350 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 62.3% |
| Japan | 9.8% |
| Australia | 6.4% |
| United Kingdom | 3.6% |
| Hong Kong | 3.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.7% |
| Money Market Funds | 0.8% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Specialized REITs | 15.0% |
| Industrial REITs | 14.5% |
| Real Estate Management & Development | 14.3% |
| Retail REITs | 13.8% |
| Health Care REITs | 10.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock Real Estate Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock Real Estate Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $116 | 1.11% |

---

## How did the Fund perform last year and what affected its performance?
In 2025, while the global real estate market lagged broader global equities, it was a constructive year for global real estate securities as market regained appreciation for the asset class's ability to deliver durable cash flows. U.S. industrial and healthcare platforms led, while office and life science assets staged a late-year rebound. Europe delivered steady progress on governance and balance-sheet strength. Asia-Pacific was mixed: Japan developers advanced on improved capital policies, while Australia softened as rate expectations shifted. The Fund marginally underperformed the secondary benchmark net of fees.

* By region, the Americas made a positive contribution, APAC had a negative effect, and EMEA attribution was close to flat.

* In terms of sectors, the main contributors were U.S. healthcare, Japanese developers, and U.S. communications.

* While UK student housing, Australian communications, and Japanese REITs were the top detractors.

Derivatives, specifically FX forwards, were used to hedge FX exposure relative to the benchmark.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i94d84fdfe03c119c542b495b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets Index | FTSE EPRA/NAREIT Developed Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10094 | $10792 | $10406 |
| 12/31/2017 | $11162 | $13220 | $11485 |
| 12/31/2018 | $10206 | $11987 | $10838 |
| 12/31/2019 | $12717 | $15267 | $13212 |
| 12/31/2020 | $12405 | $17662 | $12018 |
| 12/31/2021 | $15841 | $21301 | $15153 |
| 12/31/2022 | $11275 | $17402 | $11352 |
| 12/31/2023 | $12717 | $21390 | $12450 |
| 12/31/2024 | $12890 | $25144 | $12566 |
| 12/31/2025 | $14002 | $30468 | $13770 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 8.63% | 2.45% | 3.42% |
| Morningstar Developed Markets Index | 21.18% | 11.52% | 11.79% |
| FTSE EPRA/NAREIT Developed Index | 9.58% | 2.76% | 3.25% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $251925083 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $1812350 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 62.3% |
| Japan | 9.8% |
| Australia | 6.4% |
| United Kingdom | 3.6% |
| Hong Kong | 3.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.7% |
| Money Market Funds | 0.8% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Specialized REITs | 15.0% |
| Industrial REITs | 14.5% |
| Real Estate Management & Development | 14.3% |
| Retail REITs | 13.8% |
| Health Care REITs | 10.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $32 | 0.31% |

---

## How did the Fund perform last year and what affected its performance?
Public markets delivered stellar returns across asset classes in 2025, driven by a weaker dollar,a continuation of the U.S. Federal Reserve's (the "Fed") cutting cycle, and improving economic data in the U.S. The S&P 500 was positive in 2025, with all eleven sectors posting annual gains. The Bloomberg U.S. Aggregate Bond market was positive for the year, as the Fed continued its easing cycle with three rate cuts throughout the year. Gold surged for a record year, while oil ended below $60 per barrel amid geopolitical turmoil. The year saw volatility across equity and fixed income, leading to a performance drag between the Fund and benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 2, 2016 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7007fed7e5fa33b725797f44.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | BlackRock U.S. Growth ETF Alloc Composite |
| 5/2/2016 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10552 | $9936 | $9946 | $10619 |
| 12/31/2017 | $11975 | $10274 | $10298 | $12136 |
| 12/31/2018 | $11647 | $10287 | $10300 | $11831 |
| 12/31/2019 | $13848 | $11177 | $11197 | $14494 |
| 12/31/2020 | $14311 | $12015 | $12038 | $16414 |
| 12/31/2021 | $16409 | $11822 | $11852 | $18991 |
| 12/31/2022 | $13699 | $10286 | $10310 | $16291 |
| 12/31/2023 | $15391 | $10833 | $10880 | $18583 |
| 12/31/2024 | $17457 | $10980 | $11016 | $21056 |
| 12/31/2025 | $19023 | $11761 | $11821 | $23395 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/2/2016 |
| Standard Class | 8.97% | 5.86% | 6.88% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.75% |
| BlackRock U.S. Growth ETF Alloc Composite | 11.11% | 7.35% | 9.19% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $596190051 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $1465122 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 67.8% |
| Fixed Income Funds | 28.8% |
| Money Market Funds | 3.1% |
| Other | 0.3% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $69 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
Public markets delivered stellar returns across asset classes in 2025, driven by a weaker dollar,a continuation of the U.S. Federal Reserve's (the "Fed") cutting cycle, and improving economic data in the U.S. The S&P 500 was positive in 2025, with all eleven sectors posting annual gains. The Bloomberg U.S. Aggregate Bond market was positive for the year, as the Fed continued its easing cycle with three rate cuts throughout the year. Gold surged for a record year, while oil ended below $60 per barrel amid geopolitical turmoil. The year saw volatility across equity and fixed income, leading to a performance drag between the Fund and benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of May 2, 2016 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ieed1785d259e232ec4303d65.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | BlackRock U.S. Growth ETF Alloc Composite |
| 5/2/2016 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10527 | $9936 | $9946 | $10619 |
| 12/31/2017 | $11906 | $10274 | $10298 | $12136 |
| 12/31/2018 | $11540 | $10287 | $10300 | $11831 |
| 12/31/2019 | $13673 | $11177 | $11197 | $14494 |
| 12/31/2020 | $14080 | $12015 | $12038 | $16414 |
| 12/31/2021 | $16088 | $11822 | $11852 | $18991 |
| 12/31/2022 | $13384 | $10286 | $10310 | $16291 |
| 12/31/2023 | $14984 | $10833 | $10880 | $18583 |
| 12/31/2024 | $16937 | $10980 | $11016 | $21056 |
| 12/31/2025 | $18391 | $11761 | $11821 | $23395 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | Since Inception 5/2/2016 |
| Service Class | 8.58% | 5.49% | 6.51% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.75% |
| BlackRock U.S. Growth ETF Alloc Composite | 11.11% | 7.35% | 9.19% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $596190051 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $1465122 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 67.8% |
| Fixed Income Funds | 28.8% |
| Money Market Funds | 3.1% |
| Other | 0.3% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Large Cap Growth Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Blended Large Cap Growth Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $68 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in large cap stocks. The Fund has exposure to both growth and quality factors through allocations to multiple strategies, with the resulting portfolio having a bias toward quality growth stocks.

* During calendar year 2025, underweight allocations to the largest domestic companies by market capitalization and/or higher Beta equities generally detracted from benchmark relative returns amid declining interest rates and strong market index appreciation.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ib446d2bce86d0f9334baeb49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9869 | $11244 | $10708 |
| 12/31/2017 | $12448 | $13658 | $13943 |
| 12/31/2018 | $11911 | $12968 | $13732 |
| 12/31/2019 | $14285 | $17018 | $18729 |
| 12/31/2020 | $17687 | $20575 | $25938 |
| 12/31/2021 | $23145 | $25880 | $33096 |
| 12/31/2022 | $16958 | $20851 | $23453 |
| 12/31/2023 | $22749 | $26363 | $33462 |
| 12/31/2024 | $29667 | $32715 | $44623 |
| 12/31/2025 | $31305 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 5.52% | 12.10% | 12.09% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1664510924 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 121% |
| Total Advisory Fees Paid | $10173167 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.9% |
| Money Market Funds | 4.9% |
| Rights | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 18.8% |
| Software | 15.7% |
| Interactive Media & Services | 11.1% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 5.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Large Cap Growth Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Blended Large Cap Growth Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $93 | 0.91% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in large cap stocks. The Fund has exposure to both growth and quality factors through allocations to multiple strategies, with the resulting portfolio having a bias toward quality growth stocks.

* During calendar year 2025, underweight allocations to the largest domestic companies by market capitalization and/or higher Beta equities generally detracted from benchmark relative returns amid declining interest rates and strong market index appreciation.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id346b852258bfd08e0134a6f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $9844 | $11244 | $10708 |
| 12/31/2017 | $12385 | $13658 | $13943 |
| 12/31/2018 | $11822 | $12968 | $13732 |
| 12/31/2019 | $14144 | $17018 | $18729 |
| 12/31/2020 | $17468 | $20575 | $25938 |
| 12/31/2021 | $22802 | $25880 | $33096 |
| 12/31/2022 | $16665 | $20851 | $23453 |
| 12/31/2023 | $22300 | $26363 | $33462 |
| 12/31/2024 | $29009 | $32715 | $44623 |
| 12/31/2025 | $30534 | $38390 | $52906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 5.26% | 11.82% | 11.81% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1664510924 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 121% |
| Total Advisory Fees Paid | $10173167 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 94.9% |
| Money Market Funds | 4.9% |
| Rights | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 18.8% |
| Software | 15.7% |
| Interactive Media & Services | 11.1% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Broadline Retail | 5.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Mid Cap Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Blended Mid Cap Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $73 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in mid cap growth stocks that are high quality yet offer above average growth potential.

* During calendar year 2025, underweight allocations to lower quality, higher Beta and/or more cyclically oriented equities generally detracted from relative returns amid declining interest rates.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i6aeb18c05ebede5d7725b928.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10226 | $11244 | $10733 |
| 12/31/2017 | $12840 | $13658 | $13445 |
| 12/31/2018 | $12886 | $12968 | $12806 |
| 12/31/2019 | $16097 | $17018 | $17348 |
| 12/31/2020 | $20557 | $20575 | $23522 |
| 12/31/2021 | $23289 | $25880 | $26516 |
| 12/31/2022 | $17800 | $20851 | $19431 |
| 12/31/2023 | $20960 | $26363 | $24457 |
| 12/31/2024 | $24990 | $32715 | $29863 |
| 12/31/2025 | $25716 | $38390 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 2.90% | 4.58% | 9.91% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $720922184 |
| # of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $4870295 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.6% |
| Money Market Funds | 4.6% |
| Convertible Preferred Stocks | 0.9% |
| Short-Term Investments | 0.7% |
| Warrants | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 9.2% |
| Software | 8.7% |
| Aerospace & Defense | 7.8% |
| Capital Markets | 6.9% |
| Entertainment | 6.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Blended Mid Cap Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Blended Mid Cap Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $98 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in mid cap growth stocks that are high quality yet offer above average growth potential.

* During calendar year 2025, underweight allocations to lower quality, higher Beta and/or more cyclically oriented equities generally detracted from relative returns amid declining interest rates.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](if2a322d6412beb9957df8584.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell Midcap<sup>®</sup> Growth Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10200 | $11244 | $10733 |
| 12/31/2017 | $12775 | $13658 | $13445 |
| 12/31/2018 | $12792 | $12968 | $12806 |
| 12/31/2019 | $15938 | $17018 | $17348 |
| 12/31/2020 | $20305 | $20575 | $23522 |
| 12/31/2021 | $22945 | $25880 | $26516 |
| 12/31/2022 | $17494 | $20851 | $19431 |
| 12/31/2023 | $20548 | $26363 | $24457 |
| 12/31/2024 | $24436 | $32715 | $29863 |
| 12/31/2025 | $25084 | $38390 | $32448 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 2.65% | 4.32% | 9.63% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $720922184 |
| # of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $4870295 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.6% |
| Money Market Funds | 4.6% |
| Convertible Preferred Stocks | 0.9% |
| Short-Term Investments | 0.7% |
| Warrants | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Hotels, Restaurants & Leisure | 9.2% |
| Software | 8.7% |
| Aerospace & Defense | 7.8% |
| Capital Markets | 6.9% |
| Entertainment | 6.7% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Channing Small Cap Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Channing Small Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $91 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
The Fund's performance was driven by a market focused on growth, rate cuts, and artificial intelligence ("AI").Equity markets subsequently ended higher in one of the strongest recoveries in recent history. Several factors supported this rebound, including resilient economic growth, a U.S. Federal Reserve rate cut, and continued investor enthusiasm for AI–related investments and fiscal policy initiatives. While small-and SMID-cap stocks broadly participated in the recovery, performance was disproportionately concentrated in lower-quality companies, with leadership skewed toward non-earners, the smallest market capitalizations, and higher-beta equities. Both sector allocation and stock selection detracted from performance relative to the secondary benchmark during the year. The top three contributing sectors to relative performance were information technology, financials, and communication services.

* The highest contributing names, respectively, were ATI, Inc., Lumentum Holdings, Inc., and Evercore, Inc.

The three sectors that detracted the most from relative performance were Materials, Health Care, and Energy.

* The largest individual detractors were Integer Holdings Corp., Louisiana-Pacific Corp., and Avient Corp.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of July 25, 2022 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i54f3b9e36c010baea8064279.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Value Index |
| 7/25/2022 | $10000 | $10000 | $10000 |
| 12/31/2022 | $9572 | $9740 | $9758 |
| 12/31/2023 | $11480 | $12315 | $11188 |
| 12/31/2024 | $12726 | $15282 | $12089 |
| 12/31/2025 | $13736 | $17933 | $13611 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 7/25/2022 |
| Standard Class | 7.94% | 9.66% |
| Morningstar US Market Index | 17.35% | 18.53% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 9.39% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $107885205 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $774634 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.4% |
| Money Market Funds | 1.6% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 10.1% |
| Banks | 10.1% |
| Machinery | 9.1% |
| Electronic Equipment, Instruments & Components | 6.6% |
| Semiconductors & Semiconductor Equipment | 6.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Channing Small Cap Value Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Channing Small Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $117 | 1.13% |

---

## How did the Fund perform last year and what affected its performance?
The Fund's performance was driven by a market focused on growth, rate cuts, and artificial intelligence ("AI").Equity markets subsequently ended higher in one of the strongest recoveries in recent history. Several factors supported this rebound, including resilient economic growth, a U.S. Federal Reserve rate cut, and continued investor enthusiasm for AI–related investments and fiscal policy initiatives. While small-and SMID-cap stocks broadly participated in the recovery, performance was disproportionately concentrated in lower-quality companies, with leadership skewed toward non-earners, the smallest market capitalizations, and higher-beta equities. Both sector allocation and stock selection detracted from performance relative to the secondary benchmark during the year. The top three contributing sectors to relative performance were information technology, financials, and communication services.

* The highest contributing names, respectively, were ATI, Inc., Lumentum Holdings, Inc., and Evercore, Inc.

The three sectors that detracted the most from relative performance were Materials, Health Care, and Energy.

* The largest individual detractors were Integer Holdings Corp., Louisiana-Pacific Corp., and Avient Corp.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of July 25, 2022 to December 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ifcbaf592093625fd0f45f87f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Value Index |
| 7/25/2022 | $10000 | $10000 | $10000 |
| 12/31/2022 | $9563 | $9740 | $9758 |
| 12/31/2023 | $11442 | $12315 | $11188 |
| 12/31/2024 | $12653 | $15282 | $12089 |
| 12/31/2025 | $13624 | $17933 | $13611 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Sub header | 1 year | Since Inception 7/25/2022 |
| Service Class | 7.67% | 9.40% |
| Morningstar US Market Index | 17.35% | 18.53% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 9.39% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $107885205 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $774634 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.4% |
| Money Market Funds | 1.6% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Capital Markets | 10.1% |
| Banks | 10.1% |
| Machinery | 9.1% |
| Electronic Equipment, Instruments & Components | 6.6% |
| Semiconductors & Semiconductor Equipment | 6.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $69 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
The Fund posted a double-digit positive absolute return for 2025, but underperformed the S&P 500 Index. Stock selection decisions negatively impacted Fund relative return, while sector allocation decisions added value.

* The largest detractor from relative return was stock selection, especially in the industrials and information technology sectors.

* Stock selection added value in the consumer discretionary, financials and health care sectors.

* Sector allocation decisions contributed to relative performance, due primarily to an underweight to communication services.

* Underweights to real estate and health care also contributed, while an underweight to information technology detracted.

* Alphabet and Nvidia were the top absolute contributors to returns.

* UnitedHealth and Ovintiv were the largest absolute detractors from returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i0c8c45abb1ee7a2c760f62ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10903 | $11244 | $11196 |
| 12/31/2017 | $13196 | $13658 | $13640 |
| 12/31/2018 | $12826 | $12968 | $13042 |
| 12/31/2019 | $15312 | $17018 | $17149 |
| 12/31/2020 | $17587 | $20575 | $20304 |
| 12/31/2021 | $21463 | $25880 | $26132 |
| 12/31/2022 | $17718 | $20851 | $21399 |
| 12/31/2023 | $21711 | $26363 | $27025 |
| 12/31/2024 | $26551 | $32715 | $33786 |
| 12/31/2025 | $29421 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 10.81% | 10.84% | 11.39% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $430559332 |
| # of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $2682335 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.9% |
| Money Market Funds | 3.8% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.2% |
| Software | 10.9% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 6.2% |
| Financial Services | 4.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $105 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
The Fund posted a double-digit positive absolute return for 2025, but underperformed the S&P 500 Index. Stock selection decisions negatively impacted Fund relative return, while sector allocation decisions added value.

* The largest detractor from relative return was stock selection, especially in the industrials and information technology sectors.

* Stock selection added value in the consumer discretionary, financials and health care sectors.

* Sector allocation decisions contributed to relative performance, due primarily to an underweight to communication services.

* Underweights to real estate and health care also contributed, while an underweight to information technology detracted.

* Alphabet and Nvidia were the top absolute contributors to returns.

* UnitedHealth and Ovintiv were the largest absolute detractors from returns.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i143ae2402f501171913c8a23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10865 | $11244 | $11196 |
| 12/31/2017 | $13104 | $13658 | $13640 |
| 12/31/2018 | $12693 | $12968 | $13042 |
| 12/31/2019 | $15096 | $17018 | $17149 |
| 12/31/2020 | $17278 | $20575 | $20304 |
| 12/31/2021 | $21013 | $25880 | $26132 |
| 12/31/2022 | $17285 | $20851 | $21399 |
| 12/31/2023 | $21107 | $26363 | $27025 |
| 12/31/2024 | $25720 | $32715 | $33786 |
| 12/31/2025 | $28401 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 10.42% | 10.45% | 11.00% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $430559332 |
| # of Portfolio Holdings | 155 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $2682335 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.9% |
| Money Market Funds | 3.8% |
| Other | 0.3% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.2% |
| Software | 10.9% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 6.2% |
| Financial Services | 4.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Core Equity Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional International Core Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $73 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
The developed ex U.S. markets had positive performance for the year, outperforming both the U.S. and emerging markets. Small cap stocks outperformed large cap stocks while value stocks outperformed growth stocks within both large and small caps. High profitability stocks underperformed low profitability stocks within both large and small caps. At the Fund level, the Fund outperformed the MSCI World ex USA Index for the one-year period ending December 31, 2025.

* The Fund's emphasis on value stocks contributed positively to relative performance, as these stocks outperformed over the period.

* The Fund's emphasis on stocks with smaller market capitalizations also contributed positively to relative performance.

* Conversely, the Fund's emphasis on stocks with higher profitability detracted from relative performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i198ec41260d1c7a5b7df5cb8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Global Markets ex-US Index | MSCI World ex USA Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10451 | $10545 | $10275 |
| 12/31/2017 | $13310 | $13431 | $12762 |
| 12/31/2018 | $10974 | $11527 | $10964 |
| 12/31/2019 | $13262 | $14014 | $13430 |
| 12/31/2020 | $14172 | $15579 | $14449 |
| 12/31/2021 | $16045 | $16889 | $16273 |
| 12/31/2022 | $13892 | $14163 | $13947 |
| 12/31/2023 | $16117 | $16370 | $16449 |
| 12/31/2024 | $16610 | $17215 | $17222 |
| 12/31/2025 | $22467 | $22655 | $22708 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 35.26% | 9.65% | 8.43% |
| Morningstar Global Markets ex-US Index | 31.60% | 7.78% | 8.52% |
| MSCI World ex USA Index (net dividends) | 31.85% | 9.46% | 8.55% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $798755099 |
| # of Portfolio Holdings | 3871 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $4330116 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.9% |
| Canada | 12.4% |
| United Kingdom | 10.8% |
| Switzerland | 8.1% |
| Germany | 7.7% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Preferred Stocks | 0.4% |
| Convertible Preferred Stocks | 0.0% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.2% |
| Metals & Mining | 6.5% |
| Insurance | 5.6% |
| Oil, Gas & Consumable Fuels | 5.5% |
| Pharmaceuticals | 5.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Core Equity Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional International Core Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $102 | 0.87% |

---

## How did the Fund perform last year and what affected its performance?
The developed ex U.S. markets had positive performance for the year, outperforming both the U.S. and emerging markets. Small cap stocks outperformed large cap stocks while value stocks outperformed growth stocks within both large and small caps. High profitability stocks underperformed low profitability stocks within both large and small caps. At the Fund level, the Fund outperformed the MSCI World ex USA Index for the one-year period ending December 31, 2025.

* The Fund's emphasis on value stocks contributed positively to relative performance, as these stocks outperformed over the period.

* The Fund's emphasis on stocks with smaller market capitalizations also contributed positively to relative performance.

* Conversely, the Fund's emphasis on stocks with higher profitability detracted from relative performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i46dcd02b4feb6cf5fa837174.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Global Markets ex-US Index | MSCI World ex USA Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10424 | $10545 | $10275 |
| 12/31/2017 | $13239 | $13431 | $12762 |
| 12/31/2018 | $10889 | $11527 | $10964 |
| 12/31/2019 | $13124 | $14014 | $13430 |
| 12/31/2020 | $13992 | $15579 | $14449 |
| 12/31/2021 | $15801 | $16889 | $16273 |
| 12/31/2022 | $13647 | $14163 | $13947 |
| 12/31/2023 | $15792 | $16370 | $16449 |
| 12/31/2024 | $16236 | $17215 | $17222 |
| 12/31/2025 | $21904 | $22655 | $22708 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 34.91% | 9.38% | 8.16% |
| Morningstar Global Markets ex-US Index | 31.60% | 7.78% | 8.52% |
| MSCI World ex USA Index (net dividends) | 31.85% | 9.46% | 8.55% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $798755099 |
| # of Portfolio Holdings | 3871 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $4330116 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.9% |
| Canada | 12.4% |
| United Kingdom | 10.8% |
| Switzerland | 8.1% |
| Germany | 7.7% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.1% |
| Preferred Stocks | 0.4% |
| Convertible Preferred Stocks | 0.0% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.5% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 12.2% |
| Metals & Mining | 6.5% |
| Insurance | 5.6% |
| Oil, Gas & Consumable Fuels | 5.5% |
| Pharmaceuticals | 5.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Equity Managed Volatility Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional International Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $38 | 0.32% |

---

## How did the Fund perform last year and what affected its performance?
The Fund predominately invests in non-U.S. developed market stocks, with a bias towards smaller sized companies, value-oriented stocks, and companies with higher profitability relative to its market cap weighted benchmark.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* The Fund's equity sleeve outperformed the benchmark driven by a bias towards value-oriented stocks, as value stocks outperformed growth stocks within international markets.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ib3af486efacf8911d7310a55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Global Markets ex-US Index | MSCI All Country World ex USA Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10197 | $10545 | $10450 |
| 12/31/2017 | $12865 | $13431 | $13291 |
| 12/31/2018 | $10796 | $11527 | $11404 |
| 12/31/2019 | $12611 | $14014 | $13858 |
| 12/31/2020 | $11801 | $15579 | $15334 |
| 12/31/2021 | $13615 | $16889 | $16533 |
| 12/31/2022 | $12097 | $14163 | $13888 |
| 12/31/2023 | $14116 | $16370 | $16056 |
| 12/31/2024 | $14778 | $17215 | $16944 |
| 12/31/2025 | $19964 | $22655 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 35.09% | 11.09% | 7.16% |
| Morningstar Global Markets ex-US Index | 31.60% | 7.78% | 8.52% |
| MSCI All Country World ex USA Index (net dividends) | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $573658772 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $1411780 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.9% |
| Money Market Funds | 3.8% |
| Other | 0.3% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional International Equity Managed Volatility Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional International Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $67 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
The Fund predominately invests in non-U.S. developed market stocks, with a bias towards smaller sized companies, value-oriented stocks, and companies with higher profitability relative to its market cap weighted benchmark.

* International equity markets produced strong absolute returns in 2025 and outperformed their domestic equity counterparts amid a weakening dollar.

* The Fund's equity sleeve outperformed the benchmark driven by a bias towards value-oriented stocks, as value stocks outperformed growth stocks within international markets.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ief6c83d42af5c8c2707cddf2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Global Markets ex-US Index | MSCI All Country World ex USA Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10172 | $10545 | $10450 |
| 12/31/2017 | $12801 | $13431 | $13291 |
| 12/31/2018 | $10716 | $11527 | $11404 |
| 12/31/2019 | $12487 | $14014 | $13858 |
| 12/31/2020 | $11656 | $15579 | $15334 |
| 12/31/2021 | $13413 | $16889 | $16533 |
| 12/31/2022 | $11887 | $14163 | $13888 |
| 12/31/2023 | $13837 | $16370 | $16056 |
| 12/31/2024 | $14450 | $17215 | $16944 |
| 12/31/2025 | $19472 | $22655 | $22432 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 34.75% | 10.81% | 6.89% |
| Morningstar Global Markets ex-US Index | 31.60% | 7.78% | 8.52% |
| MSCI All Country World ex USA Index (net dividends) | 32.39% | 7.91% | 8.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $573658772 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $1411780 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| International Equity Funds | 95.9% |
| Money Market Funds | 3.8% |
| Other | 0.3% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 1 Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 1 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $42 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
The U.S. premium environment was mixed for the year with small caps underperforming large caps, while value stocks outperformed growth stocks within large caps and underperformed within small caps. High profitability stocks underperformed low profitability stocks within both large and small caps. At the Fund level, the Fund underperformed the Russell 3000 Index for the one-year period ending December 31, 2025.

* The Fund's emphasis on stocks with smaller market capitalizations detracted from relative performance.

* Conversely, the Fund's exclusion of REITs contributed positively to relative performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i614d6fc6677134e8b8f8bd82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11441 | $11244 | $11274 |
| 12/31/2017 | $13829 | $13658 | $13656 |
| 12/31/2018 | $12821 | $12968 | $12940 |
| 12/31/2019 | $16681 | $17018 | $16954 |
| 12/31/2020 | $19417 | $20575 | $20495 |
| 12/31/2021 | $24766 | $25880 | $25754 |
| 12/31/2022 | $20990 | $20851 | $20808 |
| 12/31/2023 | $25772 | $26363 | $26209 |
| 12/31/2024 | $31125 | $32715 | $32448 |
| 12/31/2025 | $35999 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 15.66% | 13.14% | 13.67% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1730240064 |
| # of Portfolio Holdings | 2057 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid | $5390219 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.8% |
| Money Market Funds | 0.2% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 11.1% |
| Software | 7.2% |
| Technology Hardware, Storage & Peripherals | 6.2% |
| Interactive Media & Services | 6.0% |
| Banks | 5.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 1 Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 1 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $80 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
The U.S. premium environment was mixed for the year with small caps underperforming large caps, while value stocks outperformed growth stocks within large caps and underperformed within small caps. High profitability stocks underperformed low profitability stocks within both large and small caps. At the Fund level, the Fund underperformed the Russell 3000 Index for the one-year period ending December 31, 2025.

* The Fund's emphasis on stocks with smaller market capitalizations detracted from relative performance.

* Conversely, the Fund's exclusion of REITs contributed positively to relative performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ic6cc15d6e359bc70aca5c07f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11401 | $11244 | $11274 |
| 12/31/2017 | $13733 | $13658 | $13656 |
| 12/31/2018 | $12689 | $12968 | $12940 |
| 12/31/2019 | $16451 | $17018 | $16954 |
| 12/31/2020 | $19083 | $20575 | $20495 |
| 12/31/2021 | $24254 | $25880 | $25754 |
| 12/31/2022 | $20485 | $20851 | $20808 |
| 12/31/2023 | $25064 | $26363 | $26209 |
| 12/31/2024 | $30164 | $32715 | $32448 |
| 12/31/2025 | $34766 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.26% | 12.75% | 13.27% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1730240064 |
| # of Portfolio Holdings | 2057 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid | $5390219 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.8% |
| Money Market Funds | 0.2% |
| Rights | 0.0% |
| Warrants | 0.0% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 11.1% |
| Software | 7.2% |
| Technology Hardware, Storage & Peripherals | 6.2% |
| Interactive Media & Services | 6.0% |
| Banks | 5.4% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 2 Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 2 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $53 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
The U.S. premium environment was mixed for the year with small caps underperforming large caps, while value stocks outperformed growth stocks within large caps and underperformed within small caps. High profitability stocks underperformed low profitability stocks within both large and small caps. At the Fund level, the Fund underperformed the Russell 3000 Index for the one-year period ending December 31, 2025.

* The Fund's emphasis on value stocks contributed positively to relative performance, as these stocks outperformed over the period.

* Conversely, the Fund's emphasis on stocks with smaller market capitalizations detracted from relative performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ia44da582fc60c2fc26636b13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11675 | $11244 | $11274 |
| 12/31/2017 | $13813 | $13658 | $13656 |
| 12/31/2018 | $12481 | $12968 | $12940 |
| 12/31/2019 | $16079 | $17018 | $16954 |
| 12/31/2020 | $18546 | $20575 | $20495 |
| 12/31/2021 | $23696 | $25880 | $25754 |
| 12/31/2022 | $20400 | $20851 | $20808 |
| 12/31/2023 | $24817 | $26363 | $26209 |
| 12/31/2024 | $29396 | $32715 | $32448 |
| 12/31/2025 | $33917 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 15.38% | 12.83% | 12.99% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $918285911 |
| # of Portfolio Holdings | 2334 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $3752497 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.7% |
| Money Market Funds | 0.1% |
| Rights | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 9.8% |
| Software | 7.3% |
| Technology Hardware, Storage & Peripherals | 5.8% |
| Banks | 5.7% |
| Interactive Media & Services | 5.6% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Core Equity 2 Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional U.S. Core Equity 2 Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $80 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
The U.S. premium environment was mixed for the year with small caps underperforming large caps, while value stocks outperformed growth stocks within large caps and underperformed within small caps. High profitability stocks underperformed low profitability stocks within both large and small caps. At the Fund level, the Fund underperformed the Russell 3000 Index for the one-year period ending December 31, 2025.

* The Fund's emphasis on value stocks contributed positively to relative performance, as these stocks outperformed over the period.

* Conversely, the Fund's emphasis on stocks with smaller market capitalizations detracted from relative performance.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id37ac6f40203a8f4ab6fc77c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11647 | $11244 | $11274 |
| 12/31/2017 | $13744 | $13658 | $13656 |
| 12/31/2018 | $12389 | $12968 | $12940 |
| 12/31/2019 | $15922 | $17018 | $16954 |
| 12/31/2020 | $18318 | $20575 | $20495 |
| 12/31/2021 | $23347 | $25880 | $25754 |
| 12/31/2022 | $20049 | $20851 | $20808 |
| 12/31/2023 | $24330 | $26363 | $26209 |
| 12/31/2024 | $28747 | $32715 | $32448 |
| 12/31/2025 | $33085 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 15.09% | 12.55% | 12.71% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $918285911 |
| # of Portfolio Holdings | 2334 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $3752497 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 99.7% |
| Money Market Funds | 0.1% |
| Rights | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 9.8% |
| Software | 7.3% |
| Technology Hardware, Storage & Peripherals | 5.8% |
| Banks | 5.7% |
| Interactive Media & Services | 5.6% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Equity Managed Volatility Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional U.S. Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $31 | 0.30% |

---

## How did the Fund perform last year and what affected its performance?
The Fund invests in U.S. equities, with a bias towards smaller cap and value-oriented companies relative to its market cap weighted benchmark.

* During calendar year 2025, exposure to value-oriented and smaller cap securities generally detracted from relative returns.

* The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ie2182977b53a293fab5fe770.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11113 | $11244 | $11274 |
| 12/31/2017 | $13243 | $13658 | $13656 |
| 12/31/2018 | $12212 | $12968 | $12940 |
| 12/31/2019 | $14602 | $17018 | $16954 |
| 12/31/2020 | $16836 | $20575 | $20495 |
| 12/31/2021 | $21498 | $25880 | $25754 |
| 12/31/2022 | $18341 | $20851 | $20808 |
| 12/31/2023 | $22366 | $26363 | $26209 |
| 12/31/2024 | $26986 | $32715 | $32448 |
| 12/31/2025 | $29421 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 9.02% | 11.81% | 11.39% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $887189991 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $2230346 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.5% |
| Money Market Funds | 3.3% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Dimensional U.S. Equity Managed Volatility Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Dimensional U.S. Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $57 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
The Fund invests in U.S. equities, with a bias towards smaller cap and value-oriented companies relative to its market cap weighted benchmark.

* During calendar year 2025, exposure to value-oriented and smaller cap securities generally detracted from relative returns.

* The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ia82d77cf2ea3b9acec412e7d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 3000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11086 | $11244 | $11274 |
| 12/31/2017 | $13178 | $13658 | $13656 |
| 12/31/2018 | $12121 | $12968 | $12940 |
| 12/31/2019 | $14457 | $17018 | $16954 |
| 12/31/2020 | $16627 | $20575 | $20495 |
| 12/31/2021 | $21179 | $25880 | $25754 |
| 12/31/2022 | $18023 | $20851 | $20808 |
| 12/31/2023 | $21924 | $26363 | $26209 |
| 12/31/2024 | $26387 | $32715 | $32448 |
| 12/31/2025 | $28695 | $38390 | $38012 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 8.75% | 11.53% | 11.12% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $887189991 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $2230346 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.5% |
| Money Market Funds | 3.3% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $11 | 0.10% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in large cap stocks. The Fund has exposure to both growth and value factors through allocations to multiple strategies, with the resulting portfolio having a bias towards growth relative to its benchmark.

* During calendar year 2025, exposure to growth-oriented equities generally contributed to relative returns, while exposure to value-oriented equities generally detracted from relative returns.

* The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i17e3162bd990426767fbd139.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10659 | $11244 | $11196 |
| 12/31/2017 | $12688 | $13658 | $13640 |
| 12/31/2018 | $11946 | $12968 | $13042 |
| 12/31/2019 | $14340 | $17018 | $17149 |
| 12/31/2020 | $17245 | $20575 | $20304 |
| 12/31/2021 | $21898 | $25880 | $26132 |
| 12/31/2022 | $17755 | $20851 | $21399 |
| 12/31/2023 | $22238 | $26363 | $27025 |
| 12/31/2024 | $28383 | $32715 | $33786 |
| 12/31/2025 | $32435 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 14.27% | 13.47% | 12.49% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $526796119 |
| # of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $387038 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.8% |
| Money Market Funds | 3.0% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $48 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests predominantly in large cap stocks. The Fund has exposure to both growth and value factors through allocations to multiple strategies, with the resulting portfolio having a bias towards growth relative to its benchmark.

* During calendar year 2025, exposure to growth-oriented equities generally contributed to relative returns, while exposure to value-oriented equities generally detracted from relative returns.

* The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i06a5ff37caad83ab34ba5e50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10622 | $11244 | $11196 |
| 12/31/2017 | $12600 | $13658 | $13640 |
| 12/31/2018 | $11821 | $12968 | $13042 |
| 12/31/2019 | $14140 | $17018 | $17149 |
| 12/31/2020 | $16946 | $20575 | $20304 |
| 12/31/2021 | $21443 | $25880 | $26132 |
| 12/31/2022 | $17326 | $20851 | $21399 |
| 12/31/2023 | $21625 | $26363 | $27025 |
| 12/31/2024 | $27505 | $32715 | $33786 |
| 12/31/2025 | $31320 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 13.87% | 13.07% | 12.09% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $526796119 |
| # of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $387038 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 96.8% |
| Money Market Funds | 3.0% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $54 | 0.52% |

---

## How did the Fund perform last year and what affected its performance?
U.S. Fixed Income markets had positive returns for the calendar year 2025, as easing monetary policy pushed yields lower, particularly on the front end of the curve, and healthy corporate fundamentals helped to keep spreads tight.

* The Fund underperformed the benchmark due to overweight allocations to high yield corporates, bank loans, and securitized credit under the Fund's legacy sub-adviser following the "Liberation Day" spread widening.

The Fund utilizes derivatives to help manage currency risk, interest rate risk, and more effectively express markets views.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ifa6e10db016d78c137e24b48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10352 | $10254 | $10265 |
| 12/31/2017 | $10893 | $10602 | $10628 |
| 12/31/2018 | $10661 | $10617 | $10629 |
| 12/31/2019 | $11774 | $11535 | $11556 |
| 12/31/2020 | $13073 | $12399 | $12423 |
| 12/31/2021 | $12904 | $12200 | $12232 |
| 12/31/2022 | $11116 | $10615 | $10641 |
| 12/31/2023 | $11809 | $11179 | $11229 |
| 12/31/2024 | $12043 | $11331 | $11369 |
| 12/31/2025 | $12852 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 6.72% | (0.34%) | 2.54% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2162893897 |
| # of Portfolio Holdings | 2062 |
| Portfolio Turnover Rate | 286% |
| Total Advisory Fees Paid | $12269559 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 53.8% |
| AAA | 8.1% |
| AA | 3.2% |
| A | 7.9% |
| BBB | 14.1% |
| BB | 5.0% |
| B | 4.8% |
| CCC | 0.8% |
| C | 0.1% |
| Not Rated | 2.2% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.3% |
| Corporate Bonds | 26.5% |
| Agency Mortgage-Backed Securities | 16.7% |
| Non-Agency Asset-Backed Securities | 8.5% |
| Loan Agreements | 5.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.7% |
| Sovereign Bonds | 1.4% |
| Money Market Funds | 1.2% |
| Agency Collateralized Mortgage Obligations | 1.1% |
| Non-Agency Collateralized Mortgage Obligations | 0.5% |
| Other | (3.5%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.2% |
| Oil & Gas | 2.0% |
| Pipelines | 1.5% |
| Real Estate Investment Trusts | 1.3% |
| Diversified Financial Services | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective May 1, 2025, the Fund changed its name from the "LVIP Macquarie Diversified Income Fund" to the "LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund."

In addition, the sub-adviser for the Fund changed from Delaware Investment Fund Advisers to Fidelity Institutional Asset Management (FIAM, LLC), with FMR Investment Management (UK) Limited added as investment sub-sub-adviser.

Further, the principal investment strategies of the Fund were updated to reflect that the sub-adviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring the Fund and selecting its investments.

For more information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at www.lincolnfinancial.com/lvip or upon request at 1-800-4LINCOLN (454-6265)

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $85 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
U.S. Fixed Income markets had positive returns for the calendar year 2025, as easing monetary policy pushed yields lower, particularly on the front end of the curve, and healthy corporate fundamentals helped to keep spreads tight.

* The Fund underperformed the benchmark due to overweight allocations to high yield corporates, bank loans, and securitized credit under the Fund's legacy sub-adviser following the "Liberation Day" spread widening.

The Fund utilizes derivatives to help manage currency risk, interest rate risk, and more effectively express markets views.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](iafdf57e5608b7b86e46dbe27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10328 | $10254 | $10265 |
| 12/31/2017 | $10834 | $10602 | $10628 |
| 12/31/2018 | $10586 | $10617 | $10629 |
| 12/31/2019 | $11653 | $11535 | $11556 |
| 12/31/2020 | $12899 | $12399 | $12423 |
| 12/31/2021 | $12690 | $12200 | $12232 |
| 12/31/2022 | $10898 | $10615 | $10641 |
| 12/31/2023 | $11544 | $11179 | $11229 |
| 12/31/2024 | $11737 | $11331 | $11369 |
| 12/31/2025 | $12488 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.40% | (0.65%) | 2.25% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2162893897 |
| # of Portfolio Holdings | 2062 |
| Portfolio Turnover Rate | 286% |
| Total Advisory Fees Paid | $12269559 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 53.8% |
| AAA | 8.1% |
| AA | 3.2% |
| A | 7.9% |
| BBB | 14.1% |
| BB | 5.0% |
| B | 4.8% |
| CCC | 0.8% |
| C | 0.1% |
| Not Rated | 2.2% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 38.3% |
| Corporate Bonds | 26.5% |
| Agency Mortgage-Backed Securities | 16.7% |
| Non-Agency Asset-Backed Securities | 8.5% |
| Loan Agreements | 5.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.7% |
| Sovereign Bonds | 1.4% |
| Money Market Funds | 1.2% |
| Agency Collateralized Mortgage Obligations | 1.1% |
| Non-Agency Collateralized Mortgage Obligations | 0.5% |
| Other | (3.5%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 7.2% |
| Oil & Gas | 2.0% |
| Pipelines | 1.5% |
| Real Estate Investment Trusts | 1.3% |
| Diversified Financial Services | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective May 1, 2025, the Fund changed its name from the "LVIP Macquarie Diversified Income Fund" to the "LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund."

In addition, the sub-adviser for the Fund changed from Delaware Investment Fund Advisers to Fidelity Institutional Asset Management (FIAM, LLC), with FMR Investment Management (UK) Limited added as investment sub-sub-adviser.

Further, the principal investment strategies of the Fund were updated to reflect that the sub-adviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring the Fund and selecting its investments.

For more information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at www.lincolnfinancial.com/lvip or upon request at 1-800-4LINCOLN (454-6265)

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Core Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $38 | 0.37% |

---

## How did the Fund perform last year and what affected its performance?
U.S. Fixed Income markets had positive returns for the calendar year 2025, as easing monetary policy pushed yields lower, particularly on the front end of the curve, and healthy corporate fundamentals helped to keep spreads tight.

* The Fund underperformed the benchmark due to negative security selection within corporate credit and emerging markets debt under the Fund's legacy sub-adviser. 

The Fund utilizes derivatives to help manage interest rate risk.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i6de3432faecdfdfd6fc798f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10272 | $10254 | $10265 |
| 12/31/2017 | $10721 | $10602 | $10628 |
| 12/31/2018 | $10632 | $10617 | $10629 |
| 12/31/2019 | $11611 | $11535 | $11556 |
| 12/31/2020 | $12757 | $12399 | $12423 |
| 12/31/2021 | $12527 | $12200 | $12232 |
| 12/31/2022 | $10811 | $10615 | $10641 |
| 12/31/2023 | $11452 | $11179 | $11229 |
| 12/31/2024 | $11636 | $11331 | $11369 |
| 12/31/2025 | $12480 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 7.25% | (0.44%) | 2.24% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6485748744 |
| # of Portfolio Holdings | 1758 |
| Portfolio Turnover Rate | 197% |
| Total Advisory Fees Paid | $19644120 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 55.7% |
| AAA | 13.7% |
| AA | 3.5% |
| A | 9.7% |
| BBB | 15.1% |
| BB | 0.7% |
| B | 0.0% |
| Not Rated | 1.6% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Agency Mortgage-Backed Securities | 33.7% |
| Corporate Bonds | 28.8% |
| U.S. Treasury Obligations | 28.4% |
| Non-Agency Asset-Backed Securities | 7.4% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.8% |
| Short-Term Investments | 3.8% |
| Agency Collateralized Mortgage Obligations | 3.4% |
| Non-Agency Collateralized Mortgage Obligations | 3.3% |
| Agency Commercial Mortgage-Backed Securities | 0.7% |
| Money Market Funds | 0.3% |
| Other | (16.6%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 8.1% |
| Electric | 3.0% |
| Diversified Financial Services | 2.8% |
| Telecommunications | 1.9% |
| Pipelines | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective August 1, 2025, the Fund changed its name from the "LVIP Macquarie Bond Fund" to the "LVIP Franklin Templeton Core Bond Fund."

In addition, Franklin Advisers, Inc. replaced Delaware Investment Fund Advisers as sub-adviser to the Fund.

Further, the principal investment strategies of the Fund were updated to reflect that, under normal market condition, the Fund invests mainly in a diversified portfolio of investment-grade fixed-income securities.

For more information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at www.lincolnfinancial.com/lvip or upon request at 1-800-4LINCOLN (454-6265)

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Core Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $74 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
U.S. Fixed Income markets had positive returns for the calendar year 2025, as easing monetary policy pushed yields lower, particularly on the front end of the curve, and healthy corporate fundamentals helped to keep spreads tight.

* The Fund underperformed the benchmark due to negative security selection within corporate credit and emerging markets debt under the Fund's legacy sub-adviser. 

The Fund utilizes derivatives to help manage interest rate risk.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i4c62235e93cbf4a721e3f36f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10237 | $10254 | $10265 |
| 12/31/2017 | $10647 | $10602 | $10628 |
| 12/31/2018 | $10521 | $10617 | $10629 |
| 12/31/2019 | $11450 | $11535 | $11556 |
| 12/31/2020 | $12535 | $12399 | $12423 |
| 12/31/2021 | $12267 | $12200 | $12232 |
| 12/31/2022 | $10550 | $10615 | $10641 |
| 12/31/2023 | $11137 | $11179 | $11229 |
| 12/31/2024 | $11276 | $11331 | $11369 |
| 12/31/2025 | $12051 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 6.87% | (0.79%) | 1.88% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6485748744 |
| # of Portfolio Holdings | 1758 |
| Portfolio Turnover Rate | 197% |
| Total Advisory Fees Paid | $19644120 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 55.7% |
| AAA | 13.7% |
| AA | 3.5% |
| A | 9.7% |
| BBB | 15.1% |
| BB | 0.7% |
| B | 0.0% |
| Not Rated | 1.6% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Agency Mortgage-Backed Securities | 33.7% |
| Corporate Bonds | 28.8% |
| U.S. Treasury Obligations | 28.4% |
| Non-Agency Asset-Backed Securities | 7.4% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.8% |
| Short-Term Investments | 3.8% |
| Agency Collateralized Mortgage Obligations | 3.4% |
| Non-Agency Collateralized Mortgage Obligations | 3.3% |
| Agency Commercial Mortgage-Backed Securities | 0.7% |
| Money Market Funds | 0.3% |
| Other | (16.6%) |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 8.1% |
| Electric | 3.0% |
| Diversified Financial Services | 2.8% |
| Telecommunications | 1.9% |
| Pipelines | 1.3% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund since January 1, 2025.

Effective August 1, 2025, the Fund changed its name from the "LVIP Macquarie Bond Fund" to the "LVIP Franklin Templeton Core Bond Fund."

In addition, Franklin Advisers, Inc. replaced Delaware Investment Fund Advisers as sub-adviser to the Fund.

Further, the principal investment strategies of the Fund were updated to reflect that, under normal market condition, the Fund invests mainly in a diversified portfolio of investment-grade fixed-income securities.

For more information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026, at www.lincolnfinancial.com/lvip or upon request at 1-800-4LINCOLN (454-6265)

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Global Equity Managed Volatility Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Global Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $77 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests in global equities. The Fund has exposure to both growth and value factors and exposure to both domestic and international securities through allocations to multiple strategies.

* During the calendar year 2025, allocations to growth equities and non-U.S. equities generally contributed to benchmark relative returns while allocations to value equities generally detracted.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i6b5b53e8f58a7fe441230945.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets Index | MSCI World Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10242 | $10792 | $10751 |
| 12/31/2017 | $12434 | $13220 | $13159 |
| 12/31/2018 | $11297 | $11987 | $12013 |
| 12/31/2019 | $12743 | $15267 | $15337 |
| 12/31/2020 | $14357 | $17662 | $17776 |
| 12/31/2021 | $16843 | $21301 | $21654 |
| 12/31/2022 | $14812 | $17402 | $17726 |
| 12/31/2023 | $17366 | $21390 | $21942 |
| 12/31/2024 | $19544 | $25144 | $26039 |
| 12/31/2025 | $22184 | $30468 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.51% | 9.09% | 8.29% |
| Morningstar Developed Markets Index | 21.18% | 11.52% | 11.79% |
| MSCI World Index (net dividends) | 21.09% | 12.15% | 12.17% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $930940342 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $5886172 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 54.4% |
| United Kingdom | 8.3% |
| Japan | 4.3% |
| Netherlands | 4.1% |
| Germany | 3.8% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.1% |
| Money Market Funds | 6.3% |
| Loan Agreements | 0.2% |
| Corporate Bonds | 0.0% |
| Warrants | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 9.6% |
| Banks | 8.7% |
| Software | 5.8% |
| Capital Markets | 5.4% |
| Pharmaceuticals | 5.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Global Equity Managed Volatility Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Global Equity Managed Volatility Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $103 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
This Fund invests in global equities. The Fund has exposure to both growth and value factors and exposure to both domestic and international securities through allocations to multiple strategies.

* During the calendar year 2025, allocations to growth equities and non-U.S. equities generally contributed to benchmark relative returns while allocations to value equities generally detracted.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i8e481ef6f5a5735c87168215.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets Index | MSCI World Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10216 | $10792 | $10751 |
| 12/31/2017 | $12372 | $13220 | $13159 |
| 12/31/2018 | $11213 | $11987 | $12013 |
| 12/31/2019 | $12616 | $15267 | $15337 |
| 12/31/2020 | $14179 | $17662 | $17776 |
| 12/31/2021 | $16593 | $21301 | $21654 |
| 12/31/2022 | $14556 | $17402 | $17726 |
| 12/31/2023 | $17023 | $21390 | $21942 |
| 12/31/2024 | $19110 | $25144 | $26039 |
| 12/31/2025 | $21637 | $30468 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 13.22% | 8.82% | 8.02% |
| Morningstar Developed Markets Index | 21.18% | 11.52% | 11.79% |
| MSCI World Index (net dividends) | 21.09% | 12.15% | 12.17% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $930940342 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $5886172 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| United States | 54.4% |
| United Kingdom | 8.3% |
| Japan | 4.3% |
| Netherlands | 4.1% |
| Germany | 3.8% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 93.1% |
| Money Market Funds | 6.3% |
| Loan Agreements | 0.2% |
| Corporate Bonds | 0.0% |
| Warrants | 0.0% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 9.6% |
| Banks | 8.7% |
| Software | 5.8% |
| Capital Markets | 5.4% |
| Pharmaceuticals | 5.3% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $54 | 0.46% |

---

## How did the Fund perform last year and what affected its performance?
For the full year 2025, the Fund rose in absolute terms and outperformed the MSCI EM NR USD. Stock selection lifted relative performance, led by the financials sector. Security selection was also supportive in the energy and real estate sectors. Although stock selection in the information technology (IT) and industrials sectors weighed on relative returns, the fund's positions in these two sectors collectively had robust absolute returns for the year.

* The largest individual contributors were overweight allocations to SK Square, a South Korean firm investing in semiconductors, South Korean semiconductor manufacturer SK Hynix and Chinese toy company Pop Mart International.

* The largest individual detractors were an underweight allocation to South African gold mining company AngloGold Ashanti, and overweight positions in Indian technology company Tata Consultancy Services and Indian IT services provider HCL Technologies.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ic9d90ee0fc4d0e86c2b45bf8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Emerging Markets Index | MSCI Emerging Markets Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11543 | $11097 | $11119 |
| 12/31/2017 | $14294 | $15037 | $15264 |
| 12/31/2018 | $12535 | $13004 | $13041 |
| 12/31/2019 | $13488 | $15361 | $15443 |
| 12/31/2020 | $13846 | $18189 | $18270 |
| 12/31/2021 | $15063 | $18128 | $17805 |
| 12/31/2022 | $13281 | $14816 | $14228 |
| 12/31/2023 | $14614 | $16521 | $15626 |
| 12/31/2024 | $15915 | $17685 | $16799 |
| 12/31/2025 | $21377 | $22949 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 34.31% | 9.07% | 7.89% |
| Morningstar Emerging Markets Index | 29.76% | 4.76% | 8.66% |
| MSCI Emerging Markets Index (net dividends) | 33.57% | 4.20% | 8.42% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $561093533 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $1757475 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| China | 25.3% |
| Taiwan | 18.2% |
| India | 14.9% |
| Republic of Korea | 14.7% |
| Brazil | 4.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 96.4% |
| Money Market Funds | 2.0% |
| Preferred Stocks | 1.9% |
| Other | (0.3%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 17.3% |
| Banks | 14.3% |
| Technology Hardware, Storage & Peripherals | 5.2% |
| Interactive Media & Services | 5.2% |
| Metals & Mining | 4.5% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $83 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the full year 2025, the Fund rose in absolute terms and outperformed the MSCI EM NR USD. Stock selection lifted relative performance, led by the financials sector. Security selection was also supportive in the energy and real estate sectors. Although stock selection in the information technology (IT) and industrials sectors weighed on relative returns, the fund's positions in these two sectors collectively had robust absolute returns for the year.

* The largest individual contributors were overweight allocations to SK Square, a South Korean firm investing in semiconductors, South Korean semiconductor manufacturer SK Hynix and Chinese toy company Pop Mart International.

* The largest individual detractors were an underweight allocation to South African gold mining company AngloGold Ashanti, and overweight positions in Indian technology company Tata Consultancy Services and Indian IT services provider HCL Technologies.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i00e19c91b784a3d5267b2918.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Emerging Markets Index | MSCI Emerging Markets Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11516 | $11097 | $11119 |
| 12/31/2017 | $14223 | $15037 | $15264 |
| 12/31/2018 | $12440 | $13004 | $13041 |
| 12/31/2019 | $13354 | $15361 | $15443 |
| 12/31/2020 | $13675 | $18189 | $18270 |
| 12/31/2021 | $14839 | $18128 | $17805 |
| 12/31/2022 | $13050 | $14816 | $14228 |
| 12/31/2023 | $14325 | $16521 | $15626 |
| 12/31/2024 | $15562 | $17685 | $16799 |
| 12/31/2025 | $20849 | $22949 | $22438 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 33.98% | 8.80% | 7.62% |
| Morningstar Emerging Markets Index | 29.76% | 4.76% | 8.66% |
| MSCI Emerging Markets Index (net dividends) | 33.57% | 4.20% | 8.42% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $561093533 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $1757475 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| China | 25.3% |
| Taiwan | 18.2% |
| India | 14.9% |
| Republic of Korea | 14.7% |
| Brazil | 4.4% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 96.4% |
| Money Market Funds | 2.0% |
| Preferred Stocks | 1.9% |
| Other | (0.3%) |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 17.3% |
| Banks | 14.3% |
| Technology Hardware, Storage & Peripherals | 5.2% |
| Interactive Media & Services | 5.2% |
| Metals & Mining | 4.5% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor International Equity Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor International Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $47 | 0.40% |

---

## How did the Fund perform last year and what affected its performance?
For the full year 2025, the Fund rose in absolute terms and outperformed the MSCI EAFE NR USD.

* Favorable stock selection drove relative outperformance for the year, led by the financials, health care and materials sectors.

* Security selection only detracted modestly in a few sectors, including consumer discretionary.

* A communication services underweight and consumer discretionary overweight helped, while a financials underweight detracted.

The largest individual relative contributors were overweight allocations to German global financial services provider Deutsche Bank, UK-based global bank Barclays and Japanese diversified products and services company Toyota Tsusho. The largest individual detractors from relative performance were an underweight in Spanish multinational bank Banco Santander, and overweight positions in Danish jewelry manufacturer and retailer Pandora and venture capital company 3i Group.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ifc236b8a113c85a1d0a370ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10973 | $10283 | $10100 |
| 12/31/2017 | $13560 | $12844 | $12628 |
| 12/31/2018 | $11494 | $10997 | $10887 |
| 12/31/2019 | $13267 | $13498 | $13284 |
| 12/31/2020 | $12723 | $14636 | $14322 |
| 12/31/2021 | $14398 | $16419 | $15935 |
| 12/31/2022 | $13388 | $13913 | $13632 |
| 12/31/2023 | $15921 | $16313 | $16118 |
| 12/31/2024 | $16520 | $17027 | $16735 |
| 12/31/2025 | $22400 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 35.59% | 11.98% | 8.40% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $991693472 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $2916807 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.9% |
| United Kingdom | 15.1% |
| France | 11.0% |
| Switzerland | 9.6% |
| Germany | 8.9% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.3% |
| Money Market Funds | 1.2% |
| Preferred Stocks | 0.1% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 13.3% |
| Pharmaceuticals | 8.9% |
| Insurance | 4.6% |
| Semiconductors & Semiconductor Equipment | 4.1% |
| Capital Markets | 3.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor International Equity Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor International Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $76 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
For the full year 2025, the Fund rose in absolute terms and outperformed the MSCI EAFE NR USD.

* Favorable stock selection drove relative outperformance for the year, led by the financials, health care and materials sectors.

* Security selection only detracted modestly in a few sectors, including consumer discretionary.

* A communication services underweight and consumer discretionary overweight helped, while a financials underweight detracted.

The largest individual relative contributors were overweight allocations to German global financial services provider Deutsche Bank, UK-based global bank Barclays and Japanese diversified products and services company Toyota Tsusho. The largest individual detractors from relative performance were an underweight in Spanish multinational bank Banco Santander, and overweight positions in Danish jewelry manufacturer and retailer Pandora and venture capital company 3i Group.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i289b82242b57e8703954edcc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar Developed Markets ex-US Index | MSCI EAFE Index (net dividends) |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10946 | $10283 | $10100 |
| 12/31/2017 | $13492 | $12844 | $12628 |
| 12/31/2018 | $11408 | $10997 | $10887 |
| 12/31/2019 | $13135 | $13498 | $13284 |
| 12/31/2020 | $12565 | $14636 | $14322 |
| 12/31/2021 | $14183 | $16419 | $15935 |
| 12/31/2022 | $13155 | $13913 | $13632 |
| 12/31/2023 | $15605 | $16313 | $16118 |
| 12/31/2024 | $16153 | $17027 | $16735 |
| 12/31/2025 | $21848 | $22543 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 35.26% | 11.70% | 8.13% |
| Morningstar Developed Markets ex-US Index | 32.39% | 9.02% | 8.47% |
| MSCI EAFE Index (net dividends) | 31.22% | 8.92% | 8.18% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $991693472 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $2916807 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Japan | 21.9% |
| United Kingdom | 15.1% |
| France | 11.0% |
| Switzerland | 9.6% |
| Germany | 8.9% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.3% |
| Money Market Funds | 1.2% |
| Preferred Stocks | 0.1% |
| Other | 0.4% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Banks | 13.3% |
| Pharmaceuticals | 8.9% |
| Insurance | 4.6% |
| Semiconductors & Semiconductor Equipment | 4.1% |
| Capital Markets | 3.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $39 | 0.36% |

---

## How did the Fund perform last year and what affected its performance?
During the period, beneficial stock selection and sector exposures enabled the Fund to outperform its secondary benchmark index. Specifically, security selection in the health care, consumer discretionary and financials sectors strengthened relative results.

* Conversely, stock selection in the industrials sector weighed on relative returns.

* In terms of sector allocations, a communication services overweight and varied positioning in information technology (IT) over the period supported relative performance, while a modest overweight in financials detracted.

* The largest contributors to relative returns were overweight positions in semiconductor designer and manufacturer Micron Technology, global investment company Bank of New York Mellon and biopharmaceutical developer Gilead Sciences.

* The largest detractors from relative returns during the period were overweight allocations to CME Group, which operates financial derivatives exchanges, and global payments provider Visa, and an underweight in aircraft engineer supplier GE Aerospace.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7d35cf8317133b30cb6e321a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12153 | $11244 | $11196 |
| 12/31/2017 | $14432 | $13658 | $13640 |
| 12/31/2018 | $12829 | $12968 | $13042 |
| 12/31/2019 | $16331 | $17018 | $17149 |
| 12/31/2020 | $16818 | $20575 | $20304 |
| 12/31/2021 | $22179 | $25880 | $26132 |
| 12/31/2022 | $19968 | $20851 | $21399 |
| 12/31/2023 | $23439 | $26363 | $27025 |
| 12/31/2024 | $29999 | $32715 | $33786 |
| 12/31/2025 | $35605 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 18.69% | 16.18% | 13.54% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1870396266 |
| # of Portfolio Holdings | 263 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $5290190 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.8% |
| Money Market Funds | 1.2% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.3% |
| Software | 11.5% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Financial Services | 4.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $67 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
During the period, beneficial stock selection and sector exposures enabled the Fund to outperform its secondary benchmark index. Specifically, security selection in the health care, consumer discretionary and financials sectors strengthened relative results.

* Conversely, stock selection in the industrials sector weighed on relative returns.

* In terms of sector allocations, a communication services overweight and varied positioning in information technology (IT) over the period supported relative performance, while a modest overweight in financials detracted.

* The largest contributors to relative returns were overweight positions in semiconductor designer and manufacturer Micron Technology, global investment company Bank of New York Mellon and biopharmaceutical developer Gilead Sciences.

* The largest detractors from relative returns during the period were overweight allocations to CME Group, which operates financial derivatives exchanges, and global payments provider Visa, and an underweight in aircraft engineer supplier GE Aerospace.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ia856ec924186d6cf27f33771.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | S&P 500<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12122 | $11244 | $11196 |
| 12/31/2017 | $14361 | $13658 | $13640 |
| 12/31/2018 | $12734 | $12968 | $13042 |
| 12/31/2019 | $16170 | $17018 | $17149 |
| 12/31/2020 | $16610 | $20575 | $20304 |
| 12/31/2021 | $21849 | $25880 | $26132 |
| 12/31/2022 | $19621 | $20851 | $21399 |
| 12/31/2023 | $22974 | $26363 | $27025 |
| 12/31/2024 | $29333 | $32715 | $33786 |
| 12/31/2025 | $34727 | $38390 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 18.39% | 15.89% | 13.26% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1870396266 |
| # of Portfolio Holdings | 263 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $5290190 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 98.8% |
| Money Market Funds | 1.2% |
| Other | 0.0% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.3% |
| Software | 11.5% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Financial Services | 4.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $40 | 0.37% |

---

## How did the Fund perform last year and what affected its performance?
Security selection in the industrials, financials, utilities and consumer discretionary sectors benefited secondary benchmark relative performance. In contrast, stock selection in the health care sector detracted from relative returns on an allocation basis, a health care overweight helped relative results, while a consumer discretionary overweight curbed returns.

* The largest individual contributors to relative returns included an off-benchmark allocation to integrated energy company NRG Energy, and overweight positions in Bloom Energy, a fuel cell systems provider for power generation, and home loan servicer Mr. Cooper Group.

* The largest individual detractors from relative returns were an underweight in telecommunications company EchoStar, an off-benchmark allocation to commerce technology solutions provider Manhattan Associates and an underweight in BridgeBio Pharma, which develops treatments for genetic diseases and cancers.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i31f3e47261c5a5912b213560.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $13009 | $11244 | $12131 |
| 12/31/2017 | $13832 | $13658 | $13908 |
| 12/31/2018 | $11971 | $12968 | $12376 |
| 12/31/2019 | $14344 | $17018 | $15535 |
| 12/31/2020 | $15202 | $20575 | $18636 |
| 12/31/2021 | $20319 | $25880 | $21397 |
| 12/31/2022 | $17789 | $20851 | $17024 |
| 12/31/2023 | $20553 | $26363 | $19906 |
| 12/31/2024 | $23264 | $32715 | $22203 |
| 12/31/2025 | $26426 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.59% | 11.69% | 10.21% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $937785671 |
| # of Portfolio Holdings | 1006 |
| Portfolio Turnover Rate | 52% |
| Total Advisory Fees Paid | $2646823 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.9% |
| Money Market Funds | 1.9% |
| Rights | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Biotechnology | 9.2% |
| Banks | 8.8% |
| Software | 6.3% |
| Semiconductors & Semiconductor Equipment | 3.7% |
| Health Care Equipment & Supplies | 3.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund
![Image](ia5163a2f2ca5cdd2e1f31bcd.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $66 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
Security selection in the industrials, financials, utilities and consumer discretionary sectors benefited secondary benchmark relative performance. In contrast, stock selection in the health care sector detracted from relative returns on an allocation basis, a health care overweight helped relative results, while a consumer discretionary overweight curbed returns.

* The largest individual contributors to relative returns included an off-benchmark allocation to integrated energy company NRG Energy, and overweight positions in Bloom Energy, a fuel cell systems provider for power generation, and home loan servicer Mr. Cooper Group.

* The largest individual detractors from relative returns were an underweight in telecommunications company EchoStar, an off-benchmark allocation to commerce technology solutions provider Manhattan Associates and an underweight in BridgeBio Pharma, which develops treatments for genetic diseases and cancers.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i5cba14b74cda32d556649541.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 2000<sup>®</sup> Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $12976 | $11244 | $12131 |
| 12/31/2017 | $13764 | $13658 | $13908 |
| 12/31/2018 | $11882 | $12968 | $12376 |
| 12/31/2019 | $14202 | $17018 | $15535 |
| 12/31/2020 | $15014 | $20575 | $18636 |
| 12/31/2021 | $20017 | $25880 | $21397 |
| 12/31/2022 | $17481 | $20851 | $17024 |
| 12/31/2023 | $20147 | $26363 | $19906 |
| 12/31/2024 | $22748 | $32715 | $22203 |
| 12/31/2025 | $25774 | $38390 | $25047 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 13.30% | 11.41% | 9.93% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $937785671 |
| # of Portfolio Holdings | 1006 |
| Portfolio Turnover Rate | 52% |
| Total Advisory Fees Paid | $2646823 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 97.9% |
| Money Market Funds | 1.9% |
| Rights | 0.0% |
| Other | 0.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Biotechnology | 9.2% |
| Banks | 8.8% |
| Software | 6.3% |
| Semiconductors & Semiconductor Equipment | 3.7% |
| Health Care Equipment & Supplies | 3.2% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Conservative Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Conservative Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $31 | 0.30% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During the calendar year 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* During 2025, equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i7f64149bd742abc233ad25af.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Conservative Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10502 | $10254 | $10265 | $10568 |
| 12/31/2017 | $11604 | $10602 | $10628 | $11675 |
| 12/31/2018 | $11088 | $10617 | $10629 | $11329 |
| 12/31/2019 | $12752 | $11535 | $11556 | $13192 |
| 12/31/2020 | $13654 | $12399 | $12423 | $14916 |
| 12/31/2021 | $14696 | $12200 | $12232 | $15986 |
| 12/31/2022 | $12434 | $10615 | $10641 | $13637 |
| 12/31/2023 | $13642 | $11179 | $11229 | $15282 |
| 12/31/2024 | $14693 | $11331 | $11369 | $16405 |
| 12/31/2025 | $16131 | $12138 | $12199 | $18403 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 9.79% | 3.39% | 4.90% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Conservative Blended Composite | 12.18% | 4.29% | 6.29% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $703400577 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $1739209 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 56.7% |
| Equity Funds | 30.8% |
| International Equity Funds | 9.8% |
| Money Market Funds | 2.5% |
| Global Equity Funds | 0.1% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Conservative Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Conservative Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $58 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During the calendar year 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* During 2025, equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i4d4f2c507174d44abc501b11.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Conservative Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10475 | $10254 | $10265 | $10568 |
| 12/31/2017 | $11546 | $10602 | $10628 | $11675 |
| 12/31/2018 | $11004 | $10617 | $10629 | $11329 |
| 12/31/2019 | $12624 | $11535 | $11556 | $13192 |
| 12/31/2020 | $13484 | $12399 | $12423 | $14916 |
| 12/31/2021 | $14477 | $12200 | $12232 | $15986 |
| 12/31/2022 | $12217 | $10615 | $10641 | $13637 |
| 12/31/2023 | $13372 | $11179 | $11229 | $15282 |
| 12/31/2024 | $14366 | $11331 | $11369 | $16405 |
| 12/31/2025 | $15732 | $12138 | $12199 | $18403 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 9.51% | 3.13% | 4.64% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Conservative Blended Composite | 12.18% | 4.29% | 6.29% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $703400577 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $1739209 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Fixed Income Funds | 56.7% |
| Equity Funds | 30.8% |
| International Equity Funds | 9.8% |
| Money Market Funds | 2.5% |
| Global Equity Funds | 0.1% |
| Other | 0.1% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $31 | 0.29% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns. 

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i1196f4cb521a7347e03149a7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | Growth Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10475 | $11244 | $11205 | $10759 |
| 12/31/2017 | $12113 | $13658 | $13636 | $12547 |
| 12/31/2018 | $11346 | $12968 | $12983 | $11795 |
| 12/31/2019 | $13145 | $17018 | $17063 | $14354 |
| 12/31/2020 | $13915 | $20575 | $20640 | $16571 |
| 12/31/2021 | $15692 | $25880 | $26101 | $18653 |
| 12/31/2022 | $12761 | $20851 | $21108 | $15656 |
| 12/31/2023 | $14462 | $26363 | $26708 | $18227 |
| 12/31/2024 | $16074 | $32715 | $33255 | $20241 |
| 12/31/2025 | $18250 | $38390 | $39030 | $23658 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 13.54% | 5.57% | 6.20% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Growth Blended Composite | 16.88% | 7.38% | 8.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5348068742 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $12881822 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 45.6% |
| Fixed Income Funds | 27.3% |
| International Equity Funds | 23.3% |
| Money Market Funds | 2.9% |
| Global Equity Funds | 0.7% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Growth Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Growth Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $58 | 0.54% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns. 

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of the Fund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i413d7f17e572db5be654f3c4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Market Index | Russell 1000<sup>®</sup> Index | Growth Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10449 | $11244 | $11205 | $10759 |
| 12/31/2017 | $12052 | $13658 | $13636 | $12547 |
| 12/31/2018 | $11261 | $12968 | $12983 | $11795 |
| 12/31/2019 | $13014 | $17018 | $17063 | $14354 |
| 12/31/2020 | $13742 | $20575 | $20640 | $16571 |
| 12/31/2021 | $15458 | $25880 | $26101 | $18653 |
| 12/31/2022 | $12540 | $20851 | $21108 | $15656 |
| 12/31/2023 | $14176 | $26363 | $26708 | $18227 |
| 12/31/2024 | $15716 | $32715 | $33255 | $20241 |
| 12/31/2025 | $17799 | $38390 | $39030 | $23658 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 13.26% | 5.31% | 5.94% |
| Morningstar US Market Index | 17.35% | 13.29% | 14.40% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Growth Blended Composite | 16.88% | 7.38% | 8.99% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5348068742 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $12881822 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 45.6% |
| Fixed Income Funds | 27.3% |
| International Equity Funds | 23.3% |
| Money Market Funds | 2.9% |
| Global Equity Funds | 0.7% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Moderate Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Moderate Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $31 | 0.29% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of theFund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i90ad7ad25f7f2ca2a7911da9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Moderate Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10434 | $10254 | $10265 | $10710 |
| 12/31/2017 | $11928 | $10602 | $10628 | $12285 |
| 12/31/2018 | $11280 | $10617 | $10629 | $11680 |
| 12/31/2019 | $12974 | $11535 | $11556 | $14010 |
| 12/31/2020 | $13765 | $12399 | $12423 | $16109 |
| 12/31/2021 | $15255 | $12200 | $12232 | $17824 |
| 12/31/2022 | $12604 | $10615 | $10641 | $15028 |
| 12/31/2023 | $14096 | $11179 | $11229 | $17267 |
| 12/31/2024 | $15532 | $11331 | $11369 | $18988 |
| 12/31/2025 | $17322 | $12138 | $12199 | $21894 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 11.52% | 4.70% | 5.65% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Moderate Blended Composite | 15.31% | 6.33% | 8.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4312802616 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $10264688 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 40.8% |
| Fixed Income Funds | 37.0% |
| International Equity Funds | 18.5% |
| Money Market Funds | 2.9% |
| Global Equity Funds | 0.6% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Global Moderate Allocation Managed Risk Fund
![Image](ibfc43fabbef48c57365cbba1.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Global Moderate Allocation Managed Risk Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $57 | 0.54% |

---

## How did the Fund perform last year and what affected its performance?
The Fund operates in a fund of funds structure and is designed to give broad exposure to global equities and fixed income securities by investing in a combination of actively managed, passive index and multi-factor funds.

* During 2025, the performance of the Fund was primarily driven by the Fund's asset allocation and its underlying holdings. The Fund underperformed its composite benchmark for the year.

* Equity allocations to actively managed multi-factor and international value funds generally contributed positively to performance.

* Conversely, equity allocations to actively managed international growth and domestic large cap value-oriented funds detracted from returns.

* Within fixed income, allocations to actively managed bond funds were generally in-line with the fixed income index component of theFund's composite benchmark.

The Fund utilizes a risk management overlay strategy to manage portfolio volatility, which had a negative impact on relative performance in 2025, due to the market crash and subsequent sharp recovery coupled with high volatility in Q2 driven by unprecedented U.S. trade policy.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i76557be98407d9f364522663.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index | Moderate Blended Composite |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10407 | $10254 | $10265 | $10710 |
| 12/31/2017 | $11869 | $10602 | $10628 | $12285 |
| 12/31/2018 | $11195 | $10617 | $10629 | $11680 |
| 12/31/2019 | $12845 | $11535 | $11556 | $14010 |
| 12/31/2020 | $13594 | $12399 | $12423 | $16109 |
| 12/31/2021 | $15027 | $12200 | $12232 | $17824 |
| 12/31/2022 | $12385 | $10615 | $10641 | $15028 |
| 12/31/2023 | $13816 | $11179 | $11229 | $17267 |
| 12/31/2024 | $15186 | $11331 | $11369 | $18988 |
| 12/31/2025 | $16893 | $12138 | $12199 | $21894 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 11.24% | 4.44% | 5.38% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |
| Moderate Blended Composite | 15.31% | 6.33% | 8.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4312802616 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $10264688 |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| Equity Funds | 40.8% |
| Fixed Income Funds | 37.0% |
| International Equity Funds | 18.5% |
| Money Market Funds | 2.9% |
| Global Equity Funds | 0.6% |
| Other | 0.2% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Government Money Market Fund
![Image](i6c666fc743d3f7efa23c083f.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Government Money Market Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $39 | 0.38% |

---

## Key Fund Statistics
* Total Net Assets$1,881,858,915

* # of Portfolio Holdings165

* Total Advisory Fees Paid$5,908,991

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 41.6% |
| Repurchase Agreements | 39.7% |
| Agency Obligations | 17.7% |
| Money Market Funds | 0.0% |
| Other | 1.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP Government Money Market Fund
![Image](i6c666fc743d3f7efa23c083f.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP Government Money Market Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $64 | 0.63% |

---

## Key Fund Statistics
* Total Net Assets$1,881,858,915

* # of Portfolio Holdings165

* Total Advisory Fees Paid$5,908,991

## What did the Fund invest in?

## *(% of Net Assets)* 

#### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 41.6% |
| Repurchase Agreements | 39.7% |
| Agency Obligations | 17.7% |
| Money Market Funds | 0.0% |
| Other | 1.0% |

---

Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Core Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $49 | 0.47% |

---

## How did the Fund perform last year and what affected its performance?
In 2025 the U.S. Treasury curve steepened (and rates rallied, less the 30yr bellwether) and spreads broadly tightened. For the full year 2025, the Fund rose in absolute terms and outperformed the Bloomberg U.S. Agg Bond TR USD.

* The Fund's duration overweight and curve positioning contributed to performance as the curve steepened.

* Security selection within investment grade credit and asset-backed securities (ABS) contributed, while security selection in agency mortgage-backed securities (MBS) detracted during the period due to the low-volatility environment. The Fund's portfolio mortgages typically outperform when volatility increases.

* The Fund's overweight to non-agency MBS and collateralized MBS was additive to performance while the overweight to ABS detracted.

Derivatives Exposure: Treasury futures; the allocation to Treasuries contributed over the year.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i0b222eec33980089a9e95909.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10212 | $10254 | $10265 |
| 12/31/2017 | $10576 | $10602 | $10628 |
| 12/31/2018 | $10581 | $10617 | $10629 |
| 12/31/2019 | $11447 | $11535 | $11556 |
| 12/31/2020 | $12345 | $12399 | $12423 |
| 12/31/2021 | $12177 | $12200 | $12232 |
| 12/31/2022 | $10646 | $10615 | $10641 |
| 12/31/2023 | $11275 | $11179 | $11229 |
| 12/31/2024 | $11469 | $11331 | $11369 |
| 12/31/2025 | $12318 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 7.40% | (0.04%) | 2.11% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3733854992 |
| # of Portfolio Holdings | 3129 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $12486735 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 57.6% |
| AAA | 5.4% |
| AA | 4.4% |
| A | 14.8% |
| BBB | 10.8% |
| BB | 0.0% |
| B | 0.0% |
| CCC | 0.0% |
| C | 0.0% |
| Not Rated | 7.0% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 33.2% |
| Corporate Bonds | 23.5% |
| Agency Mortgage-Backed Securities | 21.8% |
| Non-Agency Asset-Backed Securities | 9.0% |
| Agency Collateralized Mortgage Obligations | 3.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.5% |
| Non-Agency Collateralized Mortgage Obligations | 2.2% |
| Agency Commercial Mortgage-Backed Securities | 1.6% |
| Money Market Funds | 0.8% |
| Sovereign Bonds | 0.7% |
| Other | 1.1% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 9.2% |
| Electric | 2.4% |
| Pipelines | 1.1% |
| Diversified Financial Services | 1.0% |
| Telecommunications | 0.8% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan Core Bond Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $75 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
In 2025 the U.S. Treasury curve steepened (and rates rallied, less the 30yr bellwether) and spreads broadly tightened. For the full year 2025, the Fund rose in absolute terms and outperformed the Bloomberg U.S. Agg Bond TR USD.

* The Fund's duration overweight and curve positioning contributed to performance as the curve steepened.

* Security selection within investment grade credit and asset-backed securities (ABS) contributed, while security selection in agency mortgage-backed securities (MBS) detracted during the period due to the low-volatility environment. The Fund's portfolio mortgages typically outperform when volatility increases.

* The Fund's overweight to non-agency MBS and collateralized MBS was additive to performance while the overweight to ABS detracted.

Derivatives Exposure: Treasury futures; the allocation to Treasuries contributed over the year.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i0b25ab917a6be7dec68b7e09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | Bloomberg U.S. Aggregate Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 |
| 12/31/2016 | $10184 | $10254 | $10265 |
| 12/31/2017 | $10520 | $10602 | $10628 |
| 12/31/2018 | $10496 | $10617 | $10629 |
| 12/31/2019 | $11322 | $11535 | $11556 |
| 12/31/2020 | $12191 | $12399 | $12423 |
| 12/31/2021 | $11989 | $12200 | $12232 |
| 12/31/2022 | $10462 | $10615 | $10641 |
| 12/31/2023 | $11054 | $11179 | $11229 |
| 12/31/2024 | $11214 | $11331 | $11369 |
| 12/31/2025 | $12016 | $12138 | $12199 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 7.15% | (0.29%) | 1.85% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3733854992 |
| # of Portfolio Holdings | 3129 |
| Portfolio Turnover Rate | 23% |
| Total Advisory Fees Paid | $12486735 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| U.S. Government | 57.6% |
| AAA | 5.4% |
| AA | 4.4% |
| A | 14.8% |
| BBB | 10.8% |
| BB | 0.0% |
| B | 0.0% |
| CCC | 0.0% |
| C | 0.0% |
| Not Rated | 7.0% |

---

### Asset Allocation

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 33.2% |
| Corporate Bonds | 23.5% |
| Agency Mortgage-Backed Securities | 21.8% |
| Non-Agency Asset-Backed Securities | 9.0% |
| Agency Collateralized Mortgage Obligations | 3.6% |
| Non-Agency Commercial Mortgage-Backed Securities | 2.5% |
| Non-Agency Collateralized Mortgage Obligations | 2.2% |
| Agency Commercial Mortgage-Backed Securities | 1.6% |
| Money Market Funds | 0.8% |
| Sovereign Bonds | 0.7% |
| Other | 1.1% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Banks | 9.2% |
| Electric | 2.4% |
| Pipelines | 1.1% |
| Diversified Financial Services | 1.0% |
| Telecommunications | 0.8% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan High Yield Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Standard Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan High Yield Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Standard Class | $71 | 0.68% |

---

## How did the Fund perform last year and what affected its performance?
Risk assets showed resilience in 2025, despite spring tariff volatility and policy shifts. BB rated bonds led return; technical remained strong with fund inflows and issuance, a four-year high. Defaults rose to 1.88% but stayed well below long-term averages; solid fundamentals and credit selection drove performance. For the full year 2025, the Fund rose in absolute terms and outperformed the ICE BofA U.S. HY Constnd TR USD (the "Index").

* Security selection in cable satellite, supermarkets and media entertainment enhanced performance relative to the Index.

* Intelsat (overweight) contributed when SES acquired it in July, with shareholders getting $34 cash plus spectrum CVRs delivering gains.

* An avoidance of New Fortress Energy protected the Fund when the company entered restructuring talks amid cash flow problems.

* Security selection in retailers, chemicals and healthcare hurt performance; Claire's bankruptcy and sponsor withdrawal led detractors.

* Venator Materials' overweight position detracted due to weak coatings demand across the world.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i9819dd469181c7c8ee0056c8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Standard Class | Morningstar US Core Bond Index | ICE BofA U.S. High Yield Constrained Index | Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11326 | $10254 | $11749 | $11713 |
| 12/31/2017 | $12093 | $10602 | $12628 | $12592 |
| 12/31/2018 | $11749 | $10617 | $12342 | $12329 |
| 12/31/2019 | $13273 | $11535 | $14120 | $14095 |
| 12/31/2020 | $14011 | $12399 | $14978 | $15088 |
| 12/31/2021 | $14912 | $12200 | $15779 | $15882 |
| 12/31/2022 | $13387 | $10615 | $14010 | $14106 |
| 12/31/2023 | $14962 | $11179 | $15897 | $16002 |
| 12/31/2024 | $16172 | $11331 | $17201 | $17313 |
| 12/31/2025 | $17604 | $12138 | $18664 | $18806 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Standard Class | 8.85% | 4.67% | 5.82% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| ICE BofA U.S. High Yield Constrained Index | 8.50% | 4.50% | 6.44% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 8.62% | 4.50% | 6.52% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $579657291 |
| # of Portfolio Holdings | 725 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $4128864 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| BBB | 8.4% |
| BB | 56.0% |
| B | 23.5% |
| CCC | 9.8% |
| C | 0.0% |
| Not Rated | 2.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 85.8% |
| Loan Agreements | 9.6% |
| Money Market Funds | 1.5% |
| Common Stock | 1.3% |
| Preferred Stocks | 0.2% |
| Convertible Bonds | 0.2% |
| Rights | 0.2% |
| Private Trust | 0.0% |
| Warrants | 0.0% |
| Other | 1.2% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 11.5% |
| Commercial Services | 5.8% |
| Oil & Gas | 5.5% |
| Telecommunications | 5.1% |
| Health Care Services | 4.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)

# LVIP JPMorgan High Yield Fund
![Image](i0f95d3ed3983cf1b30ee0a13.jpg)

# Service Class

#### Annual Shareholder Report - December 31, 2025
This Annual shareholder report contains important information about LVIP JPMorgan High Yield Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lvip. You can also request this information by contacting us at 1-800-4LINCOLN (454-6265).

## What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Service Class | $97 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
Risk assets showed resilience in 2025, despite spring tariff volatility and policy shifts. BB rated bonds led return; technical remained strong with fund inflows and issuance, a four-year high. Defaults rose to 1.88% but stayed well below long-term averages; solid fundamentals and credit selection drove performance. For the full year 2025, the Fund rose in absolute terms and outperformed the ICE BofA U.S. HY Constnd TR USD (the "Index").

* Security selection in cable satellite, supermarkets and media entertainment enhanced performance relative to the Index.

* Intelsat (overweight) contributed when SES acquired it in July, with shareholders getting $34 cash plus spectrum CVRs delivering gains.

* An avoidance of New Fortress Energy protected the Fund when the company entered restructuring talks amid cash flow problems.

* Security selection in retailers, chemicals and healthcare hurt performance; Claire's bankruptcy and sponsor withdrawal led detractors.

* Venator Materials' overweight position detracted due to weak coatings demand across the world.

## Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ibbfe7134f36afd7d21c7f754.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Service Class | Morningstar US Core Bond Index | ICE BofA U.S. High Yield Constrained Index | Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index |
| 12/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 12/31/2016 | $11298 | $10254 | $11749 | $11713 |
| 12/31/2017 | $12033 | $10602 | $12628 | $12592 |
| 12/31/2018 | $11660 | $10617 | $12342 | $12329 |
| 12/31/2019 | $13141 | $11535 | $14120 | $14095 |
| 12/31/2020 | $13837 | $12399 | $14978 | $15088 |
| 12/31/2021 | $14690 | $12200 | $15779 | $15882 |
| 12/31/2022 | $13153 | $10615 | $14010 | $14106 |
| 12/31/2023 | $14665 | $11179 | $15897 | $16002 |
| 12/31/2024 | $15811 | $11331 | $17201 | $17313 |
| 12/31/2025 | $17170 | $12138 | $18664 | $18806 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Sub header | 1 year | 5 years | 10 years |
| Service Class | 8.59% | 4.41% | 5.55% |
| Morningstar US Core Bond Index | 7.12% | (0.43%) | 1.96% |
| ICE BofA U.S. High Yield Constrained Index | 8.50% | 4.50% | 6.44% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 8.62% | 4.50% | 6.52% |

---

Past performance is not indicative of future performance. Earnings from a variable annuity investment compound tax-free until withdrawn, so no adjustments were made for income taxes. Remember, an investor cannot invest directly in an index. Performance results reflect any expense waivers in effect during these periods. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $579657291 |
| # of Portfolio Holdings | 725 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $4128864 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

† Credit quality ratings shown reflect the highest rating assigned by either Standard & Poor's Rating Services ("S&P") or Moody's Investor Service, Inc. ("Moody") or Fitch Inc. ("Fitch"). Agency Mortgage-Backed Securities, Agency Obligations, Agency Commercial Mortgage-Backed Security, and U.S. Treasury Obligations appear under "U.S. Government". "Non-Rated" is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Credit Quality Ratings (as a % of Fixed Income Investments)<sup>†</sup>

---

| | |
|:---|:---|
| BBB | 8.4% |
| BB | 56.0% |
| B | 23.5% |
| CCC | 9.8% |
| C | 0.0% |
| Not Rated | 2.3% |

---

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 85.8% |
| Loan Agreements | 9.6% |
| Money Market Funds | 1.5% |
| Common Stock | 1.3% |
| Preferred Stocks | 0.2% |
| Convertible Bonds | 0.2% |
| Rights | 0.2% |
| Private Trust | 0.0% |
| Warrants | 0.0% |
| Other | 1.2% |

---

### Top 5 Industries (Fixed Income)

---

| | |
|:---|:---|
| Media | 11.5% |
| Commercial Services | 5.8% |
| Oil & Gas | 5.5% |
| Telecommunications | 5.1% |
| Health Care Services | 4.9% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lvip.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lvip](i4aef85cc2249ec3a1c36a3c7.jpg)

1-800-4LINCOLN (454-6265)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's code of ethics is reasonably designed as described in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
 ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
 controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Code of Ethics is included with this Form N-CSR as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that Brian W. Wixted is an "audit committee financial expert" and is "independent," as these terms are defined in Item 3 of Form N-CSR. This designation will not increase the designee's duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board.

**Item 4. Principal Accountant Fees and Services.**

In reorganization transactions that occurred on May 1, 2023, the LVIP JPMorgan Core Bond Fund, LVIP JPMorgan Mid Cap Value Fund, LVIP JPMorgan Small Cap Core Fund, and LVIP JPMorgan U.S. Equity Fund (each a "JPM Reorganized Fund," together the "JPM Reorganized Funds") acquired and assumed the performance, financial and other historical information of the JPMorgan Insurance Trust Core Bond Portfolio, JPMorgan Insurance Trust Mid Cap Value Portfolio, JPMorgan Insurance Trust Small Cap Core Portfolio, and JPMorgan Insurance Trust U.S. Equity Portfolio, respectively, each formerly a series of JPMorgan Insurance Trust.

The Board of Trustees engaged Tait, Weller and Baker LLP to serve as the JPM Reorganized Funds' independent registered public accounting firm for the fiscal year 2023 in order to maintain auditor independence in light of the reorganization transactions.

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by Ernst
 & Young LLP ("E&Y"), principal accountant for all funds except the JPM Reorganized Funds in fiscal year 2023, and
 for all funds in fiscal years 2024 and 2025, for the audit of the registrant's annual financial statements or services that are
 normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $3,694,098
 for 2025 and $3,667,500 for 2024. The aggregate fees billed by Tait, Weller and Baker LLP, principal accountant for the JPM Reorganized
 Funds in fiscal year 2023, for the audit of the JPM Reorganized Funds' annual financial statements or services that are normally
 provided by the accountant in connection with statutory and regulatory filings or engagements are $0 for 2025 and $0 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by E&Y,
 the principal accountant for all funds except the JPM Reorganized Funds in fiscal year 2023, and for all funds in fiscal years 2024 and
 2025, that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this Item are $49,335 for 2025 and $43,505 for 2024. The aggregate fees billed for assurance and related services
 by Tait, Weller and Baker LLP, principal accountant for the JPM Reorganized Funds in fiscal year 2023, that are reasonably related to
 the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are
 $0 for 2025 and $0 for 2024. These audit-related services were comprised of a review of the Registrant's semi-annual reports to
 shareholders and consents for the registration statements relating to Fund mergers.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by E&Y,
 the principal accountant for all funds except the JPM Reorganized Funds in fiscal year 2023, and for all funds in fiscals year 2024 and
 2025, for tax compliance, tax advice, and tax planning are $515,398 for 2025 and $473,661 for 2024. The aggregate fees billed for professional
 services rendered by Tait, Weller and Baker LLP, principal accountant for the JPM Reorganized Funds in fiscal year 2023, for tax compliance,
 tax advice, and tax planning are $0 for 2025 and $0 for 2024. These tax services were comprised of U.S. and international tax compliance
 services and tax advisory services related to tax reclaims and investment security analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by E&Y,
 the principal accountant for all funds except the JPM Reorganized Funds in fiscal year 2023, and for all funds in fiscal years 2024 and
 2025, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024. The aggregate fees
 billed for products and services provided by Tait, Weller and Baker LLP, principal accountant for the JPM Reorganized Funds in fiscal
 year 2024, for tax compliance, tax advice, and tax planning are $0 for 2025 and $0 for 2024.

(e)(1)

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The Registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Procedures") with respect to services provided by the Registrant's independent auditors. Pursuant to the Pre-Approval Procedures, the Audit Committee has pre-approved the services set forth in the table below with respect to the Registrant up to the specified fee limits.

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Audit Services** | |
| Services associated with SEC registration statement on Form N-1A which will be filed with the SEC | Up to $5,000 per Fund |
| Services associated with SEC registration statements/proxy statements on Form N-14 or Schedule 14A | Up to $20,000 per Fund |

---

The Pre-Approval Procedures require the Chief Accounting Officer to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Procedures.

(e)(2) No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by E&Y, the principal accountant for all funds except the JPM Reorganized
 Funds in 2023, and for all funds in fiscal years 2024 and 2025, for services rendered to the registrant, and rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
 services to the registrant for each of the last two fiscal years of the registrant was $1,419,733 for 2025 and $1,562,881 for 2024. The
 aggregate non-audit fees billed by Tait, Weller and Baker LLP, principal accountant for the JPM Reorganized Funds in fiscal year 2023,
 for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose
 role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the adviser that provides ongoing services to the registrant are $0 for 2025 and $0 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit
 services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio
 management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
 control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
 (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the
 close of the reporting period is included as part of the report to shareholders filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

![](imgdbc557cd1.jpg)

Lincoln Hedged Nasdaq-100 Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**Lincoln Hedged Nasdaq-100 Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_e376ca5d-fdab-42ab-9a81-85d30cfee13f_SOI-continued-550_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_e376ca5d-fdab-42ab-9a81-85d30cfee13f_FS-continued-550_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_e376ca5d-fdab-42ab-9a81-85d30cfee13f_FS-continued-550_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_e376ca5d-fdab-42ab-9a81-85d30cfee13f_FS-continued-550_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_e376ca5d-fdab-42ab-9a81-85d30cfee13f_FIHI-continued-550_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_e376ca5d-fdab-42ab-9a81-85d30cfee13f_NTF-continued-550_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e376ca5d-fdab-42ab-9a81-85d30cfee13f_AUDIT-continued-550_1)**  | &nbsp;&nbsp; **14** |

---

------

**Lincoln Hedged Nasdaq-100 Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–52.25%** | **AFFILIATED INVESTMENT–52.25%** | **AFFILIATED INVESTMENT–52.25%** |
| **INVESTMENT COMPANY–52.25%** | **INVESTMENT COMPANY–52.25%** | **INVESTMENT COMPANY–52.25%** |
| **Equity Fund–52.25%** | **Equity Fund–52.25%** | **Equity Fund–52.25%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 476203 | $8157365 |
| **Total Affiliated Investment** <br>**(Cost $6,264,055)**<br>|  | **8157365** |
| **UNAFFILIATED INVESTMENTS–54.39%** | **UNAFFILIATED INVESTMENTS–54.39%** | **UNAFFILIATED INVESTMENTS–54.39%** |
| **INVESTMENT COMPANY–0.22%** | **INVESTMENT COMPANY–0.22%** | **INVESTMENT COMPANY–0.22%** |
| **Money Market Fund–0.22%** | **Money Market Fund–0.22%** | **Money Market Fund–0.22%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 34173 | 34173 |
| **Total Investment Company** <br>**(Cost $34,173)**<br>|  | **34173** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **OPTIONS PURCHASED–54.17%** | **OPTIONS PURCHASED–54.17%** | **OPTIONS PURCHASED–54.17%** |
| **CENTRALLY CLEARED–54.17%** | **CENTRALLY CLEARED–54.17%** | **CENTRALLY CLEARED–54.17%** |
| **Call Options–50.95%** | **Call Options–50.95%** | **Call Options–50.95%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $9.62, <br> expiration date 3/18/26, <br> notional amount $31,746<br>| 33 | 1995568 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $10.58, <br> expiration date 6/17/26, <br> notional amount $34,914<br>| 33 | 1990642 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $11.80, <br> expiration date 9/16/26, <br> notional amount $38,940<br>| 33 | 1985536 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $12.01, <br> expiration date 12/16/26, <br> notional amount $39,633<br>| 33 | 1982217 |
|  |  | **7953963** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options–3.22%** | **Put Options–3.22%** | **Put Options–3.22%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $480.89, <br> expiration date 3/18/26, <br> notional amount $3,173,874<br>| 66 | $10013 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $528.99, <br> expiration date 6/17/26, <br> notional amount $3,491,334<br>| 66 | 63224 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $590.00, <br> expiration date 9/16/26, <br> notional amount $3,894,000<br>| 66 | 184750 |
| Invesco QQQ Trust<sup>SM</sup> Series 1 <br> ETF Strike price $600.41, <br> expiration date 12/16/26, <br> notional amount $3,962,706<br>| 66 | 244096 |
|  |  | **502083** |
| **Total Options Purchased** <br>**(Cost $8,122,099)**<br>|  | **8456046** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $8,156,272)**<br>|  | **8490219** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–106.64% (Cost $14,420,327)** | **16647584** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(7.26)%** | **OPTIONS WRITTEN–(7.26)%** | **OPTIONS WRITTEN–(7.26)%** |
| **CENTRALLY CLEARED–(7.26)%** | **CENTRALLY CLEARED–(7.26)%** | **CENTRALLY CLEARED–(7.26)%** |
| **Call Options–(5.66)%** | **Call Options–(5.66)%** | **Call Options–(5.66)%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $565.43, expiration date 3/18/26, notional amount <br> $(3731838)<br>| (66)<br>| $(400009)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $620.19, expiration date 6/17/26, notional amount <br> $(4093254)<br>| (66)<br>| (232287)<br>|

---

Lincoln Hedged Nasdaq-100 Fund-1

------

**Lincoln Hedged Nasdaq-100 Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $684.16, expiration date 9/16/26, notional amount <br> $(4515456)<br>| (66)<br>| $(118752)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $704.40, expiration date 12/16/26, notional amount <br> $(4649040)<br>| (66)<br>| (133344)<br>|
|  |  | **(884392)**<br>|
| **Put Options–(1.60)%** | **Put Options–(1.60)%** | **Put Options–(1.60)%** |
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $423.18, expiration date 3/18/26, notional amount <br> $(2792988)<br>| (66)<br>| (4450)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $465.51, expiration date 6/17/26, notional amount <br> $(3072366)<br>| (66)<br>| (28453)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $519.20, expiration date 9/16/26, notional amount <br> $(3426720)<br>| (66)<br>| (88887)<br>|
| Invesco QQQ Trust<sup>SM</sup> Series 1 ETF Strike price $528.36, expiration date 12/16/26, notional amount <br> $(3487176)<br>| (66)<br>| (127899)<br>|
|  |  | **(249689)**<br>|
| **Total Options Written** <br>**(Premiums received $(984988))**<br>|  | **(1134081)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.62%** | **97310** |
| **NET ASSETS APPLICABLE TO 1,331,770 SHARES OUTSTANDING–100.00%** | **$15610813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 |
| **ASSETS:** |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $8490219 |
| Affiliated investments, at value | &nbsp;&nbsp; 8157365 |
| Receivable for fund shares sold | &nbsp;&nbsp; 134518 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 5392 |
| Dividends and interest receivable  | &nbsp;&nbsp; 216 |
| Prepaid expenses | &nbsp;&nbsp; 53 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 16787763 |
| **LIABILITIES:** |  |
| Options written, at value | &nbsp;&nbsp; 1134081 |
| Payable for audit fee | &nbsp;&nbsp; 16534 |
| Payable for fund accounting fee | &nbsp;&nbsp; 11486 |
| Due to manager and affiliates | &nbsp;&nbsp; 8962 |
| Other accrued expenses payable | &nbsp;&nbsp; 4266 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 1621 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1176950 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $15610813 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $8156272 |
| Affiliated investments, at cost | &nbsp;&nbsp; 6264055 |
| Options written, (premiums received) | &nbsp;&nbsp; (984988)<br>|
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $584386 |
| Shares Outstanding | &nbsp;&nbsp; 49261 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.863 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $15026427 |
| Shares Outstanding | &nbsp;&nbsp; 1282509 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.716 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $14962580 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 648233 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $15610813 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $21456 |
| Dividends from unaffiliated investments | 3235 |
|  | 24691 |
| **EXPENSES:** |  |
| Management fees | 70580 |
| Distribution fees-Service Class | 43170 |
| Professional fees | 37543 |
| Accounting and administration expenses | 32884 |
| Pricing fees | 8647 |
| Consulting fees | 4788 |
| Shareholder servicing fees | 3722 |
| Custodian fees | 3174 |
| Reports and statements to shareholders | 2921 |
| Trustees' fees and expenses | 353 |
| Index fees | 45 |
| Other | 2812 |
|  | 210639 |
| Less:  |  |
| Management fees waived | (29515)<br>|
| Expenses reimbursed | (58390)<br>|
| Total operating expenses | 122734 |
| **NET INVESTMENT LOSS** | (98043)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | (144195)<br>|
| Distributions from affiliated investment companies | 265857 |
| Options purchased | 83857 |
| Options written | 315371 |
| Net realized gain | 520890 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Affiliated investments | 979064 |
| Options purchased | 286162 |
| Options written | (267072)<br>|
| Net change in unrealized appreciation (depreciation) | 998154 |
| **NET REALIZED AND UNREALIZED GAIN** | 1519044 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $1421001 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** | **Lincoln Hedged Nasdaq-100 Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(98043)<br>| $(41446)<br>|
| Net realized gain | 520890 | 181076 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 998154 | 706723 |
| Net increase in net assets resulting <br> from operations<br>| 1421001 | 846353 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (40265)<br>| (30242)<br>|
| Service Class | (1050934)<br>| (589900)<br>|
|  | (1091199)<br>| (620142)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 190835 | 533734 |
| Service Class | 6551561 | 6619239 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 40265 | 30242 |
| Service Class | 1050934 | 589900 |
|  | 7833595 | 7773115 |
| Cost of shares redeemed: |  |  |
| Standard Class | (190725)<br>| (54402)<br>|
| Service Class | (2880072)<br>| (822986)<br>|
|  | (3070797)<br>| (877388)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 4762798 | 6895727 |
| **NET INCREASE IN NET ASSETS** | 5092600 | 7121938 |
| **NET ASSETS:** |  |  |
| Beginning of year | 10518213 | 3396275 |
| End of year | $15610813 | $10518213 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-4

------

**Lincoln Hedged Nasdaq-100 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** | **Lincoln Hedged Nasdaq-100 Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.306 | &nbsp;&nbsp; $10.440 | &nbsp;&nbsp; $8.317 | &nbsp;&nbsp; $10.254 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.050)<br>| &nbsp;&nbsp; (0.031)<br>| &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; (0.028)<br>| &nbsp;&nbsp; (0.009)<br>|
| Net realized and unrealized gain (loss) | 1.496 | 1.599 | 3.080 | &nbsp;&nbsp; (1.732)<br>| 0.328 |
| Total from investment operations | 1.446 | 1.568 | 3.051 | &nbsp;&nbsp; (1.760)<br>| 0.319 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.037)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.065)<br>|
| Net realized gain | &nbsp;&nbsp; (0.889)<br>| &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.889)<br>| &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.928)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.065)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.863 | &nbsp;&nbsp; $11.306 | &nbsp;&nbsp; $10.440 | &nbsp;&nbsp; $8.317 | &nbsp;&nbsp; $10.254 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.84% | &nbsp;&nbsp; 15.12% | &nbsp;&nbsp; 36.82% | &nbsp;&nbsp; (17.13%)<br>| &nbsp;&nbsp; 3.19% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $584 | &nbsp;&nbsp; $523 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 4.69% | &nbsp;&nbsp; 6.50% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.43%)<br>| &nbsp;&nbsp; (0.27%)<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.31%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.12%)<br>| &nbsp;&nbsp; (1.54%)<br>| &nbsp;&nbsp; (3.18%)<br>| &nbsp;&nbsp; (4.37%)<br>| &nbsp;&nbsp; (6.19%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-5

------

**Lincoln Hedged Nasdaq-100 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** | **Lincoln Hedged Nasdaq-100 Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **9/17/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.215 | &nbsp;&nbsp; $10.397 | &nbsp;&nbsp; $8.288 | &nbsp;&nbsp; $10.253 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.090)<br>| &nbsp;&nbsp; (0.070)<br>| &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.060)<br>| &nbsp;&nbsp; (0.020)<br>|
| Net realized and unrealized gain (loss) | 1.480 | 1.590 | 3.064 | &nbsp;&nbsp; (1.728)<br>| 0.328 |
| Total from investment operations | 1.390 | 1.520 | 3.000 | &nbsp;&nbsp; (1.788)<br>| 0.308 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.055)<br>|
| Net realized gain | &nbsp;&nbsp; (0.889)<br>| &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.889)<br>| &nbsp;&nbsp; (0.702)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.177)<br>| &nbsp;&nbsp; (0.055)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.716 | &nbsp;&nbsp; $11.215 | &nbsp;&nbsp; $10.397 | &nbsp;&nbsp; $8.288 | &nbsp;&nbsp; $10.253 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.44% | &nbsp;&nbsp; 14.72% | &nbsp;&nbsp; 36.33% | &nbsp;&nbsp; (17.41%)<br>| &nbsp;&nbsp; 3.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $15026 | &nbsp;&nbsp; $9995 | &nbsp;&nbsp; $3385 | &nbsp;&nbsp; $2659 | &nbsp;&nbsp; $2419 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 5.04% | &nbsp;&nbsp; 6.85% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.78%)<br>| &nbsp;&nbsp; (0.62%)<br>| &nbsp;&nbsp; (0.65%)<br>| &nbsp;&nbsp; (0.65%)<br>| &nbsp;&nbsp; (0.66%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (1.47%)<br>| &nbsp;&nbsp; (1.89%)<br>| &nbsp;&nbsp; (3.53%)<br>| &nbsp;&nbsp; (4.72%)<br>| &nbsp;&nbsp; (6.54%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged Nasdaq-100 Fund-6

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the Lincoln Hedged Nasdaq-100 Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests about half of its assets in open-end investment companies, primarily the LVIP SSGA Nasdaq-100 Index Fund. The Fund is advised by Lincoln Financial Investments Corporation (LFI). The LVIP SSGA Nasdaq-100 Index Fund, which is sub-advised by an unaffiliated adviser, invests primarily in the securities that make up the Nasdaq-100 Index and money market instruments. A significant portion of the Underlying Fund employs a passive investment style (i.e., index fund). In addition to investment companies, the Fund may invest in individual securities, such as money market instruments and FLexible EXchange<sup>®</sup> Options ("FLEX Options"). Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. FLexible EXchange<sup>®</sup> Options are valued based on the transaction prices executed by the Fund's sub-adviser, except on days in which the sub-adviser does not trade FLEX Options; on the days the sub-adviser does not trade FLEX Options, FLEX Options are valued using evaluated prices obtained from an approved pricing vendor.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Lincoln Hedged Nasdaq-100 Fund-7

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.23% of the first $50 million of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.62% of the Fund's average daily net assets for the Standard Class and 0.97% for the Service Class. In addition, the adviser has contractually agreed to reimburse the Fund so that the Fund's Total Annual Fund Operating Expenses (including acquired fund fees and expenses) does not exceed 0.85% for the standard class and 1.20% for the service class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through June 21, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $85501 | &nbsp;&nbsp; $69901 | &nbsp;&nbsp; $58390 | &nbsp;&nbsp; $213792 |

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Fund's defined outcome strategy. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $1026 |
| Legal | &nbsp;&nbsp; 173 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $44 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

Lincoln Hedged Nasdaq-100 Fund-8

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $5392 |
| Management fees payable to LFI | &nbsp;&nbsp; 4182 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 4401 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 379 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

At December 31, 2025, Lincoln Life directly owned 43.65% of Lincoln Hedged Nasdaq-100 Fund.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-52.25%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-52.25%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA Nasdaq-100 Index Fund | $5342234 | $4427206 | $2446944 | $(144195)<br>| $979064 | $8157365 | 476203 | $21456 | $265857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $4427206 |
| Sales | &nbsp;&nbsp; 2446944 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $14519821 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $2837223 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (858553)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $1978670 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted

Lincoln Hedged Nasdaq-100 Fund-9

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $8157365 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8157365 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 34173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34173 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 8456046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8456046 |
| **Total Investments** | &nbsp;&nbsp; $8191538 | &nbsp;&nbsp; $8456046 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16647584 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1134081)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1134081)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $835936 | &nbsp;&nbsp; $615471 |
| Long-term capital gains | &nbsp;&nbsp; 255263 | &nbsp;&nbsp; 4671 |
| Total | &nbsp;&nbsp; $1091199 | &nbsp;&nbsp; $620142 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $443080 |
| Other temporary differences | &nbsp;&nbsp; (1773517)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 1978670 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $648233 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the period ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

Lincoln Hedged Nasdaq-100 Fund-10

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 16940 | &nbsp;&nbsp; 47075 |
| Service Class | &nbsp;&nbsp; 563649 | &nbsp;&nbsp; 586701 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 3367 | &nbsp;&nbsp; 2685 |
| Service Class | &nbsp;&nbsp; 88919 | &nbsp;&nbsp; 52787 |
|  | &nbsp;&nbsp; 672875 | &nbsp;&nbsp; 689248 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (17307)<br>| &nbsp;&nbsp; (4620)<br>|
| Service Class | &nbsp;&nbsp; (261254)<br>| &nbsp;&nbsp; (73832)<br>|
|  | &nbsp;&nbsp; (278561)<br>| &nbsp;&nbsp; (78452)<br>|
| Net increase | &nbsp;&nbsp; 394314 | &nbsp;&nbsp; 610796 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Options Contracts–During the year ended December 31, 2025, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

During the year ended December 31, 2025, the Fund used options contracts to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to receive premiums for writing options.

Lincoln Hedged Nasdaq-100 Fund-11

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $8456046 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (1134081)<br>|
| Total |  | $8456046 |  | $(1134081)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $83857 | &nbsp;&nbsp; $286162 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 315371 | &nbsp;&nbsp; (267072)<br>|
| Total |  | &nbsp;&nbsp; $399228 | &nbsp;&nbsp; $19090 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Options contracts (average value) | $6918844 | $736135 |

---

**9. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

Lincoln Hedged Nasdaq-100 Fund-12

------

**Lincoln Hedged Nasdaq-100 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

Lincoln Hedged Nasdaq-100 Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Lincoln Hedged Nasdaq-100 Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Lincoln Hedged Nasdaq-100 Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the period from September 17, 2021 (commencement of operations) through December 31, 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended and the period from September 17, 2021 (commencement of operations) through December 31, 2021, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img3f0d276a2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

Lincoln Hedged Nasdaq-100 Fund–14

------

![](img2ad691421.jpg)

Lincoln Hedged S&P 500 Funds

Lincoln Hedged S&P 500 Fund <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Lincoln Hedged S&P 500 Conservative Fund <br>

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**Lincoln Hedged S&P 500 Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_5f199a9f-5410-4d29-b7fa-17b4685a5d45_SOI-continued-465_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_5f199a9f-5410-4d29-b7fa-17b4685a5d45_FS-continued-465_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Operations](#xx_5f199a9f-5410-4d29-b7fa-17b4685a5d45_FS-continued-465_2)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_5f199a9f-5410-4d29-b7fa-17b4685a5d45_FS-continued-465_3)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_5f199a9f-5410-4d29-b7fa-17b4685a5d45_FIHI-continued-465_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_5f199a9f-5410-4d29-b7fa-17b4685a5d45_NTF-continued-465_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_5f199a9f-5410-4d29-b7fa-17b4685a5d45_AUDIT-continued-465_1)**  | &nbsp;&nbsp; **19** |

---

------

**Lincoln Hedged S&P 500 Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–51.72%** | **AFFILIATED INVESTMENT–51.72%** | **AFFILIATED INVESTMENT–51.72%** |
| **INVESTMENT COMPANY–51.72%** | **INVESTMENT COMPANY–51.72%** | **INVESTMENT COMPANY–51.72%** |
| **Equity Fund–51.72%** | **Equity Fund–51.72%** | **Equity Fund–51.72%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 840566 | $28330444 |
| **Total Affiliated Investment** <br>**(Cost $25,673,417)**<br>|  | **28330444** |
| **UNAFFILIATED INVESTMENTS–53.43%** | **UNAFFILIATED INVESTMENTS–53.43%** | **UNAFFILIATED INVESTMENTS–53.43%** |
| **INVESTMENT COMPANY–0.05%** | **INVESTMENT COMPANY–0.05%** | **INVESTMENT COMPANY–0.05%** |
| **Money Market Fund–0.05%** | **Money Market Fund–0.05%** | **Money Market Fund–0.05%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 29961 | 29961 |
| **Total Investment Company** <br>**(Cost $29,961)**<br>|  | **29961** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **OPTIONS PURCHASED–53.38%** | **OPTIONS PURCHASED–53.38%** | **OPTIONS PURCHASED–53.38%** |
| **CENTRALLY CLEARED–53.38%** | **CENTRALLY CLEARED–53.38%** | **CENTRALLY CLEARED–53.38%** |
| **Call Options–50.76%** | **Call Options–50.76%** | **Call Options–50.76%** |
| S&P 500 Mini Index Strike <br> price $11.46, expiration date <br> 3/18/26, notional amount <br> $119,184<br>| 104 | 6985446 |
| S&P 500 Mini Index Strike <br> price $11.96, expiration date <br> 6/17/26, notional amount <br> $124,384<br>| 104 | 6965412 |
| S&P 500 Mini Index Strike <br> price $13.20, expiration date <br> 9/16/26, notional amount <br> $137,280<br>| 104 | 6937729 |
| S&P 500 Mini Index Strike <br> price $13.44, expiration date <br> 12/16/26, notional amount <br> $139,776<br>| 104 | 6918617 |
|  |  | **27807204** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options–2.62%** | **Put Options–2.62%** | **Put Options–2.62%** |
| S&P 500 Mini Index Strike <br> price $567.57, expiration <br> date 3/18/26, notional <br> amount $11,805,456<br>| 208 | $36643 |
| S&P 500 Mini Index Strike <br> price $598.09, expiration <br> date 6/17/26, notional <br> amount $12,440,272<br>| 208 | 175304 |
| S&P 500 Mini Index Strike <br> price $660.04, expiration <br> date 9/16/26, notional <br> amount $13,728,832<br>| 208 | 518064 |
| S&P 500 Mini Index Strike <br> price $672.15, expiration <br> date 12/16/26, notional <br> amount $13,980,720<br>| 208 | 703479 |
|  |  | **1433490** |
| **Total Options Purchased** <br>**(Cost $28,262,815)**<br>|  | **29240694** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $28,292,776)**<br>|  | **29270655** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–105.15% (Cost $53,966,193)** | **57601099** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(5.59)%** | **OPTIONS WRITTEN–(5.59)%** | **OPTIONS WRITTEN–(5.59)%** |
| **CENTRALLY CLEARED–(5.59)%** | **CENTRALLY CLEARED–(5.59)%** | **CENTRALLY CLEARED–(5.59)%** |
| **Call Options–(4.33)%** | **Call Options–(4.33)%** | **Call Options–(4.33)%** |
| S&P 500 Mini Index Strike price $645.34, expiration date 3/18/26, notional amount $(13423072) | (208)<br>| $(1038642)<br>|
| S&P 500 Mini Index Strike price $682.48, expiration date 6/17/26, notional amount $(14195584) | (208)<br>| (732751)<br>|
| S&P 500 Mini Index Strike price $745.05, expiration date 9/16/26, notional amount $(15497040) | (208)<br>| (299131)<br>|
| S&P 500 Mini Index Strike price $769.07, expiration date 12/16/26, notional amount $(15996656) | (208)<br>| (299690)<br>|
|  |  | **(2370214)**<br>|
| **Put Options–(1.26)%** | **Put Options–(1.26)%** | **Put Options–(1.26)%** |
| S&P 500 Mini Index Strike price $499.47, expiration date 3/18/26, notional amount $(10388976) | (208)<br>| (16503)<br>|

---

Lincoln Hedged S&P 500 Funds-1

------

**Lincoln Hedged S&P 500 Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| S&P 500 Mini Index Strike price $526.32, expiration date 6/17/26, notional amount $(10947456) | (208)<br>| $(78815)<br>|
| S&P 500 Mini Index Strike price $580.84, expiration date 9/16/26, notional amount $(12081472) | (208)<br>| (239776)<br>|
| S&P 500 Mini Index Strike price $591.49, expiration date 12/16/26, notional amount $(12302992) | (208)<br>| (356136)<br>|
|  |  | **(691230)**<br>|
| **Total Options Written** <br>**(Premiums received $(2647347))**<br>|  | **(3061444)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.44%** | **241583** |
| **NET ASSETS APPLICABLE TO 4,867,157 SHARES OUTSTANDING–100.00%** | **$54781238** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-2

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–52.79%** | **AFFILIATED INVESTMENT–52.79%** | **AFFILIATED INVESTMENT–52.79%** |
| **INVESTMENT COMPANY–52.79%** | **INVESTMENT COMPANY–52.79%** | **INVESTMENT COMPANY–52.79%** |
| **Equity Fund–52.79%** | **Equity Fund–52.79%** | **Equity Fund–52.79%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 405508 | $13667249 |
| **Total Affiliated Investment** <br>**(Cost $11,843,832)**<br>|  | **13667249** |
| **UNAFFILIATED INVESTMENTS–54.57%** | **UNAFFILIATED INVESTMENTS–54.57%** | **UNAFFILIATED INVESTMENTS–54.57%** |
| **INVESTMENT COMPANY–0.28%** | **INVESTMENT COMPANY–0.28%** | **INVESTMENT COMPANY–0.28%** |
| **Money Market Fund–0.28%** | **Money Market Fund–0.28%** | **Money Market Fund–0.28%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 71046 | 71046 |
| **Total Investment Company** <br>**(Cost $71,046)**<br>|  | **71046** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **OPTIONS PURCHASED–54.29%** | **OPTIONS PURCHASED–54.29%** | **OPTIONS PURCHASED–54.29%** |
| **CENTRALLY CLEARED–54.29%** | **CENTRALLY CLEARED–54.29%** | **CENTRALLY CLEARED–54.29%** |
| **Call Options–51.63%** | **Call Options–51.63%** | **Call Options–51.63%** |
| S&P 500 Mini Index Strike <br> price $11.52, expiration date <br> 3/18/26, notional amount <br> $57,600<br>| 50 | 3358090 |
| S&P 500 Mini Index Strike <br> price $12.02, expiration date <br> 6/17/26, notional amount <br> $60,100<br>| 50 | 3348462 |
| S&P 500 Mini Index Strike <br> price $13.27, expiration date <br> 9/16/26, notional amount <br> $66,350<br>| 50 | 3335107 |
| S&P 500 Mini Index Strike <br> price $13.51, expiration date <br> 12/16/26, notional amount <br> $67,550<br>| 50 | 3325921 |
|  |  | **13367580** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options–2.66%** | **Put Options–2.66%** | **Put Options–2.66%** |
| S&P 500 Mini Index Strike <br> price $567.59, expiration <br> date 3/18/26, notional <br> amount $5,675,900<br>| 100 | $17622 |
| S&P 500 Mini Index Strike <br> price $598.11, expiration <br> date 6/17/26, notional <br> amount $5,981,100<br>| 100 | 84301 |
| S&P 500 Mini Index Strike <br> price $660.06, expiration <br> date 9/16/26, notional <br> amount $6,600,600<br>| 100 | 249117 |
| S&P 500 Mini Index Strike <br> price $672.17, expiration <br> date 12/16/26, notional <br> amount $6,721,700<br>| 100 | 338267 |
|  |  | **689307** |
| **Total Options Purchased** <br>**(Cost $13,617,786)**<br>|  | **14056887** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $13,688,832)**<br>|  | **14127933** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–107.36% (Cost $25,532,664)** | **27795182** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(7.09)%** | **OPTIONS WRITTEN–(7.09)%** | **OPTIONS WRITTEN–(7.09)%** |
| **CENTRALLY CLEARED–(7.09)%** | **CENTRALLY CLEARED–(7.09)%** | **CENTRALLY CLEARED–(7.09)%** |
| **Call Options–(6.38)%** | **Call Options–(6.38)%** | **Call Options–(6.38)%** |
| S&P 500 Mini Index Strike price $626.72, expiration date 3/18/26, notional amount $(6267200) | (100)<br>| $(663697)<br>|
| S&P 500 Mini Index Strike price $660.95, expiration date 6/17/26, notional amount $(6609500) | (100)<br>| (505893)<br>|
| S&P 500 Mini Index Strike price $722.15, expiration date 9/16/26, notional amount $(7221500) | (100)<br>| (237829)<br>|
| S&P 500 Mini Index Strike price $740.64, expiration date 12/16/26, notional amount $(7406400) | (100)<br>| (245716)<br>|
|  |  | **(1653135)**<br>|
| **Put Options–(0.71)%** | **Put Options–(0.71)%** | **Put Options–(0.71)%** |
| S&P 500 Mini Index Strike price $442.74, expiration date 3/18/26, notional amount $(4427400) | (100)<br>| (4340)<br>|

---

Lincoln Hedged S&P 500 Funds-3

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** | **CENTRALLY CLEARED (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| S&P 500 Mini Index Strike price $466.53, expiration date 6/17/26, notional amount $(4665300) | (100)<br>| $(22004)<br>|
| S&P 500 Mini Index Strike price $514.85, expiration date 9/16/26, notional amount $(5148500) | (100)<br>| (61225)<br>|
| S&P 500 Mini Index Strike price $524.30, expiration date 12/16/26, notional amount $(5243000) | (100)<br>| (95116)<br>|
|  |  | **(182685)**<br>|
| **Total Options Written** <br>**(Premiums received $(1333275))**<br>|  | **(1835820)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.27%)** | **(68840)**<br>|
| **NET ASSETS APPLICABLE TO 2,444,065 SHARES OUTSTANDING–100.00%** | **$25890522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | **Lincoln**<br> **Hedged**<br> **S&P 500**<br> **Fund**<br>| **Lincoln Hedged**<br> **S&P 500**<br> **Conservative**<br> **Fund**<br>|
| **ASSETS:** |  |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $29270655 | &nbsp;&nbsp; $14127933 |
| Affiliated investments, at value | &nbsp;&nbsp; 28330444 | &nbsp;&nbsp; 13667249 |
| Receivable for fund shares sold | &nbsp;&nbsp; 247021 | &nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp; 71093 | &nbsp;&nbsp; — |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 13076 | &nbsp;&nbsp; 9906 |
| Dividends and interest receivable  | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 411 |
| Prepaid expenses | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 80 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 57933101 | &nbsp;&nbsp; 27805579 |
| **LIABILITIES:** |  |  |
| Options written, at value | &nbsp;&nbsp; 3061444 | &nbsp;&nbsp; 1835820 |
| Due to manager and affiliates | &nbsp;&nbsp; 32626 | &nbsp;&nbsp; 16552 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 18637 | &nbsp;&nbsp; 5804 |
| Payable for audit fee | &nbsp;&nbsp; 16534 | &nbsp;&nbsp; 16534 |
| Payable for fund accounting fee | &nbsp;&nbsp; 11490 | &nbsp;&nbsp; 11487 |
| Other accrued expenses payable | &nbsp;&nbsp; 11132 | &nbsp;&nbsp; 6709 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 22151 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 3151863 | &nbsp;&nbsp; 1915057 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $54781238 | &nbsp;&nbsp; $25890522 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $28292776 | &nbsp;&nbsp; $13688832 |
| Affiliated investments, at cost | &nbsp;&nbsp; 25673417 | &nbsp;&nbsp; 11843832 |
| Options written, (premiums received) | &nbsp;&nbsp; (2647347)<br>| &nbsp;&nbsp; (1333275)<br>|
| **Standard Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $13616748 | &nbsp;&nbsp; $1157963 |
| Shares Outstanding | &nbsp;&nbsp; 1203306 | &nbsp;&nbsp; 108163 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.316 | &nbsp;&nbsp; $10.706 |
| **Service Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $41164490 | &nbsp;&nbsp; $24732559 |
| Shares Outstanding | &nbsp;&nbsp; 3663851 | &nbsp;&nbsp; 2335902 |
| Net Asset Value Per Share | &nbsp;&nbsp; $11.235 | &nbsp;&nbsp; $10.588 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $54048399 | &nbsp;&nbsp; $25651853 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 732839 | &nbsp;&nbsp; 238669 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $54781238 | &nbsp;&nbsp; $25890522 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **Lincoln**<br> **Hedged**<br> **S&P 500**<br> **Fund**<br>| **Lincoln Hedged**<br> **S&P 500**<br> **Conservative**<br> **Fund**<br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated investments | $270700 | $124926 |
| Dividends from unaffiliated investments | 12477 | 3719 |
|  | 283177 | 128645 |
| **EXPENSES:** |  |  |
| Management fees | 201211 | 104727 |
| Distribution fees-Service Class | 105333 | 64898 |
| Professional fees | 38150 | 37688 |
| Accounting and administration expenses | 34949 | 33456 |
| Index fees | 17743 | 9881 |
| Shareholder servicing fees | 10609 | 5522 |
| Pricing fees | 8731 | 8670 |
| Custodian fees | 7228 | 4185 |
| Consulting fees | 5477 | 4797 |
| Reports and statements to shareholders | 3328 | 3010 |
| Trustees' fees and expenses | 878 | 515 |
| Other | 2635 | 2502 |
|  | 436272 | 279851 |
| Less:  |  |  |
| Management fees waived | (43900)<br>| (22850)<br>|
| Expenses reimbursed | (74852)<br>| (83421)<br>|
| Total operating expenses | 317520 | 173580 |
| **NET INVESTMENT LOSS** | (34343)<br>| (44935)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) from: |  |  |
| Sale of affiliated investments | (92761)<br>| (74791)<br>|
| Sale of unaffiliated investments | 884 | 571 |
| Distributions from affiliated investment companies | 1142469 | 513425 |
| Options purchased | 608778 | 374226 |
| Options written | 509511 | 78306 |
| Net realized gain | 2168881 | 891737 |
| Net change in unrealized appreciation (depreciation) of: |  |  |
| Affiliated investments | 2169959 | 1120248 |
| Options purchased | 800592 | 243810 |
| Options written | (503290)<br>| (430295)<br>|
| Net change in unrealized appreciation (depreciation) | 2467261 | 933763 |
| **NET REALIZED AND UNREALIZED GAIN** | 4636142 | 1825500 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4601799 | $1780565 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** | **Lincoln Hedged S&P 500 Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(34343)<br>| $11599 | $(44935)<br>| $(4150)<br>|
| Net realized gain | 2168881 | 839044 | 891737 | 637014 |
| Net change in unrealized appreciation (depreciation) | 2467261 | 436529 | 933763 | 368116 |
| Net increase in net assets resulting from operations | 4601799 | 1287172 | 1780565 | 1000980 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class | (1012200)<br>| (8712)<br>| (74473)<br>| (3186)<br>|
| Service Class | (3040125)<br>| (1313544)<br>| (1551521)<br>| (1170232)<br>|
|  | (4052325)<br>| (1322256)<br>| (1625994)<br>| (1173418)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 13225382 | 122477 | 1100135 | 30184 |
| Service Class | 27282988 | 13636127 | 11235058 | 10120124 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class | 1012200 | 8712 | 74473 | 3186 |
| Service Class | 3040125 | 1313544 | 1551521 | 1170232 |
|  | 44560695 | 15080860 | 13961187 | 11323726 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (606950)<br>| (365)<br>| (32949)<br>| (580)<br>|
| Service Class | (8936185)<br>| (1575172)<br>| (3597290)<br>| (2221111)<br>|
|  | (9543135)<br>| (1575537)<br>| (3630239)<br>| (2221691)<br>|
| Increase in net assets derived from capital share transactions | 35017560 | 13505323 | 10330948 | 9102035 |
| **NET INCREASE IN NET ASSETS** | 35567034 | 13470239 | 10485519 | 8929597 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year | 19214204 | 5743965 | 15405003 | 6475406 |
| End of year | $54781238 | $19214204 | $25890522 | $15405003 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-7

------

**Lincoln Hedged S&P 500 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** | **Lincoln Hedged S&P 500 Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.931 | &nbsp;&nbsp; $10.335 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.603 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.023 | 0.051 | 0.037 | 0.030 | 0.032 |
| Net realized and unrealized gain (loss) | 1.278 | 1.417 | 1.517 | &nbsp;&nbsp; (0.737)<br>| 0.686 |
| Total from investment operations | 1.301 | 1.468 | 1.554 | &nbsp;&nbsp; (0.707)<br>| 0.718 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.036)<br>| &nbsp;&nbsp; (0.031)<br>| &nbsp;&nbsp; (0.048)<br>| &nbsp;&nbsp; (0.115)<br>|
| Net realized gain | &nbsp;&nbsp; (0.916)<br>| &nbsp;&nbsp; (0.836)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.715)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.916)<br>| &nbsp;&nbsp; (0.872)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.763)<br>| &nbsp;&nbsp; (0.115)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.316 | &nbsp;&nbsp; $10.931 | &nbsp;&nbsp; $10.335 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.603 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 11.90% | &nbsp;&nbsp; 14.32% | &nbsp;&nbsp; 17.03% | &nbsp;&nbsp; (6.55%)<br>| &nbsp;&nbsp; 7.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $13617 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 5.54% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.50% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.13%)<br>| &nbsp;&nbsp; (0.39%)<br>| &nbsp;&nbsp; (1.46%)<br>| &nbsp;&nbsp; (2.98%)<br>| &nbsp;&nbsp; (4.46%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-8

------

**Lincoln Hedged S&P 500 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** | **Lincoln Hedged S&P 500 Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.897 | &nbsp;&nbsp; $10.321 | &nbsp;&nbsp; $9.127 | &nbsp;&nbsp; $10.602 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.018)<br>| 0.012 | 0.002 | &nbsp;&nbsp; (0.006)<br>| 0.010 |
| Net realized and unrealized gain (loss) | 1.272 | 1.414 | 1.515 | &nbsp;&nbsp; (0.735)<br>| 0.686 |
| Total from investment operations | 1.254 | 1.426 | 1.517 | &nbsp;&nbsp; (0.741)<br>| 0.696 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.014)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.019)<br>| &nbsp;&nbsp; (0.094)<br>|
| Net realized gain | &nbsp;&nbsp; (0.916)<br>| &nbsp;&nbsp; (0.836)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.715)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.916)<br>| &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.323)<br>| &nbsp;&nbsp; (0.734)<br>| &nbsp;&nbsp; (0.094)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.235 | &nbsp;&nbsp; $10.897 | &nbsp;&nbsp; $10.321 | &nbsp;&nbsp; $9.127 | &nbsp;&nbsp; $10.602 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 11.52% | &nbsp;&nbsp; 13.91% | &nbsp;&nbsp; 16.63% | &nbsp;&nbsp; (6.88%)<br>| &nbsp;&nbsp; 6.96% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $41164 | &nbsp;&nbsp; $19076 | &nbsp;&nbsp; $5732 | &nbsp;&nbsp; $3318 | &nbsp;&nbsp; $2582 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 5.89% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; (0.07%)<br>| &nbsp;&nbsp; 0.15% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.48%)<br>| &nbsp;&nbsp; (0.74%)<br>| &nbsp;&nbsp; (1.81%)<br>| &nbsp;&nbsp; (3.33%)<br>| &nbsp;&nbsp; (4.81%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-9

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** | **Lincoln Hedged S&P 500 Conservative Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.432 | &nbsp;&nbsp; $10.220 | &nbsp;&nbsp; $9.315 | &nbsp;&nbsp; $10.250 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.012 | 0.032 | 0.032 | 0.053 | 0.032 |
| Net realized and unrealized gain (loss) | 0.995 | 1.048 | 1.212 | &nbsp;&nbsp; (0.339)<br>| 0.337 |
| Total from investment operations | 1.007 | 1.080 | 1.244 | &nbsp;&nbsp; (0.286)<br>| 0.369 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.064)<br>| &nbsp;&nbsp; (0.119)<br>|
| Net realized gain | &nbsp;&nbsp; (0.733)<br>| &nbsp;&nbsp; (0.840)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.733)<br>| &nbsp;&nbsp; (0.868)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.649)<br>| &nbsp;&nbsp; (0.119)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.706 | &nbsp;&nbsp; $10.432 | &nbsp;&nbsp; $10.220 | &nbsp;&nbsp; $9.315 | &nbsp;&nbsp; $10.250 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.66% | &nbsp;&nbsp; 10.66% | &nbsp;&nbsp; 13.39% | &nbsp;&nbsp; (2.73%)<br>| &nbsp;&nbsp; 3.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1158 | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.57% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.57% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 3.63% | &nbsp;&nbsp; 5.53% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.11% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.31% <br><sup>6</sup><br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.50% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.45%)<br>| &nbsp;&nbsp; (0.59%)<br>| &nbsp;&nbsp; (1.13%)<br>| &nbsp;&nbsp; (2.51%)<br>| &nbsp;&nbsp; (4.46%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of expenses to average net assets reflects 0.01% of acquired fund fees and expenses waived for the years ended December 31, 2025 and 2024.

<sup>6</sup> The ratio of net investment income to average net assets reflects 0.01% of acquired fund fees and expenses waived for the years ended December 31, 2025 and 2024. 

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-10

------

**Lincoln Hedged S&P 500 Conservative Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** | **Lincoln Hedged S&P 500 Conservative Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **5/21/21**<sup>1</sup> <br>**to**<br>**12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.361 | &nbsp;&nbsp; $10.168 | &nbsp;&nbsp; $9.301 | &nbsp;&nbsp; $10.247 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (0.004)<br>| &nbsp;&nbsp; (0.002)<br>| 0.018 | 0.009 |
| Net realized and unrealized gain (loss) | 0.986 | 1.040 | 1.208 | &nbsp;&nbsp; (0.338)<br>| 0.336 |
| Total from investment operations | 0.960 | 1.036 | 1.206 | &nbsp;&nbsp; (0.320)<br>| 0.345 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.041)<br>| &nbsp;&nbsp; (0.098)<br>|
| Net realized gain | &nbsp;&nbsp; (0.733)<br>| &nbsp;&nbsp; (0.840)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.733)<br>| &nbsp;&nbsp; (0.843)<br>| &nbsp;&nbsp; (0.339)<br>| &nbsp;&nbsp; (0.626)<br>| &nbsp;&nbsp; (0.098)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.588 | &nbsp;&nbsp; $10.361 | &nbsp;&nbsp; $10.168 | &nbsp;&nbsp; $9.301 | &nbsp;&nbsp; $10.247 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.27% | &nbsp;&nbsp; 10.27% | &nbsp;&nbsp; 13.00% | &nbsp;&nbsp; (3.06%)<br>| &nbsp;&nbsp; 3.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $24733 | &nbsp;&nbsp; $15362 | &nbsp;&nbsp; $6464 | &nbsp;&nbsp; $4593 | &nbsp;&nbsp; $2376 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.92% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.92% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 5.88% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.24% )<sup>6</sup><br>| &nbsp;&nbsp; (0.04% )<sup>6</sup><br>| &nbsp;&nbsp; (0.03%)<br>| &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.15% |
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.80%)<br>| &nbsp;&nbsp; (0.94%)<br>| &nbsp;&nbsp; (1.48%)<br>| &nbsp;&nbsp; (2.86%)<br>| &nbsp;&nbsp; (4.81%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> The ratio of expenses to average net assets reflects 0.01% of acquired fund fees and expenses waived for the years ended December 31, 2025 and 2024.

<sup>6</sup> The ratio of net investment income to average net assets reflects 0.01% of acquired fund fees and expenses waived for the years ended December 31, 2025 and 2024. 

See accompanying notes, which are an integral part of the financial statements.

Lincoln Hedged S&P 500 Funds-11

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the Lincoln Hedged S&P 500 Fund and Lincoln Hedged S&P 500 Conservative Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests about half of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500 Index Fund (the "Underlying Funds"). Each Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA S&P 500 Index Fund, which is sub-advised by an unaffiliated sub-adviser, invests primarily in the securities that make up the S&P 500<sup>®</sup> Index and money market instruments. A significant portion of the Underlying Fund employs a passive investment style (i.e., index fund). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments and FLexible EXchange<sup>®</sup>Options ("FLEX Options"). Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of each Fund is to seek long-term growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Funds value Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. FLexible EXchange<sup>®</sup> Options are valued based on the transaction prices executed by the Funds' sub-adviser, except on days in which the sub-adviser does not trade FLEX Options; on the days the sub-adviser does not trade FLEX Options, FLEX Options are valued using evaluated prices obtained from an approved pricing vendor.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, including monitoring of each Fund's investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of each Fund's

Lincoln Hedged S&P 500 Funds-12

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.12% of each Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

LFI has contractually agreed to reimburse each Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.58% of the Fund's average daily net assets for the Standard Class and 0.93% for the Service Class. In addition, the adviser has contractually agreed to reimburse the Lincoln Hedged S&P 500 Fund so that the Fund's Total Annual Fund Operating Expenses (including acquired fund fees and expenses) does not exceed 0.70% for the standard class and 1.05% for the service class and the Lincoln Hedged S&P 500 Conservative Fund so that the Fund's Total Annual Fund Operating Expenses (including acquired fund fees and expenses) does not exceed 0.69% for the standard class and 1.04% for the service class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through June 21, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. Each Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that each Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| Lincoln Hedged S&P 500 Fund | &nbsp;&nbsp; $78153 | &nbsp;&nbsp; $75784 | &nbsp;&nbsp; $74852 | &nbsp;&nbsp; $228789 |
| Lincoln Hedged S&P 500 Conservative <br> Fund<br>| &nbsp;&nbsp; $76462 | &nbsp;&nbsp; $79949 | &nbsp;&nbsp; $83421 | &nbsp;&nbsp; $239832 |

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' defined outcome strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Administrative | &nbsp;&nbsp; $2760 | &nbsp;&nbsp; $1506 |
| Legal | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 255 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2025, these fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $143 | &nbsp;&nbsp; $55 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

Lincoln Hedged S&P 500 Funds-13

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At December 31, 2025, each Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $13076 | &nbsp;&nbsp; $9906 |
| Management fees payable to LFI | &nbsp;&nbsp; 19452 | &nbsp;&nbsp; 8980 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 11862 | &nbsp;&nbsp; 6966 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 606 |

---

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Funds and the corresponding investment activity for the year ended December 31, 2025, were as follows:

**<u>Lincoln Hedged S&P 500 Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-51.72%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-51.72%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $9881768 | $22322073 | $5950595 | $(92761)<br>| $2169959 | $28330444 | 840566 | $270700 | $1142469 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**<u>Lincoln Hedged S&P 500 Conservative Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-52.79%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-52.79%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $7830791 | $8105400 | $3314399 | $(74791)<br>| $1120248 | $13667249 | 405508 | $124926 | $513425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the year ended December 31, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Purchases | &nbsp;&nbsp; $22322073 | &nbsp;&nbsp; $8105400 |
| Sales | &nbsp;&nbsp; 6713072 | &nbsp;&nbsp; 4077907 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $54133351 | &nbsp;&nbsp; $25648420 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $4686097 | &nbsp;&nbsp; $2867736 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (2196227)<br>| &nbsp;&nbsp; (1160074)<br>|
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $2489870 | &nbsp;&nbsp; $1707662 |

---

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and

Lincoln Hedged S&P 500 Funds-14

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund's investments by fair value hierarchy levels as of December 31, 2025:

**Lincoln Hedged S&P 500 Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $28330444 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28330444 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 29961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29961 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 29240694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29240694 |
| **Total Investments** | &nbsp;&nbsp; $28360405 | &nbsp;&nbsp; $29240694 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57601099 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3061444)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3061444)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**Lincoln Hedged S&P 500 Conservative Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $13667249 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13667249 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 71046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71046 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 14056887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14056887 |
| **Total Investments** | &nbsp;&nbsp; $13738295 | &nbsp;&nbsp; $14056887 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27795182 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1835820)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1835820)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

Lincoln Hedged S&P 500 Funds-15

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Dividend and Distribution Information (continued)**

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative** <br> **Fund**<br>|
| **Year ended December 31, 2025** |  |  |
| Ordinary income | &nbsp;&nbsp; $1156282 | &nbsp;&nbsp; $431361 |
| Long-term capital gains | &nbsp;&nbsp; 2896043 | &nbsp;&nbsp; 1194633 |
| Total | &nbsp;&nbsp; $4052325 | &nbsp;&nbsp; $1625994 |
| **Year ended December 31, 2024** |  |  |
| Ordinary income | &nbsp;&nbsp; $362352 | &nbsp;&nbsp; $322724 |
| Long-term capital gains | &nbsp;&nbsp; 959904 | &nbsp;&nbsp; 850694 |
| Total | &nbsp;&nbsp; $1322256 | &nbsp;&nbsp; $1173418 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund**<br>| **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative** <br> **Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $299665 | &nbsp;&nbsp; $100689 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 448108 | &nbsp;&nbsp; 150331 |
| Other temporary differences | &nbsp;&nbsp; (2504804)<br>| &nbsp;&nbsp; (1720013)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 2489870 | &nbsp;&nbsp; 1707662 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $732839 | &nbsp;&nbsp; $238669 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the period ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Funds had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** | **Lincoln** <br>**Hedged** <br>**S&P 500** <br>**Conservative Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 1153229 | &nbsp;&nbsp; 10769 | &nbsp;&nbsp; 100083 | &nbsp;&nbsp; 2756 |
| Service Class | &nbsp;&nbsp; 2421710 | &nbsp;&nbsp; 1220080 | &nbsp;&nbsp; 1046036 | &nbsp;&nbsp; 945429 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 88983 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 6928 | &nbsp;&nbsp; 305 |
| Service Class | &nbsp;&nbsp; 269215 | &nbsp;&nbsp; 120559 | &nbsp;&nbsp; 145957 | &nbsp;&nbsp; 112602 |
|  | &nbsp;&nbsp; 3933137 | &nbsp;&nbsp; 1352208 | &nbsp;&nbsp; 1299004 | &nbsp;&nbsp; 1061092 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (51576)<br>| &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; (2975)<br>| &nbsp;&nbsp; (53)<br>|
| Service Class | &nbsp;&nbsp; (777702)<br>| &nbsp;&nbsp; (145428)<br>| &nbsp;&nbsp; (338691)<br>| &nbsp;&nbsp; (211158)<br>|
|  | &nbsp;&nbsp; (829278)<br>| &nbsp;&nbsp; (145461)<br>| &nbsp;&nbsp; (341666)<br>| &nbsp;&nbsp; (211211)<br>|
| Net increase | &nbsp;&nbsp; 3103859 | &nbsp;&nbsp; 1206747 | &nbsp;&nbsp; 957338 | &nbsp;&nbsp; 849881 |

---

**7. Line of Credit**

The Funds, along with other funds in the Trust ("Participants"), are participants in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

Lincoln Hedged S&P 500 Funds-16

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Line of Credit (continued)**

The Funds had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Options Contracts–During the year ended December 31, 2025, the Funds entered into options contracts in the normal course of pursuing its investment objective and strategies. The Funds may buy or write options contracts for any number of reasons, including without limitation: to manage the Funds' exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Funds' overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Funds may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When a Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When a Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Funds are subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Funds are subject to counterparty risk.

During the year ended December 31, 2025, the Funds used options contracts to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to receive premiums for writing options.

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>Lincoln Hedged S&P 500 Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $29240694 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (3061444)<br>|
| Total |  | $29240694 |  | $(3061444)<br>|

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $608778 | &nbsp;&nbsp; $800592 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 509511 | &nbsp;&nbsp; (503290)<br>|
| Total |  | &nbsp;&nbsp; $1118289 | &nbsp;&nbsp; $297302 |

---

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>Lincoln Hedged S&P 500 Conservative Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $14056887 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (1835820)<br>|
| Total |  | $14056887 |  | $(1835820)<br>|

---

Lincoln Hedged S&P 500 Funds-17

------

**Lincoln Hedged S&P 500 Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $374226 | &nbsp;&nbsp; $243810 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 78306 | &nbsp;&nbsp; (430295)<br>|
| Total |  | &nbsp;&nbsp; $452532 | &nbsp;&nbsp; $(186485)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>| **Short Derivative** <br> **Volume**<br>|
|  | **Options**<br> **Contracts**<br> **(Average Value)** <br>| **Options**<br> **Contracts**<br> **(Average Value)**<br>|
| Lincoln Hedged S&P 500 Fund | &nbsp;&nbsp; $19230246 | &nbsp;&nbsp; $1666136 |
| Lincoln Hedged S&P 500 Conservative Fund | &nbsp;&nbsp; 10281029 | &nbsp;&nbsp; 1068704 |

---

**9. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**10. Contractual Obligations**

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. The Funds invest primarily in other regulated investment companies and management of the Funds has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Funds did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

Lincoln Hedged S&P 500 Funds-18

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Lincoln Hedged S&P 500 Fund and Lincoln Hedged S&P 500 Conservative Fund and the Board of Trustees of Lincoln Variable Insurance Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Lincoln Hedged S&P 500 Fund and Lincoln Hedged S&P 500 Conservative Fund (collectively referred to as the "Funds"), (two of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedules of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the period from May 21, 2021 (commencement of operations) through December 31, 2021 and the related notes (collectively referred to as the "financial statements") In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (two of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the four years in the period then ended and the period from May 21, 2021 (commencement of operations) through December 31, 2021, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img62dbce932.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

Lincoln Hedged S&P 500 Funds–19

------

![](imgb37c035a1.jpg)

Lincoln Opportunistic Hedged Equity Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**Lincoln Opportunistic Hedged Equity Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_96dd24ff-8c02-4eb0-8cda-03e18fed4de3_SOI-continued-687_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_96dd24ff-8c02-4eb0-8cda-03e18fed4de3_FS-continued-687_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_96dd24ff-8c02-4eb0-8cda-03e18fed4de3_FS-continued-687_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_96dd24ff-8c02-4eb0-8cda-03e18fed4de3_FS-continued-687_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_96dd24ff-8c02-4eb0-8cda-03e18fed4de3_FIHI-continued-687_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_96dd24ff-8c02-4eb0-8cda-03e18fed4de3_NTF-continued-687_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_96dd24ff-8c02-4eb0-8cda-03e18fed4de3_AUDIT-continued-687_1)**  | &nbsp;&nbsp; **13** |

---

------

**Lincoln Opportunistic Hedged Equity Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–50.45%** | **AFFILIATED INVESTMENT–50.45%** | **AFFILIATED INVESTMENT–50.45%** |
| **INVESTMENT COMPANY–50.45%** | **INVESTMENT COMPANY–50.45%** | **INVESTMENT COMPANY–50.45%** |
| **Equity Fund–50.45%** | **Equity Fund–50.45%** | **Equity Fund–50.45%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP SSGA S&P 500 Index <br> Fund<br>| 161423 | $5440607 |
| **Total Affiliated Investment** <br>**(Cost $4,714,794)**<br>|  | **5440607** |
| **UNAFFILIATED INVESTMENTS–53.06%** | **UNAFFILIATED INVESTMENTS–53.06%** | **UNAFFILIATED INVESTMENTS–53.06%** |
| **INVESTMENT COMPANY–0.74%** | **INVESTMENT COMPANY–0.74%** | **INVESTMENT COMPANY–0.74%** |
| **Money Market Fund–0.74%** | **Money Market Fund–0.74%** | **Money Market Fund–0.74%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 79884 | 79884 |
| **Total Investment Company** <br>**(Cost $79,884)**<br>|  | **79884** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **OPTIONS PURCHASED–52.32%** | **OPTIONS PURCHASED–52.32%** | **OPTIONS PURCHASED–52.32%** |
| **CENTRALLY CLEARED–52.32%** | **CENTRALLY CLEARED–52.32%** | **CENTRALLY CLEARED–52.32%** |
| **Call Options–49.40%** | **Call Options–49.40%** | **Call Options–49.40%** |
| S&P 500 Mini Index Strike <br> price $6.47, expiration date <br> 8/19/26, notional amount <br> $51,113<br>| 79 | $5326672 |
| **Put Options–2.92%** | **Put Options–2.92%** | **Put Options–2.92%** |
| S&P 500 Mini Index Strike <br> price $646.66, expiration <br> date 8/19/26, notional <br> amount $10,217,228<br>| 158 | 314752 |
| **Total Options Purchased** <br>**(Cost $5,551,796)**<br>|  | **5641424** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $5,631,680)**<br>|  | **5721308** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–103.51% (Cost $10,346,474)** | **11161915** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(3.33)%** | **OPTIONS WRITTEN–(3.33)%** | **OPTIONS WRITTEN–(3.33)%** |
| **CENTRALLY CLEARED–(3.33)%** | **CENTRALLY CLEARED–(3.33)%** | **CENTRALLY CLEARED–(3.33)%** |
| **Call Options–(1.82)%** | **Call Options–(1.82)%** | **Call Options–(1.82)%** |
| S&P 500 Mini Index Strike price $743.59, expiration date 8/19/26, notional amount $(11748722) | (158)<br>| $(196273)<br>|
| **Put Options–(1.51)%** | **Put Options–(1.51)%** | **Put Options–(1.51)%** |
| S&P 500 Mini Index Strike price $581.99, expiration date 8/19/26, notional amount $(9195442) | (158)<br>| (162528)<br>|
| **Total Options Written** <br>**(Premiums received $(438351))**<br>|  | **(358801)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.18%)** | **(20075)**<br>|
| **NET ASSETS APPLICABLE TO 997,441 SHARES OUTSTANDING–100.00%** | **$10783039** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 |
| **ASSETS:** |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $5721308 |
| Affiliated investments, at value | &nbsp;&nbsp; 5440607 |
| Receivable for fund shares sold | &nbsp;&nbsp; 9992 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 7386 |
| Dividends and interest receivable  | &nbsp;&nbsp; 197 |
| Prepaid expenses | &nbsp;&nbsp; 36 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 11179526 |
| **LIABILITIES:** |  |
| Options written, at value | &nbsp;&nbsp; 358801 |
| Payable for audit fee | &nbsp;&nbsp; 14209 |
| Payable for fund accounting fee | &nbsp;&nbsp; 11486 |
| Due to manager and affiliates | &nbsp;&nbsp; 8129 |
| Other accrued expenses payable | &nbsp;&nbsp; 3019 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 843 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 396487 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $10783039 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $5631680 |
| Affiliated investments, at cost | &nbsp;&nbsp; 4714794 |
| Options written, (premiums received) | &nbsp;&nbsp; (438351)<br>|
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $276666 |
| Shares Outstanding | &nbsp;&nbsp; 25467 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.863 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $10506373 |
| Shares Outstanding | &nbsp;&nbsp; 971974 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.809 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $10706970 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 76069 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $10783039 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $51316 |
| Dividends from unaffiliated investments | 3984 |
|  | 55300 |
| **EXPENSES:** |  |
| Management fees | 45158 |
| Accounting and administration expenses | 32433 |
| Professional fees | 31612 |
| Distribution fees-Service Class | 28153 |
| Consulting fees | 4378 |
| Custodian fees | 2935 |
| Reports and statements to shareholders | 2887 |
| Shareholder servicing fees | 2381 |
| Pricing fees | 2183 |
| Trustees' fees and expenses | 219 |
| Index fees | 9 |
| Other | 2315 |
|  | 154663 |
| Less:  |  |
| Expenses reimbursed | (78068)<br>|
| Total operating expenses | 76595 |
| **NET INVESTMENT LOSS** | (21295)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | (50977)<br>|
| Distributions from affiliated investment companies | 217045 |
| Options purchased | 364385 |
| Options written | (350824)<br>|
| Net realized gain | 179629 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Affiliated investments | 476145 |
| Options purchased | 112738 |
| Options written | 47170 |
| Net change in unrealized appreciation (depreciation) | 636053 |
| **NET REALIZED AND UNREALIZED GAIN** | 815682 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $794387 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** | **Lincoln Opportunistic Hedged Equity Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(21295)<br>| $(3199)<br>|
| Net realized gain | 179629 | 304882 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 636053 | 235811 |
| Net increase in net assets resulting from <br> operations<br>| 794387 | 537494 |
| **DIVIDENDS AND DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (19739)<br>| (12209)<br>|
| Service Class | (749689)<br>| (495132)<br>|
|  | (769428)<br>| (507341)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 150718 | 388266 |
| Service Class | 5176349 | 3045179 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 19739 | 12209 |
| Service Class | 749689 | 495132 |
|  | 6096495 | 3940786 |
| Cost of shares redeemed: |  |  |
| Standard Class | (37230)<br>| (260385)<br>|
| Service Class | (1407374)<br>| (383642)<br>|
|  | (1444604)<br>| (644027)<br>|
| Increase in net assets derived from <br> capital share transactions<br>| 4651891 | 3296759 |
| **NET INCREASE IN NET ASSETS** | 4676850 | 3326912 |
| **NET ASSETS:** |  |  |
| Beginning of year | 6106189 | 2779277 |
| End of year | $10783039 | $6106189 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-3

------

**Lincoln Opportunistic Hedged Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Lincoln Opportunistic Hedged Equity Fund Standard Class** | **Lincoln Opportunistic Hedged Equity Fund Standard Class** | **Lincoln Opportunistic Hedged Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
|  | **12/31/25** | **12/31/24** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.638 | &nbsp;&nbsp; $10.084 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.009 | 0.030 | 0.001 |
| Net realized and unrealized gain | 1.073 | 1.529 | 0.091 |
| Total from investment operations | 1.082 | 1.559 | 0.092 |
| **Less dividends and distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.030)<br>| &nbsp;&nbsp; (0.008)<br>|
| Net realized gain | &nbsp;&nbsp; (0.857)<br>| &nbsp;&nbsp; (0.975)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.857)<br>| &nbsp;&nbsp; (1.005)<br>| &nbsp;&nbsp; (0.008)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.863 | &nbsp;&nbsp; $10.638 | &nbsp;&nbsp; $10.084 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 10.16% | &nbsp;&nbsp; 15.51% | &nbsp;&nbsp; 0.92% |
| **Ratios and supplemental data:** |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $277 | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 19.30% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.17%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.87%)<br>| &nbsp;&nbsp; (1.85%)<br>| &nbsp;&nbsp; (18.88%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 103% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-4

------

**Lincoln Opportunistic Hedged Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Lincoln Opportunistic Hedged Equity Fund Service Class** | **Lincoln Opportunistic Hedged Equity Fund Service Class** | **Lincoln Opportunistic Hedged Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
|  | **12/31/25** | **12/31/24** | **12/13/23**<sup>1</sup> <br>**to**<br>**12/31/23** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.626 | &nbsp;&nbsp; $10.084 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.003)<br>|
| Net realized and unrealized gain | 1.069 | 1.527 | 0.093 |
| Total from investment operations | 1.040 | 1.518 | 0.090 |
| **Less dividends and distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.006)<br>|
| Net realized gain | &nbsp;&nbsp; (0.857)<br>| &nbsp;&nbsp; (0.975)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.857)<br>| &nbsp;&nbsp; (0.976)<br>| &nbsp;&nbsp; (0.006)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.809 | &nbsp;&nbsp; $10.626 | &nbsp;&nbsp; $10.084 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.77% | &nbsp;&nbsp; 15.11% | &nbsp;&nbsp; 0.90% |
| **Ratios and supplemental data:** |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $10506 | &nbsp;&nbsp; $5959 | &nbsp;&nbsp; $2769 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 19.65% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.27%)<br>| &nbsp;&nbsp; (0.08%)<br>| &nbsp;&nbsp; (0.52%)<br>|
| Ratio of net investment loss to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; (1.22%)<br>| &nbsp;&nbsp; (2.20%)<br>| &nbsp;&nbsp; (19.23%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 103% | &nbsp;&nbsp; —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

Lincoln Opportunistic Hedged Equity Fund-5

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the Lincoln Opportunistic Hedged Equity Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests about half of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500<sup>®</sup> Index Fund (the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP SSGA S&P 500<sup>®</sup> Index Fund, which is sub-advised by an unaffiliated sub-adviser, invests primarily in the securities that make up the S&P 500<sup>®</sup> Index and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e., index funds). In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments and FLexible EXchange<sup>®</sup> Options ("FLEX Options"). Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long-term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. FLexible EXchange<sup>®</sup> Options are valued based on the transaction prices executed by the Fund's sub-adviser, except on days in which the sub-adviser does not trade FLEX Options; on the days the sub-adviser does not trade FLEX Options, FLEX Options are valued using evaluated prices obtained from an approved pricing vendor.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025, and for all open tax years (years ended December 31, 2023- December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Lincoln Opportunistic Hedged Equity Fund-6

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.59% of the Fund's average daily net assets for the Standard Class and 0.94% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $24927 | &nbsp;&nbsp; $89200 | &nbsp;&nbsp; $78068 | &nbsp;&nbsp; $192195 |

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $647 |
| Legal | &nbsp;&nbsp; 110 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $63 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

Lincoln Opportunistic Hedged Equity Fund-7

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $7386 |
| Management fees payable to LFI | &nbsp;&nbsp; 4861 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 3012 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 256 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

At December 31, 2025, Lincoln Life directly owned 29.56% of Lincoln Opportunistic Hedged Equity Fund.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-50.45%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-50.45%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP SSGA S&P 500 Index Fund | $3015930 | $2910360 | $910851 | $(50977)<br>| $476145 | $5440607 | 161423 | $51316 | $217045 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $7536806 |
| Sales | &nbsp;&nbsp; 4009155 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $10403475 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $913475 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (244663)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $668812 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Lincoln Opportunistic Hedged Equity Fund-8

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $5440607 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5440607 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 79884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79884 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 5641424 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5641424 |
| **Total Investments** | &nbsp;&nbsp; $5520491 | &nbsp;&nbsp; $5641424 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11161915 |
| **Derivatives:** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(358801)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(358801)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales,mark-to-market adjustments on certain derivatives and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year**<br> **Ended**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br>|
|  | **12/31/25** | **12/31/24** |
| Ordinary income | $212660 | $140770 |
| Long-term capital gains | 556768 | 366571 |
| Total | $769428 | $507341 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $32814 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 49720 |
| Other temporary differences | &nbsp;&nbsp; (675277)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 668812 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $76069 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

Lincoln Opportunistic Hedged Equity Fund-9

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 13190 | &nbsp;&nbsp; 33840 |
| Service Class | &nbsp;&nbsp; 476793 | &nbsp;&nbsp; 273982 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1152 |
| Service Class | &nbsp;&nbsp; 68826 | &nbsp;&nbsp; 46691 |
|  | &nbsp;&nbsp; 560614 | &nbsp;&nbsp; 355665 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3335)<br>| &nbsp;&nbsp; (22186)<br>|
| Service Class | &nbsp;&nbsp; (134465)<br>| &nbsp;&nbsp; (34455)<br>|
|  | &nbsp;&nbsp; (137800)<br>| &nbsp;&nbsp; (56641)<br>|
| Net increase | &nbsp;&nbsp; 422814 | &nbsp;&nbsp; 299024 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Options Contracts–During the year ended December 31, 2025, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

During the year ended December 31, 2025, the Fund used options contracts to adjust the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to receive premiums for writing options.

Lincoln Opportunistic Hedged Equity Fund-10

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options purchased <br> (Equity contracts)<br>| Unaffiliated Investments, at value | $5641424 | Unaffiliated Investments, at value | $— |
| Options written <br> (Equity contracts)<br>| Options written, at value |  | Options written, at value | (358801)<br>|
| Total |  | $5641424 |  | $(358801)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; $364385 | &nbsp;&nbsp; $112738 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; (350824)<br>| &nbsp;&nbsp; 47170 |
| Total |  | &nbsp;&nbsp; $13561 | &nbsp;&nbsp; $159908 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Options contracts (average value) | $4412178 | $347153 |

---

**9. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

Lincoln Opportunistic Hedged Equity Fund-11

------

**Lincoln Opportunistic Hedged Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

Lincoln Opportunistic Hedged Equity Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Lincoln Opportunistic Hedged Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Lincoln Opportunistic Hedged Equity Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from December 13, 2023 (commencement of operations) through December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the two years in the period then ended and the period from December 13, 2023 (commencement of operations) through December 31, 2023, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img62fc12972.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

Lincoln Opportunistic Hedged Equity Fund–13

------

![](imgedc895611.jpg)

![](imgf56b79802.jpg)

LVIP Aggressive Growth Allocation Managed Risk Funds

LVIP Global Aggressive Growth Allocation Managed Risk Fund <br> LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Aggressive Growth Allocation Managed Risk Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_43a97f7f-2885-456b-9731-8e7920982524_SOI-continued-334_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_43a97f7f-2885-456b-9731-8e7920982524_FS-continued-334_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Operations](#xx_43a97f7f-2885-456b-9731-8e7920982524_FS-continued-334_2)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_43a97f7f-2885-456b-9731-8e7920982524_FS-continued-334_3)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_43a97f7f-2885-456b-9731-8e7920982524_FIHI-continued-334_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_43a97f7f-2885-456b-9731-8e7920982524_NTF-continued-333_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_43a97f7f-2885-456b-9731-8e7920982524_AUDIT-continued-334_1)**  | &nbsp;&nbsp; **22** |

---

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–97.02%** | **AFFILIATED INVESTMENTS–97.02%** | **AFFILIATED INVESTMENTS–97.02%** |
| **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** | **INVESTMENT COMPANIES–97.02%** |
| **Equity Funds–51.74%** | **Equity Funds–51.74%** | **Equity Funds–51.74%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 348806 | $16963140 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 918616 | 23680094 |
| LVIP Channing Small Cap <br> Value Fund<br>| 196691 | 2546365 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 1741653 | 29059471 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 518083 | 7508063 |
| LVIP Nomura Mid-Cap Index <br> Fund<br>| 206811 | 9052128 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 1369403 | 17650240 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 189836 | 3251890 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1482729 | 49973892 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 213610 | 7436177 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 285408 | 8837642 |
|  |  | **175959102** |
| **Fixed Income Funds–17.65%** | **Fixed Income Funds–17.65%** | **Fixed Income Funds–17.65%** |
| \*Lincoln Bain Capital Total <br> Credit Fund<br>| 387769 | 3943606 |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 346788 | 3279231 |
| LVIP Franklin Templeton <br> Core Bond Fund<br>| 913261 | 10649540 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 4141389 | 41231665 |
| LVIP SSGA Bond Index <br> Fund<br>| 90200 | 910480 |
|  |  | **60014522** |
| **Global Equity Fund–0.33%** | **Global Equity Fund–0.33%** | **Global Equity Fund–0.33%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 145974 | 1140208 |
|  |  | **1140208** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–27.30%** | **International Equity Funds–27.30%** | **International Equity Funds–27.30%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 456467 | $4596623 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 1009386 | 10576345 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 338214 | 6502159 |
| LVIP MFS International <br> Growth Fund<br>| 975336 | 20708328 |
| LVIP Mondrian <br> International Value Fund<br>| 1120334 | 23812701 |
| LVIP SSGA Emerging <br> Markets Equity Index <br> Fund<br>| 716663 | 9680691 |
| LVIP SSGA International <br> Index Fund<br>| 1278796 | 16974737 |
|  |  | **92851584** |
| **Total Affiliated Investments** <br>**(Cost $265,262,295)**<br>|  | **329965416** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.84%** | **UNAFFILIATED INVESTMENT–2.84%** |
| **INVESTMENT COMPANY–2.84%** | **INVESTMENT COMPANY–2.84%** |
| **Money Market Fund–2.84%** | **Money Market Fund–2.84%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 9670360 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $9,670,360)**<br>| **9670360** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.86% (Cost $274,932,655)** | **339635776** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.14%** | **473512** |
| **NET ASSETS APPLICABLE TO 26,198,107 SHARES OUTSTANDING–100.00%** | **$340109288** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Aggressive Growth Allocation Managed Risk Funds-1

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

------

✧✧Standard Class shares. <br> \*Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 3 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $200190 | &nbsp;&nbsp; $199241 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $949 | &nbsp;&nbsp; $— |
| 5 | CME British Pound Currency Futures | &nbsp;&nbsp; 420562 | &nbsp;&nbsp; 416066 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 4496 | &nbsp;&nbsp; — |
| 7 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1030750 | &nbsp;&nbsp; 1023432 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 7318 | &nbsp;&nbsp; — |
| 7 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 561619 | &nbsp;&nbsp; 562399 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (780)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 12763 | &nbsp;&nbsp; (780)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 8 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 999200 | &nbsp;&nbsp; 1029346 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30146)<br>|
| 12 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 4135500 | &nbsp;&nbsp; 4133264 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 2236 | &nbsp;&nbsp; — |
| 5 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1662600 | &nbsp;&nbsp; 1688419 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25819)<br>|
| 20 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1372869 | &nbsp;&nbsp; 1354197 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 18672 | &nbsp;&nbsp; — |
| 4 | FTSE 100 Index Futures | &nbsp;&nbsp; 535999 | &nbsp;&nbsp; 525488 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 10511 | &nbsp;&nbsp; — |
| 4 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 282280 | &nbsp;&nbsp; 276643 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 5637 | &nbsp;&nbsp; — |
| 3 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 94344 | &nbsp;&nbsp; 92127 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 2217 | &nbsp;&nbsp; — |
| 1 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 144748 | &nbsp;&nbsp; 144165 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; — |
| 3 | TSE TOPIX Futures | &nbsp;&nbsp; 653760 | &nbsp;&nbsp; 650156 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 3604 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 43460 | &nbsp;&nbsp; (55965)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $56223 | &nbsp;&nbsp; $(56745)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-2

------

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

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–96.95%** | **AFFILIATED INVESTMENTS–96.95%** | **AFFILIATED INVESTMENTS–96.95%** |
| **INVESTMENT COMPANIES–96.95%** | **INVESTMENT COMPANIES–96.95%** | **INVESTMENT COMPANIES–96.95%** |
| **Equity Funds–79.08%** | **Equity Funds–79.08%** | **Equity Funds–79.08%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 724872 | $35251975 |
| LVIP Baron Growth <br> Opportunities Fund<br>| 93901 | 5932271 |
| LVIP Channing Small Cap <br> Value Fund<br>| 212520 | 2751278 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 329359 | 5495347 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 581301 | 8424221 |
| LVIP MFS Value Fund | 710494 | 38851260 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 606336 | 7815067 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 137368 | 2353113 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1607869 | 54191607 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 201636 | 7019355 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 343965 | 10650867 |
| LVIP Wellington SMID Cap <br> Value Fund<br>| 663888 | 16065432 |
|  |  | **194801793** |
| **Fixed Income Funds–17.63%** | **Fixed Income Funds–17.63%** | **Fixed Income Funds–17.63%** |
| \*Lincoln Bain Capital Total <br> Credit Fund<br>| 279505 | 2842572 |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 250917 | 2372670 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) | ✧✧Lincoln Variable Insurance Products <br> Trust- (continued) |  |
| LVIP Franklin Templeton <br> Core Bond Fund<br>| 593905 | $6925523 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 2974906 | 29618162 |
| LVIP SSGA Bond Index <br> Fund<br>| 164702 | 1662503 |
|  |  | **43421430** |
| **Global Equity Fund–0.24%** | **Global Equity Fund–0.24%** | **Global Equity Fund–0.24%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 75452 | 589357 |
|  |  | **589357** |
| **Total Affiliated Investments** <br>**(Cost $196,161,025)**<br>|  | **238812580** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.92%** | **UNAFFILIATED INVESTMENT–2.92%** |
| **INVESTMENT COMPANY–2.92%** | **INVESTMENT COMPANY–2.92%** |
| **Money Market Fund–2.92%** | **Money Market Fund–2.92%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 7181804 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $7,181,804)**<br>| **7181804** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.87% (Cost $203,342,829)** | **245994384** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.13%** | **330695** |
| **NET ASSETS APPLICABLE TO 18,612,830 SHARES OUTSTANDING–100.00%** | **$246325079** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*Class I shares.

LVIP Aggressive Growth Allocation Managed Risk Funds-3

------

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

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 10 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $1249000 | &nbsp;&nbsp; $1286693 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37693)<br>|
| 15 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 5169375 | &nbsp;&nbsp; 5166611 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 2764 | &nbsp;&nbsp; — |
| 4 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1330080 | &nbsp;&nbsp; 1350688 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (20608)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $2764 | &nbsp;&nbsp; $(58301)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| **ASSETS:** |  |  |
| Affiliated investments, at value | &nbsp;&nbsp; $329965416 | &nbsp;&nbsp; $238812580 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 9670360 | &nbsp;&nbsp; 7181804 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 687842 | &nbsp;&nbsp; 516066 |
| Receivable for fund shares sold | &nbsp;&nbsp; 279626 | &nbsp;&nbsp; 22194 |
| Dividends and interest receivable  | &nbsp;&nbsp; 31001 | &nbsp;&nbsp; 22940 |
| Prepaid expenses | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; 876 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 3168 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 64721 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 340636629 | &nbsp;&nbsp; 246624349 |
| **LIABILITIES:** |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 247739 | &nbsp;&nbsp; — |
| Due to manager and affiliates | &nbsp;&nbsp; 151070 | &nbsp;&nbsp; 107310 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 63930 | &nbsp;&nbsp; 64190 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 24225 | &nbsp;&nbsp; 88916 |
| Payable for audit fee | &nbsp;&nbsp; 17071 | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 14801 | &nbsp;&nbsp; 14791 |
| Other accrued expenses payable | &nbsp;&nbsp; 8505 | &nbsp;&nbsp; 6992 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 527341 | &nbsp;&nbsp; 299270 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $340109288 | &nbsp;&nbsp; $246325079 |
| Affiliated investments, at cost | &nbsp;&nbsp; $265262295 | &nbsp;&nbsp; $196161025 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 9670360 | &nbsp;&nbsp; 7181804 |
| **Standard Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $3090084 | &nbsp;&nbsp; $1417780 |
| Shares Outstanding | &nbsp;&nbsp; 237233 | &nbsp;&nbsp; 106831 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.026 | &nbsp;&nbsp; $13.271 |
| **Service Class:** |  |  |
| Net Assets | &nbsp;&nbsp; $337019204 | &nbsp;&nbsp; $244907299 |
| Shares Outstanding | &nbsp;&nbsp; 25960874 | &nbsp;&nbsp; 18505999 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.982 | &nbsp;&nbsp; $13.234 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $280398451 | &nbsp;&nbsp; $202609811 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 59710837 | &nbsp;&nbsp; 43715268 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $340109288 | &nbsp;&nbsp; $246325079 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends from affiliated investments | $6216680 | $3139623 |
| Dividends from unaffiliated investments | 430168 | 320136 |
|  | 6646848 | 3459759 |
| **EXPENSES:** |  |  |
| Management fees | 810344 | 578128 |
| Distribution fees-Service Class | 802902 | 574742 |
| Shareholder servicing fees | 94000 | 67063 |
| Accounting and administration expenses | 72911 | 63856 |
| Professional fees | 43583 | 41481 |
| Custodian fees | 13640 | 10370 |
| Trustees' fees and expenses | 9306 | 6630 |
| Reports and statements to shareholders | 8243 | 6771 |
| Consulting fees | 7751 | 7649 |
| Pricing fees | 2045 | 1083 |
| Other | 10120 | 6656 |
|  | 1874845 | 1364429 |
| Less:  |  |  |
| Management fees waived | (16207)<br>| (34688)<br>|
| Expenses reimbursed | (3813)<br>| (26558)<br>|
| Plus: |  |  |
| Recoupment of prior expenses reduced by the Advisor | 1524 |  |
| Total operating expenses | 1856349 | 1303183 |
| **NET INVESTMENT INCOME**  | 4790499 | 2156576 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) from: |  |  |
| Sale of affiliated investments | 122983 | (356768)<br>|
| Distributions from affiliated investment companies | 18171285 | 21069321 |
| Foreign currencies | 394 |  |
| Futures contracts | (3904418)<br>| (3212195)<br>|
| Net realized gain | 14390244 | 17500358 |
| Net change in unrealized appreciation (depreciation) of: |  |  |
| Affiliated investments | 24968823 | 382482 |
| Foreign currencies | 2627 |  |
| Futures contracts | 325321 | 182391 |
| Net change in unrealized appreciation (depreciation) | 25296771 | 564873 |
| **NET REALIZED AND UNREALIZED GAIN** | 39687015 | 18065231 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $44477514 | $20221807 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** | **LVIP Aggressive Growth Allocation Managed Risk Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $4790499 | $5365772 | $2156576 | $2702594 |
| Net realized gain | 14390244 | 9639305 | 17500358 | 10086654 |
| Net change in unrealized appreciation (depreciation) | 25296771 | 16433660 | 564873 | 16528272 |
| Net increase in net assets resulting from operations | 44477514 | 31438737 | 20221807 | 29317520 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class | (60052)<br>| (73622)<br>| (53722)<br>| (32470)<br>|
| Service Class | (5783047)<br>| (7186431)<br>| (8900700)<br>| (4095109)<br>|
|  | (5843099)<br>| (7260053)<br>| (8954422)<br>| (4127579)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 39069 | 264700 | 95999 | 360885 |
| Service Class | 16575955 | 41589028 | 29648948 | 31041894 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class | 60052 | 73622 | 53722 | 32470 |
| Service Class | 5783047 | 7186431 | 8900700 | 4095109 |
|  | 22458123 | 49113781 | 38699369 | 35530358 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (266317)<br>| (235378)<br>| (368673)<br>| (170059)<br>|
| Service Class | (35527689)<br>| (21904886)<br>| (28163423)<br>| (31961305)<br>|
|  | (35794006)<br>| (22140264)<br>| (28532096)<br>| (32131364)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (13335883)<br>| 26973517 | 10167273 | 3398994 |
| **NET INCREASE IN NET ASSETS** | 25298532 | 51152201 | 21434658 | 28588935 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year | 314810756 | 263658555 | 224890421 | 196301486 |
| End of year | $340109288 | $314810756 | $246325079 | $224890421 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-7

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.556 | &nbsp;&nbsp; $10.582 | &nbsp;&nbsp; $9.434 | &nbsp;&nbsp; $12.214 | &nbsp;&nbsp; $11.197 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.211 | 0.238 | 0.191 | 0.197 | 0.213 |
| Net realized and unrealized gain (loss) | 1.517 | 1.037 | 1.139 | &nbsp;&nbsp; (2.585)<br>| 1.431 |
| Total from investment operations | 1.728 | 1.275 | 1.330 | &nbsp;&nbsp; (2.388)<br>| 1.644 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.258)<br>| &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.231)<br>| &nbsp;&nbsp; (0.371)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.256)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.258)<br>| &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.182)<br>| &nbsp;&nbsp; (0.392)<br>| &nbsp;&nbsp; (0.627)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.026 | &nbsp;&nbsp; $11.556 | &nbsp;&nbsp; $10.582 | &nbsp;&nbsp; $9.434 | &nbsp;&nbsp; $12.214 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.94% | &nbsp;&nbsp; 12.05% | &nbsp;&nbsp; 14.09% | &nbsp;&nbsp; (19.54%)<br>| &nbsp;&nbsp; 14.73% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $3090 | &nbsp;&nbsp; $2903 | &nbsp;&nbsp; $2557 | &nbsp;&nbsp; $2429 | &nbsp;&nbsp; $3628 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<sup>3</sup><br>| &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.74% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.73% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-8

------

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Aggressive Growth Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.520 | &nbsp;&nbsp; $10.551 | &nbsp;&nbsp; $9.410 | &nbsp;&nbsp; $12.183 | &nbsp;&nbsp; $11.174 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.180 | 0.209 | 0.165 | 0.169 | 0.182 |
| Net realized and unrealized gain (loss) | 1.508 | 1.033 | 1.134 | &nbsp;&nbsp; (2.576)<br>| 1.428 |
| Total from investment operations | 1.688 | 1.242 | 1.299 | &nbsp;&nbsp; (2.407)<br>| 1.610 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.158)<br>| &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.345)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.256)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.158)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.601)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.982 | &nbsp;&nbsp; $11.520 | &nbsp;&nbsp; $10.551 | &nbsp;&nbsp; $9.410 | &nbsp;&nbsp; $12.183 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.64% | &nbsp;&nbsp; 11.77% | &nbsp;&nbsp; 13.80% | &nbsp;&nbsp; (19.74%)<br>| &nbsp;&nbsp; 14.45% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $337019 | &nbsp;&nbsp; $311908 | &nbsp;&nbsp; $261101 | &nbsp;&nbsp; $207793 | &nbsp;&nbsp; $243401 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<sup>3</sup><br>| &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.49% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.48% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-9

------

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

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.638 | &nbsp;&nbsp; $11.214 | &nbsp;&nbsp; $9.815 | &nbsp;&nbsp; $13.047 | &nbsp;&nbsp; $11.478 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.152 | 0.185 | 0.128 | 0.122 | 0.130 |
| Net realized and unrealized gain (loss) | 1.008 | 1.506 | 1.424 | &nbsp;&nbsp; (2.935)<br>| 1.952 |
| Total from investment operations | 1.160 | 1.691 | 1.552 | &nbsp;&nbsp; (2.813)<br>| 2.082 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.187)<br>| &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.150)<br>| &nbsp;&nbsp; (0.137)<br>| &nbsp;&nbsp; (0.327)<br>|
| Net realized gain | &nbsp;&nbsp; (0.340)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.266)<br>| &nbsp;&nbsp; (0.186)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.527)<br>| &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.153)<br>| &nbsp;&nbsp; (0.419)<br>| &nbsp;&nbsp; (0.513)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.271 | &nbsp;&nbsp; $12.638 | &nbsp;&nbsp; $11.214 | &nbsp;&nbsp; $9.815 | &nbsp;&nbsp; $13.047 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 9.21% | &nbsp;&nbsp; 15.09% | &nbsp;&nbsp; 15.80% | &nbsp;&nbsp; (21.56%)<br>| &nbsp;&nbsp; 18.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1418 | &nbsp;&nbsp; $1566 | &nbsp;&nbsp; $1189 | &nbsp;&nbsp; $1010 | &nbsp;&nbsp; $1274 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.02% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 0.99% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-10

------

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

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** | **LVIP U.S. Aggressive Growth Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.607 | &nbsp;&nbsp; $11.188 | &nbsp;&nbsp; $9.794 | &nbsp;&nbsp; $13.019 | &nbsp;&nbsp; $11.459 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.119 | 0.153 | 0.101 | 0.094 | 0.098 |
| Net realized and unrealized gain (loss) | 1.003 | 1.502 | 1.420 | &nbsp;&nbsp; (2.926)<br>| 1.946 |
| Total from investment operations | 1.122 | 1.655 | 1.521 | &nbsp;&nbsp; (2.832)<br>| 2.044 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.155)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.124)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.298)<br>|
| Net realized gain | &nbsp;&nbsp; (0.340)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.266)<br>| &nbsp;&nbsp; (0.186)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>| &nbsp;&nbsp; (0.016)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.495)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.127)<br>| &nbsp;&nbsp; (0.393)<br>| &nbsp;&nbsp; (0.484)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.234 | &nbsp;&nbsp; $12.607 | &nbsp;&nbsp; $11.188 | &nbsp;&nbsp; $9.794 | &nbsp;&nbsp; $13.019 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.94% | &nbsp;&nbsp; 14.80% | &nbsp;&nbsp; 15.52% | &nbsp;&nbsp; (21.76%)<br>| &nbsp;&nbsp; 17.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $244907 | &nbsp;&nbsp; $223324 | &nbsp;&nbsp; $195112 | &nbsp;&nbsp; $168494 | &nbsp;&nbsp; $199866 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.74% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-11

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Global Aggressive Growth Allocation Managed Risk Fund and LVIP U.S. Aggressive Growth Allocation Managed Risk Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in investment companies, that are advised by Lincoln Financial Investments Corporation ("LFI") or unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP Global Aggressive Growth Allocation Managed Risk Fund and the LVIP U.S. Aggressive Growth Allocation Managed Risk Fund is to seek capital appreciation.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Funds value Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with LVIP Global Aggressive Growth Allocation Managed Risk Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Gains or losses attributable to changes in foreign exchange rates are included in the Statements of Operations under "Net realized gain (loss) on foreign currencies". The LVIP Global Aggressive Growth Allocation Managed Risk Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Aggressive Growth Allocation Managed Risk Funds-12

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, including monitoring of each Fund's investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee for each Fund. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

The waiver amount of each Fund's average daily net assets are as follows:

---

| | |
|:---|:---|
| **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| 0.005<br> %<br>| 0.015<br> %<br>|

---

LFI has also contractually agreed to reimburse each Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed certain expense limits. The reimbursement is accrued daily and received monthly. The agreements will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The expense limits as a percentage of each Fund's average daily net assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Standard Class | 0.325<br> %<br>| 0.315<br> %<br>|
| Service Class | 0.575<br> %<br>| 0.565<br> %<br>|

---

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. Each Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that each Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has recouped $1,524 in previously reimbursed Fund expenses from the LVIP Global Aggressive Growth Allocation Managed Risk Fund.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LVIP Global Aggressive Growth Allocation <br> Managed Risk Fund<br>| &nbsp;&nbsp; $38793 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3813 | &nbsp;&nbsp; $42606 |
| LVIP U.S. Aggressive Growth Allocation <br> Managed Risk Fund<br>| &nbsp;&nbsp; $43337 | &nbsp;&nbsp; $28323 | &nbsp;&nbsp; $26558 | &nbsp;&nbsp; $98218 |

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' managed risk strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

LVIP Aggressive Growth Allocation Managed Risk Funds-13

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Administrative | &nbsp;&nbsp; $26649 | &nbsp;&nbsp; $18996 |
| Legal | &nbsp;&nbsp; 4431 | &nbsp;&nbsp; 3161 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2025, these fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $1785 | &nbsp;&nbsp; $1378 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, each Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $1165 | &nbsp;&nbsp; $3168 |
| Management fees payable to LFI | &nbsp;&nbsp; 70941 | &nbsp;&nbsp; 49202 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 71732 | &nbsp;&nbsp; 52036 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 8397 | &nbsp;&nbsp; 6072 |

---

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

LVIP Aggressive Growth Allocation Managed Risk Funds-14

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP and Lincoln Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of each Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

**<u>LVIP Global Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANIES-97.02%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-51.74%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large <br> Cap Growth Fund<br>| $16429899 | $6990839 | $2869798 | $173609 | $(3761409)<br>| $— | $16963140 | 348806 | $— | $5603780 |
| ✧✧LVIP BlackRock Equity Dividend <br> Fund<br>| 20767881 | 5311604 | 2591226 | (130595)<br>| 322430 |  | 23680094 | 918616 | 379247 | 2222221 |
| ✧✧LVIP Channing Small Cap Value <br> Fund<br>| 2253238 | 622637 | 413841 | (11293)<br>| 95624 |  | 2546365 | 196691 | 20105 | 79758 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap Equity <br> Fund<br>| 25775072 | 4039351 | 3908018 | (62653)<br>| 3215719 |  | 29059471 | 1741653 | 268735 | 1204835 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap Equity <br> Fund<br>| 3652982 | 3740051 | 748325 | (61478)<br>| 931676 | (6843)<br>| 7508063 | 518083 | 70882 |  |
| ✧✧LVIP Nomura Mid-Cap Index <br> Fund<br>| 7266583 | 2824171 | 969238 | (68283)<br>| (1105)<br>|  | 9052128 | 206811 | 118179 | 970931 |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 16371619 | 3589754 | 2035582 | (150969)<br>| (124582)<br>|  | 17650240 | 1369403 | 200026 | 1143683 |
| ✧✧LVIP SSGA Nasdaq-100 Index <br> Fund<br>| 3113876 | 327620 | 651508 | 92394 | 369508 |  | 3251890 | 189836 | 5884 | 114381 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 47386146 | 5346354 | 7696239 | 82682 | 4854949 |  | 49973892 | 1482729 | 483644 | 2288122 |
| ✧✧LVIP SSGA Small-Cap Index <br> Fund<br>| 9492951 | 737858 | 3186083 | 240351 | 147307 | 3793 | 7436177 | 213610 | 50769 | 347556 |
| ✧✧LVIP T. Rowe Price Structured <br> Mid-Cap Growth Fund<br>| 7376094 | 3329568 | 1349396 | (115906)<br>| (402718)<br>|  | 8837642 | 285408 |  | 1235583 |
| **Fixed Income Funds-17.65%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| \*‡Lincoln Bain Capital Total Credit <br> Fund<br>|  | 4051174 |  |  | (107568)<br>|  | 3943606 | 387769 | 123665 | 1433 |
| ✧✧LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 3115457 | 431780 | 415186 | (17621)<br>| 164801 |  | 3279231 | 346788 | 26246 |  |
| ✧✧LVIP Franklin Templeton Core <br> Bond Fund<br>| 23869991 | 1772065 | 15638260 | (1093380)<br>| 1739124 |  | 10649540 | 913261 | 442386 |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 21312928 | 20628259 | 1590174 | (9834)<br>| 890486 |  | 41231665 | 4141389 | 1461071 |  |
| ✧✧LVIP SSGA Bond Index Fund | 8488369 | 476944 | 8443321 | (190991)<br>| 579757 | (278)<br>| 910480 | 90200 | 95072 |  |
| **Global Equity Fund-0.33%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate <br> Fund<br>| 1798253 | 189512 | 913978 | 30697 | 38799 | (3075)<br>| 1140208 | 145974 | 36262 |  |
| **International Equity** <br> **Funds-27.30%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Emerging Markets <br> Equity Fund<br>| 3526847 | 986385 | 952113 | 31183 | 1010295 | (5974)<br>| 4596623 | 456467 | 124326 |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 8486704 | 1533545 | 1802367 | 81034 | 2279008 | (1579)<br>| 10576345 | 1009386 | 340247 | 57768 |
| ✧✧LVIP Loomis Sayles Global <br> Growth Fund<br>| 6185550 | 1095119 | 1123767 | 136670 | 208587 |  | 6502159 | 338214 | (119)<br>| 643855 |
| ✧✧LVIP MFS International Growth <br> Fund<br>| 19206705 | 3430068 | 3433827 | (39176)<br>| 1544558 |  | 20708328 | 975336 | 297276 | 1619089 |
| ✧✧LVIP Mondrian International <br> Value Fund<br>| 22557675 | 2384688 | 6786046 | 504991 | 5151393 |  | 23812701 | 1120334 | 874875 | 638290 |
| ✧✧LVIP SSGA Emerging Markets <br> Equity Index Fund<br>| 10568264 | 653322 | 4159056 | 316651 | 2301510 |  | 9680691 | 716663 | 269101 |  |

---

LVIP Aggressive Growth Allocation Managed Risk Funds-15

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Aggressive Growth Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP SSGA International Index <br> Fund<br>| $16559277 | $1152310 | $4642424 | $384900 | $3520674 | $— | $16974737 | 1278796 | $528801 | $— |
| Total | $305562361 | $75644978 | $76319773 | $122983 | $24968823 | $(13956)<br>| $329965416 |  | $6216680 | $18171285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |
| <sup>\*</sup> Class I shares. |
| <sup>‡</sup> Issuer was not an investment of the Fund at December 31, 2024. |

---

**<u>LVIP U.S. Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANIES-96.95%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-79.08%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large <br> Cap Growth Fund<br>| $33336608 | $15077943 | $5858928 | $502655 | $(7806303)<br>| $— | $35251975 | 724872 | $— | $11620459 |
| ✧✧LVIP Baron Growth <br> Opportunities Fund<br>| 5371671 | 2498936 | 706243 | (46569)<br>| (1185524)<br>|  | 5932271 | 93901 | (6931)<br>| 651868 |
| ✧✧LVIP Channing Small Cap Value <br> Fund<br>| 2420605 | 698961 | 459667 | (9001)<br>| 100380 |  | 2751278 | 212520 | 21503 | 86030 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap Equity <br> Fund<br>| 4414792 | 1279333 | 724242 | (78)<br>| 525542 |  | 5495347 | 329359 | 50372 | 201376 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap Equity <br> Fund<br>| 6285452 | 2366628 | 1122160 | (63271)<br>| 969422 | (11850)<br>| 8424221 | 581301 | 74614 |  |
| ✧✧LVIP MFS Value Fund | 34191290 | 8618216 | 5125283 | (148942)<br>| 1315979 |  | 38851260 | 710494 | 627181 | 2510488 |
| ✧✧LVIP SSGA Mid-Cap Index Fund | 7495503 | 1817240 | 1371150 | (71424)<br>| (55102)<br>|  | 7815067 | 606336 | 87802 | 505492 |
| ✧✧LVIP SSGA Nasdaq-100 Index <br> Fund<br>| 2240167 | 319712 | 540614 | 78985 | 254863 |  | 2353113 | 137368 | 4201 | 82584 |
| ✧✧LVIP SSGA S&P 500 Index Fund | 50260945 | 8327985 | 9714981 | 104922 | 5212736 |  | 54191607 | 1607869 | 519865 | 2476036 |
| ✧✧LVIP SSGA Small-Cap Index <br> Fund<br>| 7737850 | 1130590 | 2262145 | 117652 | 293530 | 1878 | 7019355 | 201636 | 50486 | 327311 |
| ✧✧LVIP T. Rowe Price Structured <br> Mid-Cap Growth Fund<br>| 9208288 | 3454798 | 1459668 | (24277)<br>| (528274)<br>|  | 10650867 | 343965 |  | 1479497 |
| ✧✧LVIP Wellington SMID Cap Value <br> Fund<br>| 13320298 | 5449907 | 1775331 | (197302)<br>| (732140)<br>|  | 16065432 | 663888 | 158349 | 1127146 |
| **Fixed Income Funds-17.63%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| \*‡Lincoln Bain Capital Total Credit <br> Fund<br>|  | 2920111 |  |  | (77539)<br>|  | 2842572 | 279505 | 89139 | 1034 |
| ✧✧LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 2241195 | 406744 | 380450 | (13615)<br>| 118796 |  | 2372670 | 250917 | 18899 |  |
| ✧✧LVIP Franklin Templeton Core <br> Bond Fund<br>| 15908167 | 2221055 | 11605839 | (475953)<br>| 878093 |  | 6925523 | 593905 | 284742 |  |
| ✧✧LVIP JPMorgan Core Bond Fund | 15657533 | 14416183 | 1100861 | (4219)<br>| 649526 |  | 29618162 | 2974906 | 1040322 |  |
| ✧✧LVIP SSGA Bond Index Fund | 7046235 | 745793 | 6433116 | (138189)<br>| 442012 | (232)<br>| 1662503 | 164702 | 100784 |  |
| **Global Equity Fund-0.24%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate <br> Fund<br>| 1077915 | 133210 | 658255 | 31858 | 6485 | (1856)<br>| 589357 | 75452 | 18295 |  |
| Total | $218214514 | $71883345 | $51298933 | $(356768)<br>| $382482 | $(12060)<br>| $238812580 |  | $3139623 | $21069321 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |
| <sup>\*</sup> Class I shares. |
| <sup>‡</sup> Issuer was not an investment of the Fund at December 31, 2024. |

---

LVIP Aggressive Growth Allocation Managed Risk Funds-16

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the year ended December 31, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Purchases | &nbsp;&nbsp; $75644978 | &nbsp;&nbsp; $71883345 |
| Sales | &nbsp;&nbsp; 76319773 | &nbsp;&nbsp; 51298933 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $283187932 | &nbsp;&nbsp; $210075801 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $56880845 | &nbsp;&nbsp; $36734454 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (426038)<br>| &nbsp;&nbsp; (815870)<br>|
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $56454807 | &nbsp;&nbsp; $35918584 |

---

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund's investments by fair value hierarchy levels as of December 31, 2025:

**LVIP Global Aggressive Growth Allocation Managed Risk Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $326021810 | &nbsp;&nbsp; $3943606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $329965416 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 9670360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9670360 |
| **Total Investments** | &nbsp;&nbsp; $335692170 | &nbsp;&nbsp; $3943606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $339635776 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $56223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56223 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(56745)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56745)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

LVIP Aggressive Growth Allocation Managed Risk Funds-17

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $235970008 | &nbsp;&nbsp; $2842572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $238812580 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 7181804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7181804 |
| **Total Investments** | &nbsp;&nbsp; $243151812 | &nbsp;&nbsp; $2842572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $245994384 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $2764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2764 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(58301)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(58301)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to wash sale and straddle loss deferrals, mark-to-market adjustments on certain derivatives and adjustments related to distributions from underlying regulated investment companies (RICS). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global** <br> **Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| **Year ended December 31, 2025** |  |  |
| Ordinary income | &nbsp;&nbsp; $5843099 | &nbsp;&nbsp; $2857956 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 6096466 |
| Total | &nbsp;&nbsp; $5843099 | &nbsp;&nbsp; $8954422 |
| **Year ended December 31, 2024** |  |  |
| Ordinary income | &nbsp;&nbsp; $7260053 | &nbsp;&nbsp; $4127579 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global** <br> **Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $276537 | &nbsp;&nbsp; $102460 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 14328931 | &nbsp;&nbsp; 19014291 |
| Other temporary differences | &nbsp;&nbsp; (11349438)<br>| &nbsp;&nbsp; (11320067)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 56454807 | &nbsp;&nbsp; 35918584 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $59710837 | &nbsp;&nbsp; $43715268 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications.For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Funds had no capital loss carryforwards for federal income tax purposes.

LVIP Aggressive Growth Allocation Managed Risk Funds-18

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

In 2025, the Funds utilized the following capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **LVIP**<br> **Global** <br> **Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP**<br> **U.S. Aggressive**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; $252850 | &nbsp;&nbsp; $— |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **Global Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP**<br> **U.S. Aggressive**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 3062 | &nbsp;&nbsp; 23827 | &nbsp;&nbsp; 7265 | &nbsp;&nbsp; 29212 |
| Service Class | &nbsp;&nbsp; 1361718 | &nbsp;&nbsp; 3636570 | &nbsp;&nbsp; 2305629 | &nbsp;&nbsp; 2550030 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 4580 | &nbsp;&nbsp; 6383 | &nbsp;&nbsp; 4045 | &nbsp;&nbsp; 2578 |
| Service Class | &nbsp;&nbsp; 442543 | &nbsp;&nbsp; 625001 | &nbsp;&nbsp; 673314 | &nbsp;&nbsp; 325992 |
|  | &nbsp;&nbsp; 1811903 | &nbsp;&nbsp; 4291781 | &nbsp;&nbsp; 2990253 | &nbsp;&nbsp; 2907812 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (21625)<br>| &nbsp;&nbsp; (20678)<br>| &nbsp;&nbsp; (28396)<br>| &nbsp;&nbsp; (13924)<br>|
| Service Class | &nbsp;&nbsp; (2918711)<br>| &nbsp;&nbsp; (1932660)<br>| &nbsp;&nbsp; (2187496)<br>| &nbsp;&nbsp; (2601660)<br>|
|  | &nbsp;&nbsp; (2940336)<br>| &nbsp;&nbsp; (1953338)<br>| &nbsp;&nbsp; (2215892)<br>| &nbsp;&nbsp; (2615584)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (1128433)<br>| &nbsp;&nbsp; 2338443 | &nbsp;&nbsp; 774361 | &nbsp;&nbsp; 292228 |

---

**7. Line of Credit**

The Funds, along with other funds in the Trust ("Participants"), are participants in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Funds had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments,

LVIP Aggressive Growth Allocation Managed Risk Funds-19

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, each Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and as a cash management tool. The LVIP Global Aggressive Growth Allocation Managed Risk Fund used futures to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP Global Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $43460 | Variation margin due to broker on futures <br> contracts<br>| $(55965)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 12763 | Variation margin due to broker on futures <br> contracts<br>| (780)<br>|
| Total |  | $56223 |  | $(56745)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(3374168)<br>| &nbsp;&nbsp; $273584 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (530250)<br>| &nbsp;&nbsp; 51737 |
| Total |  | &nbsp;&nbsp; $(3904418)<br>| &nbsp;&nbsp; $325321 |

---

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP U.S. Aggressive Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $2764 | Variation margin due to broker on futures <br> contracts<br>| $(58301)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(3212195)<br>| &nbsp;&nbsp; $182391 |

---

LVIP Aggressive Growth Allocation Managed Risk Funds-20

------

**LVIP Aggressive Growth Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the year ended December 31, 2025.

---

| | |
|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP Global Aggressive Growth Allocation Managed Risk Fund | &nbsp;&nbsp; $10695843 |
| LVIP U.S. Aggressive Growth Allocation Managed Risk Fund | &nbsp;&nbsp; 6696938 |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**10. Contractual Obligations**

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. The Funds invest primarily in other regulated investment companies and management of the Funds has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Funds did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP Aggressive Growth Allocation Managed Risk Funds-21

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP Global Aggressive Growth Allocation Managed Risk Fund and LVIP U.S. Aggressive Growth Allocation Managed Risk Fund and the Board of Trustees of Lincoln Variable Insurance Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of LVIP Global Aggressive Growth Allocation Managed Risk Fund and LVIP U.S. Aggressive Growth Allocation Managed Risk Fund (collectively referred to as the "Funds") (two of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedules of investments as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (two of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgc37f52283.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Aggressive Growth Allocation Managed Risk Funds–22

------

![](img9265f9b51.jpg)

![](img069a22e32.jpg)

LVIP AllianceBernstein Large Cap Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP AllianceBernstein Large Cap Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_e563e9b0-4f26-4a47-a463-456e862e83cb_SOI-continued-262_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_e563e9b0-4f26-4a47-a463-456e862e83cb_FS-continued-262_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_e563e9b0-4f26-4a47-a463-456e862e83cb_FS-continued-262_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_e563e9b0-4f26-4a47-a463-456e862e83cb_FIHI-continued-262_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_e563e9b0-4f26-4a47-a463-456e862e83cb_NTF-continued-262_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e563e9b0-4f26-4a47-a463-456e862e83cb_AUDIT-continued-262_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–96.92%** | **COMMON STOCK–96.92%** | **COMMON STOCK–96.92%** |
| **Automobiles–0.72%** | **Automobiles–0.72%** | **Automobiles–0.72%** |
| Ferrari NV | 31230 | $11541359 |
|  |  | **11541359** |
| **Beverages–2.66%** | **Beverages–2.66%** | **Beverages–2.66%** |
| †Celsius Holdings, Inc. | 269096 | 12308451 |
| †Monster Beverage Corp. | 395879 | 30352043 |
|  |  | **42660494** |
| **Biotechnology–1.85%** | **Biotechnology–1.85%** | **Biotechnology–1.85%** |
| †Argenx SE ADR | 4940 | 4154293 |
| †Genmab AS ADR | 161132 | 4962865 |
| †Vertex Pharmaceuticals, Inc. | 45541 | 20646468 |
|  |  | **29763626** |
| **Broadline Retail–7.26%** | **Broadline Retail–7.26%** | **Broadline Retail–7.26%** |
| †Amazon.com, Inc. | 504858 | 116531324 |
|  |  | **116531324** |
| **Building Products–0.20%** | **Building Products–0.20%** | **Building Products–0.20%** |
| †Trex Co., Inc. | 90225 | 3165093 |
|  |  | **3165093** |
| **Capital Markets–0.92%** | **Capital Markets–0.92%** | **Capital Markets–0.92%** |
| Cboe Global Markets, Inc. | 58690 | 14731190 |
|  |  | **14731190** |
| **Chemicals–0.97%** | **Chemicals–0.97%** | **Chemicals–0.97%** |
| Sherwin-Williams Co. | 48200 | 15618246 |
|  |  | **15618246** |
| **Commercial Services & Supplies–0.40%** | **Commercial Services & Supplies–0.40%** | **Commercial Services & Supplies–0.40%** |
| †Copart, Inc. | 165863 | 6493536 |
|  |  | **6493536** |
| **Communications Equipment–0.29%** | **Communications Equipment–0.29%** | **Communications Equipment–0.29%** |
| Motorola Solutions, Inc. | 12048 | 4618239 |
|  |  | **4618239** |
| **Consumer Staples Distribution & Retail–1.68%** | **Consumer Staples Distribution & Retail–1.68%** | **Consumer Staples Distribution & Retail–1.68%** |
| Costco Wholesale Corp. | 31287 | 26980032 |
|  |  | **26980032** |
| **Diversified Telecommunication Services–0.00%** | **Diversified Telecommunication Services–0.00%** | **Diversified Telecommunication Services–0.00%** |
| =†πMagic Leap, Inc. Class A | 4690 | 0 |
|  |  | **0** |
| **Entertainment–2.83%** | **Entertainment–2.83%** | **Entertainment–2.83%** |
| †Netflix, Inc. | 485440 | 45514854 |
|  |  | **45514854** |
| **Financial Services–4.24%** | **Financial Services–4.24%** | **Financial Services–4.24%** |
| †Toast, Inc. Class A | 144320 | 5124803 |
| Visa, Inc. Class A | 179530 | 62962967 |
|  |  | **68087770** |
| **Ground Transportation–0.64%** | **Ground Transportation–0.64%** | **Ground Transportation–0.64%** |
| †Saia, Inc. | 31285 | 10215178 |
|  |  | **10215178** |
| **Health Care Equipment & Supplies–4.03%** | **Health Care Equipment & Supplies–4.03%** | **Health Care Equipment & Supplies–4.03%** |
| Abbott Laboratories | 97650 | 12234568 |
| †Dexcom, Inc. | 85970 | 5705829 |
| †Intuitive Surgical, Inc. | 46463 | 26314785 |
| Stryker Corp. | 58047 | 20401779 |
|  |  | **64656961** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services–1.81%** | **Health Care Providers & Services–1.81%** | **Health Care Providers & Services–1.81%** |
| McKesson Corp. | 24300 | $19933047 |
| UnitedHealth Group, Inc. | 27899 | 9209739 |
|  |  | **29142786** |
| **Health Care Technology–1.16%** | **Health Care Technology–1.16%** | **Health Care Technology–1.16%** |
| †Veeva Systems, Inc. Class A | 83158 | 18563360 |
|  |  | **18563360** |
| **Hotels, Restaurants & Leisure–1.79%** | **Hotels, Restaurants & Leisure–1.79%** | **Hotels, Restaurants & Leisure–1.79%** |
| †Cava Group, Inc. | 104420 | 6128410 |
| †Chipotle Mexican Grill, Inc. | 411347 | 15219839 |
| Texas Roadhouse, Inc. | 45070 | 7481620 |
|  |  | **28829869** |
| **Household Durables–0.26%** | **Household Durables–0.26%** | **Household Durables–0.26%** |
| Garmin Ltd. | 20280 | 4113798 |
|  |  | **4113798** |
| **Insurance–0.73%** | **Insurance–0.73%** | **Insurance–0.73%** |
| Progressive Corp. | 51300 | 11682036 |
|  |  | **11682036** |
| **Interactive Media & Services–13.61%** | **Interactive Media & Services–13.61%** | **Interactive Media & Services–13.61%** |
| Alphabet, Inc. Class C | 404995 | 127087431 |
| Meta Platforms, Inc. Class A | 125737 | 82997736 |
| †Reddit, Inc. Class A | 37005 | 8506340 |
|  |  | **218591507** |
| **IT Services–0.64%** | **IT Services–0.64%** | **IT Services–0.64%** |
| †Shopify, Inc. Class A | 64410 | 10368078 |
|  |  | **10368078** |
| **Life Sciences Tools & Services–1.34%** | **Life Sciences Tools & Services–1.34%** | **Life Sciences Tools & Services–1.34%** |
| †Mettler-Toledo International, <br> Inc.<br>| 9750 | 13593352 |
| †Waters Corp. | 20754 | 7882992 |
|  |  | **21476344** |
| **Machinery–0.45%** | **Machinery–0.45%** | **Machinery–0.45%** |
| Otis Worldwide Corp. | 82833 | 7235463 |
|  |  | **7235463** |
| **Metals & Mining–0.02%** | **Metals & Mining–0.02%** | **Metals & Mining–0.02%** |
| =†πCelonis SE | 2137 | 382181 |
|  |  | **382181** |
| **Pharmaceuticals–3.21%** | **Pharmaceuticals–3.21%** | **Pharmaceuticals–3.21%** |
| Eli Lilly & Co. | 47972 | 51554549 |
|  |  | **51554549** |
| **Professional Services–1.58%** | **Professional Services–1.58%** | **Professional Services–1.58%** |
| Broadridge Financial <br> Solutions, Inc.<br>| 37250 | 8313082 |
| Verisk Analytics, Inc. | 75975 | 16994848 |
|  |  | **25307930** |
| **Semiconductors & Semiconductor Equipment–20.55%** | **Semiconductors & Semiconductor Equipment–20.55%** | **Semiconductors & Semiconductor Equipment–20.55%** |
| Applied Materials, Inc. | 37214 | 9563626 |
| ASML Holding NV. | 9769 | 10451462 |
| †Astera Labs, Inc. | 31213 | 5192595 |
| Broadcom, Inc. | 256100 | 88636210 |
| NVIDIA Corp. | 822477 | 153391961 |
| QUALCOMM, Inc. | 74622 | 12764093 |

---

LVIP AllianceBernstein Large Cap Growth Fund-1

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 110460 | $33567689 |
| Texas Instruments, Inc. | 94164 | 16336512 |
|  |  | **329904148** |
| **Software–12.88%** | **Software–12.88%** | **Software–12.88%** |
| †AppLovin Corp. Class A | 24218 | 16318573 |
| †Cadence Design Systems, <br> Inc.<br>| 38848 | 12143108 |
| =†πEpic Games, Inc. | 6539 | 4115450 |
| Intuit, Inc. | 18580 | 12307764 |
| †Manhattan Associates, Inc. | 43134 | 7475553 |
| Microsoft Corp. | 282101 | 136429686 |
| †Procore Technologies, Inc. | 95260 | 6929212 |
| †ServiceNow, Inc. | 72410 | 11092488 |
|  |  | **206811834** |
| **Specialty Retail–3.32%** | **Specialty Retail–3.32%** | **Specialty Retail–3.32%** |
| Home Depot, Inc. | 67669 | 23284903 |
| TJX Cos., Inc. | 122520 | 18820297 |
| Tractor Supply Co. | 222619 | 11133176 |
|  |  | **53238376** |
| **Technology Hardware, Storage & Peripherals–3.90%** | **Technology Hardware, Storage & Peripherals–3.90%** | **Technology Hardware, Storage & Peripherals–3.90%** |
| Apple, Inc. | 230089 | 62551996 |
|  |  | **62551996** |
| **Textiles, Apparel & Luxury Goods–0.44%** | **Textiles, Apparel & Luxury Goods–0.44%** | **Textiles, Apparel & Luxury Goods–0.44%** |
| †On Holding AG Class A | 152406 | 7083831 |
|  |  | **7083831** |
| **Trading Companies & Distributors–0.54%** | **Trading Companies & Distributors–0.54%** | **Trading Companies & Distributors–0.54%** |
| United Rentals, Inc. | 10684 | 8646775 |
|  |  | **8646775** |
| **Total Common Stock** <br>**(Cost $745,614,590)** | **Total Common Stock** <br>**(Cost $745,614,590)** | **1556062763** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE PREFERRED STOCKS–0.81%** | **CONVERTIBLE PREFERRED STOCKS–0.81%** | **CONVERTIBLE PREFERRED STOCKS–0.81%** |
| =†πCelonis SE Series D | 6459 | $1155128 |
| =†πFormagrid, Inc. Series F | 10238 | 506474 |
| =†πNuro, Inc. Series C | 189324 | 2858792 |
| =†πNuro, Inc. Series D | 41493 | 634428 |
| =†πRappi, Inc. Series E | 36866 | 655109 |
| =†πRedwood Materials, Inc. <br> Series C<br>| 40061 | 1885671 |
| =†πRedwood Materials, Inc. <br> Series D<br>| 41085 | 1933871 |
| =†πSila Nanotechnologies, Inc. <br> Series F<br>| 35141 | 640269 |
| =†πWaymo LLC Series A-2 | 17257 | 2677596 |
| **Total Convertible Preferred Stocks** <br>**(Cost $16,620,960)** | **Total Convertible Preferred Stocks** <br>**(Cost $16,620,960)** | **12947338** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–2.36%** | **MONEY MARKET FUND–2.36%** | **MONEY MARKET FUND–2.36%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 37826981 | 37826981 |
| **Total Money Market Fund** <br>**(Cost $37,826,981)** | **Total Money Market Fund** <br>**(Cost $37,826,981)** | **37826981** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.09% (Cost $800,062,531)** | **1606837082** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.09%)** | **(1383511)**<br>|
| **NET ASSETS APPLICABLE TO 33,673,576 SHARES OUTSTANDING–100.00%** | **$1605453571** |
| **NET ASSET VALUE PER SHARE–LVIP ALLIANCEBERNSTEIN LARGE CAP GROWTH FUND STANDARD CLASS** <br>**($1,224,362,449 / 25,176,070 Shares)** | **$48.632** |
| **NET ASSET VALUE PER SHARE–LVIP ALLIANCEBERNSTEIN LARGE CAP GROWTH FUND SERVICE CLASS** <br>**($381,091,122 / 8,497,506 Shares)** | **$44.847** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$678002215** |
| Distributable earnings/(accumulated loss) | **927451356** |
| **TOTAL NET ASSETS** | **$1605453571** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

LVIP AllianceBernstein Large Cap Growth Fund-2

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Statement of Net Assets (continued)**

πRestricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, or have certain <br> restrictions on resale which may limit their liquidity. At December 31, 2025, the aggregate value of restricted securities was $17,444,969, <br> which represented 1.09% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) <br> with respect to these securities.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Celonis SE | 6/17/2021 | &nbsp;&nbsp; $790241 | &nbsp;&nbsp; $382181 |
| Celonis SE Series D | 6/17/2021 | &nbsp;&nbsp; 2388489 | &nbsp;&nbsp; 1155128 |
| Epic Games, Inc. | 6/18/2020 | &nbsp;&nbsp; 4238405 | &nbsp;&nbsp; 4115450 |
| Formagrid, Inc. Series F | 12/8/2021 | &nbsp;&nbsp; 1917419 | &nbsp;&nbsp; 506474 |
| Magic Leap, Inc. Class A | 9/20/2021 | &nbsp;&nbsp; 2280091 | &nbsp;&nbsp; 0 |
| Nuro, Inc. Series C | 10/30/2020 | &nbsp;&nbsp; 2471549 | &nbsp;&nbsp; 2858792 |
| Nuro, Inc. Series D | 10/29/2021 | &nbsp;&nbsp; 864951 | &nbsp;&nbsp; 634428 |
| Rappi, Inc. Series E | 9/8/2020 | &nbsp;&nbsp; 2202598 | &nbsp;&nbsp; 655109 |
| Redwood Materials, Inc. Series C | 5/28/2021 | &nbsp;&nbsp; 1899030 | &nbsp;&nbsp; 1885671 |
| Redwood Materials, Inc. Series D | 3/6/2023 | &nbsp;&nbsp; 1944746 | &nbsp;&nbsp; 1933871 |
| Sila Nanotechnologies, Inc. Series F | 1/7/2021 | &nbsp;&nbsp; 1450368 | &nbsp;&nbsp; 640269 |
| Waymo LLC Series A-2 | 5/8/2020 | &nbsp;&nbsp; 1481810 | &nbsp;&nbsp; 2677596 |
| **Total** |  | &nbsp;&nbsp; $23929697 | &nbsp;&nbsp; $17444969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,097,373 payable for fund shares redeemed, $18,683 other accrued expenses payable, $894,681 due to manager and affiliates, <br> $25,681 payable for audit fee and $129,628 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| IT–Information Technology |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP AllianceBernstein Large Cap Growth Fund** | **LVIP AllianceBernstein Large Cap Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $8484889 |
| Foreign taxes withheld | (86568)<br>|
|  | 8398321 |
| **EXPENSES:** |  |
| Management fees | 9964003 |
| Distribution fees-Service Class | 948237 |
| Shareholder servicing fees | 459844 |
| Accounting and administration expenses | 293956 |
| Professional fees | 87927 |
| Trustees' fees and expenses | 45887 |
| Reports and statements to shareholders | 33762 |
| Custodian fees | 33713 |
| Consulting fees | 18403 |
| Pricing fees | 7721 |
| Other | 40540 |
|  | 11933993 |
| Less:  |  |
| Management fees waived | (1030684)<br>|
| Total operating expenses | 10903309 |
| **NET INVESTMENT LOSS** | (2504988)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 127895759 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 78690099 |
| Foreign currencies | 871 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 78690970 |
| **NET REALIZED AND UNREALIZED GAIN** | 206586729 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $204081741 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP AllianceBernstein Large Cap Growth Fund** | **LVIP AllianceBernstein Large Cap Growth Fund** | **LVIP AllianceBernstein Large Cap Growth Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment loss | $(2504988)<br>| $(2739590)<br>|
| Net realized gain | 127895759 | 567083406 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 78690970 | (187132519)<br>|
| Net increase in net assets <br> resulting from operations<br>| 204081741 | 377211297 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (410908466)<br>| (11489881)<br>|
| Service Class | (137156563)<br>| (3767541)<br>|
|  | (548065029)<br>| (15257422)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 104272947 | 116213330 |
| Service Class | 23948460 | 26497334 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 410908466 | 11489881 |
| Service Class | 137156563 | 3767541 |
|  | 676286436 | 157968086 |
| Cost of shares redeemed: |  |  |
| Standard Class | (275219201)<br>| (326840759)<br>|
| Service Class | (84187964)<br>| (94777962)<br>|
|  | (359407165)<br>| (421618721)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 316879271 | (263650635)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (27104017)<br>| 98303240 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1632557588 | 1534254348 |
| End of year | $1605453571 | $1632557588 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-4

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** | **LVIP AllianceBernstein Large Cap Growth Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $63.767 | &nbsp;&nbsp; $51.096 | &nbsp;&nbsp; $34.921 | &nbsp;&nbsp; $72.325 | &nbsp;&nbsp; $64.603 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.059)<br>| &nbsp;&nbsp; (0.063)<br>| &nbsp;&nbsp; (0.063)<br>| &nbsp;&nbsp; (0.123)<br>| &nbsp;&nbsp; (0.245)<br>|
| Net realized and unrealized gain (loss) | 8.708 | 13.302 | 16.238 | &nbsp;&nbsp; (28.898)<br>| 13.460 |
| Total from investment operations | 8.649 | 13.239 | 16.175 | &nbsp;&nbsp; (29.021)<br>| 13.215 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (23.784)<br>| &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (23.784)<br>| &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $48.632 | &nbsp;&nbsp; $63.767 | &nbsp;&nbsp; $51.096 | &nbsp;&nbsp; $34.921 | &nbsp;&nbsp; $72.325 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.00% | &nbsp;&nbsp; 25.93% | &nbsp;&nbsp; 46.32% | &nbsp;&nbsp; (40.72%)<br>| &nbsp;&nbsp; 20.47% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1224363 | &nbsp;&nbsp; $1240481 | &nbsp;&nbsp; $1163390 | &nbsp;&nbsp; $1020107 | &nbsp;&nbsp; $1354421 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.26%)<br>| &nbsp;&nbsp; (0.34%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.28%)<br>| &nbsp;&nbsp; (0.36%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-5

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** | **LVIP AllianceBernstein Large Cap Growth Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $60.584 | &nbsp;&nbsp; $48.690 | &nbsp;&nbsp; $33.360 | &nbsp;&nbsp; $69.858 | &nbsp;&nbsp; $62.709 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.411)<br>|
| Net realized and unrealized gain (loss) | 8.242 | 12.663 | 15.495 | &nbsp;&nbsp; (27.878)<br>| 13.053 |
| Total from investment operations | 8.047 | 12.462 | 15.330 | &nbsp;&nbsp; (28.115)<br>| 12.642 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (23.784)<br>| &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (23.784)<br>| &nbsp;&nbsp; (0.568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8.383)<br>| &nbsp;&nbsp; (5.493)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $44.847 | &nbsp;&nbsp; $60.584 | &nbsp;&nbsp; $48.690 | &nbsp;&nbsp; $33.360 | &nbsp;&nbsp; $69.858 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.72% | &nbsp;&nbsp; 25.62% | &nbsp;&nbsp; 45.95% | &nbsp;&nbsp; (40.87%)<br>| &nbsp;&nbsp; 20.18% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $381091 | &nbsp;&nbsp; $392077 | &nbsp;&nbsp; $370864 | &nbsp;&nbsp; $288106 | &nbsp;&nbsp; $492319 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.93% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.39%)<br>| &nbsp;&nbsp; (0.51%)<br>| &nbsp;&nbsp; (0.59%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.42%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.53%)<br>| &nbsp;&nbsp; (0.61%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-6

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP AllianceBernstein Large Cap Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of

LVIP AllianceBernstein Large Cap Growth Fund-7

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP AllianceBernstein Large Cap Growth Fund is $1,816 and $1,649 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.80% of the first $50 million of the Fund's average daily net assets; 0.75% of the next $50 million; 0.70% of the next $150 million; 0.65% of the next $250 million; and 0.60% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.065% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Alliance Bernstein L.P. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $131516 |
| Legal | &nbsp;&nbsp; 21822 |

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Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP AllianceBernstein Large Cap Growth Fund-8

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**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $13,032 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

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| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $773058 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 81685 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 106 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 39832 |

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The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $791630610 |
| Sales | &nbsp;&nbsp; 1026819461 |

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At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $803745233 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $841691015 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (38598573)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $803092442 |

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U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP AllianceBernstein Large Cap Growth Fund-9

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**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Automobiles | &nbsp;&nbsp; $11541359 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11541359 |
| Beverages | &nbsp;&nbsp; 42660494 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42660494 |
| Biotechnology | &nbsp;&nbsp; 29763626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29763626 |
| Broadline Retail | &nbsp;&nbsp; 116531324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116531324 |
| Building Products | &nbsp;&nbsp; 3165093 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3165093 |
| Capital Markets | &nbsp;&nbsp; 14731190 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14731190 |
| Chemicals | &nbsp;&nbsp; 15618246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15618246 |
| Commercial Services & Supplies | &nbsp;&nbsp; 6493536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6493536 |
| Communications Equipment | &nbsp;&nbsp; 4618239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4618239 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 26980032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26980032 |
| Diversified Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 0 |
| Entertainment | &nbsp;&nbsp; 45514854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45514854 |
| Financial Services | &nbsp;&nbsp; 68087770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68087770 |
| Ground Transportation | &nbsp;&nbsp; 10215178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10215178 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 64656961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64656961 |
| Health Care Providers & Services | &nbsp;&nbsp; 29142786 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29142786 |
| Health Care Technology | &nbsp;&nbsp; 18563360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18563360 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 28829869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28829869 |
| Household Durables | &nbsp;&nbsp; 4113798 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4113798 |
| Insurance | &nbsp;&nbsp; 11682036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11682036 |
| Interactive Media & Services | &nbsp;&nbsp; 218591507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 218591507 |
| IT Services | &nbsp;&nbsp; 10368078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10368078 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 21476344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21476344 |
| Machinery | &nbsp;&nbsp; 7235463 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7235463 |
| Metals & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 382181 | &nbsp;&nbsp; 382181 |
| Pharmaceuticals | &nbsp;&nbsp; 51554549 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51554549 |
| Professional Services | &nbsp;&nbsp; 25307930 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25307930 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 329904148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 329904148 |
| Software | &nbsp;&nbsp; 202696384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4115450 | &nbsp;&nbsp; 206811834 |
| Specialty Retail | &nbsp;&nbsp; 53238376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53238376 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 62551996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62551996 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 7083831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7083831 |
| Trading Companies & Distributors | &nbsp;&nbsp; 8646775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8646775 |
| Convertible Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12947338 | &nbsp;&nbsp; 12947338 |
| Money Market Fund | &nbsp;&nbsp; 37826981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37826981 |
| **Total Investments** | &nbsp;&nbsp; $1589392113 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17444969 | &nbsp;&nbsp; $1606837082 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the year ended December 31, 2025. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to significantly increase or decrease the fair value of the Fund's securities.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **December 31, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Common Stock | $4497631 | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 3.75x-10.1x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 10.7x-12.8x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |

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LVIP AllianceBernstein Large Cap Growth Fund-10

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **December 31, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Convertible<br> Preferred Stocks<br>| $12947338 | Recent Transaction | # | # |
|  |  | Recent Transaction | Conversion Ratio | 1.000-1.027 (1.013) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Merchandise Value Multiple (b) | 0.25x-0.35x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 1.2x-27.5x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 6.2x-12.8x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to EBITDA multiple (b) | 8.9x-26.2x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
|  |  | Enterprise Value | Term of Exit / Liquidity Event | 1.13 years (N/A) |
|  |  | Enterprise Value | Volatility Percentage | 55% (N/A) |
|  |  | Enterprise Value | Risk-free Rate | 3.68% (N/A) |
| Total | $17444969 |  |  |  |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs <br> for these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs <br> for these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs <br> for these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs <br> for these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs <br> for these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments |
| (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. |

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The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balances**<br> **as of**<br> **12/31/2024**<br>| **Reclassifications** | **Purchases** | **Sales** | **Transfer**<br> **In**<br>| **Transfer**<br> **Out**<br>| **Accretion/**<br> **(amortization)**<br>| **Net realized**<br> **gain (loss)**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Balance**<br> **as of**<br> **12/31/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **12/31/25**<br>|
| Common Stock | $6862484 | $— | $— | $(2868567)<br>| $— | $— | $— | $746091 | $(242377)<br>| $4497631 | $(99870)<br>|
| Convertible Preferred <br> Stocks<br>| 16218752 |  |  | (8462081)<br>|  |  |  | 455750 | 4734917 | 12947338 | 1711564 |
| Total | $23081236 | $— | $— | $(11330648)<br>| $— | —<br> $| $— | $1201841 | $4492540 | $17444969 | $1611694 |

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**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $3307089 | &nbsp;&nbsp; $7356566 |
| Long-term capital gains | &nbsp;&nbsp; 544757940 | &nbsp;&nbsp; 7900856 |
| Total | &nbsp;&nbsp; $548065029 | &nbsp;&nbsp; $15257422 |

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LVIP AllianceBernstein Large Cap Growth Fund-11

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**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

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| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $124358915 |
| Other temporary differences | &nbsp;&nbsp; (1)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 803092442 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $927451356 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1717399 | &nbsp;&nbsp; 1958684 |
| Service Class | &nbsp;&nbsp; 428713 | &nbsp;&nbsp; 475179 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 8534070 | &nbsp;&nbsp; 183168 |
| Service Class | &nbsp;&nbsp; 3086486 | &nbsp;&nbsp; 63127 |
|  | &nbsp;&nbsp; 13766668 | &nbsp;&nbsp; 2680158 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (4528721)<br>| &nbsp;&nbsp; (5457053)<br>|
| Service Class | &nbsp;&nbsp; (1489287)<br>| &nbsp;&nbsp; (1683483)<br>|
|  | &nbsp;&nbsp; (6018008)<br>| &nbsp;&nbsp; (7140536)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 7748660 | &nbsp;&nbsp; (4460378)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government

LVIP AllianceBernstein Large Cap Growth Fund-12

------

**LVIP AllianceBernstein Large Cap Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Risk Factors (continued)**

restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1. Restricted securities have been identified on the Statement of Net Assets.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP AllianceBernstein Large Cap Growth Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP AllianceBernstein Large Cap Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP AllianceBernstein Large Cap Growth Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgb63c5fd83.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP AllianceBernstein Large Cap Growth Fund–14

------

![](img0b2f964e1.jpg)

LVIP American Allocation Funds

LVIP American Balanced Allocation Fund <br> LVIP American Growth Allocation Fund <br> LVIP American Income Allocation Fund

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Allocation Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_48aa9e5c-c123-41f8-89ea-43cdc591f4da_SOI-continued-305_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_48aa9e5c-c123-41f8-89ea-43cdc591f4da_FS-continued-305_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_48aa9e5c-c123-41f8-89ea-43cdc591f4da_FS-continued-305_2)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_48aa9e5c-c123-41f8-89ea-43cdc591f4da_FIHI-continued-305_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_48aa9e5c-c123-41f8-89ea-43cdc591f4da_NTF-continued-305_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_48aa9e5c-c123-41f8-89ea-43cdc591f4da_AUDIT-continued-305_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP American Balanced Allocation Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–100.04%** | **INVESTMENT COMPANIES–100.04%** | **INVESTMENT COMPANIES–100.04%** |
| **Asset Allocation Fund–11.06%** | **Asset Allocation Fund–11.06%** | **Asset Allocation Fund–11.06%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 1222264 | $93955469 |
|  |  | **93955469** |
| **Equity Funds–40.08%** | **Equity Funds–40.08%** | **Equity Funds–40.08%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 1739629 | 103525326 |
| Growth Fund of America | 1557015 | 125448718 |
| Investment Company of <br> America<br>| 1780694 | 111524823 |
|  |  | **340498867** |
| **Fixed Income Funds–35.62%** | **Fixed Income Funds–35.62%** | **Fixed Income Funds–35.62%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 22576147 | 258496880 |
| High-Income Trust | 2957524 | 29338639 |
| Inflation Linked Bond Fund | 1561470 | 14771506 |
|  |  | **302607025** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–3.04%** | **Global Equity Fund–3.04%** | **Global Equity Fund–3.04%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 339034 | $25864901 |
|  |  | **25864901** |
| **International Equity Funds–10.24%** | **International Equity Funds–10.24%** | **International Equity Funds–10.24%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 1295986 | 78510855 |
| New World Fund | 90936 | 8472482 |
|  |  | **86983337** |
| **Total Investment Companies** <br>**(Cost $734,837,751)**<br>|  | **849909599** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.04% (Cost $734,837,751)** | **849909599** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)** | **(330942)**<br>|
| **NET ASSETS APPLICABLE TO 68,413,795 SHARES OUTSTANDING–100.00%** | **$849578657** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN BALANCED ALLOCATION FUND STANDARD CLASS** <br>**($63,135,291 / 5,072,468 Shares)** | **$12.447** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN BALANCED ALLOCATION FUND SERVICE CLASS** <br>**($786,443,366 / 63,341,327 Shares)** | **$12.416** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$714768762** |
| Distributable earnings/(accumulated loss) | **134809895** |
| **TOTAL NET ASSETS** | **$849578657** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,136,557 payable for securities purchased, $1,259,573 payable for fund shares redeemed, $8,125 other accrued expenses payable, <br> $407,599 due to manager and affiliates, $14,047 payable for audit fee and $9,308 payable for fund accounting fee as of December 31, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-1

------

**LVIP American Growth Allocation Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–100.04%** | **INVESTMENT COMPANIES–100.04%** | **INVESTMENT COMPANIES–100.04%** |
| **Asset Allocation Fund–6.03%** | **Asset Allocation Fund–6.03%** | **Asset Allocation Fund–6.03%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 714189 | $54899739 |
|  |  | **54899739** |
| **Equity Funds–46.11%** | **Equity Funds–46.11%** | **Equity Funds–46.11%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 2286533 | 136071596 |
| Growth Fund of America | 1875300 | 151092930 |
| Investment Company of <br> America<br>| 2113037 | 132339504 |
|  |  | **419504030** |
| **Fixed Income Funds–26.83%** | **Fixed Income Funds–26.83%** | **Fixed Income Funds–26.83%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 17789713 | 203692217 |
| High-Income Trust | 2547622 | 25272411 |
| Inflation Linked Bond Fund | 1596338 | 15101352 |
|  |  | **244065980** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–3.55%** | **Global Equity Fund–3.55%** | **Global Equity Fund–3.55%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 423700 | $32324087 |
|  |  | **32324087** |
| **International Equity Fund–17.52%** | **International Equity Fund–17.52%** | **International Equity Fund–17.52%** |
| ✧American Funds<sup>®</sup>–<br> EuroPacific Growth Fund<br>| 2631164 | 159395897 |
|  |  | **159395897** |
| **Total Investment Companies** <br>**(Cost $797,474,908)**<br>|  | **910189733** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.04% (Cost $797,474,908)** | **910189733** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)** | **(366349)**<br>|
| **NET ASSETS APPLICABLE TO 72,432,628 SHARES OUTSTANDING–100.00%** | **$909823384** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GROWTH ALLOCATION FUND STANDARD CLASS** <br>**($128,008,607 / 10,165,423 Shares)** | **$12.593** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GROWTH ALLOCATION FUND SERVICE CLASS** <br>**($781,814,777 / 62,267,205 Shares)** | **$12.556** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$759755779** |
| Distributable earnings/(accumulated loss) | **150067605** |
| **TOTAL NET ASSETS** | **$909823384** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $907,233 payable for securities purchased, $3,690,139 payable for fund shares redeemed, $8,267 other accrued expenses payable, <br> $422,292 due to manager and affiliates, $14,047 payable for audit fee and $9,313 payable for fund accounting fee as of December 31, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-2

------

**LVIP American Income Allocation Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–100.04%** | **INVESTMENT COMPANIES–100.04%** | **INVESTMENT COMPANIES–100.04%** |
| **Asset Allocation Fund–11.06%** | **Asset Allocation Fund–11.06%** | **Asset Allocation Fund–11.06%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 244089 | $18763145 |
|  |  | **18763145** |
| **Equity Funds–29.22%** | **Equity Funds–29.22%** | **Equity Funds–29.22%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 232842 | 13856420 |
| Growth Fund of America | 225435 | 18163330 |
| Investment Company of <br> America<br>| 280350 | 17558328 |
|  |  | **49578078** |
| **Fixed Income Funds–55.62%** | **Fixed Income Funds–55.62%** | **Fixed Income Funds–55.62%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 7428379 | 85054941 |
| High-Income Trust | 583730 | 5790599 |
| Inflation Linked Bond Fund | 370678 | 3506615 |
|  |  | **94352155** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–1.27%** | **Global Equity Fund–1.27%** | **Global Equity Fund–1.27%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 28205 | $2151757 |
|  |  | **2151757** |
| **International Equity Funds–2.87%** | **International Equity Funds–2.87%** | **International Equity Funds–2.87%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 62961 | 3814149 |
| New World Fund | 11261 | 1049178 |
|  |  | **4863327** |
| **Total Investment Companies** <br>**(Cost $148,626,867)**<br>|  | **169708462** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.04% (Cost $148,626,867)** | **169708462** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)** | **(73456)**<br>|
| **NET ASSETS APPLICABLE TO 14,450,538 SHARES OUTSTANDING–100.00%** | **$169635006** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN INCOME ALLOCATION FUND STANDARD CLASS** <br>**($20,320,632 / 1,729,266 Shares)** | **$11.751** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN INCOME ALLOCATION FUND SERVICE CLASS** <br>**($149,314,374 / 12,721,272 Shares)** | **$11.737** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$150846490** |
| Distributable earnings/(accumulated loss) | **18788516** |
| **TOTAL NET ASSETS** | **$169635006** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $350,033 payable for securities purchased, $366,162 payable for fund shares redeemed, $4,334 other accrued expenses payable, <br> $78,640 due to manager and affiliates, $14,047 payable for audit fee and $9,234 payable for fund accounting fee as of December 31, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $24000438 | $22923155 | $5804160 |
| **EXPENSES:** |  |  |  |
| Distribution fees-Service Class | 2714389 | 2643634 | 527972 |
| Management fees | 2081548 | 2159893 | 424270 |
| Shareholder servicing fees | 241460 | 250548 | 49215 |
| Accounting and administration expenses | 108681 | 111330 | 43815 |
| Professional fees | 50050 | 50902 | 34951 |
| Trustees' fees and expenses | 23986 | 24686 | 4928 |
| Reports and statements to shareholders | 16178 | 18062 | 6386 |
| Custodian fees | 6850 | 6651 | 4755 |
| Consulting fees | 5015 | 5046 | 4592 |
| Pricing fees | 2918 | 3015 | 590 |
| Other | 16595 | 16712 | 5209 |
|  | 5267670 | 5290479 | 1106683 |
| Less:  |  |  |  |
| Management fees waived | (333048)<br>| (302385)<br>| (67883)<br>|
| Total operating expenses | 4934622 | 4988094 | 1038800 |
| **NET INVESTMENT INCOME**  | 19065816 | 17935061 | 4765360 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | (1580336)<br>| 2089182 | (899906)<br>|
| Distributions from unaffiliated investment companies | 40639883 | 52586890 | 5341959 |
| Net change in unrealized appreciation (depreciation) of investments | 59017952 | 60673805 | 10243456 |
| **NET REALIZED AND UNREALIZED GAIN** | 98077499 | 115349877 | 14685509 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $117143315 | $133284938 | $19450869 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** | **LVIP American Allocation Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |  |  |
| Net investment income | $19065816 | $17272698 | $17935061 | $14715683 | $4765360 | $4884153 |
| Net realized gain | 39059547 | 29289251 | 54676072 | 37484062 | 4442053 | 3215492 |
| Net change in unrealized appreciation (depreciation) | 59017952 | 37835511 | 60673805 | 38409160 | 10243456 | 5647033 |
| Net increase in net assets resulting from operations | 117143315 | 84397460 | 133284938 | 90608905 | 19450869 | 13746678 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class | (3563917)<br>| (1316568)<br>| (7523830)<br>| (2110095)<br>| (1015029)<br>| (528359)<br>|
| Service Class | (42943445)<br>| (17408987)<br>| (45874905)<br>| (14729149)<br>| (7073392)<br>| (4167953)<br>|
|  | (46507362)<br>| (18725555)<br>| (53398735)<br>| (16839244)<br>| (8088421)<br>| (4696312)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 12692916 | 7545157 | 24702325 | 24513619 | 2595631 | 3932691 |
| Service Class | 53350826 | 51824847 | 69188070 | 43123902 | 11683900 | 14799660 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class | 3563917 | 1316568 | 7523830 | 2110095 | 1015029 | 528359 |
| Service Class | 42943445 | 17408987 | 45874905 | 14729149 | 7073392 | 4167953 |
|  | 112551104 | 78095559 | 147289130 | 84476765 | 22367952 | 23428663 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (8406518)<br>| (9573720)<br>| (4757993)<br>| (7690010)<br>| (2183507)<br>| (2166445)<br>|
| Service Class | (142178873)<br>| (137672088)<br>| (138171000)<br>| (128521329)<br>| (34663454)<br>| (34138997)<br>|
|  | (150585391)<br>| (147245808)<br>| (142928993)<br>| (136211339)<br>| (36846961)<br>| (36305442)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (38034287)<br>| (69150249)<br>| 4360137 | (51734574)<br>| (14479009)<br>| (12876779)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** | 32601666 | (3478344)<br>| 84246340 | 22035087 | (3116561)<br>| (3826413)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 816976991 | 820455335 | 825577044 | 803541957 | 172751567 | 176577980 |
| End of year | $849578657 | $816976991 | $909823384 | $825577044 | $169635006 | $172751567 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-5

------

**LVIP American Balanced Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** | **LVIP American Balanced Allocation Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.423 | &nbsp;&nbsp; $10.556 | &nbsp;&nbsp; $12.115 | &nbsp;&nbsp; $15.250 | &nbsp;&nbsp; $14.451 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.318 | 0.272 | 0.302 | 0.264 | 0.234 |
| Net realized and unrealized gain (loss) | 1.441 | 0.901 | 1.151 | &nbsp;&nbsp; (2.517)<br>| 1.294 |
| Total from investment operations | 1.759 | 1.173 | 1.453 | &nbsp;&nbsp; (2.253)<br>| 1.528 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.288)<br>| &nbsp;&nbsp; (0.268)<br>| &nbsp;&nbsp; (0.262)<br>| &nbsp;&nbsp; (0.373)<br>|
| Net realized gain | &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; (2.711)<br>| &nbsp;&nbsp; (0.620)<br>| &nbsp;&nbsp; (0.356)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.735)<br>| &nbsp;&nbsp; (0.306)<br>| &nbsp;&nbsp; (3.012)<br>| &nbsp;&nbsp; (0.882)<br>| &nbsp;&nbsp; (0.729)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.447 | &nbsp;&nbsp; $11.423 | &nbsp;&nbsp; $10.556 | &nbsp;&nbsp; $12.115 | &nbsp;&nbsp; $15.250 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.47% | &nbsp;&nbsp; 11.12% | &nbsp;&nbsp; 13.68% | &nbsp;&nbsp; (14.63%)<br>| &nbsp;&nbsp; 10.63% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $63135 | &nbsp;&nbsp; $50558 | &nbsp;&nbsp; $47366 | &nbsp;&nbsp; $46216 | &nbsp;&nbsp; $56474 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.54% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.49% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-6

------

**LVIP American Balanced Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** | **LVIP American Balanced Allocation Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.398 | &nbsp;&nbsp; $10.533 | &nbsp;&nbsp; $12.103 | &nbsp;&nbsp; $15.232 | &nbsp;&nbsp; $14.436 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.274 | 0.232 | 0.259 | 0.217 | 0.180 |
| Net realized and unrealized gain (loss) | 1.435 | 0.898 | 1.147 | &nbsp;&nbsp; (2.512)<br>| 1.292 |
| Total from investment operations | 1.709 | 1.130 | 1.406 | &nbsp;&nbsp; (2.295)<br>| 1.472 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.247)<br>| &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (0.214)<br>| &nbsp;&nbsp; (0.320)<br>|
| Net realized gain | &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; (2.711)<br>| &nbsp;&nbsp; (0.620)<br>| &nbsp;&nbsp; (0.356)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.691)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (2.976)<br>| &nbsp;&nbsp; (0.834)<br>| &nbsp;&nbsp; (0.676)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.416 | &nbsp;&nbsp; $11.398 | &nbsp;&nbsp; $10.533 | &nbsp;&nbsp; $12.103 | &nbsp;&nbsp; $15.232 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.07% | &nbsp;&nbsp; 10.74% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; (14.92%)<br>| &nbsp;&nbsp; 10.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $786443 | &nbsp;&nbsp; $766419 | &nbsp;&nbsp; $773090 | &nbsp;&nbsp; $756462 | &nbsp;&nbsp; $977768 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.19% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.14% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-7

------

**LVIP American Growth Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** | **LVIP American Growth Allocation Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.449 | &nbsp;&nbsp; $10.467 | &nbsp;&nbsp; $12.453 | &nbsp;&nbsp; $15.828 | &nbsp;&nbsp; $14.945 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.291 | 0.237 | 0.277 | 0.233 | 0.229 |
| Net realized and unrealized gain (loss) | 1.651 | 1.020 | 1.325 | &nbsp;&nbsp; (2.740)<br>| 1.393 |
| Total from investment operations | 1.942 | 1.257 | 1.602 | &nbsp;&nbsp; (2.507)<br>| 1.622 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.233)<br>| &nbsp;&nbsp; (0.249)<br>| &nbsp;&nbsp; (0.258)<br>| &nbsp;&nbsp; (0.214)<br>| &nbsp;&nbsp; (0.345)<br>|
| Net realized gain | &nbsp;&nbsp; (0.565)<br>| &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (3.308)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (0.394)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.022)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.798)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (3.588)<br>| &nbsp;&nbsp; (0.868)<br>| &nbsp;&nbsp; (0.739)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.593 | &nbsp;&nbsp; $11.449 | &nbsp;&nbsp; $10.467 | &nbsp;&nbsp; $12.453 | &nbsp;&nbsp; $15.828 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.07% | &nbsp;&nbsp; 12.01% | &nbsp;&nbsp; 14.95% | &nbsp;&nbsp; (15.66%)<br>| &nbsp;&nbsp; 10.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $128009 | &nbsp;&nbsp; $90819 | &nbsp;&nbsp; $65735 | &nbsp;&nbsp; $38766 | &nbsp;&nbsp; $29845 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.25% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.45% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.40% |
| Portfolio turnover | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-8

------

**LVIP American Growth Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** | **LVIP American Growth Allocation Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.420 | &nbsp;&nbsp; $10.441 | &nbsp;&nbsp; $12.439 | &nbsp;&nbsp; $15.809 | &nbsp;&nbsp; $14.928 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.247 | 0.196 | 0.238 | 0.187 | 0.173 |
| Net realized and unrealized gain (loss) | 1.644 | 1.016 | 1.315 | &nbsp;&nbsp; (2.738)<br>| 1.391 |
| Total from investment operations | 1.891 | 1.212 | 1.553 | &nbsp;&nbsp; (2.551)<br>| 1.564 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.190)<br>| &nbsp;&nbsp; (0.207)<br>| &nbsp;&nbsp; (0.221)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.289)<br>|
| Net realized gain | &nbsp;&nbsp; (0.565)<br>| &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (3.308)<br>| &nbsp;&nbsp; (0.654)<br>| &nbsp;&nbsp; (0.394)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.022)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.755)<br>| &nbsp;&nbsp; (0.233)<br>| &nbsp;&nbsp; (3.551)<br>| &nbsp;&nbsp; (0.819)<br>| &nbsp;&nbsp; (0.683)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.556 | &nbsp;&nbsp; $11.420 | &nbsp;&nbsp; $10.441 | &nbsp;&nbsp; $12.439 | &nbsp;&nbsp; $15.809 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 16.67% | &nbsp;&nbsp; 11.61% | &nbsp;&nbsp; 14.55% | &nbsp;&nbsp; (15.96%)<br>| &nbsp;&nbsp; 10.50% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $781815 | &nbsp;&nbsp; $734758 | &nbsp;&nbsp; $737807 | &nbsp;&nbsp; $724801 | &nbsp;&nbsp; $949809 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.10% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.05% |
| Portfolio turnover | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 85% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-9

------

**LVIP American Income Allocation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** | **LVIP American Income Allocation Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.988 | &nbsp;&nbsp; $10.446 | &nbsp;&nbsp; $10.585 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $12.804 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.361 | 0.339 | 0.301 | 0.261 | 0.198 |
| Net realized and unrealized gain (loss) | 1.015 | 0.545 | 0.779 | &nbsp;&nbsp; (2.036)<br>| 0.745 |
| Total from investment operations | 1.376 | 0.884 | 1.080 | &nbsp;&nbsp; (1.775)<br>| 0.943 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.373)<br>| &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (0.303)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.409)<br>|
| Net realized gain | &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.903)<br>| &nbsp;&nbsp; (0.508)<br>| &nbsp;&nbsp; (0.195)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.613)<br>| &nbsp;&nbsp; (0.342)<br>| &nbsp;&nbsp; (1.219)<br>| &nbsp;&nbsp; (0.783)<br>| &nbsp;&nbsp; (0.604)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.751 | &nbsp;&nbsp; $10.988 | &nbsp;&nbsp; $10.446 | &nbsp;&nbsp; $10.585 | &nbsp;&nbsp; $13.143 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.56% | &nbsp;&nbsp; 8.48% | &nbsp;&nbsp; 10.77% | &nbsp;&nbsp; (13.39%)<br>| &nbsp;&nbsp; 7.39% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $20321 | &nbsp;&nbsp; $17670 | &nbsp;&nbsp; $14561 | &nbsp;&nbsp; $12139 | &nbsp;&nbsp; $12452 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.28% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.33% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 1.49% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.08% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 1.44% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-10

------

**LVIP American Income Allocation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** | **LVIP American Income Allocation Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.976 | &nbsp;&nbsp; $10.434 | &nbsp;&nbsp; $10.576 | &nbsp;&nbsp; $13.130 | &nbsp;&nbsp; $12.793 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.320 | 0.300 | 0.263 | 0.221 | 0.151 |
| Net realized and unrealized gain (loss) | 1.012 | 0.543 | 0.776 | &nbsp;&nbsp; (2.034)<br>| 0.743 |
| Total from investment operations | 1.332 | 0.843 | 1.039 | &nbsp;&nbsp; (1.813)<br>| 0.894 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.331)<br>| &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (0.265)<br>| &nbsp;&nbsp; (0.233)<br>| &nbsp;&nbsp; (0.362)<br>|
| Net realized gain | &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.903)<br>| &nbsp;&nbsp; (0.508)<br>| &nbsp;&nbsp; (0.195)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.571)<br>| &nbsp;&nbsp; (0.301)<br>| &nbsp;&nbsp; (1.181)<br>| &nbsp;&nbsp; (0.741)<br>| &nbsp;&nbsp; (0.557)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.737 | &nbsp;&nbsp; $10.976 | &nbsp;&nbsp; $10.434 | &nbsp;&nbsp; $10.576 | &nbsp;&nbsp; $13.130 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.16% | &nbsp;&nbsp; 8.09% | &nbsp;&nbsp; 10.40% | &nbsp;&nbsp; (13.70%)<br>| &nbsp;&nbsp; 7.01% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $149314 | &nbsp;&nbsp; $155082 | &nbsp;&nbsp; $162017 | &nbsp;&nbsp; $163849 | &nbsp;&nbsp; $212910 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.63% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.09% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Allocation Funds-11

------

**LVIP American Allocation Funds**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Balanced Allocation Fund, LVIP American Growth Allocation Fund and LVIP American Income Allocation Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Funds' shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in series of the American Funds<sup>®</sup> family of funds (collectively, the "Underlying Funds"). The Underlying Funds, which are advised by an unaffiliated adviser, invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, each Fund may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Balanced Allocation Fund is to seek to have a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of the LVIP American Growth Allocation Fund is to seek to have a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

The investment objective of the LVIP American Income Allocation Fund is to seek to have a high level of current income with some consideration given to growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Funds value Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP American Allocation Funds-12

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount for the LVIP American Growth Allocation Fund is 0.035% of the Fund's average daily net assets. The waiver amount for the LVIP American Balanced Allocation Fund and LVIP American Income Allocation Fund is 0.04% of each Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Administrative | &nbsp;&nbsp; $68686 | &nbsp;&nbsp; $70903 | &nbsp;&nbsp; $14084 |
| Legal | &nbsp;&nbsp; 11402 | &nbsp;&nbsp; 11802 | &nbsp;&nbsp; 2332 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2025, these fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $3883 | &nbsp;&nbsp; $5349 | &nbsp;&nbsp; $1724 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $152015 | &nbsp;&nbsp; $166483 | &nbsp;&nbsp; $30179 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 234592 | &nbsp;&nbsp; 233353 | &nbsp;&nbsp; 44293 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 20992 | &nbsp;&nbsp; 22456 | &nbsp;&nbsp; 4168 |

---

LVIP American Allocation Funds-13

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Purchases | &nbsp;&nbsp; $143009636 | &nbsp;&nbsp; $190020477 | &nbsp;&nbsp; $28967526 |
| Sales | &nbsp;&nbsp; 167888988 | &nbsp;&nbsp; 168557420 | &nbsp;&nbsp; 41453904 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income Allocation**<br> **Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $759728402 | &nbsp;&nbsp; $821750592 | &nbsp;&nbsp; $157269016 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $97098441 | &nbsp;&nbsp; $97309759 | &nbsp;&nbsp; $14364807 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (6917244)<br>| &nbsp;&nbsp; (8870617)<br>| &nbsp;&nbsp; (1925361)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $90181197 | &nbsp;&nbsp; $88439142 | &nbsp;&nbsp; $12439446 |

---

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Level 1** | **LVIP American**<br> **Balanced** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income** <br> **Allocation**<br> **Fund**<br>|
| **Investments:** |  |  |  |
| **<u>Assets:</u>** |  |  |  |
| Investment Companies | &nbsp;&nbsp; $849909599 | &nbsp;&nbsp; $910189733 | &nbsp;&nbsp; $169708462 |

---

There were no Level 3 investments at the beginning or end of the year.

LVIP American Allocation Funds-14

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income** <br> **Allocation**<br> **Fund**<br>|
| **Year ended December 31, 2025** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $17424967 | &nbsp;&nbsp; $14023365 | &nbsp;&nbsp; $5208207 |
| Long-term capital gains | &nbsp;&nbsp; 29082395 | &nbsp;&nbsp; 39375370 | &nbsp;&nbsp; 2880214 |
| Total | &nbsp;&nbsp; $46507362 | &nbsp;&nbsp; $53398735 | &nbsp;&nbsp; $8088421 |
| **Year ended December 31, 2024** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $18725555 | &nbsp;&nbsp; $16584131 | &nbsp;&nbsp; $4696312 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 255113 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $18725555 | &nbsp;&nbsp; $16839244 | &nbsp;&nbsp; $4696312 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Growth** <br> **Allocation**<br> **Fund**<br>| **LVIP American**<br> **Income** <br> **Allocation**<br> **Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $2478922 | &nbsp;&nbsp; $3917149 | &nbsp;&nbsp; $226660 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 42149781 | &nbsp;&nbsp; 57711314 | &nbsp;&nbsp; 6122410 |
| Other temporary differences | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net unrealized appreciation | &nbsp;&nbsp; 90181197 | &nbsp;&nbsp; 88439142 | &nbsp;&nbsp; 12439446 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $134809895 | &nbsp;&nbsp; $150067605 | &nbsp;&nbsp; $18788516 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Funds had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Balanced Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Growth Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** | **LVIP American**<br> **Income Allocation**<br> **Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 1049236 | &nbsp;&nbsp; 671128 | &nbsp;&nbsp; 2015375 | &nbsp;&nbsp; 2174323 | &nbsp;&nbsp; 225555 | &nbsp;&nbsp; 361955 |
| Service Class | &nbsp;&nbsp; 4409462 | &nbsp;&nbsp; 4627291 | &nbsp;&nbsp; 5657005 | &nbsp;&nbsp; 3859055 | &nbsp;&nbsp; 1013148 | &nbsp;&nbsp; 1349189 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 285625 | &nbsp;&nbsp; 115580 | &nbsp;&nbsp; 598934 | &nbsp;&nbsp; 184643 | &nbsp;&nbsp; 85845 | &nbsp;&nbsp; 48248 |
| Service Class | &nbsp;&nbsp; 3455299 | &nbsp;&nbsp; 1531537 | &nbsp;&nbsp; 3670459 | &nbsp;&nbsp; 1291917 | &nbsp;&nbsp; 599255 | &nbsp;&nbsp; 380948 |
|  | &nbsp;&nbsp; 9199622 | &nbsp;&nbsp; 6945536 | &nbsp;&nbsp; 11941773 | &nbsp;&nbsp; 7509938 | &nbsp;&nbsp; 1923803 | &nbsp;&nbsp; 2140340 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (688445)<br>| &nbsp;&nbsp; (847777)<br>| &nbsp;&nbsp; (381376)<br>| &nbsp;&nbsp; (706930)<br>| &nbsp;&nbsp; (190215)<br>| &nbsp;&nbsp; (196161)<br>|
| Service Class | &nbsp;&nbsp; (11765173)<br>| &nbsp;&nbsp; (12313409)<br>| &nbsp;&nbsp; (11397250)<br>| &nbsp;&nbsp; (11481689)<br>| &nbsp;&nbsp; (3019738)<br>| &nbsp;&nbsp; (3129521)<br>|
|  | &nbsp;&nbsp; (12453618)<br>| &nbsp;&nbsp; (13161186)<br>| &nbsp;&nbsp; (11778626)<br>| &nbsp;&nbsp; (12188619)<br>| &nbsp;&nbsp; (3209953)<br>| &nbsp;&nbsp; (3325682)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (3253996)<br>| &nbsp;&nbsp; (6215650)<br>| &nbsp;&nbsp; 163147 | &nbsp;&nbsp; (4678681)<br>| &nbsp;&nbsp; (1286150)<br>| &nbsp;&nbsp; (1185342)<br>|

---

LVIP American Allocation Funds-15

------

**LVIP American Allocation Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Line of Credit**

The Funds, along with other funds in the Trust ("Participants"), are participants in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Funds had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**9. Contractual Obligations**

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. The Funds invest primarily in other regulated investment companies and management of the Funds has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Funds did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP American Allocation Funds-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP American Balanced Allocation Fund, LVIP American Growth Allocation Fund and LVIP American Income Allocation Fund and the Board of Trustees of Lincoln Variable Insurance Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets of LVIP American Balanced Allocation Fund, LVIP American Growth Allocation Fund and LVIP American Income Allocation Fund (collectively referred to as the "Funds") (three of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imga76cf9612.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Allocation Funds–17

------

![](imgafa396041.jpg)

LVIP American Century Balanced Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Balanced Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_70a49628-1987-4169-b4e9-f7d6340219b3_SOI-continued-696_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_70a49628-1987-4169-b4e9-f7d6340219b3_FS-continued-696_1)**  | &nbsp;&nbsp; **14** |
| **[Statements of Changes in Net Assets](#xx_70a49628-1987-4169-b4e9-f7d6340219b3_FS-continued-696_1)**  | &nbsp;&nbsp; **14** |
| **[Financial Highlights](#xx_70a49628-1987-4169-b4e9-f7d6340219b3_FIHI-continued-696_1)**  | &nbsp;&nbsp; **15** |
| **[Notes to Financial Statements](#xx_70a49628-1987-4169-b4e9-f7d6340219b3_NTF-continued-696_1)**  | &nbsp;&nbsp; **18** |
| **[Report of Independent Registered Public Accounting Firm](#xx_70a49628-1987-4169-b4e9-f7d6340219b3_AUDIT-continued-696_1)**  | &nbsp;&nbsp; **27** |

---

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.10%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.10%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.10%** |
| •Federal National Mortgage <br> Association Connecticut <br> Avenue Securities Trust <br> Series 2017-C03 Class 1M2C <br> 6.99% (30 day USD SOFR <br> Average + 3.11%) 10/25/29<br>| 33278 | $34020 |
| \*Federal National Mortgage <br> Association REMICS Series <br> 2023-39 Class AI 2.00% <br> 7/25/52<br>| 2960666 | 378624 |
| **Total Agency Collateralized** <br> **Mortgage Obligations** <br>**(Cost $402,189)**<br>|  | **412644** |
| **AGENCY MORTGAGE-BACKED SECURITIES–10.49%** | **AGENCY MORTGAGE-BACKED SECURITIES–10.49%** | **AGENCY MORTGAGE-BACKED SECURITIES–10.49%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 2.00% 8/1/51 | 518325 | 422721 |
| 2.50% 5/1/51 | 606623 | 519136 |
| 2.50% 8/1/51 | 794133 | 676066 |
| 3.00% 1/1/50 | 519792 | 460081 |
| 3.00% 7/1/51 | 288918 | 257193 |
| 3.00% 12/1/51 | 441030 | 391504 |
| 3.00% 2/1/52 | 267667 | 240064 |
| 3.00% 6/1/52 | 207571 | 185833 |
| 3.50% 2/1/49 | 768914 | 719766 |
| 3.50% 5/1/50 | 96645 | 90125 |
| 3.50% 5/1/51 | 407400 | 380201 |
| 3.50% 5/1/52 | 356253 | 332633 |
| 4.00% 5/1/52 | 820980 | 785070 |
| 4.00% 6/1/52 | 1069758 | 1025185 |
| 4.50% 8/1/52 | 120912 | 119365 |
| 4.50% 10/1/52 | 1133904 | 1112501 |
| 5.00% 7/1/52 | 194917 | 196807 |
| 5.50% 11/1/52 | 125971 | 128438 |
| 5.50% 12/1/52 | 147061 | 150233 |
| 6.00% 11/1/52 | 933067 | 965064 |
| 6.00% 1/1/53 | 494086 | 509968 |
| 6.50% 11/1/53 | 459744 | 478795 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 2.00% 3/1/52 | 903518 | 741902 |
| 2.50% 6/1/50 | 513203 | 439003 |
| 2.50% 2/1/51 | 811464 | 699250 |
| 2.50% 12/1/51 | 554406 | 475604 |
| 2.50% 2/1/52 | 189271 | 162664 |
| 2.50% 7/1/52 | 253311 | 215522 |
| 3.00% 2/1/50 | 93835 | 84007 |
| 3.00% 6/1/51 | 41147 | 37191 |
| 3.00% 2/1/52 | 1177105 | 1053859 |
| 3.00% 3/1/52 | 472182 | 423684 |
| 3.00% 4/1/52 | 168052 | 150406 |
| 3.00% 5/1/52 | 335410 | 302299 |
| •3.17% (1 yr. USD RFUCCT + <br> 1.61%) 3/1/47<br>| 14122 | 14268 |
| 3.50% 5/1/42 | 101186 | 97165 |
| 3.50% 4/1/52 | 219867 | 203766 |
| 3.50% 5/1/52 | 2011143 | 1874347 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.50% 6/1/52 | 514519 | $482524 |
| 4.00% 4/1/52 | 764264 | 730469 |
| 4.00% 5/1/52 | 991794 | 944855 |
| 4.50% 9/1/41 | 9046 | 9091 |
| 4.50% 7/1/52 | 433027 | 424414 |
| 4.50% 9/1/52 | 260631 | 257571 |
| 4.50% 4/1/54 | 1402586 | 1372855 |
| 5.00% 8/1/52 | 1048352 | 1052884 |
| 5.00% 9/1/52 | 292789 | 295300 |
| 5.00% 10/1/52 | 978086 | 980650 |
| 5.00% 1/1/53 | 799381 | 801394 |
| 5.50% 10/1/52 | 473512 | 482107 |
| 5.50% 1/1/53 | 2640391 | 2687544 |
| 5.50% 3/1/54 | 1152715 | 1171744 |
| 6.00% 9/1/53 | 1272481 | 1315069 |
| 6.00% 5/1/54 | 600519 | 618220 |
| 6.50% 1/1/53 | 634696 | 661642 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 3.00% 5/20/50 | 169015 | 152168 |
| 3.00% 7/20/50 | 446102 | 402006 |
| 3.00% 7/20/51 | 419951 | 377829 |
| 3.50% 6/20/51 | 409603 | 378577 |
| 4.00% 9/20/52 | 1198201 | 1141411 |
| 4.00% 4/20/54 | 1461401 | 1387477 |
| 4.50% 1/15/40 | 8586 | 8609 |
| 4.50% 6/15/41 | 14045 | 13974 |
| 4.50% 9/20/52 | 1120476 | 1099672 |
| 4.50% 10/20/52 | 926436 | 909091 |
| 5.00% 12/20/54 | 557363 | 557754 |
| 6.50% 5/15/28 | 323 | 326 |
| 7.00% 4/20/26 | 42 | 43 |
| 7.00% 5/15/31 | 3326 | 3472 |
| 7.50% 8/15/26 | 124 | 124 |
| Government National <br> Mortgage Association, TBA <br> 5.00% 1/20/55<br>| 668000 | 666421 |
| Uniform Mortgage-Backed <br> Security, TBA 5.00% 1/1/55<br>| 3051000 | 3042419 |
| **Total Agency** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $41,731,922)**<br>|  | **41551392** |
| **AGENCY OBLIGATIONS–0.52%** | **AGENCY OBLIGATIONS–0.52%** | **AGENCY OBLIGATIONS–0.52%** |
| Federal Home Loan Mortgage <br> Corp. 6.25% 7/15/32<br>| 700000 | 792838 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 0.75% 10/8/27 | 600000 | 572003 |
| 0.88% 8/5/30 | 800000 | 705829 |
| **Total Agency Obligations** <br>**(Cost $2,081,867)**<br>|  | **2070670** |

---

LVIP American Century Balanced Fund-1

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS–9.17%** | **ΔCORPORATE BONDS–9.17%** | **ΔCORPORATE BONDS–9.17%** |
| **Australia–0.02%** | **Australia–0.02%** | **Australia–0.02%** |
| Santos Finance Ltd. 5.75% <br> 11/13/35<br>| 94000 | $93478 |
|  |  | **93478** |
| **Canada–0.43%** | **Canada–0.43%** | **Canada–0.43%** |
| Antares Holdings LP 6.35% <br> 10/23/29<br>| 250000 | 254958 |
| μBank of Nova Scotia |  |  |
| 8.00% 1/27/84 | 190000 | 203456 |
| 8.63% 10/27/82 | 240000 | 254892 |
| Cenovus Energy, Inc. 5.40% <br> 3/20/36<br>| 107000 | 106860 |
| μEnbridge, Inc. 6.00% 1/15/77 | 360000 | 360579 |
| Gildan Activewear, Inc. |  |  |
| 4.70% 10/7/30 | 125000 | 124387 |
| 5.40% 10/7/35 | 170000 | 169513 |
| μToronto-Dominion Bank <br> 8.13% 10/31/82<br>| 201000 | 211963 |
|  |  | **1686608** |
| **Denmark–0.18%** | **Denmark–0.18%** | **Denmark–0.18%** |
| μDanske Bank AS 4.38% <br> 5/18/26<br>| 700000 | 697961 |
|  |  | **697961** |
| **Finland–0.13%** | **Finland–0.13%** | **Finland–0.13%** |
| μNordea Bank Abp 6.63% <br> 3/26/26<br>| 515000 | 519291 |
|  |  | **519291** |
| **France–0.28%** | **France–0.28%** | **France–0.28%** |
| μBNP Paribas SA 8.50% <br> 8/14/28<br>| 400000 | 424480 |
| μBPCE SA 3.65% 1/14/37 | 250000 | 228487 |
| Electricite de France SA <br> 6.95% 1/26/39<br>| 211000 | 235086 |
| μSociete Generale SA 9.38% <br> 11/22/27<br>| 200000 | 213631 |
|  |  | **1101684** |
| **Ireland–0.03%** | **Ireland–0.03%** | **Ireland–0.03%** |
| Icon Investments Six DAC <br> 6.00% 5/8/34<br>| 110000 | 116324 |
|  |  | **116324** |
| **Italy–0.10%** | **Italy–0.10%** | **Italy–0.10%** |
| Eni SpA 5.95% 5/15/54 | 200000 | 198291 |
| μIntesa Sanpaolo SpA 4.20% <br> 6/1/32<br>| 200000 | 190795 |
|  |  | **389086** |
| **Mexico–0.13%** | **Mexico–0.13%** | **Mexico–0.13%** |
| Petroleos Mexicanos 5.95% <br> 1/28/31<br>| 555000 | 537153 |
|  |  | **537153** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Netherlands–0.24%** | **Netherlands–0.24%** | **Netherlands–0.24%** |
| μING Groep NV |  |  |
| 5.75% 11/16/26 | 295000 | $296398 |
| 7.50% 5/16/28 | 400000 | 416921 |
| Siemens <br> Financieringsmaatschappij <br> NV 1.20% 3/11/26<br>| 250000 | 248747 |
|  |  | **962066** |
| **Spain–0.15%** | **Spain–0.15%** | **Spain–0.15%** |
| μBanco Bilbao Vizcaya <br> Argentaria SA 6.13% <br> 11/16/27<br>| 200000 | 201557 |
| μBanco Santander SA 4.75% <br> 11/12/26<br>| 400000 | 398295 |
|  |  | **599852** |
| **Sweden–0.31%** | **Sweden–0.31%** | **Sweden–0.31%** |
| μSkandinaviska Enskilda <br> Banken AB 6.88% 6/30/27<br>| 400000 | 409784 |
| μSvenska Handelsbanken AB <br> 4.38% 3/1/27<br>| 400000 | 394897 |
| μSwedbank AB 7.63% 3/17/28 | 400000 | 418852 |
|  |  | **1223533** |
| **Switzerland–0.06%** | **Switzerland–0.06%** | **Switzerland–0.06%** |
| μUBS Group AG 9.25% <br> 11/13/28<br>| 205000 | 224936 |
|  |  | **224936** |
| **United Kingdom–0.25%** | **United Kingdom–0.25%** | **United Kingdom–0.25%** |
| μLloyds Banking Group PLC <br> 6.75% 6/27/26<br>| 220000 | 221831 |
| μMacquarie Bank Ltd. 6.13% <br> 3/8/27<br>| 245000 | 248369 |
| μNationwide Building Society <br> 4.13% 10/18/32<br>| 250000 | 248315 |
| μNatWest Group PLC 3.03% <br> 11/28/35<br>| 200000 | 183887 |
| Rio Tinto Finance USA PLC <br> 5.75% 3/14/55<br>| 107000 | 109104 |
|  |  | **1011506** |
| **United States–6.86%** | **United States–6.86%** | **United States–6.86%** |
| Aircastle Ltd. 6.50% 7/18/28 | 200000 | 210257 |
| Allison Transmission, Inc. <br> 5.88% 12/1/33<br>| 150000 | 152184 |
| Ally Financial, Inc. 8.00% <br> 11/1/31<br>| 266000 | 301912 |
| Amazon.com, Inc. 4.65% <br> 11/20/35<br>| 249000 | 247993 |
| American Honda Finance <br> Corp. 4.95% 1/9/26<br>| 200000 | 200036 |
| American Tower Corp. 5.35% <br> 3/15/35<br>| 114000 | 116874 |
| Amgen, Inc. 5.65% 3/2/53 | 185000 | 181152 |

---

LVIP American Century Balanced Fund-2

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Amphenol Corp. 4.63% <br> 2/15/36<br>| 180000 | $176349 |
| AppLovin Corp. |  |  |
| 5.13% 12/1/29 | 45000 | 46158 |
| 5.38% 12/1/31 | 84000 | 87105 |
| 5.50% 12/1/34 | 145000 | 148980 |
| Arizona Public Service Co. <br> 5.70% 8/15/34<br>| 123000 | 129301 |
| Ashtead Capital, Inc. 5.95% <br> 10/15/33<br>| 200000 | 211606 |
| Athene Global Funding 5.53% <br> 7/11/31<br>| 120000 | 122973 |
| Atlas Warehouse Lending Co. <br> LP<br>|  |  |
| 4.95% 11/15/30 | 250000 | 250831 |
| 6.25% 1/15/30 | 390000 | 410600 |
| μBank of America Corp. 5.51% <br> 1/24/36<br>| 145000 | 151177 |
| Baxter International, Inc. |  |  |
| 4.90% 12/15/30 | 55000 | 55421 |
| 5.65% 12/15/35 | 80000 | 80961 |
| Beacon Funding Trust 6.27% <br> 8/15/54<br>| 125000 | 126903 |
| Beignet Investor LLC 6.58% <br> 5/30/49<br>| 68000 | 71842 |
| Blackstone Private Credit <br> Fund 5.95% 7/16/29<br>| 185000 | 188752 |
| Blue Owl Capital Corp. 5.95% <br> 3/15/29<br>| 105000 | 105964 |
| Blue Owl Technology Finance <br> Corp.<br>|  |  |
| 6.10% 3/15/28 | 391000 | 393324 |
| 6.75% 4/4/29 | 150000 | 153418 |
| Boeing Co. 5.71% 5/1/40 | 205000 | 209259 |
| Bristol-Myers Squibb Co. <br> 5.55% 2/22/54<br>| 155000 | 152221 |
| μCapital One Financial Corp. <br> 2.36% 7/29/32<br>| 170000 | 148811 |
| Carlisle Cos., Inc. 5.55% <br> 9/15/40<br>| 85000 | 86138 |
| Carnival Corp. |  |  |
| 4.00% 8/1/28 | 235000 | 231538 |
| 5.13% 5/1/29 | 84000 | 84931 |
| Centene Corp. 4.63% <br> 12/15/29<br>| 75000 | 72746 |
| μCharles Schwab Corp. 4.00% <br> 6/1/26<br>| 598000 | 594346 |
| Cheniere Energy, Inc. 4.63% <br> 10/15/28<br>| 160000 | 159729 |
| μCitigroup, Inc. |  |  |
| 3.88% 2/18/26 | 616000 | 613852 |
| 4.41% 3/31/31 | 65000 | 64989 |
| 5.17% 9/11/36 | 195000 | 196823 |
| 5.61% 3/4/56 | 75000 | 74681 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CNA Financial Corp. 5.20% <br> 8/15/35<br>| 209000 | $209998 |
| CNO Financial Group, Inc. <br> 6.45% 6/15/34<br>| 87000 | 92041 |
| Columbia Pipelines Holding <br> Co. LLC 5.00% 11/17/32<br>| 150000 | 149987 |
| Columbia Pipelines Operating <br> Co. LLC 6.04% 11/15/33<br>| 140000 | 149864 |
| Commercial Metals Co. 6.00% <br> 12/15/35<br>| 5000 | 5126 |
| Commonwealth Edison Co. <br> 5.95% 6/1/55<br>| 53000 | 55083 |
| μCorebridge Financial, Inc. <br> 6.38% 9/15/54<br>| 106000 | 106810 |
| Coty, Inc./HFC Prestige <br> Products, Inc./HFC Prestige <br> International U.S. LLC <br> 5.60% 1/15/31<br>| 185000 | 186683 |
| Cox Communications, Inc. <br> 5.70% 6/15/33<br>| 117000 | 118008 |
| CVS Health Corp. |  |  |
| 5.45% 9/15/35 | 73000 | 74724 |
| 6.00% 6/1/44 | 170000 | 170835 |
| μ7.00% 3/10/55 | 98000 | 102807 |
| Dell International LLC/EMC <br> Corp. 5.30% 4/1/32<br>| 70000 | 71996 |
| Duke Energy Florida LLC |  |  |
| 4.85% 12/1/35 | 75000 | 74673 |
| 5.95% 11/15/52 | 90000 | 93028 |
| Duke Energy Progress LLC |  |  |
| 4.35% 3/6/27 | 131000 | 131860 |
| 5.35% 3/15/53 | 50000 | 47746 |
| Duke University 3.30% <br> 10/1/46<br>| 110000 | 81383 |
| Duke University Health <br> System, Inc. 3.92% 6/1/47<br>| 30000 | 24117 |
| Eagle Materials, Inc. 5.00% <br> 3/15/36<br>| 160000 | 156725 |
| Eastern Energy Gas <br> Holdings LLC 5.65% <br> 10/15/54<br>| 63000 | 60942 |
| Energy Transfer LP |  |  |
| 6.13% 12/15/45 | 140000 | 137426 |
| 6.55% 12/1/33 | 240000 | 263046 |
| Enterprise Products <br> Operating LLC 5.20% <br> 1/15/36<br>| 76000 | 77363 |
| EPR Properties 4.95% 4/15/28 | 215000 | 216564 |
| Essex Portfolio LP 4.88% <br> 2/15/36<br>| 185000 | 181346 |
| Expand Energy Corp. 6.75% <br> 4/15/29<br>| 51000 | 51299 |
| Flowers Foods, Inc. 5.75% <br> 3/15/35<br>| 95000 | 95242 |

---

LVIP American Century Balanced Fund-3

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ford Motor Credit Co. LLC |  |  |
| 6.05% 11/5/31 | 200000 | $204864 |
| 7.20% 6/10/30 | 200000 | 214302 |
| Foundry JV Holdco LLC |  |  |
| 5.50% 1/25/31 | 310000 | 319980 |
| 6.10% 1/25/36 | 200000 | 209087 |
| 6.30% 1/25/39 | 320000 | 337580 |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 5.60% 6/18/31 | 120000 | 125058 |
| 6.15% 7/15/35 | 90000 | 94841 |
| Glencore Funding LLC |  |  |
| 5.19% 4/1/30 | 115000 | 118182 |
| 5.89% 4/4/54 | 45000 | 44765 |
| μGoldman Sachs Group, Inc. |  |  |
| 4.37% 10/21/31 | 170000 | 169595 |
| 6.48% 10/24/29 | 145000 | 153770 |
| Golub Capital BDC, Inc. 7.05% <br> 12/5/28<br>| 119000 | 125573 |
| Golub Capital Private Credit <br> Fund 5.45% 8/15/28<br>| 150000 | 150933 |
| GXO Logistics, Inc. |  |  |
| 6.25% 5/6/29 | 297000 | 312782 |
| 6.50% 5/6/34 | 90000 | 97223 |
| HCA, Inc. |  |  |
| 4.90% 11/15/35 | 225000 | 221923 |
| 5.25% 3/1/30 | 111000 | 114588 |
| 5.70% 11/15/55 | 158000 | 150563 |
| 6.20% 3/1/55 | 54000 | 55034 |
| Hologic, Inc. 3.25% 2/15/29 | 55000 | 54206 |
| HPS Corporate Lending Fund |  |  |
| 4.90% 9/11/28 | 115000 | 114404 |
| 5.45% 1/14/28 | 65000 | 65694 |
| 6.25% 9/30/29 | 65000 | 67334 |
| Hyatt Hotels Corp. 5.75% <br> 3/30/32<br>| 66000 | 69147 |
| Hyundai Capital America <br> 6.50% 1/16/29<br>| 50000 | 52932 |
| Intel Corp. |  |  |
| 5.15% 2/21/34 | 115000 | 116446 |
| 5.60% 2/21/54 | 97000 | 89550 |
| IQVIA, Inc. 6.25% 2/1/29 | 129000 | 135981 |
| μJPMorgan Chase & Co. |  |  |
| 5.10% 4/22/31 | 230000 | 237470 |
| 5.29% 7/22/35 | 88000 | 90788 |
| 5.77% 4/22/35 | 272000 | 289841 |
| Kaiser Foundation Hospitals <br> 3.00% 6/1/51<br>| 105000 | 68674 |
| Kentucky Utilities Co. 5.85% <br> 8/15/55<br>| 105000 | 105810 |
| Kilroy Realty LP |  |  |
| 2.50% 11/15/32 | 115000 | 95867 |
| 3.05% 2/15/30 | 90000 | 83686 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ladder Capital Finance <br> Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.75% 6/15/29 | 290000 | $286743 |
| 7.00% 7/15/31 | 220000 | 233256 |
| Leland Stanford Junior <br> University 4.68% 3/1/35<br>| 225000 | 226638 |
| μLiberty Mutual Group, Inc. <br> 4.13% 12/15/51<br>| 180000 | 177488 |
| Louisville Gas & Electric Co. <br> 5.85% 8/15/55<br>| 30000 | 30219 |
| Lowe's Cos., Inc. |  |  |
| 4.50% 10/15/32 | 165000 | 164109 |
| 4.85% 10/15/35 | 245000 | 243001 |
| LPL Holdings, Inc. 5.15% <br> 6/15/30<br>| 150000 | 152972 |
| Mars, Inc. |  |  |
| 5.65% 5/1/45 | 130000 | 131042 |
| 5.70% 5/1/55 | 75000 | 74710 |
| Massachusetts Institute of <br> Technology 5.62% 6/1/55<br>| 40000 | 41051 |
| Medline <br> Borrower LP/Medline <br> Co-Issuer, Inc. 6.25% 4/1/29<br>| 177000 | 182976 |
| Merck & Co., Inc. |  |  |
| 4.75% 12/4/35 | 137000 | 136488 |
| 5.70% 9/15/55 | 104000 | 105046 |
| Meta Platforms, Inc. |  |  |
| 4.60% 11/15/32 | 245000 | 246970 |
| 4.88% 11/15/35 | 175000 | 174765 |
| 5.50% 11/15/45 | 80000 | 77682 |
| 5.63% 11/15/55 | 225000 | 215948 |
| 5.75% 11/15/65 | 120000 | 114420 |
| MetLife, Inc. |  |  |
| 6.40% 12/15/66 | 202000 | 211936 |
| 10.75% 8/1/69 | 135000 | 180080 |
| Micron Technology, Inc. 5.30% <br> 1/15/31<br>| 245000 | 253776 |
| MidAmerican Energy Co. <br> 5.85% 9/15/54<br>| 396000 | 407368 |
| μMorgan Stanley |  |  |
| 4.89% 10/22/36 | 70000 | 69380 |
| 5.52% 11/19/55 | 60000 | 59306 |
| 5.83% 4/19/35 | 63000 | 66947 |
| 6.63% 11/1/34 | 325000 | 363405 |
| μMorgan Stanley Private Bank <br> NA<br>|  |  |
| 4.47% 11/19/31 | 299000 | 299783 |
| 4.73% 7/18/31 | 95000 | 96301 |
| Newmont Corp./Newcrest <br> Finance Pty. Ltd. 5.35% <br> 3/15/34<br>| 156000 | 163060 |
| Niagara Mohawk Power Corp. <br> 4.65% 10/3/30<br>| 55000 | 55340 |
| NiSource, Inc. 5.35% 7/15/35 | 144000 | 147225 |

---

LVIP American Century Balanced Fund-4

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Northern Natural Gas Co. <br> 5.63% 2/1/54<br>| 65000 | $62449 |
| μNorthern Trust Corp. 3.38% <br> 5/8/32<br>| 453000 | 446677 |
| Northrop Grumman Corp. <br> 5.15% 5/1/40<br>| 78000 | 77502 |
| Novant Health, Inc. 3.17% <br> 11/1/51<br>| 85000 | 56618 |
| Oracle Corp. |  |  |
| 4.80% 9/26/32 | 525000 | 506847 |
| 5.20% 9/26/35 | 355000 | 340119 |
| 5.50% 9/27/64 | 98000 | 78209 |
| Ovintiv, Inc. 7.10% 7/15/53 | 140000 | 148769 |
| Paramount Global 4.38% <br> 3/15/43<br>| 95000 | 66078 |
| Pepperdine University 3.30% <br> 12/1/59<br>| 105000 | 66493 |
| Piedmont Operating <br> Partnership LP 6.88% <br> 7/15/29<br>| 33000 | 35020 |
| Plains All American <br> Pipeline LP/PAA Finance <br> Corp. 5.60% 1/15/36<br>| 110000 | 111272 |
| Royal Caribbean Cruises Ltd. <br> 6.00% 2/1/33<br>| 85000 | 87333 |
| μSempra 4.13% 4/1/52 | 303000 | 296842 |
| Shell Finance U.S., Inc. 4.38% <br> 5/11/45<br>| 70000 | 60287 |
| SM Energy Co. 6.75% 9/15/26 | 108000 | 108157 |
| Solstice Advanced Materials, <br> Inc. 5.63% 9/30/33<br>| 70000 | 70616 |
| μSouthern Co. 4.00% 1/15/51 | 125000 | 124925 |
| Southern Co. Gas Capital <br> Corp. 5.10% 9/15/35<br>| 158000 | 159210 |
| Southwest Airlines Co. 4.38% <br> 11/15/28<br>| 210000 | 210439 |
| Sprint Capital Corp. 6.88% <br> 11/15/28<br>| 115000 | 123410 |
| Sunoco LP 5.88% 3/15/34 | 141000 | 140988 |
| Synopsys, Inc. 5.00% 4/1/32 | 274000 | 279784 |
| μSynovus Bank 5.96% 1/15/36 | 250000 | 251387 |
| Textron, Inc. 4.95% 3/15/36 | 99000 | 98272 |
| Time Warner Cable LLC 6.55% <br> 5/1/37<br>| 185000 | 188785 |
| T-Mobile USA, Inc. 6.70% <br> 12/15/33<br>| 191000 | 214110 |
| United Airlines, Inc. 4.63% <br> 4/15/29<br>| 130000 | 129436 |
| United Rentals North <br> America, Inc. 6.00% <br> 12/15/29<br>| 65000 | 66779 |
| UnitedHealth Group, Inc. |  |  |
| 5.05% 4/15/53 | 210000 | 189415 |
| 5.30% 6/15/35 | 83000 | 85936 |
| 5.50% 7/15/44 | 174000 | 172708 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ventas Realty LP 5.00% <br> 2/15/36<br>| 65000 | $64578 |
| Venture Global Plaquemines <br> LNG LLC 6.75% 1/15/36<br>| 104000 | 106526 |
| Verizon Communications, Inc. |  |  |
| 4.75% 1/15/33 | 56000 | 55956 |
| 5.88% 11/30/55 | 68000 | 67184 |
| Warnermedia Holdings, Inc. <br> 3.76% 3/15/27<br>| 176000 | 172920 |
| Weir Group, Inc. 5.35% 5/6/30 | 200000 | 205525 |
| μWells Fargo & Co. |  |  |
| 3.90% 3/15/26 | 450000 | 448600 |
| 5.01% 4/4/51 | 130000 | 118802 |
| 5.61% 4/23/36 | 190000 | 199141 |
| Wynnton Funding Trust II <br> 5.99% 8/15/55<br>| 147000 | 147897 |
|  |  | **27188764** |
| **Total Corporate Bonds** <br>**(Cost $36,038,001)**<br>|  | **36352242** |
| **MUNICIPAL BONDS–0.28%** | **MUNICIPAL BONDS–0.28%** | **MUNICIPAL BONDS–0.28%** |
| California State University <br> Series B 2.98% 11/1/51<br>| 200000 | 133551 |
| City of Houston 3.96% 3/1/47 | 25000 | 21515 |
| City of Los Angeles <br> Department of Airports <br> Series C 6.58% 5/15/39<br>| 25000 | 27014 |
| Foothill-Eastern <br> Transportation Corridor <br> Agency Series A 4.09% <br> 1/15/49<br>| 85000 | 69435 |
| Golden State Tobacco <br> Securitization Corp. Series <br> B 2.75% 6/1/34<br>| 150000 | 133375 |
| Michigan Strategic Fund <br> Series A 3.23% 9/1/47<br>| 200000 | 153386 |
| Missouri Highway & <br> Transportation Commission <br> 5.45% 5/1/33<br>| 20000 | 20515 |
| New Jersey Turnpike <br> Authority Series A 7.10% <br> 1/1/41<br>| 85000 | 99314 |
| Ohio Turnpike & <br> Infrastructure Commission <br> Series A 3.22% 2/15/48<br>| 100000 | 73724 |
| Port Authority of New York & <br> New Jersey 4.93% 10/1/51<br>| 40000 | 37253 |
| Regents of the University of <br> California Medical Center <br> Pooled Revenue Series N <br> 3.26% 5/15/60<br>| 100000 | 64829 |
| State of California 7.60% <br> 11/1/40<br>| 20000 | 24480 |

---

LVIP American Century Balanced Fund-5

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| Sumter Landing Community <br> Development District <br> (TXBL; Insured AGC)<br>|  |  |
| 5.57% 10/1/40 | 25000 | $25902 |
| 5.74% 10/1/45 | 40000 | 40934 |
| 5.82% 10/1/54 | 70000 | 70850 |
| Texas Natural Gas <br> Securitization Finance Corp. <br> 5.17% 4/1/41<br>| 20000 | 20397 |
| United Nations Development <br> Corp. (New York) Series A <br> 6.54% 8/1/55<br>| 25000 | 26677 |
| University of California Series <br> BJ 3.07% 5/15/51<br>| 70000 | 47492 |
| **Total Municipal Bonds** <br>**(Cost $1,336,794)**<br>|  | **1090643** |
| **NON-AGENCY ASSET-BACKED SECURITIES–1.54%** | **NON-AGENCY ASSET-BACKED SECURITIES–1.54%** | **NON-AGENCY ASSET-BACKED SECURITIES–1.54%** |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 189236 | 179682 |
| DI Issuer LLC Series 2021-1A <br> Class A2 3.72% 9/15/51<br>| 598266 | 577267 |
| •Elmwood CLO 37 Ltd. Series <br> 2024-13A Class C 5.58% (3 <br> mo. USD Term SOFR + <br> 1.70%) 1/17/38<br>| 325000 | 325767 |
| Flexential Issuer LLC Series <br> 2025-1A Class A2 6.03% <br> 10/25/60<br>| 425000 | 422802 |
| •GoldenTree Loan <br> Management U.S. CLO 23 <br> Ltd. Series 2024-23A Class C <br> 5.63% (3 mo. USD Term <br> SOFR + 1.75%) 1/20/39<br>| 325000 | 325220 |
| Goodgreen Trust | Goodgreen Trust | Goodgreen Trust |
| •Series 2018-1A Class A 3.93% <br> 10/15/53<br>| 52633 | 48876 |
| Series 2020-1A Class A 2.63% <br> 4/15/55<br>| 131919 | 109773 |
| GoodLeap Sustainable Home <br> Solutions Trust Series <br> 2021-4GS Class A 1.93% <br> 7/20/48<br>| 256733 | 210901 |
| Hotwire Funding LLC Series <br> 2024-1A Class A2 5.89% <br> 6/20/54<br>| 250000 | 254258 |
| •Madison Park Funding LXVIII <br> Ltd. Series 2024-68A Class C <br> 5.68% (3 mo. USD Term <br> SOFR + 1.80%) 1/20/38<br>| 332000 | 332241 |
| •Magnetite XLI Ltd. Series <br> 2024-41A Class C 5.64% (3 <br> mo. USD Term SOFR + <br> 1.78%) 1/25/38<br>| 250000 | 250534 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Mosaic Solar Loan Trust <br> Series 2023-2A Class A 5.36% <br> 9/22/53<br>| 497663 | $478552 |
| •Mountain View CLO LLC <br> Series 2017-2A Class B 5.86% <br> (3 mo. USD Term SOFR + <br> 1.96%) 1/16/31<br>| 42353 | 42360 |
| MP LLC Series 2025-1A <br> Class A 5.55% 11/15/65<br>| 494704 | 494446 |
| •Palmer Square Loan Funding <br> Ltd. Series 2025-1A Class A2 <br> 5.05% (3 mo. USD Term <br> SOFR + 1.20%) 2/15/33<br>| 250000 | 249800 |
| PK ALIFT Loan Funding 3 LP <br> Series 2024-1 Class A1 5.84% <br> 9/15/39<br>| 212633 | 217295 |
| SCF Equipment Leasing LLC | SCF Equipment Leasing LLC | SCF Equipment Leasing LLC |
| Series 2024-1A Class B 5.56% <br> 4/20/32<br>| 125000 | 128826 |
| Series 2024-1A Class C 5.82% <br> 9/20/32<br>| 100000 | 103261 |
| •Shackleton CLO Ltd. Series <br> 2017-11A Class BR1 5.76% (3 <br> mo. USD Term SOFR + <br> 1.91%) 8/15/30<br>| 93535 | 93597 |
| Sierra Timeshare Receivables <br> Funding LLC Series 2021-1A <br> Class C 1.79% 11/20/37<br>| 17741 | 17707 |
| Subway Funding LLC Series <br> 2024-1A Class A2I 6.03% <br> 7/30/54<br>| 482130 | 488756 |
| Switch ABS Issuer LLC Series <br> 2024-2A Class A2 5.44% <br> 6/25/54<br>| 225000 | 225657 |
| Vertical Bridge CC LLC Series <br> 2025-1A Class A 5.16% <br> 8/16/55<br>| 525275 | 526477 |
| **Total Non-Agency** <br> **Asset-Backed Securities** <br>**(Cost $6,128,433)**<br>|  | **6104055** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–4.19%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–4.19%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–4.19%** |
| ABN AMRO Mortgage Corp. <br> Series 2003-4 Class A4 5.50% <br> 3/25/33<br>| 198 | 196 |
| Bank5 Series 2024-5YR7 <br> Class A3 5.77% 6/15/57<br>| 518000 | 540497 |
| BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| φSeries 2024-CES1 Class A1A <br> 6.38% 4/25/54<br>| 205029 | 207739 |
| φSeries 2024-NQM2 Class A1 <br> 6.29% 2/25/64<br>| 292449 | 296108 |
| •Series 2024-RPL1 Class A1 <br> 3.25% 10/25/63<br>| 366839 | 340994 |
| φSeries 2025-NQM3 Class A1 <br> 5.57% 3/25/65<br>| 189980 | 191697 |

---

LVIP American Century Balanced Fund-6

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust |
| Series 2024-10 Class A4 <br> 6.00% 10/25/55<br>| 254830 | $257176 |
| Series 2024-2 Class A4A <br> 6.00% 2/25/55<br>| 116191 | 117328 |
| Series 2024-8 Class A6A <br> 5.50% 8/25/55<br>| 123386 | 123391 |
| Series 2024-9 Class A4 5.50% <br> 9/25/55<br>| 242806 | 243695 |
| Series 2024-9 Class A6 5.50% <br> 9/25/55<br>| 70358 | 70330 |
| Series 2025-5 Class A4A <br> 5.50% 4/25/56<br>| 429966 | 432365 |
| Series 2025-8 Class A4 6.00% <br> 6/25/56<br>| 523508 | 529543 |
| Series 2025-9 Class A4A <br> 5.50% 6/25/56<br>| 637915 | 641600 |
| ♦CHL Mortgage Pass-Through <br> Trust Series 2005-17 Class <br> 1A11 5.50% 9/25/35<br>| 189 | 178 |
| •Citigroup Mortgage Loan Trust, Inc. | •Citigroup Mortgage Loan Trust, Inc. | •Citigroup Mortgage Loan Trust, Inc. |
| Series 2024-CMI1 Class A11 <br> 5.50% 6/25/54<br>| 379919 | 381373 |
| Series 2025-2 Class A10 <br> 6.00% 2/25/55<br>| 308792 | 312489 |
| Series 2025-3 Class A11 <br> 5.50% 6/25/55<br>| 282496 | 283942 |
| φEFMT | φEFMT | φEFMT |
| Series 2024-NQM1 Class A1B <br> 5.81% 11/25/69<br>| 202103 | 204534 |
| Series 2025-CES2 Class A1A <br> 5.66% 2/25/60<br>| 327475 | 331267 |
| •GCAT Trust | •GCAT Trust | •GCAT Trust |
| Series 2021-NQM1 Class A3 <br> 1.15% 1/25/66<br>| 54069 | 47823 |
| Series 2024-INV2 Class A6 <br> 6.00% 6/25/54<br>| 141018 | 143060 |
| Series 2024-INV3 Class A6 <br> 5.50% 9/25/54<br>| 196794 | 198423 |
| •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust |
| Series 2023-PJ4 Class A15 <br> 6.00% 1/25/54<br>| 165224 | 166713 |
| Series 2023-PJ6 Class A15 <br> 6.00% 4/25/54<br>| 151249 | 152393 |
| Series 2024-PJ1 Class A15 <br> 6.00% 6/25/54<br>| 257139 | 258293 |
| Series 2025-PJ7 Class A5 <br> 5.50% 12/25/55<br>| 455830 | 458335 |
| •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust |
| Series 2020-3 Class A15 <br> 3.50% 8/25/50<br>| 45284 | 40357 |
| Series 2023-7 Class A4A <br> 5.50% 2/25/54<br>| 405232 | 407088 |
| Series 2023-8 Class A2 6.00% <br> 2/25/54<br>| 96870 | 98489 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •JP Morgan Mortgage Trust (continued) | •JP Morgan Mortgage Trust (continued) | •JP Morgan Mortgage Trust (continued) |
| Series 2024-10 Class A4 <br> 5.50% 3/25/55<br>| 240974 | $242067 |
| Series 2024-10 Class A6 <br> 5.50% 3/25/55<br>| 144053 | 144211 |
| Series 2024-11 Class A4 <br> 6.00% 4/25/55<br>| 392819 | 396646 |
| Series 2024-5 Class A6 6.00% <br> 11/25/54<br>| 171204 | 171660 |
| Series 2024-INV1 Class A4 <br> 6.00% 4/25/55<br>| 255796 | 259660 |
| Series 2025-2 Class A4 6.00% <br> 7/25/55<br>| 359293 | 362886 |
| φMFA Trust Series 2024-NQM1 <br> Class A1 6.58% 3/25/69<br>| 201865 | 204646 |
| •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust |
| Series 2025-1 Class A1 6.00% <br> 3/25/55<br>| 248046 | 252193 |
| Series 2025-1 Class A3 6.00% <br> 3/25/55<br>| 198771 | 200646 |
| OBX Trust | OBX Trust | OBX Trust |
| •Series 2024-HYB2 Class A1 <br> 3.69% 4/25/53<br>| 123678 | 122788 |
| φSeries 2024-NQM7 Class A1 <br> 6.24% 3/25/64<br>| 102957 | 104368 |
| •Series 2025-J1 Class A4 <br> 6.00% 5/25/55<br>| 226187 | 228711 |
| •PMT Loan Trust Series <br> 2025-J2 Class A9 5.50% <br> 8/25/56<br>| 711956 | 716167 |
| •PRKCM Trust Series <br> 2025-AFC1 Class A1 5.10% <br> 10/25/60<br>| 393855 | 394416 |
| •Provident Funding Mortgage Trust | •Provident Funding Mortgage Trust | •Provident Funding Mortgage Trust |
| Series 2024-1 Class A3 5.50% <br> 12/25/54<br>| 452347 | 454879 |
| Series 2025-1 Class A3 5.50% <br> 2/25/55<br>| 548205 | 551316 |
| Series 2025-3 Class A4 5.50% <br> 8/25/55<br>| 494358 | 497302 |
| •Radian Mortgage Capital <br> Trust Series 2025-J3 <br> Class A15 5.50% 12/25/55<br>| 212260 | 213459 |
| •Rate Mortgage Trust | •Rate Mortgage Trust | •Rate Mortgage Trust |
| Series 2024-J1 Class A7 <br> 6.00% 7/25/54<br>| 81047 | 81168 |
| Series 2024-J3 Class A8 <br> 5.50% 10/25/54<br>| 77378 | 77507 |
| Series 2025-J1 Class A5 <br> 5.50% 3/25/55<br>| 128989 | 129259 |
| RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
| •Series 2024-CES1 Class A1A <br> 6.03% 2/25/44<br>| 186909 | 188444 |
| •Series 2024-CES2 Class A1A <br> 6.14% 4/25/44<br>| 123477 | 124767 |

---

LVIP American Century Balanced Fund-7

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| RCKT Mortgage Trust (continued) | RCKT Mortgage Trust (continued) | RCKT Mortgage Trust (continued) |
| •Series 2024-CES3 Class A1A <br> 6.59% 5/25/44<br>| 91918 | $93283 |
| φSeries 2024-CES4 Class A1A <br> 6.15% 6/25/44<br>| 283551 | 286921 |
| φSeries 2024-CES6 Class A1A <br> 5.34% 9/25/44<br>| 88060 | 88444 |
| φSeries 2024-CES8 Class A1A <br> 5.49% 11/25/44<br>| 247103 | 248888 |
| •Saluda Grade Alternative <br> Mortgage Trust Series <br> 2024-CES1 Class A1 6.31% <br> 3/25/54<br>| 255205 | 258251 |
| •Sequoia Mortgage Trust | •Sequoia Mortgage Trust | •Sequoia Mortgage Trust |
| Series 2024-10 Class A11 <br> 5.50% 11/25/54<br>| 87498 | 87595 |
| Series 2024-10 Class A5 <br> 5.50% 11/25/54<br>| 140554 | 141191 |
| Series 2024-6 Class A11 <br> 6.00% 7/27/54<br>| 189717 | 190335 |
| Series 2024-8 Class A5 5.50% <br> 9/25/54<br>| 113008 | 113433 |
| Series 2025-7 Class A5 5.50% <br> 8/25/55<br>| 524817 | 527802 |
| Series 2025-8 Class A4 5.50% <br> 9/25/55<br>| 374980 | 377147 |
| •SoFi Mortgage Trust Series <br> 2016-1A Class 1A4 3.00% <br> 11/25/46<br>| 4994 | 4526 |
| •Towd Point Mortgage Trust | •Towd Point Mortgage Trust | •Towd Point Mortgage Trust |
| Series 2024-1 Class A1 4.86% <br> 3/25/64<br>| 353327 | 360249 |
| Series 2024-CES3 Class A1 <br> 6.29% 5/25/64<br>| 200155 | 202506 |
| •Verus Securitization Trust <br> Series 2021-R2 Class A3 <br> 1.23% 2/25/64<br>| 45603 | 43335 |
| **Total Non-Agency** <br> **Collateralized Mortgage** <br> **Obligations** <br>**(Cost $16,488,664)**<br>|  | **16620488** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.04%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.04%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.04%** |
| Aligned Data Centers <br> Issuer LLC Series 2021-1A <br> Class B 2.48% 8/15/46<br>| 226000 | 221944 |
| ARZ Trust Series 2024-BILT <br> Class A 5.77% 6/11/39<br>| 207000 | 212233 |
| Bank5 Trust Series 2024-5YR6 <br> Class A3 6.23% 5/15/57<br>| 281000 | 295797 |
| BBCMS Mortgage Trust Series <br> 2024-5C27 Class A3 6.01% <br> 7/15/57<br>| 138000 | 144945 |
| BX Trust Series 2023-LIFE <br> Class A 5.05% 2/15/28<br>| 438000 | 434163 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| Capital Automotive REIT <br> Series 2024-2A Class A1 <br> 4.90% 5/15/54<br>| 305365 | $305712 |
| CyrusOne Data Centers Issuer <br> I LLC Series 2024-2A <br> Class A2 4.50% 5/20/49<br>| 300000 | 292779 |
| •DBSG Mortgage Trust Series <br> 2024-ALTA Class A 5.95% <br> 6/10/37<br>| 229000 | 232769 |
| Flexential Issuer LLC Series <br> 2021-1A Class A2 3.25% <br> 11/27/51<br>| 189257 | 186517 |
| FS Commercial Mortgage <br> Trust Series 2023-4SZN <br> Class A 7.07% 11/10/39<br>| 310000 | 316596 |
| •MF1 Ltd. Series 2021-FL7 <br> Class AS 5.30% (1 mo. USD <br> Term SOFR + 1.56%) <br> 10/16/36<br>| 350000 | 349776 |
| MIRA Trust Series 2023-MILE <br> Class A 6.75% 6/10/38<br>| 314000 | 326110 |
| New Economy Assets - Phase <br> 1 Sponsor LLC Series 2021-1 <br> Class B1 2.41% 10/20/61<br>| 500000 | 305433 |
| •SWCH Commercial Mortgage <br> Trust Series 2025-DATA <br> Class A 5.19% (1 mo. USD <br> Term SOFR + 1.44%) <br> 2/15/42<br>| 490000 | 484644 |
| **Total Non-Agency** <br> **Commercial** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $4,241,993)**<br>|  | **4109418** |
| **ΔSOVEREIGN BONDS–0.11%** | **ΔSOVEREIGN BONDS–0.11%** | **ΔSOVEREIGN BONDS–0.11%** |
| **Chile–0.02%** | **Chile–0.02%** | **Chile–0.02%** |
| Chile Government <br> International Bonds 5.33% <br> 1/5/54<br>| 70000 | 67501 |
|  |  | **67501** |
| **Luxembourg–0.09%** | **Luxembourg–0.09%** | **Luxembourg–0.09%** |
| Eagle Funding Luxco SARL <br> 5.50% 8/17/30<br>| 366000 | 372804 |
|  |  | **372804** |
| **Total Sovereign Bonds** <br>**(Cost $432,837)**<br>|  | **440305** |
| **U.S. TREASURY OBLIGATIONS–9.26%** | **U.S. TREASURY OBLIGATIONS–9.26%** | **U.S. TREASURY OBLIGATIONS–9.26%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.50% 10/31/27 | 4700000 | 4701102 |
| 3.50% 11/30/30 | 1000000 | 989922 |
| 3.63% 8/31/30 | 1300000 | 1295379 |
| 3.75% 10/31/32 | 1300000 | 1285578 |

---

LVIP American Century Balanced Fund-8

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) |
| 3.75% 11/30/32 | 1700000 | $1680344 |
| 3.88% 6/15/28 | 500000 | 504297 |
| 3.88% 12/31/29 | 500000 | 504238 |
| 3.88% 7/31/30 | 300000 | 302215 |
| 3.88% 8/31/32 | 1200000 | 1196859 |
| 4.00% 5/31/30 | 3100000 | 3139477 |
| 4.00% 6/30/32 | 800000 | 804594 |
| ∞4.13% 3/31/29 | 4700000 | 4777844 |
| 4.13% 8/31/30 | 3000000 | 3052734 |
| 4.13% 5/31/32 | 2300000 | 2330187 |
| 4.13% 11/15/32 | 300000 | 303434 |
| 4.25% 6/30/29 | 400000 | 408453 |
| 4.25% 2/28/31 | 1400000 | 1432211 |
| 4.38% 11/30/30 | 4900000 | 5041066 |
| 4.88% 10/31/30 | 2800000 | 2941312 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $36,397,804)**<br>|  | **36691246** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–61.83%** | **COMMON STOCK–61.83%** | **COMMON STOCK–61.83%** |
| **Air Freight & Logistics–0.24%** | **Air Freight & Logistics–0.24%** | **Air Freight & Logistics–0.24%** |
| FedEx Corp. | 3279 | 947172 |
|  |  | **947172** |
| **Automobiles–1.05%** | **Automobiles–1.05%** | **Automobiles–1.05%** |
| †Tesla, Inc. | 9279 | 4172952 |
|  |  | **4172952** |
| **Banks–2.70%** | **Banks–2.70%** | **Banks–2.70%** |
| Bank of America Corp. | 67216 | 3696880 |
| JPMorgan Chase & Co. | 12186 | 3926573 |
| Regions Financial Corp. | 113914 | 3087069 |
|  |  | **10710522** |
| **Beverages–0.44%** | **Beverages–0.44%** | **Beverages–0.44%** |
| PepsiCo, Inc. | 12080 | 1733722 |
|  |  | **1733722** |
| **Biotechnology–1.43%** | **Biotechnology–1.43%** | **Biotechnology–1.43%** |
| AbbVie, Inc. | 10480 | 2394576 |
| Gilead Sciences, Inc. | 15838 | 1943956 |
| †Vertex Pharmaceuticals, Inc. | 2945 | 1335145 |
|  |  | **5673677** |
| **Broadline Retail–2.28%** | **Broadline Retail–2.28%** | **Broadline Retail–2.28%** |
| †Amazon.com, Inc. | 39187 | 9045143 |
|  |  | **9045143** |
| **Building Products–0.92%** | **Building Products–0.92%** | **Building Products–0.92%** |
| Johnson Controls <br> International PLC<br>| 30357 | 3635251 |
|  |  | **3635251** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Capital Markets–2.98%** | **Capital Markets–2.98%** | **Capital Markets–2.98%** |
| Ameriprise Financial, Inc. | 3035 | $1488182 |
| Blackrock, Inc. | 1433 | 1533797 |
| Goldman Sachs Group, Inc. | 2279 | 2003241 |
| Intercontinental Exchange, <br> Inc.<br>| 7292 | 1181012 |
| KKR & Co., Inc. | 9601 | 1223936 |
| Morgan Stanley | 10191 | 1809208 |
| S&P Global, Inc. | 4912 | 2566962 |
|  |  | **11806338** |
| **Chemicals–0.93%** | **Chemicals–0.93%** | **Chemicals–0.93%** |
| Ecolab, Inc. | 5430 | 1425484 |
| Linde PLC | 5260 | 2242811 |
|  |  | **3668295** |
| **Communications Equipment–0.73%** | **Communications Equipment–0.73%** | **Communications Equipment–0.73%** |
| †Arista Networks, Inc. | 8652 | 1133671 |
| Motorola Solutions, Inc. | 4602 | 1764039 |
|  |  | **2897710** |
| **Consumer Finance–0.62%** | **Consumer Finance–0.62%** | **Consumer Finance–0.62%** |
| American Express Co. | 6639 | 2456098 |
|  |  | **2456098** |
| **Consumer Staples Distribution & Retail–0.79%** | **Consumer Staples Distribution & Retail–0.79%** | **Consumer Staples Distribution & Retail–0.79%** |
| Costco Wholesale Corp. | 1722 | 1484950 |
| Sysco Corp. | 22480 | 1656551 |
|  |  | **3141501** |
| **Containers & Packaging–0.27%** | **Containers & Packaging–0.27%** | **Containers & Packaging–0.27%** |
| Ball Corp. | 19958 | 1057175 |
|  |  | **1057175** |
| **Diversified Telecommunication Services–0.19%** | **Diversified Telecommunication Services–0.19%** | **Diversified Telecommunication Services–0.19%** |
| Verizon Communications, <br> Inc.<br>| 18244 | 743078 |
|  |  | **743078** |
| **Electric Utilities–0.96%** | **Electric Utilities–0.96%** | **Electric Utilities–0.96%** |
| NextEra Energy, Inc. | 47265 | 3794434 |
|  |  | **3794434** |
| **Electrical Equipment–0.73%** | **Electrical Equipment–0.73%** | **Electrical Equipment–0.73%** |
| Eaton Corp. PLC | 5220 | 1662622 |
| GE Vernova, Inc. | 1886 | 1232633 |
|  |  | **2895255** |
| **Electronic Equipment, Instruments & Components–0.19%** | **Electronic Equipment, Instruments & Components–0.19%** | **Electronic Equipment, Instruments & Components–0.19%** |
| CDW Corp. | 5606 | 763537 |
|  |  | **763537** |
| **Energy Equipment & Services–0.41%** | **Energy Equipment & Services–0.41%** | **Energy Equipment & Services–0.41%** |
| SLB Ltd. | 42107 | 1616067 |
|  |  | **1616067** |

---

LVIP American Century Balanced Fund-9

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Entertainment–0.58%** | **Entertainment–0.58%** | **Entertainment–0.58%** |
| †Liberty Media Corp.-Liberty <br> Formula One Class C<br>| 3755 | $369905 |
| †Netflix, Inc. | 20380 | 1910829 |
|  |  | **2280734** |
| **Financial Services–1.70%** | **Financial Services–1.70%** | **Financial Services–1.70%** |
| Mastercard, Inc. Class A | 7659 | 4372370 |
| Visa, Inc. Class A | 6706 | 2351861 |
|  |  | **6724231** |
| **Ground Transportation–0.58%** | **Ground Transportation–0.58%** | **Ground Transportation–0.58%** |
| †Uber Technologies, Inc. | 13573 | 1109050 |
| Union Pacific Corp. | 5099 | 1179501 |
|  |  | **2288551** |
| **Health Care Equipment & Supplies–0.72%** | **Health Care Equipment & Supplies–0.72%** | **Health Care Equipment & Supplies–0.72%** |
| †IDEXX Laboratories, Inc. | 2227 | 1506632 |
| †Intuitive Surgical, Inc. | 2379 | 1347371 |
|  |  | **2854003** |
| **Health Care Providers & Services–1.14%** | **Health Care Providers & Services–1.14%** | **Health Care Providers & Services–1.14%** |
| Cencora, Inc. | 3597 | 1214887 |
| Cigna Group | 7166 | 1972298 |
| UnitedHealth Group, Inc. | 3986 | 1315818 |
|  |  | **4503003** |
| **Health Care Reits–0.62%** | **Health Care Reits–0.62%** | **Health Care Reits–0.62%** |
| Welltower, Inc. | 13297 | 2468056 |
|  |  | **2468056** |
| **Hotels, Restaurants & Leisure–0.91%** | **Hotels, Restaurants & Leisure–0.91%** | **Hotels, Restaurants & Leisure–0.91%** |
| †Airbnb, Inc. Class A | 3559 | 483027 |
| Booking Holdings, Inc. | 261 | 1397741 |
| Marriott International, Inc. <br> Class A<br>| 5598 | 1736724 |
|  |  | **3617492** |
| **Household Products–1.07%** | **Household Products–1.07%** | **Household Products–1.07%** |
| Church & Dwight Co., Inc. | 12363 | 1036637 |
| Colgate-Palmolive Co. | 9701 | 766573 |
| Procter & Gamble Co. | 17103 | 2451031 |
|  |  | **4254241** |
| **Industrial Conglomerates–0.41%** | **Industrial Conglomerates–0.41%** | **Industrial Conglomerates–0.41%** |
| Honeywell International, Inc. | 8404 | 1639536 |
|  |  | **1639536** |
| **Industrial Reits–0.62%** | **Industrial Reits–0.62%** | **Industrial Reits–0.62%** |
| Prologis, Inc. | 19376 | 2473540 |
|  |  | **2473540** |
| **Insurance–0.96%** | **Insurance–0.96%** | **Insurance–0.96%** |
| Marsh & McLennan Cos., Inc. | 5724 | 1061916 |
| MetLife, Inc. | 21002 | 1657898 |
| Progressive Corp. | 4734 | 1078027 |
|  |  | **3797841** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Interactive Media & Services–5.13%** | **Interactive Media & Services–5.13%** | **Interactive Media & Services–5.13%** |
| Alphabet, Inc. Class A | 47305 | $14806465 |
| Meta Platforms, Inc. Class A | 8376 | 5528914 |
|  |  | **20335379** |
| **IT Services–1.11%** | **IT Services–1.11%** | **IT Services–1.11%** |
| International Business <br> Machines Corp.<br>| 12293 | 3641309 |
| †MongoDB, Inc. | 1849 | 776007 |
|  |  | **4417316** |
| **Life Sciences Tools & Services–1.29%** | **Life Sciences Tools & Services–1.29%** | **Life Sciences Tools & Services–1.29%** |
| Agilent Technologies, Inc. | 6378 | 867855 |
| Danaher Corp. | 10761 | 2463408 |
| Thermo Fisher Scientific, <br> Inc.<br>| 3109 | 1801510 |
|  |  | **5132773** |
| **Machinery–1.74%** | **Machinery–1.74%** | **Machinery–1.74%** |
| Cummins, Inc. | 4820 | 2460369 |
| Deere & Co. | 2476 | 1152751 |
| Parker-Hannifin Corp. | 1588 | 1395789 |
| Xylem, Inc. | 13739 | 1870977 |
|  |  | **6879886** |
| **Oil, Gas & Consumable Fuels–0.86%** | **Oil, Gas & Consumable Fuels–0.86%** | **Oil, Gas & Consumable Fuels–0.86%** |
| Cheniere Energy, Inc. | 7737 | 1503995 |
| Williams Cos., Inc. | 31916 | 1918471 |
|  |  | **3422466** |
| **Pharmaceuticals–1.81%** | **Pharmaceuticals–1.81%** | **Pharmaceuticals–1.81%** |
| Bristol-Myers Squibb Co. | 13166 | 710174 |
| Eli Lilly & Co. | 3585 | 3852728 |
| Merck & Co., Inc. | 11826 | 1244805 |
| Zoetis, Inc. | 10804 | 1359359 |
|  |  | **7167066** |
| **Professional Services–0.38%** | **Professional Services–0.38%** | **Professional Services–0.38%** |
| Automatic Data Processing, <br> Inc.<br>| 5802 | 1492448 |
|  |  | **1492448** |
| **Semiconductors & Semiconductor Equipment–9.03%** | **Semiconductors & Semiconductor Equipment–9.03%** | **Semiconductors & Semiconductor Equipment–9.03%** |
| Analog Devices, Inc. | 10055 | 2726916 |
| Applied Materials, Inc. | 6574 | 1689452 |
| †ARM Holdings PLC ADR | 3406 | 372310 |
| ASML Holding NV | 837 | 901885 |
| Broadcom, Inc. | 23433 | 8110161 |
| NVIDIA Corp. | 110983 | 20698330 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 4197 | 1275426 |
|  |  | **35774480** |
| **Software–7.17%** | **Software–7.17%** | **Software–7.17%** |
| †AppLovin Corp. Class A | 1918 | 1292387 |

---

LVIP American Century Balanced Fund-10

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **SOFTWARE (continued)** | **SOFTWARE (continued)** | **SOFTWARE (continued)** |
| †Cadence Design Systems, <br> Inc.<br>| 7588 | $2371857 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 2204 | 1033147 |
| †Dynatrace, Inc. | 24824 | 1075872 |
| Microsoft Corp. | 38505 | 18621788 |
| Salesforce, Inc. | 4198 | 1112092 |
| †ServiceNow, Inc. | 10450 | 1600836 |
| †Workday, Inc. Class A | 6073 | 1304359 |
|  |  | **28412338** |
| **Specialized Reits–0.27%** | **Specialized Reits–0.27%** | **Specialized Reits–0.27%** |
| Equinix, Inc. | 1397 | 1070326 |
|  |  | **1070326** |
| **Specialty Retail–2.16%** | **Specialty Retail–2.16%** | **Specialty Retail–2.16%** |
| Home Depot, Inc. | 8894 | 3060425 |
| †O'Reilly Automotive, Inc. | 14955 | 1364046 |
| TJX Cos., Inc. | 17505 | 2688943 |
| Tractor Supply Co. | 29069 | 1453741 |
|  |  | **8567155** |
| **Technology Hardware, Storage & Peripherals–3.11%** | **Technology Hardware, Storage & Peripherals–3.11%** | **Technology Hardware, Storage & Peripherals–3.11%** |
| Apple, Inc. | 45359 | 12331298 |
|  |  | **12331298** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **Trading Companies & Distributors–0.60%** | **Trading Companies & Distributors–0.60%** | **Trading Companies & Distributors–0.60%** |
| Ferguson Enterprises, Inc. | 4664 | $1038346 |
| United Rentals, Inc. | 1665 | 1347518 |
|  |  | **2385864** |
| **Total Common Stock** <br>**(Cost $136,640,693)**<br>|  | **245047950** |
| **EXCHANGE-TRADED FUNDS–0.74%** | **EXCHANGE-TRADED FUNDS–0.74%** | **EXCHANGE-TRADED FUNDS–0.74%** |
| iShares Core S&P 500 ETF  | 1797 | 1230837 |
| State Street SPDR Portfolio <br> High Yield Bond ETF <br>| 72655 | 1719744 |
| **Total Exchange-Traded Funds** <br>**(Cost $2,883,701)** | **Total Exchange-Traded Funds** <br>**(Cost $2,883,701)** | **2950581** |
| **MONEY MARKET FUND–1.48%** | **MONEY MARKET FUND–1.48%** | **MONEY MARKET FUND–1.48%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 5870909 | 5870909 |
| **Total Money Market Fund** <br>**(Cost $5,870,909)** | **Total Money Market Fund** <br>**(Cost $5,870,909)** | **5870909** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.75% (Cost $290,675,807)** | **399312543** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.75%)** | **(2986454)**<br>|
| **NET ASSETS APPLICABLE TO 43,824,444 SHARES OUTSTANDING –100.00%** | **$396326089** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY BALANCED FUND STANDARD CLASS** <br>**($11,947 / 1,320 Shares)** | **$9.050** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY BALANCED FUND STANDARD CLASS II** <br>**($230,019,423 / 25,430,171 Shares)** | **$9.045** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY BALANCED FUND SERVICE CLASS** <br>**($166,294,719 / 18,392,953 Shares)** | **$9.041** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$306635027** |
| Distributable earnings/(accumulated loss) | **89691062** |
| **TOTAL NET ASSETS** | **$396326089** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |

---

LVIP American Century Balanced Fund-11

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. |
| ΔSecurities have been classified by country of origin. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at December 31, 2025. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| ∞Fully or partially pledged as collateral for futures contracts. |
| †Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $29,020 expense reimbursement receivable from Lincoln Financial Investments Corporation, $24,389 variation margin due from <br> broker on futures contracts, $3,715,296 payable for securities purchased, $163,080 payable for fund shares redeemed, $26,857 other accrued <br> expenses payable, $298,621 due to manager and affiliates, $37,208 payable for audit fee and $19,899 payable for fund accounting fee as of <br> December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| CBK | EUR | &nbsp;&nbsp; (167351)<br>| USD | &nbsp;&nbsp; 197655 | 3/27/26 | &nbsp;&nbsp; $172 | &nbsp;&nbsp; $— |
| GS | EUR | &nbsp;&nbsp; (186986)<br>| USD | &nbsp;&nbsp; 220936 | 3/27/26 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; (167351)<br>| USD | &nbsp;&nbsp; 197511 | 3/27/26 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; 22980 | USD | &nbsp;&nbsp; (27118)<br>| 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|
| MSC | EUR | &nbsp;&nbsp; 24616 | USD | &nbsp;&nbsp; (28984)<br>| 3/27/26 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (167351)<br>| USD | &nbsp;&nbsp; 197727 | 3/27/26 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $790 | &nbsp;&nbsp; $(1)<br>|

---

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| (11) | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(2296679)<br>| &nbsp;&nbsp; $(2297432)<br>| &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; $753 | &nbsp;&nbsp; $— |
| 31 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 3583406 | &nbsp;&nbsp; 3624639 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (41233)<br>|
| 5 | Long Gilt Futures | &nbsp;&nbsp; 615811 | &nbsp;&nbsp; 611268 | &nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp; 4543 | &nbsp;&nbsp; — |
| 43 | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 4945672 | &nbsp;&nbsp; 4969147 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23475)<br>|
| 66 | Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp; 7788000 | &nbsp;&nbsp; 7919559 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (131559)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $5296 | &nbsp;&nbsp; $(196267)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| BNP–BNP Paribas |
| CBK–Citibank NA |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| ETF–Exchange-Traded Fund |
| EUR–Euro |
| GS–Goldman Sachs |
| IT–Information Technology |

---

LVIP American Century Balanced Fund-12

------

**LVIP American Century Balanced Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| LNG–Liquefied Natural Gas |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| REMIC–Real Estate Mortgage Investment Conduits |
| RFUCCT–Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| S&P–Standard & Poor's |
| SOFR–Secured Overnight Financing Rate |
| SPDR–Standard & Poor's Depositary Receipt |
| TBA–To be announced |
| USD–United States Dollar |
| yr.–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Balanced Fund-13

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Balanced Fund** | **LVIP American Century Balanced Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $7339972 |
| Dividends | 2751710 |
| Foreign taxes withheld | (4812)<br>|
|  | 10086870 |
| **EXPENSES:** |  |
| Management fees | 2478796 |
| Shareholder servicing fees | 491934 |
| Distribution fees-Service Class | 399321 |
| Accounting and administration expenses | 84963 |
| Professional fees | 84108 |
| Pricing fees | 44315 |
| Custodian fees | 24003 |
| Consulting fees | 13148 |
| Reports and statements to shareholders | 11059 |
| Trustees' fees and expenses | 10988 |
| Other | 9917 |
|  | 3652552 |
| Less:  |  |
| Expenses reimbursed | (316823)<br>|
| Total operating expenses | 3335729 |
| **NET INVESTMENT INCOME**  | 6751141 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 8588195 |
| Foreign currencies | (6581)<br>|
| Foreign currency exchange contracts | (132152)<br>|
| Futures contracts | (82025)<br>|
| Swap contracts | (80557)<br>|
| Net realized gain | 8286880 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 19535995 |
| Foreign currencies | 996 |
| Foreign currency exchange contracts | (28074)<br>|
| Futures contracts | 128874 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 19637791 |
| **NET REALIZED AND UNREALIZED GAIN** | 27924671 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $34675812 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Balanced Fund** | **LVIP American Century Balanced Fund** | **LVIP American Century Balanced Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $6751141 | $6852465 |
| Net realized gain | 8286880 | 3405679 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 19637791 | 32193887 |
| Net increase in net assets resulting <br> from operations<br>| 34675812 | 42452031 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (225)<br>| (169)<br>|
| Standard Class II | (4129145)<br>| (4454783)<br>|
| Service Class | (2596446)<br>| (2891232)<br>|
| Return of capital: |  |  |
| Standard Class | (1)<br>|  |
| Standard Class II | (23200)<br>|  |
| Service Class | (16722)<br>|  |
|  | (6765739)<br>| (7346184)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 11330628 | 12697716 |
| Service Class | 21107877 | 13014514 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 226 | 169 |
| Standard Class II | 4152345 | 4454783 |
| Service Class | 2613168 | 2891232 |
|  | 39204244 | 33068414 |
| Cost of shares redeemed: |  |  |
| Standard Class II | (22784215)<br>| (22117806)<br>|
| Service Class | (29255163)<br>| (23628051)<br>|
|  | (52039378)<br>| (45745857)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (12835134)<br>| (12677443)<br>|
| **NET INCREASE IN NET ASSETS** | 15074939 | 22428404 |
| **NET ASSETS:** |  |  |
| Beginning of year | 381251150 | 358822746 |
| End of year | $396326089 | $381251150 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Balanced Fund-14

------

**LVIP American Century Balanced Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Balanced Fund Standard Class** | **LVIP American Century Balanced Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.407 | &nbsp;&nbsp; $7.840 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.171 | 0.114 |
| Net realized and unrealized gain | 0.646 | 0.586 |
| Total from investment operations | 0.817 | 0.700 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.173)<br>| &nbsp;&nbsp; (0.133)<br>|
| Return of capital | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.133)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.050 | &nbsp;&nbsp; $8.407 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.73% | &nbsp;&nbsp; 8.88% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.02% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.92% |
| Portfolio turnover | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Balanced Fund-15

------

**LVIP American Century Balanced Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** | **LVIP American Century Balanced Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.403 | &nbsp;&nbsp; $7.650 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.162 | 0.158 | 0.14 | 0.09 | 0.06 |
| Net realized and unrealized gain (loss) | 0.646 | 0.765 | 0.95 | &nbsp;&nbsp; (1.57)<br>| 1.27 |
| Total from investment operations | 0.808 | 0.923 | 1.09 | &nbsp;&nbsp; (1.48)<br>| 1.33 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.170)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.43)<br>|
| Return of capital | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.170)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.500)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.045 | &nbsp;&nbsp; $8.403 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.62% | &nbsp;&nbsp; 12.06% | &nbsp;&nbsp; 16.41% | &nbsp;&nbsp; (17.27%)<br>| &nbsp;&nbsp; 15.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $230019 | &nbsp;&nbsp; $221018 | &nbsp;&nbsp; $205828 | &nbsp;&nbsp; $184541 | &nbsp;&nbsp; $231837 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.88% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.58% |
| Portfolio turnover | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 195% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Balanced Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Balanced Fund-16

------

**LVIP American Century Balanced Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** | **LVIP American Century Balanced Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.401 | &nbsp;&nbsp; $7.650 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.140 | 0.137 | 0.12 | 0.07 | 0.03 |
| Net realized and unrealized gain (loss) | 0.644 | 0.765 | 0.95 | &nbsp;&nbsp; (1.57)<br>| 1.27 |
| Total from investment operations | 0.784 | 0.902 | 1.07 | &nbsp;&nbsp; (1.50)<br>| 1.30 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.143)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.43)<br>|
| Return of capital | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.144)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.47)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.041 | &nbsp;&nbsp; $8.401 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $6.70 | &nbsp;&nbsp; $9.56 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.33% | &nbsp;&nbsp; 11.79% | &nbsp;&nbsp; 16.12% | &nbsp;&nbsp; (17.47%)<br>| &nbsp;&nbsp; 15.48% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $166295 | &nbsp;&nbsp; $160222 | &nbsp;&nbsp; $152995 | &nbsp;&nbsp; $134601 | &nbsp;&nbsp; $164809 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.13% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.38% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.33% |
| Portfolio turnover | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 195% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Balanced Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Balanced Fund-17

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Balanced Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Balanced Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth and current income.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities and Exchange-Traded Funds ("ETFs"), except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and

LVIP American Century Balanced Fund-18

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**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP American Century Balanced Fund is $105 and $103 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends and interest are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP American Century Balanced Fund-19

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**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; and 0.60% of the Fund's average daily net assets in excess of $500 million. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.67% of the Fund's average daily net assets for the Standard Class, 0.77% for the Standard Class II and 1.02% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

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| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $243818 | &nbsp;&nbsp; $316823 | &nbsp;&nbsp; $560641 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $31461 |
| Legal | &nbsp;&nbsp; 5229 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares and 0.129% of the Fund's average daily net assets for each of the Standard Class II shares and Service Class shares respectively. The fee is calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,599 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP American Century Balanced Fund-20

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**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $29020 |
| Management fees payable to LFI | &nbsp;&nbsp; 219488 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 35428 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 147 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 43558 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $221499966 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 154668060 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 240674253 |
| Sales of U.S. government securities | &nbsp;&nbsp; 152180087 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $291422734 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $114264433 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (6373903)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $107890530 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Century Balanced Fund-21

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**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $412644 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $412644 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 41551392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41551392 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2070670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2070670 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 36352242 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36352242 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1090643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1090643 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6104055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6104055 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 16620488 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16620488 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4109418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4109418 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 440305 | &nbsp;&nbsp; — | &nbsp;&nbsp; 440305 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 36691246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36691246 |
| Common Stock | &nbsp;&nbsp; 244146065 | &nbsp;&nbsp; 901885 | &nbsp;&nbsp; — | &nbsp;&nbsp; 245047950 |
| Exchange-Traded Funds | &nbsp;&nbsp; 2950581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2950581 |
| Money Market Fund | &nbsp;&nbsp; 5870909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5870909 |
| **Total Investments** | &nbsp;&nbsp; $252967555 | &nbsp;&nbsp; $146344988 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $399312543 |
| **Derivatives:** |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $790 |
| Futures Contracts | &nbsp;&nbsp; $5296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5296 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1)<br>|
| Futures Contracts | &nbsp;&nbsp; $(196267)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(196267)<br>|

---

There were no Level 3 investments at the end of the year.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives, premium amortization adjustments on certain debt instruments and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $6725816 | &nbsp;&nbsp; $7346184 |
| Return of capital | &nbsp;&nbsp; 39923 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $6765739 | &nbsp;&nbsp; $7346184 |

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**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward | &nbsp;&nbsp; $(17991156)<br>|
| Other temporary differences | &nbsp;&nbsp; (208312)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 107890530 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $89691062 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

LVIP American Century Balanced Fund-22

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**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $17565529 | &nbsp;&nbsp; $425627 | &nbsp;&nbsp; $17991156 |

---

In 2025, the Fund utilized $8,658,542 of capital loss carryforwards.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1275 |
| Standard Class II | &nbsp;&nbsp; 1316690 | &nbsp;&nbsp; 1553192 |
| Service Class | &nbsp;&nbsp; 2454624 | &nbsp;&nbsp; 1581941 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 20 |
| Standard Class II | &nbsp;&nbsp; 459432 | &nbsp;&nbsp; 526609 |
| Service Class | &nbsp;&nbsp; 289229 | &nbsp;&nbsp; 341938 |
|  | &nbsp;&nbsp; 4520000 | &nbsp;&nbsp; 4004975 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (2646778)<br>| &nbsp;&nbsp; (2698431)<br>|
| Service Class | &nbsp;&nbsp; (3422836)<br>| &nbsp;&nbsp; (2862700)<br>|
|  | &nbsp;&nbsp; (6069614)<br>| &nbsp;&nbsp; (5561131)<br>|
| Net decrease | &nbsp;&nbsp; (1549614)<br>| &nbsp;&nbsp; (1556156)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their

LVIP American Century Balanced Fund-23

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**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Swap Contracts–The Fund enters into CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

During the year ended December 31, 2025, the Fund entered into CDS contracts as a seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, by trading these instruments through a central counterparty.

During the year ended December 31, 2025, the Fund used CDS contracts to gain exposure to certain securities or markets.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

LVIP American Century Balanced Fund-24

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $790 | Liabilities net of receivables and other <br> assets<br>| $(1)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 5296 | Liabilities net of receivables and other <br> assets<br>| (196267)<br>|
| Total |  | $6086 |  | $(196268)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(132152)<br>| &nbsp;&nbsp; $(28074)<br>|
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (82025)<br>| &nbsp;&nbsp; 128874 |
| Swap contracts (Credit <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; (80557)<br>| &nbsp;&nbsp; — |
| Total |  | &nbsp;&nbsp; $(294734)<br>| &nbsp;&nbsp; $100800 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $529489 | $1784034 |
| Futures contracts (average notional value) | 15759666 | 2748291 |
| CDS contracts (average notional value) | 107692 | 892154 |

---

**9. Risk Factors**

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government

LVIP American Century Balanced Fund-25

------

**LVIP American Century Balanced Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Balanced Fund-26

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Balanced Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Balanced Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img26b070222.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Balanced Fund–27

------

![](img391322b11.jpg)

LVIP American Century Capital Appreciation Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Capital Appreciation Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_9728a08f-563e-4224-b512-e92733e8252d_SOI-continued-697_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_9728a08f-563e-4224-b512-e92733e8252d_FS-continued-697_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_9728a08f-563e-4224-b512-e92733e8252d_FS-continued-697_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_9728a08f-563e-4224-b512-e92733e8252d_FIHI-continued-697_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_9728a08f-563e-4224-b512-e92733e8252d_NTF-continued-697_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_9728a08f-563e-4224-b512-e92733e8252d_AUDIT-continued-697_1)**  | &nbsp;&nbsp; **15** |

---

------

**LVIP American Century Capital Appreciation Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.31%** | **COMMON STOCK–99.31%** | **COMMON STOCK–99.31%** |
| **Aerospace & Defense–7.93%** | **Aerospace & Defense–7.93%** | **Aerospace & Defense–7.93%** |
| †Axon Enterprise, Inc. | 11509 | $6536306 |
| Curtiss-Wright Corp. | 9985 | 5504431 |
| HEICO Corp. | 16677 | 5396511 |
| Howmet Aerospace, Inc. | 73821 | 15134782 |
| †Rocket Lab Corp. | 67232 | 4690104 |
|  |  | **37262134** |
| **Banks–0.60%** | **Banks–0.60%** | **Banks–0.60%** |
| †NU Holdings Ltd. Class A | 168348 | 2818146 |
|  |  | **2818146** |
| **Biotechnology–3.66%** | **Biotechnology–3.66%** | **Biotechnology–3.66%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 12938 | 5144796 |
| †Argenx SE ADR | 4197 | 3529467 |
| †Natera, Inc. | 37227 | 8528333 |
|  |  | **17202596** |
| **Broadline Retail–0.77%** | **Broadline Retail–0.77%** | **Broadline Retail–0.77%** |
| †Coupang, Inc. | 153846 | 3629227 |
|  |  | **3629227** |
| **Building Products–1.12%** | **Building Products–1.12%** | **Building Products–1.12%** |
| Johnson Controls <br> International PLC<br>| 43807 | 5245888 |
|  |  | **5245888** |
| **Capital Markets–4.78%** | **Capital Markets–4.78%** | **Capital Markets–4.78%** |
| ARES Management Corp. <br> Class A<br>| 43745 | 7070504 |
| †Coinbase Global, Inc. Class A | 7250 | 1639515 |
| LPL Financial Holdings, Inc. | 20410 | 7289840 |
| MSCI, Inc. | 3074 | 1763646 |
| TPG, Inc. | 74060 | 4727991 |
|  |  | **22491496** |
| **Commercial Services & Supplies–0.96%** | **Commercial Services & Supplies–0.96%** | **Commercial Services & Supplies–0.96%** |
| Republic Services, Inc. | 21315 | 4517288 |
|  |  | **4517288** |
| **Communications Equipment–0.71%** | **Communications Equipment–0.71%** | **Communications Equipment–0.71%** |
| †Ciena Corp. | 14284 | 3340599 |
|  |  | **3340599** |
| **Construction & Engineering–1.63%** | **Construction & Engineering–1.63%** | **Construction & Engineering–1.63%** |
| EMCOR Group, Inc. | 12512 | 7654717 |
|  |  | **7654717** |
| **Construction Materials–1.49%** | **Construction Materials–1.49%** | **Construction Materials–1.49%** |
| Vulcan Materials Co. | 24570 | 7007855 |
|  |  | **7007855** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail–1.43%** | **Consumer Staples Distribution & Retail–1.43%** | **Consumer Staples Distribution & Retail–1.43%** |
| Casey's General Stores, Inc. | 9067 | $5011421 |
| †Sprouts Farmers Market, Inc. | 21422 | 1706691 |
|  |  | **6718112** |
| **Distributors–0.95%** | **Distributors–0.95%** | **Distributors–0.95%** |
| Pool Corp. | 19575 | 4477781 |
|  |  | **4477781** |
| **Diversified Consumer Services–0.52%** | **Diversified Consumer Services–0.52%** | **Diversified Consumer Services–0.52%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 13854 | 1404796 |
| †Duolingo, Inc. | 6056 | 1062828 |
|  |  | **2467624** |
| **Electrical Equipment–2.67%** | **Electrical Equipment–2.67%** | **Electrical Equipment–2.67%** |
| Hubbell, Inc. | 5033 | 2235206 |
| Vertiv Holdings Co. Class A | 63752 | 10328461 |
|  |  | **12563667** |
| **Electronic Equipment, Instruments & Components–0.75%** | **Electronic Equipment, Instruments & Components–0.75%** | **Electronic Equipment, Instruments & Components–0.75%** |
| †Coherent Corp. | 19203 | 3544298 |
|  |  | **3544298** |
| **Entertainment–2.57%** | **Entertainment–2.57%** | **Entertainment–2.57%** |
| †ROBLOX Corp. Class A | 97559 | 7905206 |
| †Spotify Technology SA | 7192 | 4176466 |
|  |  | **12081672** |
| **Financial Services–3.04%** | **Financial Services–3.04%** | **Financial Services–3.04%** |
| †Affirm Holdings, Inc. | 60731 | 4520208 |
| †Corpay, Inc. | 22988 | 6917779 |
| †Toast, Inc. Class A | 80960 | 2874890 |
|  |  | **14312877** |
| **Ground Transportation–0.49%** | **Ground Transportation–0.49%** | **Ground Transportation–0.49%** |
| †XPO, Inc. | 16987 | 2308703 |
|  |  | **2308703** |
| **Health Care Equipment & Supplies–6.22%** | **Health Care Equipment & Supplies–6.22%** | **Health Care Equipment & Supplies–6.22%** |
| †Dexcom, Inc. | 142406 | 9451486 |
| GE HealthCare Technologies, <br> Inc.<br>| 89667 | 7354488 |
| †IDEXX Laboratories, Inc. | 5308 | 3591021 |
| †Insulet Corp. | 31171 | 8860045 |
|  |  | **29257040** |
| **Health Care Providers & Services–1.11%** | **Health Care Providers & Services–1.11%** | **Health Care Providers & Services–1.11%** |
| Cencora, Inc. | 15399 | 5201012 |
|  |  | **5201012** |
| **Health Care Technology–1.38%** | **Health Care Technology–1.38%** | **Health Care Technology–1.38%** |
| †Veeva Systems, Inc. Class A | 29156 | 6508494 |
|  |  | **6508494** |
| **Hotels, Restaurants & Leisure–11.12%** | **Hotels, Restaurants & Leisure–11.12%** | **Hotels, Restaurants & Leisure–11.12%** |
| †Chipotle Mexican Grill, Inc. | 31198 | 1154326 |

---

LVIP American Century Capital Appreciation Fund-1

------

**LVIP American Century Capital Appreciation Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †DoorDash, Inc. Class A | 10757 | $2436245 |
| Expedia Group, Inc. | 10144 | 2873897 |
| †Flutter Entertainment PLC | 31397 | 6751611 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 60585 | 17403041 |
| Royal Caribbean Cruises Ltd. | 52796 | 14725860 |
| †Viking Holdings Ltd. | 82811 | 5913534 |
| Wingstop, Inc. | 4278 | 1020260 |
|  |  | **52278774** |
| **Household Durables–0.95%** | **Household Durables–0.95%** | **Household Durables–0.95%** |
| †TopBuild Corp. | 10673 | 4452669 |
|  |  | **4452669** |
| **Household Products–0.16%** | **Household Products–0.16%** | **Household Products–0.16%** |
| Church & Dwight Co., Inc. | 8979 | 752889 |
|  |  | **752889** |
| **Independent Power and Renewable Electricity Producers–2.92%** | **Independent Power and Renewable Electricity Producers–2.92%** | **Independent Power and Renewable Electricity Producers–2.92%** |
| Vistra Corp. | 85212 | 13747252 |
|  |  | **13747252** |
| **Interactive Media & Services–0.97%** | **Interactive Media & Services–0.97%** | **Interactive Media & Services–0.97%** |
| †Reddit, Inc. Class A | 19759 | 4542001 |
|  |  | **4542001** |
| **IT Services–3.56%** | **IT Services–3.56%** | **IT Services–3.56%** |
| †Cloudflare, Inc. Class A | 61707 | 12165535 |
| †Snowflake, Inc. Class A | 9630 | 2112437 |
| †Twilio, Inc. Class A | 17236 | 2451649 |
|  |  | **16729621** |
| **Life Sciences Tools & Services–6.12%** | **Life Sciences Tools & Services–6.12%** | **Life Sciences Tools & Services–6.12%** |
| Bio-Techne Corp. | 126761 | 7454814 |
| †ICON PLC | 28502 | 5193634 |
| †IQVIA Holdings, Inc. | 34092 | 7684678 |
| West Pharmaceutical <br> Services, Inc.<br>| 30613 | 8422861 |
|  |  | **28755987** |
| **Machinery–0.79%** | **Machinery–0.79%** | **Machinery–0.79%** |
| Crane Co. | 20084 | 3704092 |
|  |  | **3704092** |
| **Media–0.43%** | **Media–0.43%** | **Media–0.43%** |
| †Trade Desk, Inc. Class A | 52719 | 2001213 |
|  |  | **2001213** |
| **Oil, Gas & Consumable Fuels–2.82%** | **Oil, Gas & Consumable Fuels–2.82%** | **Oil, Gas & Consumable Fuels–2.82%** |
| Expand Energy Corp. | 32423 | 3578202 |
| Permian Resources Corp. | 188347 | 2642508 |
| Targa Resources Corp. | 38025 | 7015613 |
|  |  | **13236323** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Professional Services–1.59%** | **Professional Services–1.59%** | **Professional Services–1.59%** |
| †CACI International, Inc. <br> Class A<br>| 5895 | $3140915 |
| Equifax, Inc. | 19937 | 4325930 |
|  |  | **7466845** |
| **Semiconductors & Semiconductor Equipment–4.41%** | **Semiconductors & Semiconductor Equipment–4.41%** | **Semiconductors & Semiconductor Equipment–4.41%** |
| †Astera Labs, Inc. | 15900 | 2645124 |
| †Lattice Semiconductor Corp. | 80414 | 5916862 |
| Monolithic Power Systems, <br> Inc.<br>| 10831 | 9816785 |
| †ON Semiconductor Corp. | 43397 | 2349948 |
|  |  | **20728719** |
| **Software–8.67%** | **Software–8.67%** | **Software–8.67%** |
| †Cadence Design Systems, <br> Inc.<br>| 23356 | 7300618 |
| †Datadog, Inc. Class A | 65846 | 8954398 |
| †Fair Isaac Corp. | 5990 | 10126814 |
| †HubSpot, Inc. | 12145 | 4873788 |
| †Samsara, Inc. Class A | 101322 | 3591865 |
| †Zscaler, Inc. | 26225 | 5898527 |
|  |  | **40746010** |
| **Specialty Retail–5.45%** | **Specialty Retail–5.45%** | **Specialty Retail–5.45%** |
| †Burlington Stores, Inc. | 23480 | 6782198 |
| †Carvana Co. | 26690 | 11263714 |
| Tractor Supply Co. | 151864 | 7594719 |
|  |  | **25640631** |
| **Technology Hardware, Storage & Peripherals–0.40%** | **Technology Hardware, Storage & Peripherals–0.40%** | **Technology Hardware, Storage & Peripherals–0.40%** |
| †Pure Storage, Inc. Class A | 27867 | 1867368 |
|  |  | **1867368** |
| **Textiles, Apparel & Luxury Goods–1.54%** | **Textiles, Apparel & Luxury Goods–1.54%** | **Textiles, Apparel & Luxury Goods–1.54%** |
| †On Holding AG Class A | 111302 | 5173317 |
| Tapestry, Inc. | 16136 | 2061697 |
|  |  | **7235014** |
| **Trading Companies & Distributors–2.63%** | **Trading Companies & Distributors–2.63%** | **Trading Companies & Distributors–2.63%** |
| Fastenal Co. | 170910 | 6858618 |
| WESCO International, Inc. | 22436 | 5488743 |
|  |  | **12347361** |
| **Total Common Stock** <br>**(Cost $374,069,823)** | **Total Common Stock** <br>**(Cost $374,069,823)** | **466843995** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.42%** | **MONEY MARKET FUND–0.42%** | **MONEY MARKET FUND–0.42%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1985018 | 1985018 |
| **Total Money Market Fund** <br>**(Cost $1,985,018)** | **Total Money Market Fund** <br>**(Cost $1,985,018)** | **1985018** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Capital Appreciation Fund-2

------

**LVIP American Century Capital Appreciation Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.73% (Cost $376,054,841)** | **$468829013** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.27%** | **1248208** |
| **NET ASSETS APPLICABLE TO 30,211,519 SHARES OUTSTANDING–100.00%** | **$470077221** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY CAPITAL APPRECIATION FUND STANDARD CLASS** <br>**($345,150,111 / 21,903,417 Shares)** | **$15.758** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY CAPITAL APPRECIATION FUND STANDARD CLASS II** <br>**($94,451,795 / 6,230,298 Shares)** | **$15.160** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY CAPITAL APPRECIATION FUND SERVICE CLASS** <br>**($30,475,315 / 2,077,804 Shares)** | **$14.667** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$306843890** |
| Distributable earnings/(accumulated loss) | **163233331** |
| **TOTAL NET ASSETS** | **$470077221** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $26,837 expense reimbursement receivable from Lincoln Financial Investments Corporation, $453,885 payable for fund shares <br> redeemed, $7,397 other accrued expenses payable, $264,495 due to manager and affiliates, $17,117 payable for audit fee and $19,118 <br> payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| IT–Information Technology |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Capital Appreciation Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Capital Appreciation** <br> **Fund** | **LVIP American Century Capital Appreciation** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $2190270 |
| **EXPENSES:** |  |
| Management fees | 2710230 |
| Shareholder servicing fees | 379610 |
| Accounting and administration expenses | 97522 |
| Distribution fees-Service Class | 59992 |
| Professional fees | 51131 |
| Trustees' fees and expenses | 14354 |
| Reports and statements to shareholders | 12977 |
| Consulting fees | 8587 |
| Custodian fees | 6403 |
| Pricing fees | 3559 |
| Other | 15469 |
|  | 3359834 |
| Less:  |  |
| Expenses reimbursed | (254351)<br>|
| Total operating expenses | 3105483 |
| **NET INVESTMENT LOSS** | (915213)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 87026517 |
| Foreign currencies | 2210 |
| Foreign currency exchange contracts | 22129 |
| Net realized gain | 87050856 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (53195451)<br>|
| Foreign currencies | (2)<br>|
| Foreign currency exchange contracts | (11677)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| (53207130)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 33843726 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $32928513 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Capital Appreciation** <br> **Fund** | **LVIP American Century Capital Appreciation** <br> **Fund** | **LVIP American Century Capital Appreciation** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment loss | $(915213)<br>| $(681232)<br>|
| Net realized gain | 87050856 | 79519466 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (53207130)<br>| 26818710 |
| Net increase in net assets resulting <br> from operations<br>| 32928513 | 105656944 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (56923479)<br>| (22310740)<br>|
| Standard Class II | (15585989)<br>| (5130784)<br>|
| Service Class | (4523367)<br>| (492913)<br>|
|  | (77032835)<br>| (27934437)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 5891453 | 5189560 |
| Standard Class II | 17423999 | 9356089 |
| Service Class | 23799205 | 10690857 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 56923479 | 22310740 |
| Standard Class II | 15585989 | 5130784 |
| Service Class | 4523367 | 492913 |
|  | 124147492 | 53170943 |
| Cost of shares redeemed: |  |  |
| Standard Class | (73665883)<br>| (63062166)<br>|
| Standard Class II | (19506442)<br>| (14447108)<br>|
| Service Class | (8906563)<br>| (2224367)<br>|
|  | (102078888)<br>| (79733641)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 22068604 | (26562698)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (22035718)<br>| 51159809 |
| **NET ASSETS:** |  |  |
| Beginning of year | 492112939 | 440953130 |
| End of year | $470077221 | $492112939 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Capital Appreciation Fund-4

------

**LVIP American Century Capital Appreciation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** | **LVIP American Century Capital Appreciation Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $17.297 | &nbsp;&nbsp; $14.600 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $19.50 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.022)<br>| &nbsp;&nbsp; (0.015)<br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) | 1.312 | 3.681 | 2.55 | &nbsp;&nbsp; (4.92)<br>| 2.00 |
| Total from investment operations | 1.290 | 3.666 | 2.55 | &nbsp;&nbsp; (4.94)<br>| 1.94 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (2.821)<br>| &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.829)<br>| &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.758 | &nbsp;&nbsp; $17.297 | &nbsp;&nbsp; $14.60 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $19.03 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 25.37% | &nbsp;&nbsp; 21.14% | &nbsp;&nbsp; (27.92%)<br>| &nbsp;&nbsp; 11.57% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $345150 | &nbsp;&nbsp; $387301 | &nbsp;&nbsp; $360677 | &nbsp;&nbsp; $342863 | &nbsp;&nbsp; $527924 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.13%)<br>| &nbsp;&nbsp; (0.09%)<br>| &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; (0.12%)<br>| &nbsp;&nbsp; (0.30%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.15%)<br>| &nbsp;&nbsp; (0.08%)<br>| &nbsp;&nbsp; (0.20%)<br>| &nbsp;&nbsp; (0.38%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class Y shares of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class Y shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> Ratio was less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Capital Appreciation Fund-5

------

**LVIP American Century Capital Appreciation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** | **LVIP American Century Capital Appreciation Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $16.766 | &nbsp;&nbsp; $14.220 | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp; $19.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.058)<br>| &nbsp;&nbsp; (0.055)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gain (loss) | 1.273 | 3.570 | 2.49 | &nbsp;&nbsp; (4.83)<br>| 1.97 |
| Total from investment operations | 1.215 | 3.515 | 2.44 | &nbsp;&nbsp; (4.89)<br>| 1.85 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (2.821)<br>| &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.821)<br>| &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.160 | &nbsp;&nbsp; $16.766 | &nbsp;&nbsp; $14.22 | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp; $18.71 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.72% | &nbsp;&nbsp; 24.98% | &nbsp;&nbsp; 20.69% | &nbsp;&nbsp; (28.11%)<br>| &nbsp;&nbsp; 11.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $94452 | &nbsp;&nbsp; $90665 | &nbsp;&nbsp; $76651 | &nbsp;&nbsp; $79646 | &nbsp;&nbsp; $121050 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.31%)<br>| &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.47%)<br>| &nbsp;&nbsp; (0.65%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.40%)<br>| &nbsp;&nbsp; (0.37%)<br>| &nbsp;&nbsp; (0.43%)<br>| &nbsp;&nbsp; (0.55%)<br>| &nbsp;&nbsp; (0.73%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Capital Appreciation Fund-6

------

**LVIP American Century Capital Appreciation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** | **LVIP American Century Capital Appreciation Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $16.328 | &nbsp;&nbsp; $13.890 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $18.37 | &nbsp;&nbsp; $18.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.081)<br>| &nbsp;&nbsp; (0.075)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain (loss) | 1.241 | 3.482 | 2.43 | &nbsp;&nbsp; (4.73)<br>| 1.93 |
| Total from investment operations | 1.160 | 3.407 | 2.37 | &nbsp;&nbsp; (4.81)<br>| 1.79 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (2.821)<br>| &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.821)<br>| &nbsp;&nbsp; (0.969)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.41)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.667 | &nbsp;&nbsp; $16.328 | &nbsp;&nbsp; $13.89 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $18.37 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.56% | &nbsp;&nbsp; 24.79% | &nbsp;&nbsp; 20.55% | &nbsp;&nbsp; (28.25%)<br>| &nbsp;&nbsp; 11.05% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $30475 | &nbsp;&nbsp; $14147 | &nbsp;&nbsp; $3625 | &nbsp;&nbsp; $3569 | &nbsp;&nbsp; $5485 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.50%)<br>| &nbsp;&nbsp; (0.46%)<br>| &nbsp;&nbsp; (0.50%)<br>| &nbsp;&nbsp; (0.62%)<br>| &nbsp;&nbsp; (0.80%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.55%)<br>| &nbsp;&nbsp; (0.52%)<br>| &nbsp;&nbsp; (0.58%)<br>| &nbsp;&nbsp; (0.70%)<br>| &nbsp;&nbsp; (0.88%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 91% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Capital Appreciation Fund-7

------

**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Capital Appreciation Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Capital Appreciation Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class, Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class Y, Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

LVIP American Century Capital Appreciation Fund-8

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**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the first $1 billion of the Fund's average daily net assets; and 0.50% of the Fund's average daily net assets in excess of $1 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.57% of the Fund's average daily net assets for the Standard Class, 0.79% for the Standard Class II and 0.94% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

LVIP American Century Capital Appreciation Fund-9

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**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

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| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $180893 | &nbsp;&nbsp; $254351 | &nbsp;&nbsp; $435244 |

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American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

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| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $40959 |
| Legal | &nbsp;&nbsp; 6775 |

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Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.249% of the Fund's average daily net assets for the Standard Class II shares and 0.149% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $146 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

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| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $26837 |
| Management fees payable to LFI | &nbsp;&nbsp; 225107 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 6429 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 32959 |

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The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2025, the Fund engaged in securities purchases of $48,164.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

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| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $446958087 |
| Sales | &nbsp;&nbsp; 504877370 |

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LVIP American Century Capital Appreciation Fund-10

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**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $380084164 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $111351945 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (22607096)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $88744849 |

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U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $466843995 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $466843995 |
| Money Market Fund | &nbsp;&nbsp; 1985018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1985018 |
| **Total Investments** | &nbsp;&nbsp; $468829013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $468829013 |

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There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and mark-to-market adjustments on passive foreign investment companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $16310591 | &nbsp;&nbsp; $12682757 |
| Long-term capital gains | &nbsp;&nbsp; 60722244 | &nbsp;&nbsp; 15251680 |
| Total | &nbsp;&nbsp; $77032835 | &nbsp;&nbsp; $27934437 |

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LVIP American Century Capital Appreciation Fund-11

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**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

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| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1543753 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 72944729 |
| Net unrealized appreciation | &nbsp;&nbsp; 88744849 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $163233331 |

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For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 331351 | &nbsp;&nbsp; 312506 |
| Standard Class II | &nbsp;&nbsp; 1007496 | &nbsp;&nbsp; 599539 |
| Service Class | &nbsp;&nbsp; 1460323 | &nbsp;&nbsp; 716311 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 3431526 | &nbsp;&nbsp; 1326689 |
| Standard Class II | &nbsp;&nbsp; 975792 | &nbsp;&nbsp; 313445 |
| Service Class | &nbsp;&nbsp; 292608 | &nbsp;&nbsp; 29885 |
|  | &nbsp;&nbsp; 7499096 | &nbsp;&nbsp; 3298375 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (4250757)<br>| &nbsp;&nbsp; (3944098)<br>|
| Standard Class II | &nbsp;&nbsp; (1160627)<br>| &nbsp;&nbsp; (896697)<br>|
| Service Class | &nbsp;&nbsp; (541588)<br>| &nbsp;&nbsp; (140795)<br>|
|  | &nbsp;&nbsp; (5952972)<br>| &nbsp;&nbsp; (4981590)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1546124 | &nbsp;&nbsp; (1683215)<br>|

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**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency

LVIP American Century Capital Appreciation Fund-12

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**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $22129 | &nbsp;&nbsp; $(11677)<br>|

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Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

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| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $124160 | $270931 |

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**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP American Century Capital Appreciation Fund-13

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**LVIP American Century Capital Appreciation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Capital Appreciation Fund-14

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Capital Appreciation Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Capital Appreciation Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img8a3898612.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Capital Appreciation Fund–15

------

![](imga57911531.jpg)

LVIP American Century Disciplined Core Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Disciplined Core Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_f4bbbafa-b8b9-40ce-9cfe-07c764cc9d70_SOI-continued-698_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_f4bbbafa-b8b9-40ce-9cfe-07c764cc9d70_FS-continued-698_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_f4bbbafa-b8b9-40ce-9cfe-07c764cc9d70_FS-continued-698_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_f4bbbafa-b8b9-40ce-9cfe-07c764cc9d70_FIHI-continued-698_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_f4bbbafa-b8b9-40ce-9cfe-07c764cc9d70_NTF-continued-698_1)**  | &nbsp;&nbsp; **9** |
| **[Report of Independent Registered Public Accounting Firm](#xx_f4bbbafa-b8b9-40ce-9cfe-07c764cc9d70_AUDIT-continued-698_1)**  | &nbsp;&nbsp; **15** |

---

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.14%** | **COMMON STOCK–99.14%** | **COMMON STOCK–99.14%** |
| **Aerospace & Defense–0.82%** | **Aerospace & Defense–0.82%** | **Aerospace & Defense–0.82%** |
| Lockheed Martin Corp. | 4309 | $2084134 |
|  |  | **2084134** |
| **Air Freight & Logistics–0.85%** | **Air Freight & Logistics–0.85%** | **Air Freight & Logistics–0.85%** |
| FedEx Corp. | 7036 | 2032419 |
| United Parcel Service, Inc. <br> Class B<br>| 1226 | 121607 |
|  |  | **2154026** |
| **Automobile Components–1.01%** | **Automobile Components–1.01%** | **Automobile Components–1.01%** |
| †Aptiv PLC | 17925 | 1363913 |
| Autoliv, Inc. | 3656 | 433967 |
| BorgWarner, Inc. | 17183 | 774266 |
|  |  | **2572146** |
| **Banks–11.29%** | **Banks–11.29%** | **Banks–11.29%** |
| Bank of America Corp. | 61725 | 3394875 |
| Citigroup, Inc. | 53577 | 6251900 |
| JPMorgan Chase & Co. | 30565 | 9848654 |
| Truist Financial Corp. | 61922 | 3047182 |
| U.S. Bancorp | 100127 | 5342777 |
| Wells Fargo & Co. | 8641 | 805341 |
|  |  | **28690729** |
| **Beverages–0.40%** | **Beverages–0.40%** | **Beverages–0.40%** |
| †Monster Beverage Corp. | 7047 | 540294 |
| PepsiCo, Inc. | 3381 | 485241 |
|  |  | **1025535** |
| **Biotechnology–4.19%** | **Biotechnology–4.19%** | **Biotechnology–4.19%** |
| AbbVie, Inc. | 8702 | 1988320 |
| Amgen, Inc. | 3858 | 1262762 |
| †Exelixis, Inc. | 8823 | 386712 |
| Gilead Sciences, Inc. | 37653 | 4621529 |
| †Incyte Corp. | 9175 | 906215 |
| †Neurocrine Biosciences, Inc. | 4633 | 657098 |
| †United Therapeutics Corp. | 550 | 267987 |
| †Vertex Pharmaceuticals, Inc. | 1196 | 542219 |
|  |  | **10632842** |
| **Broadline Retail–0.81%** | **Broadline Retail–0.81%** | **Broadline Retail–0.81%** |
| †Amazon.com, Inc. | 6183 | 1427160 |
| Dillard's, Inc. Class A | 650 | 394121 |
| eBay, Inc. | 2690 | 234299 |
|  |  | **2055580** |
| **Building Products–1.15%** | **Building Products–1.15%** | **Building Products–1.15%** |
| A.O. Smith Corp. | 7769 | 519591 |
| Allegion PLC | 4708 | 749608 |
| AZZ, Inc. | 1973 | 211466 |
| Griffon Corp. | 5346 | 393733 |
| Masco Corp. | 16282 | 1033255 |
|  |  | **2907653** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets–2.14%** | **Capital Markets–2.14%** | **Capital Markets–2.14%** |
| Cboe Global Markets, Inc. | 8691 | $2181441 |
| Houlihan Lokey, Inc. | 771 | 134300 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 29851 | 1919718 |
| MSCI, Inc. | 2093 | 1200817 |
|  |  | **5436276** |
| **Chemicals–0.44%** | **Chemicals–0.44%** | **Chemicals–0.44%** |
| †Axalta Coating Systems Ltd. | 11537 | 372761 |
| Cabot Corp. | 7146 | 473637 |
| NewMarket Corp. | 389 | 267344 |
|  |  | **1113742** |
| **Commercial Services & Supplies–0.27%** | **Commercial Services & Supplies–0.27%** | **Commercial Services & Supplies–0.27%** |
| MSA Safety, Inc. | 1184 | 189606 |
| Veralto Corp. | 5068 | 505685 |
|  |  | **695291** |
| **Communications Equipment–1.20%** | **Communications Equipment–1.20%** | **Communications Equipment–1.20%** |
| †Arista Networks, Inc. | 2027 | 265598 |
| Cisco Systems, Inc. | 19412 | 1495306 |
| †F5, Inc. | 4992 | 1274258 |
|  |  | **3035162** |
| **Construction & Engineering–1.14%** | **Construction & Engineering–1.14%** | **Construction & Engineering–1.14%** |
| †API Group Corp. | 4538 | 173624 |
| EMCOR Group, Inc. | 2109 | 1290265 |
| Granite Construction, Inc. | 3273 | 377541 |
| †MasTec, Inc. | 493 | 107163 |
| Primoris Services Corp. | 1365 | 169451 |
| Valmont Industries, Inc. | 1928 | 775673 |
|  |  | **2893717** |
| **Consumer Staples Distribution & Retail–5.35%** | **Consumer Staples Distribution & Retail–5.35%** | **Consumer Staples Distribution & Retail–5.35%** |
| Dollar General Corp. | 16856 | 2237971 |
| Kroger Co. | 47211 | 2949743 |
| †Maplebear, Inc. | 11328 | 509533 |
| †Sprouts Farmers Market, Inc. | 5946 | 473718 |
| Sysco Corp. | 17043 | 1255899 |
| Target Corp. | 30697 | 3000632 |
| †U.S. Foods Holding Corp. | 16536 | 1245492 |
| Walmart, Inc. | 17112 | 1906448 |
|  |  | **13579436** |
| **Containers & Packaging–0.36%** | **Containers & Packaging–0.36%** | **Containers & Packaging–0.36%** |
| Crown Holdings, Inc. | 8960 | 922611 |
|  |  | **922611** |
| **Diversified Consumer Services–0.22%** | **Diversified Consumer Services–0.22%** | **Diversified Consumer Services–0.22%** |
| ADT, Inc. | 14563 | 117523 |
| †Frontdoor, Inc. | 1468 | 84689 |
| †Stride, Inc. | 5548 | 360232 |
|  |  | **562444** |

---

LVIP American Century Disciplined Core Value Fund-1

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Telecommunication Services–2.40%** | **Diversified Telecommunication Services–2.40%** | **Diversified Telecommunication Services–2.40%** |
| AT&T, Inc. | 51732 | $1285023 |
| Verizon Communications, <br> Inc.<br>| 118270 | 4817137 |
|  |  | **6102160** |
| **Electric Utilities–0.54%** | **Electric Utilities–0.54%** | **Electric Utilities–0.54%** |
| Evergy, Inc. | 19006 | 1377745 |
|  |  | **1377745** |
| **Electrical Equipment–0.95%** | **Electrical Equipment–0.95%** | **Electrical Equipment–0.95%** |
| Acuity, Inc. | 2272 | 818011 |
| †Generac Holdings, Inc. | 4594 | 626484 |
| †Nextpower, Inc. Class A | 7152 | 623010 |
| Regal Rexnord Corp. | 2447 | 343363 |
|  |  | **2410868** |
| **Electronic Equipment, Instruments & Components–1.68%** | **Electronic Equipment, Instruments & Components–1.68%** | **Electronic Equipment, Instruments & Components–1.68%** |
| Jabil, Inc. | 1813 | 413400 |
| TE Connectivity PLC | 12988 | 2954900 |
| †Zebra Technologies Corp. <br> Class A<br>| 3737 | 907418 |
|  |  | **4275718** |
| **Energy Equipment & Services–2.01%** | **Energy Equipment & Services–2.01%** | **Energy Equipment & Services–2.01%** |
| SLB Ltd. | 94919 | 3642991 |
| TechnipFMC PLC | 32587 | 1452077 |
|  |  | **5095068** |
| **Entertainment–0.28%** | **Entertainment–0.28%** | **Entertainment–0.28%** |
| †Roku, Inc. | 1639 | 177815 |
| †Spotify Technology SA | 906 | 526123 |
|  |  | **703938** |
| **Financial Services–5.10%** | **Financial Services–5.10%** | **Financial Services–5.10%** |
| †Affirm Holdings, Inc. | 3911 | 291096 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 7297 | 3667837 |
| †Block, Inc. | 11344 | 738381 |
| †Fiserv, Inc. | 1987 | 133467 |
| Global Payments, Inc. | 15214 | 1177564 |
| Mastercard, Inc. Class A | 6098 | 3481226 |
| PayPal Holdings, Inc. | 51561 | 3010131 |
| Visa, Inc. Class A | 1333 | 467496 |
|  |  | **12967198** |
| **Food Products–0.44%** | **Food Products–0.44%** | **Food Products–0.44%** |
| J.M. Smucker Co. | 6955 | 680268 |
| Tyson Foods, Inc. Class A | 7419 | 434902 |
|  |  | **1115170** |
| **Ground Transportation–0.32%** | **Ground Transportation–0.32%** | **Ground Transportation–0.32%** |
| †Lyft, Inc. Class A | 11763 | 227849 |
| †Uber Technologies, Inc. | 7029 | 574340 |
|  |  | **802189** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies–1.57%** | **Health Care Equipment & Supplies–1.57%** | **Health Care Equipment & Supplies–1.57%** |
| †Align Technology, Inc. | 5392 | $841961 |
| †LivaNova PLC | 4571 | 281253 |
| Medtronic PLC | 29845 | 2866911 |
|  |  | **3990125** |
| **Health Care Providers & Services–4.41%** | **Health Care Providers & Services–4.41%** | **Health Care Providers & Services–4.41%** |
| Cardinal Health, Inc. | 3267 | 671369 |
| Cigna Group | 3391 | 933305 |
| HCA Healthcare, Inc. | 9333 | 4357204 |
| Labcorp Holdings, Inc. | 1391 | 348974 |
| Quest Diagnostics, Inc. | 1683 | 292051 |
| UnitedHealth Group, Inc. | 13952 | 4605695 |
|  |  | **11208598** |
| **Hotel & Resort REITs–0.31%** | **Hotel & Resort REITs–0.31%** | **Hotel & Resort REITs–0.31%** |
| Host Hotels & Resorts, Inc. | 43637 | 773684 |
|  |  | **773684** |
| **Hotels, Restaurants & Leisure–1.85%** | **Hotels, Restaurants & Leisure–1.85%** | **Hotels, Restaurants & Leisure–1.85%** |
| †Airbnb, Inc. Class A | 4128 | 560252 |
| Booking Holdings, Inc. | 150 | 803300 |
| †DoorDash, Inc. Class A | 3677 | 832767 |
| Expedia Group, Inc. | 7009 | 1985720 |
| Yum! Brands, Inc. | 3494 | 528572 |
|  |  | **4710611** |
| **Household Durables–0.15%** | **Household Durables–0.15%** | **Household Durables–0.15%** |
| DR Horton, Inc. | 2647 | 381247 |
|  |  | **381247** |
| **Household Products–2.28%** | **Household Products–2.28%** | **Household Products–2.28%** |
| Church & Dwight Co., Inc. | 2908 | 243836 |
| Colgate-Palmolive Co. | 29546 | 2334725 |
| Procter & Gamble Co. | 22491 | 3223185 |
|  |  | **5801746** |
| **Insurance–3.97%** | **Insurance–3.97%** | **Insurance–3.97%** |
| Allstate Corp. | 2130 | 443359 |
| Everest Group Ltd. | 617 | 209379 |
| Hartford Insurance Group, <br> Inc.<br>| 16731 | 2305532 |
| Progressive Corp. | 18212 | 4147237 |
| Travelers Cos., Inc. | 5567 | 1614764 |
| W.R. Berkley Corp. | 19572 | 1372389 |
|  |  | **10092660** |
| **Interactive Media & Services–3.43%** | **Interactive Media & Services–3.43%** | **Interactive Media & Services–3.43%** |
| Alphabet, Inc. Class A | 20466 | 6420034 |
| †Cargurus, Inc. | 10754 | 412416 |
| Match Group, Inc. | 17944 | 579412 |
| Meta Platforms, Inc. Class A | 1477 | 974953 |
| †Pinterest, Inc. Class A | 12586 | 325851 |
|  |  | **8712666** |

---

LVIP American Century Disciplined Core Value Fund-2

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **IT Services–1.96%** | **IT Services–1.96%** | **IT Services–1.96%** |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 6859 | $569297 |
| International Business <br> Machines Corp.<br>| 12181 | 3608134 |
| †Twilio, Inc. Class A | 5611 | 798109 |
|  |  | **4975540** |
| **Leisure Products–0.19%** | **Leisure Products–0.19%** | **Leisure Products–0.19%** |
| †Mattel, Inc. | 24131 | 478759 |
|  |  | **478759** |
| **Machinery–4.48%** | **Machinery–4.48%** | **Machinery–4.48%** |
| Caterpillar, Inc. | 1088 | 623283 |
| Cummins, Inc. | 9634 | 4917675 |
| Donaldson Co., Inc. | 8650 | 766909 |
| Flowserve Corp. | 13516 | 937740 |
| Lincoln Electric Holdings, <br> Inc.<br>| 3259 | 780987 |
| †Middleby Corp. | 1798 | 267309 |
| Mueller Industries, Inc. | 8265 | 948822 |
| Oshkosh Corp. | 4986 | 626391 |
| Parker-Hannifin Corp. | 331 | 290936 |
| Snap-on, Inc. | 724 | 249490 |
| Toro Co. | 7620 | 599846 |
| Watts Water Technologies, <br> Inc. Class A<br>| 1307 | 360758 |
|  |  | **11370146** |
| **Media–2.45%** | **Media–2.45%** | **Media–2.45%** |
| Comcast Corp. Class A | 144669 | 4324156 |
| Fox Corp. Class A | 20390 | 1489897 |
| Nexstar Media Group, Inc. | 2051 | 416456 |
|  |  | **6230509** |
| **Metals & Mining–1.43%** | **Metals & Mining–1.43%** | **Metals & Mining–1.43%** |
| Newmont Corp. | 24553 | 2451617 |
| Reliance, Inc. | 4048 | 1169346 |
|  |  | **3620963** |
| **Multi-Utilities–0.98%** | **Multi-Utilities–0.98%** | **Multi-Utilities–0.98%** |
| Consolidated Edison, Inc. | 7043 | 699511 |
| WEC Energy Group, Inc. | 17044 | 1797460 |
|  |  | **2496971** |
| **Oil, Gas & Consumable Fuels–1.78%** | **Oil, Gas & Consumable Fuels–1.78%** | **Oil, Gas & Consumable Fuels–1.78%** |
| APA Corp. | 5130 | 125480 |
| ConocoPhillips | 16372 | 1532583 |
| Devon Energy Corp. | 50084 | 1834577 |
| Exxon Mobil Corp. | 3618 | 435390 |
| Permian Resources Corp. | 42196 | 592010 |
|  |  | **4520040** |
| **Personal Care Products–0.13%** | **Personal Care Products–0.13%** | **Personal Care Products–0.13%** |
| †BellRing Brands, Inc. | 12001 | 320787 |
|  |  | **320787** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals–6.22%** | **Pharmaceuticals–6.22%** | **Pharmaceuticals–6.22%** |
| †Jazz Pharmaceuticals PLC | 4522 | $768740 |
| Johnson & Johnson | 38825 | 8034834 |
| Merck & Co., Inc. | 66571 | 7007263 |
|  |  | **15810837** |
| **Professional Services–0.84%** | **Professional Services–0.84%** | **Professional Services–0.84%** |
| Broadridge Financial <br> Solutions, Inc.<br>| 1067 | 238122 |
| †Huron Consulting Group, Inc. | 2264 | 391468 |
| Leidos Holdings, Inc. | 8307 | 1498583 |
|  |  | **2128173** |
| **Real Estate Management & Development–0.34%** | **Real Estate Management & Development–0.34%** | **Real Estate Management & Development–0.34%** |
| †Jones Lang LaSalle, Inc. | 2586 | 870111 |
|  |  | **870111** |
| **Semiconductors & Semiconductor Equipment–5.46%** | **Semiconductors & Semiconductor Equipment–5.46%** | **Semiconductors & Semiconductor Equipment–5.46%** |
| Amkor Technology, Inc. | 11193 | 441900 |
| Applied Materials, Inc. | 1507 | 387284 |
| Broadcom, Inc. | 2983 | 1032416 |
| †Cirrus Logic, Inc. | 3855 | 456818 |
| KLA Corp. | 2816 | 3421665 |
| Marvell Technology, Inc. | 9394 | 798302 |
| Micron Technology, Inc. | 7881 | 2249316 |
| NVIDIA Corp. | 751 | 140062 |
| QUALCOMM, Inc. | 28824 | 4930345 |
|  |  | **13858108** |
| **Software–4.75%** | **Software–4.75%** | **Software–4.75%** |
| †Adobe, Inc. | 10642 | 3724594 |
| †AppLovin Corp. Class A | 2060 | 1388069 |
| †Docusign, Inc. | 6046 | 413546 |
| Microsoft Corp. | 1220 | 590017 |
| †RingCentral, Inc. Class A | 13917 | 401923 |
| Salesforce, Inc. | 12620 | 3343164 |
| †ServiceNow, Inc. | 960 | 147062 |
| †Workday, Inc. Class A | 1565 | 336131 |
| †Zoom Communications, Inc. <br> Class A<br>| 20032 | 1728561 |
|  |  | **12073067** |
| **Specialized REITs–0.54%** | **Specialized REITs–0.54%** | **Specialized REITs–0.54%** |
| Public Storage | 5295 | 1374053 |
|  |  | **1374053** |
| **Specialty Retail–1.51%** | **Specialty Retail–1.51%** | **Specialty Retail–1.51%** |
| Bath & Body Works, Inc. | 14527 | 291702 |
| Best Buy Co., Inc. | 14436 | 966201 |
| Gap, Inc. | 13116 | 335770 |
| Lowe's Cos., Inc. | 5136 | 1238598 |
| Penske Automotive Group, <br> Inc.<br>| 778 | 123150 |
| Signet Jewelers Ltd. | 4050 | 335664 |
| †Ulta Beauty, Inc. | 916 | 554189 |
|  |  | **3845274** |

---

LVIP American Century Disciplined Core Value Fund-3

------

**LVIP American Century Disciplined Core Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals–1.18%** | **Technology Hardware, Storage & Peripherals–1.18%** | **Technology Hardware, Storage & Peripherals–1.18%** |
| Apple, Inc. | 5523 | $1501483 |
| Dell Technologies, Inc. <br> Class C<br>| 3096 | 389724 |
| NetApp, Inc. | 9320 | 998079 |
| †Sandisk Corp. | 494 | 117266 |
|  |  | **3006552** |
| **Textiles, Apparel & Luxury Goods–0.34%** | **Textiles, Apparel & Luxury Goods–0.34%** | **Textiles, Apparel & Luxury Goods–0.34%** |
| †Deckers Outdoor Corp. | 8134 | 843252 |
| Ralph Lauren Corp. | 55 | 19448 |
|  |  | **862700** |
| **Trading Companies & Distributors–1.16%** | **Trading Companies & Distributors–1.16%** | **Trading Companies & Distributors–1.16%** |
| †Core & Main, Inc. Class A | 4506 | 234177 |
| †DNOW, Inc. | 19513 | 258547 |
| Ferguson Enterprises, Inc. | 9593 | 2135690 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 3911 | 328915 |
|  |  | **2957329** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** |
| Millicom International <br> Cellular SA<br>| 3258 | $180624 |
|  |  | **180624** |
| **Total Common Stock** <br>**(Cost $195,405,771)** | **Total Common Stock** <br>**(Cost $195,405,771)** | **251863258** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.86%** | **MONEY MARKET FUND–0.86%** | **MONEY MARKET FUND–0.86%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2170210 | 2170210 |
| **Total Money Market Fund** <br>**(Cost $2,170,210)** | **Total Money Market Fund** <br>**(Cost $2,170,210)** | **2170210** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.00% (Cost $197,575,981)** | **254033468** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.00%** | **9858** |
| **NET ASSETS APPLICABLE TO 26,246,096 SHARES OUTSTANDING–100.00%** | **$254043326** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY DISCIPLINED CORE VALUE FUND STANDARD CLASS** <br>**($12,268 / 1,267 Shares)** | **$9.681** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY DISCIPLINED CORE VALUE FUND STANDARD CLASS II** <br>**($216,741,661 / 22,390,572 Shares)** | **$9.680** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY DISCIPLINED CORE VALUE FUND SERVICE CLASS** <br>**($37,289,397 / 3,854,257 Shares)** | **$9.675** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$168999736** |
| Distributable earnings/(accumulated loss) | **85043590** |
| **TOTAL NET ASSETS** | **$254043326** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $23,187 expense reimbursement receivable from Lincoln Financial Investments Corporation, $136,941 payable for fund shares <br> redeemed, $5,118 other accrued expenses payable, $154,950 due to manager and affiliates, $16,401 payable for audit fee and $15,612 <br> payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Disciplined Core Value Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Disciplined Core Value** <br> **Fund** | **LVIP American Century Disciplined Core Value** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $6326478 |
| **EXPENSES:** |  |
| Management fees | 1726880 |
| Shareholder servicing fees | 405021 |
| Distribution fees-Service Class | 89938 |
| Accounting and administration expenses | 69829 |
| Professional fees | 54977 |
| Reports and statements to shareholders | 20005 |
| Trustees' fees and expenses | 9381 |
| Consulting fees | 6709 |
| Custodian fees | 4171 |
| Pricing fees | 2617 |
| Other | 10336 |
|  | 2399864 |
| Less:  |  |
| Expenses reimbursed | (80692)<br>|
| Total operating expenses | 2319172 |
| **NET INVESTMENT INCOME**  | 4007306 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 31539897 |
| Foreign currencies | 2612 |
| Net realized gain | 31542509 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 6979935 |
| Foreign currencies | (423)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 6979512 |
| **NET REALIZED AND UNREALIZED GAIN** | 38522021 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $42529327 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Disciplined Core Value** <br> **Fund** | **LVIP American Century Disciplined Core Value** <br> **Fund** | **LVIP American Century Disciplined Core Value** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $4007306 | $4137734 |
| Net realized gain | 31542509 | 40618660 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 6979512 | (3103252)<br>|
| Net increase in net assets resulting <br> from operations<br>| 42529327 | 41653142 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (210)<br>| (109)<br>|
| Standard Class II | (3450310)<br>| (3901664)<br>|
| Service Class | (512351)<br>| (372054)<br>|
|  | (3962871)<br>| (4273827)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 11522002 | 10804264 |
| Service Class | 6522451 | 4294223 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 210 | 109 |
| Standard Class II | 3450310 | 3901664 |
| Service Class | 512351 | 372054 |
|  | 22007324 | 19382314 |
| Cost of shares redeemed: |  |  |
| Standard Class II | (124889680)<br>| (54832583)<br>|
| Service Class | (8689886)<br>| (6057291)<br>|
|  | (133579566)<br>| (60889874)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (111572242)<br>| (41507560)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (73005786)<br>| (4128245)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 327049112 | 331177357 |
| End of year | $254043326 | $327049112 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Disciplined Core Value Fund-5

------

**LVIP American Century Disciplined Core Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Disciplined Core Value Fund Standard Class** | **LVIP American Century Disciplined Core Value Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.569 | &nbsp;&nbsp; $8.110 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.126 | 0.079 |
| Net realized and unrealized gain | 1.155 | 0.468 |
| Total from investment operations | 1.281 | 0.547 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.169)<br>| &nbsp;&nbsp; (0.088)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.169)<br>| &nbsp;&nbsp; (0.088)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.681 | &nbsp;&nbsp; $8.569 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 14.97% | &nbsp;&nbsp; 6.70% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.35% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.31% |
| Portfolio turnover | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Disciplined Core Value Fund-6

------

**LVIP American Century Disciplined Core Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** | **LVIP American Century Disciplined Core Value Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.670 | &nbsp;&nbsp; $7.17 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.116 | 0.105 | 0.11 | 0.14 | 0.11 |
| Net realized and unrealized gain (loss) | 1.154 | 0.901 | 0.50 | &nbsp;&nbsp; (1.20)<br>| 2.13 |
| Total from investment operations | 1.270 | 1.006 | 0.61 | &nbsp;&nbsp; (1.06)<br>| 2.24 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.155)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.69)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.155)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (1.80)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.680 | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.17 | &nbsp;&nbsp; $10.72 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 14.86% | &nbsp;&nbsp; 13.09% | &nbsp;&nbsp; 8.65% | &nbsp;&nbsp; (12.74%)<br>| &nbsp;&nbsp; 23.65% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $216742 | &nbsp;&nbsp; $292641 | &nbsp;&nbsp; $299110 | &nbsp;&nbsp; $326453 | &nbsp;&nbsp; $410287 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.70% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 109% | &nbsp;&nbsp; 217% | &nbsp;&nbsp; 248% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Disciplined Core Value Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Disciplined Core Value Fund-7

------

**LVIP American Century Disciplined Core Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** | **LVIP American Century Disciplined Core Value Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.670 | &nbsp;&nbsp; $7.18 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp; $10.28 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.094 | 0.084 | 0.09 | 0.12 | 0.09 |
| Net realized and unrealized gain (loss) | 1.152 | 0.903 | 0.49 | &nbsp;&nbsp; (1.19)<br>| 2.13 |
| Total from investment operations | 1.246 | 0.987 | 0.58 | &nbsp;&nbsp; (1.07)<br>| 2.22 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.136)<br>| &nbsp;&nbsp; (0.092)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp; (1.69)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.136)<br>| &nbsp;&nbsp; (0.092)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (1.78)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.675 | &nbsp;&nbsp; $8.565 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $7.18 | &nbsp;&nbsp; $10.72 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 14.56% | &nbsp;&nbsp; 12.84% | &nbsp;&nbsp; 8.24% | &nbsp;&nbsp; (12.83%)<br>| &nbsp;&nbsp; 23.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $37289 | &nbsp;&nbsp; $34397 | &nbsp;&nbsp; $32068 | &nbsp;&nbsp; $34590 | &nbsp;&nbsp; $40762 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 0.84% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 0.84% |
| Portfolio turnover | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 109% | &nbsp;&nbsp; 217% | &nbsp;&nbsp; 248% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Disciplined Core Value Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Disciplined Core Value Fund-8

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Disciplined Core Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Disciplined Core Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Disciplined Core Value Fund-9

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the first $5 billion of the Fund's average daily net assets; and 0.50% of the Fund's average daily net assets in excess of $5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.61% of the Fund's average daily net assets for the Standard Class, 0.71% for the Standard Class II and 0.96% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century Disciplined Core Value Fund-10

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $83574 | &nbsp;&nbsp; $80692 | &nbsp;&nbsp; $164266 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $26554 |
| Legal | &nbsp;&nbsp; 4372 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares and 0.129% of the Fund's average daily net assets for each of the Standard Class II shares and Service Class shares respectively. The fee is calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $32 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $23187 |
| Management fees payable to LFI | &nbsp;&nbsp; 119104 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 7912 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 27934 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $325829433 |
| Sales | &nbsp;&nbsp; 437184860 |

---

LVIP American Century Disciplined Core Value Fund-11

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $201086947 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $57303685 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (4357662)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $52946023 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $251863258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $251863258 |
| Money Market Fund | &nbsp;&nbsp; 2170210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2170210 |
| **Total Investments** | &nbsp;&nbsp; $254033468 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $254033468 |

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $3962871 | &nbsp;&nbsp; $4273827 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $50730 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 32046837 |
| Net unrealized appreciation | &nbsp;&nbsp; 52946023 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $85043590 |

---

LVIP American Century Disciplined Core Value Fund-12

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

In 2025, the Fund utilized $1,831,060 of capital loss carryforwards.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 1233 |
| Standard Class II | &nbsp;&nbsp; 1284324 | &nbsp;&nbsp; 1290592 |
| Service Class | &nbsp;&nbsp; 736618 | &nbsp;&nbsp; 514749 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 12 |
| Standard Class II | &nbsp;&nbsp; 361239 | &nbsp;&nbsp; 445490 |
| Service Class | &nbsp;&nbsp; 53664 | &nbsp;&nbsp; 42449 |
|  | &nbsp;&nbsp; 2435867 | &nbsp;&nbsp; 2294525 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (13420943)<br>| &nbsp;&nbsp; (6586855)<br>|
| Service Class | &nbsp;&nbsp; (952207)<br>| &nbsp;&nbsp; (723083)<br>|
|  | &nbsp;&nbsp; (14373150)<br>| &nbsp;&nbsp; (7309938)<br>|
| Net decrease | &nbsp;&nbsp; (11937283)<br>| &nbsp;&nbsp; (5015413)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government

LVIP American Century Disciplined Core Value Fund-13

------

**LVIP American Century Disciplined Core Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Risk Factors (continued)**

restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

At a meeting of the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") on December 8-9, 2025, the Board approved changes to the name and strategy of the Fund, effective on or about May 1, 2026 ("Effective Date"). The name of the Fund will be the LVIP Avantis Large Cap Value Fund.

Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Disciplined Core Value Fund-14

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Disciplined Core Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Disciplined Core Value Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img0c7728152.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Disciplined Core Value Fund–15

------

![](img8095f69f1.jpg)

LVIP American Century Inflation Protection Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Inflation Protection Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_39e3fc8b-4991-45ec-9598-34f7259cf17b_SOI-continued-699_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_39e3fc8b-4991-45ec-9598-34f7259cf17b_FS-continued-699_1)**  | &nbsp;&nbsp; **7** |
| **[Statement of Operations](#xx_39e3fc8b-4991-45ec-9598-34f7259cf17b_FS-continued-699_2)**  | &nbsp;&nbsp; **8** |
| **[Statements of Changes in Net Assets](#xx_39e3fc8b-4991-45ec-9598-34f7259cf17b_FS-continued-699_2)**  | &nbsp;&nbsp; **8** |
| **[Financial Highlights](#xx_39e3fc8b-4991-45ec-9598-34f7259cf17b_FIHI-continued-699_1)**  | &nbsp;&nbsp; **9** |
| **[Notes to Financial Statements](#xx_39e3fc8b-4991-45ec-9598-34f7259cf17b_NTF-continued-699_1)**  | &nbsp;&nbsp; **12** |
| **[Report of Independent Registered Public Accounting Firm](#xx_39e3fc8b-4991-45ec-9598-34f7259cf17b_AUDIT-continued-699_1)**  | &nbsp;&nbsp; **22** |

---

------

**LVIP American Century Inflation Protection Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES–5.21%** | **AGENCY MORTGAGE-BACKED SECURITIES–5.21%** | **AGENCY MORTGAGE-BACKED SECURITIES–5.21%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 4.00% 11/1/52 | 1638436 | $1571174 |
| 5.00% 6/1/53 | 1501784 | 1498143 |
| 5.50% 10/1/54 | 1807600 | 1836723 |
| 6.00% 11/1/53 | 2213420 | 2289820 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 4.00% 4/20/54 | 2749654 | 2610565 |
| 5.00% 8/20/53 | 3974852 | 3981600 |
| **Total Agency** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $13,490,053)**<br>|  | **13788025** |
| **ΔCORPORATE BONDS–14.71%** | **ΔCORPORATE BONDS–14.71%** | **ΔCORPORATE BONDS–14.71%** |
| **Canada–0.75%** | **Canada–0.75%** | **Canada–0.75%** |
| μRoyal Bank of Canada 4.70% <br> 8/6/31<br>| 496000 | 502377 |
| Toronto-Dominion Bank <br> 4.11% 10/13/28<br>| 1480000 | 1483603 |
|  |  | **1985980** |
| **United States–13.96%** | **United States–13.96%** | **United States–13.96%** |
| Amazon.com, Inc. 4.65% <br> 11/20/35<br>| 535000 | 532836 |
| Amgen, Inc. 5.25% 3/2/33 | 995000 | 1029986 |
| Apple, Inc. 4.20% 5/12/30 | 142000 | 143651 |
| Atlas Warehouse Lending Co. <br> LP<br>|  |  |
| 4.95% 11/15/30 | 150000 | 150499 |
| 6.25% 1/15/30 | 625000 | 658013 |
| Black Hills Corp. 4.55% <br> 1/31/31<br>| 1796000 | 1796357 |
| μCapital One Financial Corp. |  |  |
| 2.36% 7/29/32 | 1120000 | 980404 |
| 7.62% 10/30/31 | 1535000 | 1734774 |
| μCitibank NA 4.88% 11/19/27 | 1955000 | 1969084 |
| μCitigroup, Inc. 5.83% 2/13/35 | 650000 | 675486 |
| CNO Global Funding 4.70% <br> 12/11/30<br>| 995000 | 996277 |
| Consumers Energy Co. 4.50% <br> 1/15/31<br>| 1565000 | 1582243 |
| CVS Health Corp. 5.13% <br> 2/21/30<br>| 1060000 | 1089006 |
| Dell International LLC/EMC <br> Corp. 4.15% 2/15/29<br>| 640000 | 639306 |
| Duke Energy Florida LLC <br> 4.20% 12/1/30<br>| 280000 | 280098 |
| EOG Resources, Inc. 4.40% <br> 1/15/31<br>| 1375000 | 1380349 |
| Equinix Europe 2 Financing <br> Corp. LLC 4.60% 11/15/30<br>| 1215000 | 1218662 |
| Evergy Kansas Central, Inc. <br> 4.70% 3/13/28<br>| 505000 | 512715 |
| Fortitude Global Funding <br> 4.63% 10/6/28<br>| 585000 | 585115 |
| GA Global Funding Trust <br> 4.40% 9/23/27<br>| 285000 | 286058 |
| μGoldman Sachs Group, Inc. <br> 4.94% 10/21/36<br>| 585000 | 580742 |
| HCA, Inc. 5.25% 3/1/30 | 1090000 | 1125236 |
| HPS Corporate Lending Fund <br> 4.90% 9/11/28<br>| 35000 | 34819 |
| Intel Corp. 2.45% 11/15/29 | 1030000 | 961184 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Jersey Central Power & Light <br> Co. 4.40% 1/15/31<br>| 1249000 | $1244479 |
| μJPMorgan Chase & Co. |  |  |
| 5.00% 7/22/30 | 1360000 | 1396225 |
| 5.30% 7/24/29 | 730000 | 752302 |
| Ladder Capital Finance <br> Holdings LLLP/Ladder <br> Capital Finance Corp. 4.25% <br> 2/1/27<br>| 680000 | 675462 |
| Lowe's Cos., Inc. 4.25% <br> 3/15/31<br>| 1975000 | 1966733 |
| μMorgan Stanley |  |  |
| 4.89% 10/22/36 | 200000 | 198229 |
| 4.99% 4/12/29 | 632000 | 644518 |
| North Haven Private Income <br> Fund LLC 5.13% 9/25/28<br>| 427000 | 426212 |
| Oncor Electric Delivery Co. <br> LLC 4.30% 5/15/28<br>| 990000 | 997838 |
| Oracle Corp. 4.45% 9/26/30 | 1221000 | 1194548 |
| Royalty Pharma PLC 4.45% <br> 3/25/31<br>| 1631000 | 1626329 |
| Synopsys, Inc. 4.85% 4/1/30 | 740000 | 755801 |
| Targa Resources Corp. 4.35% <br> 1/15/29<br>| 91000 | 91253 |
| μWells Fargo & Co. |  |  |
| 3.90% 3/15/26 | 1420000 | 1415582 |
| 4.97% 4/23/29 | 960000 | 977870 |
| 5.61% 4/23/36 | 120000 | 125773 |
| 6.30% 10/23/29 | 270000 | 285280 |
| Western Midstream <br> Operating LP 4.80% 3/1/31<br>| 281000 | 280882 |
| Wisconsin Electric Power Co. <br> 4.15% 10/15/30<br>| 939000 | 937764 |
|  |  | **36935980** |
| **Total Corporate Bonds** <br>**(Cost $38,554,493)**<br>|  | **38921960** |
| **MUNICIPAL BONDS–0.83%** | **MUNICIPAL BONDS–0.83%** | **MUNICIPAL BONDS–0.83%** |
| Golden State Tobacco <br> Securitization Corp. Series <br> B 2.75% 6/1/34<br>| 730000 | 649091 |
| University of California Series <br> BG 1.32% 5/15/27<br>| 1605000 | 1553397 |
| **Total Municipal Bonds** <br>**(Cost $2,277,114)**<br>|  | **2202488** |
| **NON-AGENCY ASSET-BACKED SECURITIES–1.37%** | **NON-AGENCY ASSET-BACKED SECURITIES–1.37%** | **NON-AGENCY ASSET-BACKED SECURITIES–1.37%** |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 883103 | 838514 |
| Goodgreen Trust Series <br> 2020-1A Class A 2.63% <br> 4/15/55<br>| 703570 | 585456 |
| GoodLeap Sustainable Home <br> Solutions Trust Series <br> 2021-4GS Class A 1.93% <br> 7/20/48<br>| 744325 | 611448 |
| Hilton Grand Vacations Trust <br> Series 2019-AA Class B <br> 2.54% 7/25/33<br>| 313842 | 312902 |

---

LVIP American Century Inflation Protection Fund-1

------

**LVIP American Century Inflation Protection Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Palmer Square CLO Ltd. <br> Series 2024-4A Class A2 <br> 5.40% (3 mo. USD Term <br> SOFR + 1.50%) 1/15/38<br>| 775000 | $775565 |
| Sierra Timeshare Receivables <br> Funding LLC Series 2021-1A <br> Class B 1.34% 11/20/37<br>| 514477 | 513495 |
| **Total Non-Agency** <br> **Asset-Backed Securities** <br>**(Cost $3,805,805)**<br>|  | **3637380** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–10.29%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–10.29%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–10.29%** |
| ABN AMRO Mortgage Corp. <br> Series 2003-4 Class A4 5.50% <br> 3/25/33<br>| 4457 | 4408 |
| •Agate Bay Mortgage Trust <br> Series 2015-7 Class A3 3.50% <br> 10/25/45<br>| 403475 | 371799 |
| •Angel Oak Mortgage Trust | •Angel Oak Mortgage Trust | •Angel Oak Mortgage Trust |
| Series 2019-5 Class A3 2.92% <br> 10/25/49<br>| 72268 | 71574 |
| Series 2019-6 Class A3 2.93% <br> 11/25/59<br>| 75630 | 74927 |
| •Arroyo Mortgage Trust | •Arroyo Mortgage Trust | •Arroyo Mortgage Trust |
| Series 2021-1R Class A2 <br> 1.48% 10/25/48<br>| 264417 | 247058 |
| Series 2021-1R Class A3 <br> 1.64% 10/25/48<br>| 215708 | 201662 |
| Bank5 Series 2024-5YR7 <br> Class A3 5.77% 6/15/57<br>| 1033000 | 1077864 |
| φBRAVO Residential Funding Trust | φBRAVO Residential Funding Trust | φBRAVO Residential Funding Trust |
| Series 2025-NQM3 Class A1 <br> 5.57% 3/25/65<br>| 295525 | 298196 |
| Series 2025-NQM9 Class A3 <br> 5.55% 9/25/65<br>| 675989 | 677447 |
| Cendant Mortgage Corp. <br> Series 2003-6 Class A3 5.25% <br> 7/25/33<br>| 60794 | 59508 |
| •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust | •Chase Home Lending Mortgage Trust |
| Series 2024-10 Class A4 <br> 6.00% 10/25/55<br>| 925434 | 933954 |
| Series 2024-2 Class A4A <br> 6.00% 2/25/55<br>| 450242 | 454645 |
| Series 2024-7 Class A4 6.00% <br> 6/25/55<br>| 1404212 | 1415215 |
| Series 2024-9 Class A4 5.50% <br> 9/25/55<br>| 880173 | 883393 |
| Series 2024-9 Class A6 5.50% <br> 9/25/55<br>| 262242 | 262141 |
| Series 2025-10 Class A4A <br> 5.50% 7/25/56<br>| 1570498 | 1579790 |
| Series 2025-9 Class A4A <br> 5.50% 6/25/56<br>| 2117226 | 2129457 |
| •CSMC Trust | •CSMC Trust | •CSMC Trust |
| Series 2015-WIN1 Class A10 <br> 3.50% 12/25/44<br>| 178498 | 166694 |
| Series 2021-NQM2 Class A3 <br> 1.54% 2/25/66<br>| 360739 | 326493 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| •Series 2014-5 Class A1 2.57% <br> 10/25/29<br>| 140538 | 138631 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| JP Morgan Mortgage Trust (continued) | JP Morgan Mortgage Trust (continued) | JP Morgan Mortgage Trust (continued) |
| •Series 2016-1 Class A7 3.50% <br> 5/25/46<br>| 997732 | $912481 |
| •Series 2024-10 Class A4 <br> 5.50% 3/25/55<br>| 887798 | 891826 |
| •Series 2024-10 Class A6 <br> 5.50% 3/25/55<br>| 547403 | 548002 |
| •Series 2024-11 Class A4 <br> 6.00% 4/25/55<br>| 1440336 | 1454369 |
| •Series 2024-5 Class A6 6.00% <br> 11/25/54<br>| 546223 | 547678 |
| •Series 2024-6 Class A6 6.00% <br> 12/25/54<br>| 278772 | 278775 |
| •Series 2024-9 Class A6 5.50% <br> 2/25/55<br>| 422461 | 422253 |
| •Series 2024-INV1 Class A4 <br> 6.00% 4/25/55<br>| 911273 | 925038 |
| φSeries 2025-NQM3 Class A1B <br> 5.50% 11/25/65<br>| 894541 | 901390 |
| •PMT Loan Trust Series <br> 2025-J2 Class A9 5.50% <br> 8/25/56<br>| 2394760 | 2408924 |
| •Rate Mortgage Trust Series <br> 2024-J3 Class A8 5.50% <br> 10/25/54<br>| 287406 | 287882 |
| •RCKT Mortgage Trust Series <br> 2024-CES3 Class A1A 6.59% <br> 5/25/44<br>| 398309 | 404225 |
| •Sequoia Mortgage Trust | •Sequoia Mortgage Trust | •Sequoia Mortgage Trust |
| Series 2017-7 Class A7 3.50% <br> 10/25/47<br>| 682625 | 618877 |
| Series 2024-10 Class A11 <br> 5.50% 11/25/54<br>| 524988 | 525570 |
| Series 2024-10 Class A5 <br> 5.50% 11/25/54<br>| 536659 | 539094 |
| Series 2024-6 Class A11 <br> 6.00% 7/27/54<br>| 271380 | 272265 |
| Series 2024-9 Class A5 5.50% <br> 10/25/54<br>| 717001 | 719604 |
| Series 2025-8 Class A4 5.50% <br> 9/25/55<br>| 1244366 | 1251555 |
| •STAR Trust Series 2021-1 <br> Class A1 1.22% 5/25/65<br>| 627401 | 598175 |
| •Towd Point Mortgage Trust <br> Series 2024-CES3 Class A1 <br> 6.29% 5/25/64<br>| 554276 | 560787 |
| •Verus Securitization Trust <br> Series 2021-1 Class A3 1.16% <br> 1/25/66<br>| 628310 | 579263 |
| •Vista Point Securitization <br> Trust Series 2020-2 Class A3 <br> 2.50% 4/25/65<br>| 207794 | 202338 |
| **Total Non-Agency** <br> **Collateralized Mortgage** <br> **Obligations** <br>**(Cost $27,456,799)**<br>|  | **27225227** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.70%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.70%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.70%** |
| Bank5 Trust Series 2024-5YR6 <br> Class A3 6.23% 5/15/57<br>| 311000 | 327377 |

---

LVIP American Century Inflation Protection Fund-2

------

**LVIP American Century Inflation Protection Fund**

**Schedule of Investments (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| BBCMS Mortgage Trust Series <br> 2024-5C27 Class A3 6.01% <br> 7/15/57<br>|  | 519000 | $545118 |
| •Benchmark Mortgage Trust <br> Series 2024-V8 Class A3 <br> 6.19% 7/15/57<br>|  | 991000 | 1046365 |
| •BFLD Trust Series 2025-FPM <br> Class A 5.01% 10/10/40<br>|  | 1023000 | 1030769 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust <br> Series 2018-AON Class A <br> 4.13% 7/5/31<br>|  | 1755000 | 1537017 |
| **Total Non-Agency** <br> **Commercial** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $4,669,210)**<br>|  |  | **4486646** |
| **ΔSOVEREIGN BONDS–8.26%** | **ΔSOVEREIGN BONDS–8.26%** | **ΔSOVEREIGN BONDS–8.26%** | **ΔSOVEREIGN BONDS–8.26%** |
| **Australia–1.53%** | **Australia–1.53%** | **Australia–1.53%** | **Australia–1.53%** |
| Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
| 1.00% 12/21/30 | AUD | 2000000 | 1139660 |
| 1.00% 11/21/31 | AUD | 1400000 | 770808 |
| 1.50% 6/21/31 | AUD | 1000000 | 575456 |
| 1.75% 11/21/32 | AUD | 2800000 | 1565814 |
|  |  |  | **4051738** |
| **Luxembourg–0.29%** | **Luxembourg–0.29%** | **Luxembourg–0.29%** | **Luxembourg–0.29%** |
| Eagle Funding Luxco SARL <br> 5.50% 8/17/30<br>|  | 742000 | 755794 |
|  |  |  | **755794** |
| **New Zealand–3.28%** | **New Zealand–3.28%** | **New Zealand–3.28%** | **New Zealand–3.28%** |
| New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
| 1.50% 5/15/31 | NZD | 4700000 | 2393862 |
| 2.00% 5/15/32 | NZD | 4700000 | 2395712 |
| 3.50% 4/14/33 | NZD | 2450000 | 1350926 |
| 4.50% 5/15/35 | NZD | 4400000 | 2550982 |
|  |  |  | **8691482** |
| **United Kingdom–3.16%** | **United Kingdom–3.16%** | **United Kingdom–3.16%** | **United Kingdom–3.16%** |
| U.K. Gilts 4.38% 3/7/30 | GBP | 6100000 | 8361705 |
|  |  |  | **8361705** |
| **Total Sovereign Bonds** <br>**(Cost $21,963,899)**<br>|  |  | **21860719** |
| **U.S. TREASURY OBLIGATIONS–51.79%** | **U.S. TREASURY OBLIGATIONS–51.79%** | **U.S. TREASURY OBLIGATIONS–51.79%** | **U.S. TREASURY OBLIGATIONS–51.79%** |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| 0.13% 2/15/51 |  | 3564011 | 1923935 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Inflation Indexed Bonds (continued) | U.S. Treasury Inflation Indexed Bonds (continued) | U.S. Treasury Inflation Indexed Bonds (continued) |
| 0.13% 2/15/52 | 2853763 | $1507886 |
| 0.25% 2/15/50 | 5477050 | 3151034 |
| 0.63% 2/15/43 | 6388027 | 4751817 |
| 0.75% 2/15/42 | 3337032 | 2596735 |
| 0.75% 2/15/45 | 7535224 | 5491499 |
| 0.88% 2/15/47 | 3675344 | 2648835 |
| 1.00% 2/15/46 | 5826057 | 4390368 |
| 1.00% 2/15/48 | 1914421 | 1397793 |
| 1.00% 2/15/49 | 517540 | 372164 |
| 1.38% 2/15/44 | 7194447 | 6021430 |
| 1.50% 2/15/53 | 2409638 | 1878113 |
| 1.75% 1/15/28 | 2962115 | 2983584 |
| 2.50% 1/15/29 | 3176921 | 3278803 |
| 3.38% 4/15/32 | 917120 | 1012223 |
| 3.63% 4/15/28 | 2407512 | 2525588 |
| U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| 0.13% 1/15/30 | 7630603 | 7236817 |
| 0.13% 7/15/30 | 3911138 | 3690870 |
| 0.13% 7/15/31 | 14516262 | 13449191 |
| 0.13% 1/15/32 | 5214824 | 4764699 |
| »∞0.50% 1/15/28 | 6071632 | 5964365 |
| 0.63% 7/15/32 | 11205600 | 10511910 |
| 0.88% 1/15/29 | 2191997 | 2157890 |
| 1.25% 4/15/28 | 2062336 | 2053906 |
| 1.38% 7/15/33 | 13925410 | 13572569 |
| 1.63% 10/15/29 | 517355 | 522429 |
| 1.88% 7/15/34 | 21011197 | 21093836 |
| 1.88% 7/15/35 | 2027900 | 2022470 |
| 2.13% 4/15/29 | 2526240 | 2579478 |
| 2.38% 10/15/28 | 1434996 | 1477693 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $148,028,284)**<br>|  | **137029930** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–4.62%** | **MONEY MARKET FUND–4.62%** | **MONEY MARKET FUND–4.62%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 12240391 | 12240391 |
| **Total Money Market Fund** <br>**(Cost $12,240,391)** | **Total Money Market Fund** <br>**(Cost $12,240,391)** | **12240391** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–98.78% (Cost $272,486,048)** | **261392766** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.22%** | **3220686** |
| **NET ASSETS APPLICABLE TO 29,291,816 SHARES OUTSTANDING –100.00%** | **$264613452** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ΔSecurities have been classified by country of origin. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |

---

LVIP American Century Inflation Protection Fund-3

------

**LVIP American Century Inflation Protection Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at December 31, 2025. |
| »Fully or partially pledged as collateral for centrally cleared swaps. |
| ∞Fully or partially pledged as collateral for futures contracts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| MSC | AUD | &nbsp;&nbsp; (5971504)<br>| USD | &nbsp;&nbsp; 3973397 | 3/18/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11903)<br>|
| MSC | GBP | &nbsp;&nbsp; (6144826)<br>| USD | &nbsp;&nbsp; 8223221 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (57967)<br>|
| MSC | NZD | &nbsp;&nbsp; (14689486)<br>| USD | &nbsp;&nbsp; 8542303 | 3/18/26 | &nbsp;&nbsp; 59786 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $59786 | &nbsp;&nbsp; $(69870)<br>|

---

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| 9 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $1011937 | &nbsp;&nbsp; $1010046 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $1891 | &nbsp;&nbsp; $— |
| 93 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 10165336 | &nbsp;&nbsp; 10204752 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (39416)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $1891 | &nbsp;&nbsp; $(39416)<br>|

---

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1000000 | 1.88% | 11/21/29 | $161036 | $161036 | $— |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 6100000 | 1.80% | 10/21/29 | 1030477 | 1030477 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 4900000 | 2.49% | 2/2/34 | (5183) |  | (5183) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3400000 | 2.66% | 8/2/30 | (25803) |  | (25803) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 11500000 | 2.31% | 3/28/28 | 1289346 | 1289346 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 1.87% | 11/25/29 | 810041 | 810041 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 2.15% | 11/20/27 | 680514 | 680514 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 2.47% | 5/3/28 | 42764 | 42764 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3500000 | 2.50% | 5/3/33 | 5677 | 5677 |  |

---

LVIP American Century Inflation Protection Fund-4

------

**LVIP American Century Inflation Protection Fund**

**Schedule of Investments (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3000000 | 1.29% | 5/19/30 | $662602 | $662602 | $— |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 11700000 | 2.39% | 8/2/29 | 35071 | 35071 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1400000 | 2.52% | 11/4/29 | (2059) |  | (2059) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1400000 | 2.52% | 11/4/29 | (2059) |  | (2059) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5800000 | 2.56% | 2/4/30 | (25535) |  | (25535) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 4100000 | 2.60% | 9/3/35 | (60200) |  | (60200) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 9700000 | 2.66% | 8/4/30 | (97578) |  | (97578) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 2600000 | 2.58% | 8/4/35 | (30083) |  | (30083) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 2.53% | 11/4/30 | (34366) |  | (34366) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 5000000 | 2.50% | 11/4/35 | (33740) |  | (33740) |
|  |  |  |  |  | 4717528 | (316606) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Inflation Protection Fund-5

------

**LVIP American Century Inflation Protection Fund**

**Schedule of Investments (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** |  |  |  |  |  |  |
| BOA–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 1750000 | 2.22% | 4/13/27 | $215969 | $215969 | $— |
| BOA–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 7000000 | 2.24% | 4/11/27 | 846276 | 846276 |  |
| BOA–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 4000000 | 2.24% | 4/28/27 | 486918 | 486918 |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 2500000 | 2.28% | 11/16/26 | 303626 | 303626 |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 2500000 | 2.25% | 11/15/26 | 314274 | 314274 |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 1500000 | 1.87% | 5/23/26 | 261381 | 261381 |  |
| GSI–Receive amounts based on <br> Inflation USA-CPI-U Index and <br> pay fixed rate coupon at matu-<br> rity<br>| 13000000 | 1.92% | 5/31/26 | 2180638 | 2180638 |  |
|  |  |  |  |  | 4609082 |  |
| **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | $9010004 | $9326610 | $(316606) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the <br> amounts recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the <br> Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures and centrally cleared swap contracts from the date the contracts were opened <br> through December 31, 2025. Only current day variation margin is reported on the Statement of Assets and Liabilities. |
| <sup>3</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| AUD–Australian Dollar |
| BOA–Bank of America |
| CBOT–Chicago Board of Trade |
| CLO–Collateralized Loan Obligation |
| GBP–British Pound Sterling |
| GSI–Goldman Sachs International |
| MSC–Morgan Stanley & Co. |
| NZD–New Zealand Dollar |
| SOFR–Secured Overnight Financing Rate |
| USA-CPI-U–United States Consumer Price Index for All Urban Consumers |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Inflation Protection Fund** | **LVIP American Century Inflation Protection Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 |
| **ASSETS:** |  |
| Investments, at value | &nbsp;&nbsp; $261392766 |
| Cash collateral held at brokers for centrally cleared swap contracts | &nbsp;&nbsp; 14441255 |
| Swap payments receivable | &nbsp;&nbsp; 4609080 |
| Dividends and interest receivable  | &nbsp;&nbsp; 1508507 |
| Receivable for fund shares sold | &nbsp;&nbsp; 322325 |
| Variation margin due from broker on centrally cleared swap contracts | &nbsp;&nbsp; 115589 |
| Receivable for securities sold | &nbsp;&nbsp; 93222 |
| Due from broker | &nbsp;&nbsp; 66471 |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; 59786 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 23099 |
| Prepaid expenses | &nbsp;&nbsp; 3001 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 282635101 |
| **LIABILITIES:** |  |
| Cash collateral due to brokers for futures contracts | &nbsp;&nbsp; 14445529 |
| Cash collateral due to brokers for certain open bilateral derivatives | &nbsp;&nbsp; 3120000 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 170493 |
| Due to manager and affiliates | &nbsp;&nbsp; 138154 |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; 69870 |
| Payable for audit fee | &nbsp;&nbsp; 29964 |
| Payable for fund accounting fee | &nbsp;&nbsp; 20375 |
| Other accrued expenses payable | &nbsp;&nbsp; 14536 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 12728 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 18021649 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $264613452 |
| Investments, at cost | &nbsp;&nbsp; $272486048 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $770610 |
| Shares Outstanding | &nbsp;&nbsp; 85347 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.029 |
| **Standard Class II:** |  |
| Net Assets | &nbsp;&nbsp; $76198750 |
| Shares Outstanding | &nbsp;&nbsp; 8441045 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.027 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $187644092 |
| Shares Outstanding | &nbsp;&nbsp; 20765424 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.036 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $337975021 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; (73361569)<br>|
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $264613452 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Inflation Protection Fund** | **LVIP American Century Inflation Protection Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $20442965 |
| Dividends | 986116 |
|  | 21429081 |
| **EXPENSES:** |  |
| Management fees | 1435281 |
| Distribution fees-Service Class | 936553 |
| Shareholder servicing fees | 596782 |
| Accounting and administration expenses | 99783 |
| Professional fees | 73259 |
| Reports and statements to shareholders | 29372 |
| Pricing fees | 15866 |
| Trustees' fees and expenses | 14234 |
| Custodian fees | 12372 |
| Consulting fees | 9374 |
| Other | 15701 |
|  | 3238577 |
| Less:  |  |
| Expenses reimbursed | (172732)<br>|
| Total operating expenses | 3065845 |
| **NET INVESTMENT INCOME**  | 18363236 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (20364892)<br>|
| Foreign currencies | (41584)<br>|
| Foreign currency exchange contracts | 844728 |
| Futures contracts | 98395 |
| Swap contracts | 5429309 |
| Net realized loss | (14034044)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 30553388 |
| Foreign currencies | 802 |
| Foreign currency exchange contracts | (10084)<br>|
| Futures contracts | 14597 |
| Swap contracts | (4105337)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 26453366 |
| **NET REALIZED AND UNREALIZED GAIN** | 12419322 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $30782558 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Inflation Protection Fund** | **LVIP American Century Inflation Protection Fund** | **LVIP American Century Inflation Protection Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $18363236 | $18065617 |
| Net realized loss | (14034044)<br>| (10015262)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 26453366 | 391366 |
| Net increase in net assets resulting <br> from operations<br>| 30782558 | 8441721 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (60701)<br>| (350)<br>|
| Standard Class II | (5944169)<br>| (3612895)<br>|
| Service Class | (13600705)<br>| (14692312)<br>|
| Return of capital: |  |  |
| Standard Class |  | (16)<br>|
| Standard Class II |  | (223292)<br>|
| Service Class |  | (982021)<br>|
|  | (19605575)<br>| (19510886)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 823796 | 10000 |
| Standard Class II | 23354633 | 32502238 |
| Service Class | 65757588 | 54921855 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 60701 | 366 |
| Standard Class II | 5944169 | 3836187 |
| Service Class | 13600705 | 15674333 |
|  | 109541592 | 106944979 |
| Cost of shares redeemed: |  |  |
| Standard Class | (82324)<br>|  |
| Standard Class II | (50390649)<br>| (38873743)<br>|
| Service Class | (311720641)<br>| (124561434)<br>|
|  | (362193614)<br>| (163435177)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (252652022)<br>| (56490198)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (241475039)<br>| (67559363)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 506088491 | 573647854 |
| End of year | $264613452 | $506088491 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-8

------

**LVIP American Century Inflation Protection Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Inflation Protection Fund Standard Class** | **LVIP American Century Inflation Protection Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.193 | &nbsp;&nbsp; $9.200 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.408 | 0.236 |
| Net realized and unrealized gain | 0.207 | 0.094 |
| Total from investment operations | 0.615 | 0.330 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.779)<br>| &nbsp;&nbsp; (0.322)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.015)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.779)<br>| &nbsp;&nbsp; (0.337)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.029 | &nbsp;&nbsp; $9.193 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.71% | &nbsp;&nbsp; 3.52% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $771 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 3.66% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 3.62% |
| Portfolio turnover | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-9

------

**LVIP American Century Inflation Protection Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** | **LVIP American Century Inflation Protection Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.188 | &nbsp;&nbsp; $9.390 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $11.44 | &nbsp;&nbsp; $11.11 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.397 | 0.336 | 0.34 | 0.50 | 0.39 |
| Net realized and unrealized gain (loss) | 0.209 | &nbsp;&nbsp; (0.161)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.94)<br>| 0.32 |
| Total from investment operations | 0.606 | 0.175 | 0.33 | &nbsp;&nbsp; (1.44)<br>| 0.71 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.767)<br>| &nbsp;&nbsp; (0.356)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.767)<br>| &nbsp;&nbsp; (0.377)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.027 | &nbsp;&nbsp; $9.188 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $11.44 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 3.60% | &nbsp;&nbsp; (12.88%)<br>| &nbsp;&nbsp; 6.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $76199 | &nbsp;&nbsp; $97478 | &nbsp;&nbsp; $101999 | &nbsp;&nbsp; $102827 | &nbsp;&nbsp; $126346 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.46% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; 3.56% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 3.48% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.13% | &nbsp;&nbsp; 3.53% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Inflation Protection Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-10

------

**LVIP American Century Inflation Protection Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** | **LVIP American Century Inflation Protection Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.164 | &nbsp;&nbsp; $9.370 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $11.09 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.373 | 0.312 | 0.31 | 0.48 | 0.36 |
| Net realized and unrealized gain (loss) | 0.206 | &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; — <br><sup>3</sup><br>| &nbsp;&nbsp; (1.95)<br>| 0.32 |
| Total from investment operations | 0.579 | 0.149 | 0.31 | &nbsp;&nbsp; (1.47)<br>| 0.68 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.707)<br>| &nbsp;&nbsp; (0.334)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.707)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.036 | &nbsp;&nbsp; $9.164 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $11.42 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.33% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; (13.08%)<br>| &nbsp;&nbsp; 6.27% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $187643 | &nbsp;&nbsp; $408600 | &nbsp;&nbsp; $471649 | &nbsp;&nbsp; $519180 | &nbsp;&nbsp; $664287 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.71% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.92% | &nbsp;&nbsp; 3.31% | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 3.23% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; 3.28% | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 65% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Inflation Protection Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Inflation Protection Fund-11

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Inflation Protection Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Inflation Protection Fund, a former portfolio of American Century Variable Portfolios II, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to pursue long-term total return using a strategy that seeks to protect against U.S. inflation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended

LVIP American Century Inflation Protection Fund-12

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**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.31% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund Fees and expenses) exceed 0.36% of the Fund's average daily net assets for the Standard Class, 0.46% for the Standard Class II and 0.71% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LVIP American Century Inflation Protection Fund-13

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**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $151586 | &nbsp;&nbsp; $172732 | &nbsp;&nbsp; $324318 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $40087 |
| Legal | &nbsp;&nbsp; 6537 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares and 0.129% of the Fund's average daily net assets for each of the Standard Class II shares and Service Class shares respectively. The fee is calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,726 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $23099 |
| Management fees payable to LFI | &nbsp;&nbsp; 69505 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 39791 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 28858 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $426206154 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 61761783 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 441226489 |
| Sales of U.S. government securities | &nbsp;&nbsp; 302643542 |

---

LVIP American Century Inflation Protection Fund-14

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**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $274731146 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $9201528 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (13529103)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(4327575)<br>|

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Century Inflation Protection Fund-15

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**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13788025 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13788025 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 38921960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38921960 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2202488 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2202488 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3637380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3637380 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 27225227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27225227 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4486646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4486646 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 21860719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21860719 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 137029930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137029930 |
| Money Market Fund | &nbsp;&nbsp; 12240391 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12240391 |
| **Total Investments** | &nbsp;&nbsp; $12240391 | &nbsp;&nbsp; $249152375 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $261392766 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59786 |
| Futures Contract | &nbsp;&nbsp; $1891 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1891 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9326610 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9326610 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(69870)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(69870)<br>|
| Futures Contract | &nbsp;&nbsp; $(39416)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(39416)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(316606)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(316606)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and treasury inflation-protected securities, mark-to-market adjustments on certain derivatives, premium amortization adjustments on certain debt instruments and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $19605575 | &nbsp;&nbsp; $18305557 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; 1205329 |
| Total | &nbsp;&nbsp; $19605575 | &nbsp;&nbsp; $19510886 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $433506 |
| Capital loss carryforward | &nbsp;&nbsp; (69344681)<br>|
| Other temporary differences | &nbsp;&nbsp; (122819)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; (4327575)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(73361569)<br>|

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

LVIP American Century Inflation Protection Fund-16

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**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $37795480 | &nbsp;&nbsp; $31549201 | &nbsp;&nbsp; $69344681 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 86054 | &nbsp;&nbsp; 1087 |
| Standard Class II | &nbsp;&nbsp; 2442313 | &nbsp;&nbsp; 3445494 |
| Service Class | &nbsp;&nbsp; 6914668 | &nbsp;&nbsp; 5846940 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 6732 | &nbsp;&nbsp; 39 |
| Standard Class II | &nbsp;&nbsp; 659364 | &nbsp;&nbsp; 410611 |
| Service Class | &nbsp;&nbsp; 1506837 | &nbsp;&nbsp; 1681632 |
|  | &nbsp;&nbsp; 11615968 | &nbsp;&nbsp; 11385803 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (8565)<br>| &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (5269955)<br>| &nbsp;&nbsp; (4111815)<br>|
| Service Class | &nbsp;&nbsp; (32241884)<br>| &nbsp;&nbsp; (13299033)<br>|
|  | &nbsp;&nbsp; (37520404)<br>| &nbsp;&nbsp; (17410848)<br>|
| Net decrease | &nbsp;&nbsp; (25904436)<br>| &nbsp;&nbsp; (6025045)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

LVIP American Century Inflation Protection Fund-17

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**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Swap Contracts–The Fund enters into inflation swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds.

Inflation Swap- Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as the Secured Overnight Financing Rate (SOFR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated, for bilateral swap contracts, by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund used inflation swaps to hedge the inflation risks in nominal bonds (i.e., non-inflation-protected bonds) thereby creating "synthetic" inflation-indexed bonds.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Schedule of Investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Unrealized appreciation on foreign <br> currency exchange contracts<br>| $59786 | Unrealized depreciation on foreign <br> currency exchange contracts<br>| $(69870)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 1891 | Variation margin due to broker on futures <br> contracts<br>| (39416)<br>|
| Swap contracts <br> (Inflation <br> contracts)\*\*<br>| Variation margin due from brokers on <br> centrally cleared interest rate swap <br> contracts and swap payments <br> payable/receivable on Over-The-Counter <br> contracts<br>| 9326610 | Variation margin due from brokers on <br> centrally cleared interest rate swap <br> contracts and swap payments <br> payable/receivable on Over-The-Counter <br> contracts<br>| (316606)<br>|
| Total |  | $9388287 |  | $(425892)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Inflation Protection Fund-18

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statement of Assets and Liabilities. 

\*\* Includes cumulative appreciation (depreciation) of centrally cleared swap contracts from the date the contracts were opened through December 31, 2025. Only variation margin is reported on the Statement of Assets and Liabilities. 

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $844728 | &nbsp;&nbsp; $(10084)<br>|
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; 98395 | &nbsp;&nbsp; 14597 |
| Swap contracts (Inflation <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 5429309 | &nbsp;&nbsp; (4105337)<br>|
| Total |  | &nbsp;&nbsp; $6372432 | &nbsp;&nbsp; $(4100824)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $3433969 | $15223561 |
| Futures contracts (average notional value) | 9580921 |  |
| Inflation rate swap contracts (average notional value)\* | 169019231 | 38253846 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents paying floating interest payments and short represent receiving floating interest payments.<br>

At December 31, 2025, the Fund received cash collateral and securities collateral for certain open bilateral derivatives as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash Collateral** | **Securities Collateral** |
| Bank of America N.A. | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1739108 |
| Goldman Sachs International | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $3120000 | &nbsp;&nbsp; $1739108 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

LVIP American Century Inflation Protection Fund-19

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

At December 31, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $1549163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1549163 |
| Goldman Sachs International | &nbsp;&nbsp; 3059919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3059919 |
| Morgan Stanley Capital | &nbsp;&nbsp; 59786 | &nbsp;&nbsp; (69870)<br>| &nbsp;&nbsp; (10084)<br>|
| Total | &nbsp;&nbsp; $4668868 | &nbsp;&nbsp; $(69870)<br>| &nbsp;&nbsp; $4598998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $1549163 | &nbsp;&nbsp; $(1549163)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs International | &nbsp;&nbsp; 3059919 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3059919)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley Capital | &nbsp;&nbsp; (10084)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10084)<br>|
| Total | &nbsp;&nbsp; $4598998 | &nbsp;&nbsp; $(1549163)<br>| &nbsp;&nbsp; $(3059919)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10084)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in Inflation-indexed debt securities which are designed to protect the future purchasing power of the money invested in them. Under normal circumstances, the Fund will invest over 50% of its net assets in inflation -indexed debt securities issued by the U.S. government, its agencies or instrumentalities, foreign governments and corporations, which may include synthetic investments such as forwards, futures contracts, or swap agreements that, when combined with non-inflation indexed bonds, have economic characteristics similar to inflation-indexed bonds.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal

LVIP American Century Inflation Protection Fund-20

------

**LVIP American Century Inflation Protection Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Inflation Protection Fund-21

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Inflation Protection Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP American Century Inflation Protection Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img17899e152.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Inflation Protection Fund–22

------

![](img60e45de01.jpg)

LVIP American Century International Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century International Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_1c2cab8a-2fc6-4ead-ba76-90bb673dc892_SOI-continued-700_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_1c2cab8a-2fc6-4ead-ba76-90bb673dc892_FS-continued-700_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_1c2cab8a-2fc6-4ead-ba76-90bb673dc892_FS-continued-700_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_1c2cab8a-2fc6-4ead-ba76-90bb673dc892_FIHI-continued-700_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_1c2cab8a-2fc6-4ead-ba76-90bb673dc892_NTF-continued-700_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_1c2cab8a-2fc6-4ead-ba76-90bb673dc892_AUDIT-continued-700_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP American Century International Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–98.64%** | **ΔCOMMON STOCK–98.64%** | **ΔCOMMON STOCK–98.64%** |
| **Australia–0.38%** | **Australia–0.38%** | **Australia–0.38%** |
| †Lynas Rare Earths Ltd. | 69455 | $569630 |
|  |  | **569630** |
| **Austria–1.24%** | **Austria–1.24%** | **Austria–1.24%** |
| Erste Group Bank AG | 15635 | 1874783 |
|  |  | **1874783** |
| **Belgium–1.12%** | **Belgium–1.12%** | **Belgium–1.12%** |
| UCB SA | 6087 | 1695999 |
|  |  | **1695999** |
| **Brazil–0.56%** | **Brazil–0.56%** | **Brazil–0.56%** |
| †NU Holdings Ltd. Class A | 50475 | 844951 |
|  |  | **844951** |
| **Canada–4.36%** | **Canada–4.36%** | **Canada–4.36%** |
| †Aritzia, Inc. | 10644 | 910038 |
| Canadian Pacific Kansas <br> City Ltd.<br>| 10379 | 764124 |
| †Capstone Copper Corp. | 64061 | 643154 |
| Intact Financial Corp. | 7281 | 1515719 |
| †Shopify, Inc. Class A | 7141 | 1149802 |
| TC Energy Corp. | 29195 | 1607634 |
|  |  | **6590471** |
| **China–1.00%** | **China–1.00%** | **China–1.00%** |
| Alibaba Group Holding Ltd. <br> ADR<br>| 8511 | 1247542 |
| †GDS Holdings Ltd. ADR | 7601 | 265275 |
|  |  | **1512817** |
| **Denmark–0.96%** | **Denmark–0.96%** | **Denmark–0.96%** |
| Novonesis Novozymes B <br> Class B<br>| 22782 | 1457604 |
|  |  | **1457604** |
| **France–15.76%** | **France–15.76%** | **France–15.76%** |
| Air Liquide SA | 14703 | 2763486 |
| Airbus SE | 14688 | 3410903 |
| Danone SA | 14751 | 1330526 |
| EssilorLuxottica SA | 7329 | 2317414 |
| Hermes International SCA | 362 | 898791 |
| L'Oreal SA | 4369 | 1875680 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 2790 | 2102923 |
| Safran SA | 4864 | 1694213 |
| Sartorius Stedim Biotech | 2823 | 693389 |
| Schneider Electric SE | 11900 | 3255545 |
| Societe Generale SA | 43280 | 3484212 |
|  |  | **23827082** |
| **Germany–7.34%** | **Germany–7.34%** | **Germany–7.34%** |
| Commerzbank AG | 15253 | 643747 |
| Infineon Technologies AG | 41663 | 1817796 |
| Rheinmetall AG | 718 | 1309915 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| SAP SE | 14519 | $3527660 |
| Siemens AG | 3946 | 1105181 |
| †Siemens Energy AG | 15089 | 2116814 |
| †Zalando SE | 19550 | 576863 |
|  |  | **11097976** |
| **Hong Kong–2.17%** | **Hong Kong–2.17%** | **Hong Kong–2.17%** |
| AIA Group Ltd. | 186600 | 1920691 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 17200 | 899927 |
| Techtronic Industries Co. <br> Ltd.<br>| 39500 | 454374 |
|  |  | **3274992** |
| **India–0.38%** | **India–0.38%** | **India–0.38%** |
| HDFC Bank Ltd. ADR | 15782 | 576674 |
|  |  | **576674** |
| **Ireland–2.64%** | **Ireland–2.64%** | **Ireland–2.64%** |
| AIB Group PLC | 206575 | 2208358 |
| Experian PLC | 17986 | 810927 |
| Kerry Group PLC Class A | 10624 | 970849 |
|  |  | **3990134** |
| **Italy–2.10%** | **Italy–2.10%** | **Italy–2.10%** |
| Ferrari NV | 6247 | 2321473 |
| Saipem SpA | 302676 | 856875 |
|  |  | **3178348** |
| **Japan–19.11%** | **Japan–19.11%** | **Japan–19.11%** |
| Asics Corp. | 32100 | 770608 |
| FANUC Corp. | 52500 | 2043076 |
| Fujitsu Ltd. | 33000 | 906936 |
| GMO Payment Gateway, <br> Inc.<br>| 12900 | 800058 |
| Hitachi Ltd. | 65800 | 2063591 |
| Hoya Corp. | 7000 | 1061687 |
| Keyence Corp. | 4300 | 1555416 |
| Kobe Bussan Co. Ltd. | 48200 | 1160207 |
| Mitsubishi Electric Corp. | 25600 | 746415 |
| Mitsubishi Heavy <br> Industries Ltd.<br>| 42700 | 1042411 |
| MonotaRO Co. Ltd. | 77900 | 1240418 |
| NEC Corp. | 77700 | 2629017 |
| †Rakuten Bank Ltd. | 32900 | 1452499 |
| Ryohin Keikaku Co. Ltd. | 76500 | 1350796 |
| Sony Group Corp. | 110500 | 2834432 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 88300 | 2839853 |
| Sumitomo Realty & <br> Development Co. Ltd.<br>| 29400 | 738115 |
| Suzuki Motor Corp. | 114600 | 1713896 |
| Terumo Corp. | 133200 | 1936085 |
|  |  | **28885516** |

---

LVIP American Century International Fund-1

------

**LVIP American Century International Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Luxembourg–0.49%** | **Luxembourg–0.49%** | **Luxembourg–0.49%** |
| †Birkenstock Holding PLC | 18265 | $747039 |
|  |  | **747039** |
| **Netherlands–6.98%** | **Netherlands–6.98%** | **Netherlands–6.98%** |
| ABN AMRO Bank NV | 21581 | 754016 |
| †Adyen NV | 1291 | 2081834 |
| †Argenx SE | 728 | 614100 |
| ASML Holding NV | 4470 | 4816515 |
| BE Semiconductor <br> Industries NV<br>| 4797 | 749943 |
| †Magnum Ice Cream Co. NV | 2640 | 41902 |
| Prosus NV | 24189 | 1497758 |
|  |  | **10556068** |
| **Republic of Korea–0.46%** | **Republic of Korea–0.46%** | **Republic of Korea–0.46%** |
| Samsung Electronics Co. <br> Ltd.<br>| 8196 | 686947 |
|  |  | **686947** |
| **Spain–2.79%** | **Spain–2.79%** | **Spain–2.79%** |
| CaixaBank SA | 119693 | 1463381 |
| Iberdrola SA | 126930 | 2748465 |
|  |  | **4211846** |
| **Sweden–2.85%** | **Sweden–2.85%** | **Sweden–2.85%** |
| Atlas Copco AB Class A | 97465 | 1735127 |
| Hexagon AB Class B | 104733 | 1233618 |
| †Spotify Technology SA | 2312 | 1342602 |
|  |  | **4311347** |
| **Switzerland–7.58%** | **Switzerland–7.58%** | **Switzerland–7.58%** |
| Cie Financiere Richemont <br> SA Class A<br>| 4196 | 904871 |
| Galderma Group AG | 14127 | 2876719 |
| Lonza Group AG | 3264 | 2200653 |
| †On Holding AG Class A | 25527 | 1186495 |
| Roche Holding AG | 5221 | 2156117 |
| UBS Group AG | 12859 | 593759 |
| Zurich Insurance Group <br> AG<br>| 2039 | 1542916 |
|  |  | **11461530** |
| **Taiwan–1.40%** | **Taiwan–1.40%** | **Taiwan–1.40%** |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 43000 | 2113762 |
|  |  | **2113762** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Thailand–0.53%** | **Thailand–0.53%** | **Thailand–0.53%** |
| †Sea Ltd. ADR | 6321 | $806370 |
|  |  | **806370** |
| **United Kingdom–14.52%** | **United Kingdom–14.52%** | **United Kingdom–14.52%** |
| AstraZeneca PLC | 31356 | 5802719 |
| BAE Systems PLC | 67109 | 1544518 |
| Barclays PLC | 195921 | 1254115 |
| BP PLC | 108340 | 631835 |
| British American Tobacco <br> PLC<br>| 19462 | 1103314 |
| †Burberry Group PLC | 64968 | 1104720 |
| Compass Group PLC | 51141 | 1620406 |
| Haleon PLC | 187056 | 945265 |
| Lloyds Banking Group PLC | 1285280 | 1700058 |
| London Stock Exchange <br> Group PLC<br>| 17036 | 2049236 |
| Marex Group PLC | 11356 | 435616 |
| RELX PLC | 37087 | 1494117 |
| Rolls-Royce Holdings PLC | 96720 | 1495844 |
| Unilever PLC | 11736 | 766797 |
|  |  | **21948560** |
| **United States–1.92%** | **United States–1.92%** | **United States–1.92%** |
| †Carnival Corp. | 16066 | 490656 |
| CRH PLC | 19325 | 2411760 |
|  |  | **2902416** |
| **Total Common Stock** <br>**(Cost $104,121,097)** | **Total Common Stock** <br>**(Cost $104,121,097)** | **149122862** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.15%** | **MONEY MARKET FUND–1.15%** | **MONEY MARKET FUND–1.15%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1738355 | 1738355 |
| **Total Money Market Fund** <br>**(Cost $1,738,355)** | **Total Money Market Fund** <br>**(Cost $1,738,355)** | **1738355** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $105,859,452)** | **150861217** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **313014** |
| **NET ASSETS APPLICABLE TO 12,349,567 SHARES OUTSTANDING–100.00%** | **$151174231** |

---

LVIP American Century International Fund-2

------

**LVIP American Century International Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INTERNATIONAL FUND STANDARD CLASS** <br>**($195,774 / 15,984 Shares)** | **$12.248** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INTERNATIONAL FUND STANDARD CLASS II** <br>**($105,743,867 / 8,635,330 Shares)** | **$12.245** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY INTERNATIONAL FUND SERVICE CLASS** <br>**($45,234,590 / 3,698,253 Shares)** | **$12.231** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$90240074** |
| Distributable earnings/(accumulated loss) | **60934157** |
| **TOTAL NET ASSETS** | **$151174231** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ΔSecurities have been classified by country of origin. <br> †Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $17,638 expense reimbursement receivable from Lincoln Financial Investments Corporation, $44,721 payable for fund shares <br> redeemed, $7,926 other accrued expenses payable, $124,348 due to manager and affiliates, $16,297 payable for audit fee, $12,166 payable <br> for fund accounting fee and $12,556 payable for custodian fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century International Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century International Fund** | **LVIP American Century International Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $2874075 |
| Non-cash dividends | 222263 |
| Foreign taxes withheld | (271043)<br>|
|  | 2825295 |
| **EXPENSES:** |  |
| Management fees | 1268648 |
| Shareholder servicing fees | 162376 |
| Distribution fees-Service Class | 105015 |
| Accounting and administration expenses | 44337 |
| Professional fees | 43420 |
| Custodian fees | 41298 |
| Pricing fees | 16785 |
| Reports and statements to shareholders | 15900 |
| Consulting fees | 9612 |
| Trustees' fees and expenses | 4653 |
| Other | 10828 |
|  | 1722872 |
| Less:  |  |
| Expenses reimbursed | (153530)<br>|
| Total operating expenses | 1569342 |
| **NET INVESTMENT INCOME**  | 1255953 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 19657829 |
| Foreign currencies | 14547 |
| Net realized gain | 19672376 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 4009502 |
| Foreign currencies | 39499 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 4049001 |
| **NET REALIZED AND UNREALIZED GAIN** | 23721377 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $24977330 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century International Fund** | **LVIP American Century International Fund** | **LVIP American Century International Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $1255953 | $846147 |
| Net realized gain | 19672376 | 5283436 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 4049001 | (1531443)<br>|
| Net increase in net assets resulting <br> from operations<br>| 24977330 | 4598140 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (2522)<br>| (67)<br>|
| Standard Class II | (1238110)<br>| (2010736)<br>|
| Service Class | (477065)<br>| (474363)<br>|
| Return of capital: |  |  |
| Standard Class |  | (8)<br>|
| Standard Class II |  | (151146)<br>|
| Service Class |  | (43017)<br>|
|  | (1717697)<br>| (2679337)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 304099 | 10000 |
| Standard Class II | 11700175 | 12608382 |
| Service Class | 8011651 | 3048802 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 2522 | 75 |
| Standard Class II | 1238110 | 2161882 |
| Service Class | 477065 | 517380 |
|  | 21733622 | 18346521 |
| Cost of shares redeemed: |  |  |
| Standard Class | (152869)<br>|  |
| Standard Class II | (51614372)<br>| (22115131)<br>|
| Service Class | (5580824)<br>| (4389070)<br>|
|  | (57348065)<br>| (26504201)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (35614443)<br>| (8157680)<br>|
| **NET DECREASE IN NET ASSETS** | (12354810)<br>| (6238877)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 163529041 | 169767918 |
| End of year | $151174231 | $163529041 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century International Fund-4

------

**LVIP American Century International Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century International Fund Standard Class** | **LVIP American Century International Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.687 | &nbsp;&nbsp; $10.730 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.111 | 0.050 |
| Net realized and unrealized gain (loss) | 1.610 | &nbsp;&nbsp; (0.012)<br>|
| Total from investment operations | 1.721 | 0.038 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.072)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.009)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.081)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.248 | &nbsp;&nbsp; $10.687 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 16.11% | &nbsp;&nbsp; 0.32% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $196 | &nbsp;&nbsp; $10 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.94% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.54% |
| Portfolio turnover | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century International Fund-5

------

**LVIP American Century International Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** | **LVIP American Century International Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.684 | &nbsp;&nbsp; $10.580 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $14.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.097 | 0.058 | 0.09 | 0.13 | 0.14 |
| Net realized and unrealized gain (loss) | 1.610 | 0.225 | 1.10 | &nbsp;&nbsp; (3.51)<br>| 1.05 |
| Total from investment operations | 1.707 | 0.283 | 1.19 | &nbsp;&nbsp; (3.38)<br>| 1.19 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.146)<br>| &nbsp;&nbsp; (0.166)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.41)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.146)<br>| &nbsp;&nbsp; (0.179)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.245 | &nbsp;&nbsp; $10.684 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $14.86 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.98% | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 12.57% | &nbsp;&nbsp; (24.75%)<br>| &nbsp;&nbsp; 8.75% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $105743 | &nbsp;&nbsp; $126688 | &nbsp;&nbsp; $132504 | &nbsp;&nbsp; $126117 | &nbsp;&nbsp; $175756 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.04% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.29% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.67% |
| Portfolio turnover | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP International Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century International Fund-6

------

**LVIP American Century International Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** | **LVIP American Century International Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.675 | &nbsp;&nbsp; $10.560 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $14.07 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.080 | 0.042 | 0.08 | 0.12 | 0.11 |
| Net realized and unrealized gain (loss) | 1.607 | 0.224 | 1.10 | &nbsp;&nbsp; (3.51)<br>| 1.06 |
| Total from investment operations | 1.687 | 0.266 | 1.18 | &nbsp;&nbsp; (3.39)<br>| 1.17 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.131)<br>| &nbsp;&nbsp; (0.138)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — <br><sup>3</sup><br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (0.41)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.131)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (0.41)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.231 | &nbsp;&nbsp; $10.675 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $14.83 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 15.81% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 12.43% | &nbsp;&nbsp; (24.86%)<br>| &nbsp;&nbsp; 8.60% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $45235 | &nbsp;&nbsp; $36831 | &nbsp;&nbsp; $37264 | &nbsp;&nbsp; $35074 | &nbsp;&nbsp; $50432 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.19% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.44% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.52% |
| Portfolio turnover | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP International Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century International Fund-7

------

**LVIP American Century International Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century International Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP International Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century International Fund-8

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**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP American Century International Fund is $4,721 and $4,731 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.80% of the first $1 billion of the Fund's average daily net assets; and 0.75% of the Fund's average daily net assets in excess of $1 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund Fees and expenses) exceed 0.85% of the Fund's average daily net assets for the Standard Class, 0.95% for the Standard Class II and 1.10% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century International Fund-9

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**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $101173 | &nbsp;&nbsp; $153530 | &nbsp;&nbsp; $254703 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $13268 |
| Legal | &nbsp;&nbsp; 2186 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,935 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $17638 |
| Management fees payable to LFI | &nbsp;&nbsp; 102128 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 9546 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 41 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 12633 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $146353724 |
| Sales | &nbsp;&nbsp; 182931881 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $106342650 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $46208936 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (1676236)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $44532700 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer

LVIP American Century International Fund-10

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**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $569630 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $569630 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 1874783 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1874783 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 1695999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1695999 |
| Brazil | &nbsp;&nbsp; 844951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 844951 |
| Canada | &nbsp;&nbsp; 6590471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6590471 |
| China | &nbsp;&nbsp; 1512817 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1512817 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 1457604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1457604 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 23827082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23827082 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 11097976 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11097976 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 3274992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3274992 |
| India | &nbsp;&nbsp; 576674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 576674 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 3990134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3990134 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 3178348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3178348 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 28885516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28885516 |
| Luxembourg | &nbsp;&nbsp; 747039 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 747039 |
| Netherlands | &nbsp;&nbsp; 41902 | &nbsp;&nbsp; 10514166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10556068 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 686947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 686947 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 4211846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4211846 |
| Sweden | &nbsp;&nbsp; 1342602 | &nbsp;&nbsp; 2968745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4311347 |
| Switzerland | &nbsp;&nbsp; 1186495 | &nbsp;&nbsp; 10275035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11461530 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 2113762 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2113762 |
| Thailand | &nbsp;&nbsp; 806370 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 806370 |
| United Kingdom | &nbsp;&nbsp; 435616 | &nbsp;&nbsp; 21512944 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21948560 |
| United States | &nbsp;&nbsp; 2902416 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2902416 |
| Money Market Fund | &nbsp;&nbsp; 1738355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1738355 |
| **Total Investments** | &nbsp;&nbsp; $18725708 | &nbsp;&nbsp; $132135509 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $150861217 |

---

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

There were no Level 3 investments at the beginning or end of the year.

LVIP American Century International Fund-11

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**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sale and mark-to-market adjustments on passive foreign investments companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $1717697 | &nbsp;&nbsp; $2485166 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; 194171 |
| Total | &nbsp;&nbsp; $1717697 | &nbsp;&nbsp; $2679337 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $74409 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 16327048 |
| Net unrealized appreciation | &nbsp;&nbsp; 44532700 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $60934157 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

In 2025, the Fund utilized $2,904,366 of capital loss carryforwards.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 27629 | &nbsp;&nbsp; 932 |
| Standard Class II | &nbsp;&nbsp; 1002351 | &nbsp;&nbsp; 1140185 |
| Service Class | &nbsp;&nbsp; 687039 | &nbsp;&nbsp; 274651 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 7 |
| Standard Class II | &nbsp;&nbsp; 101994 | &nbsp;&nbsp; 193646 |
| Service Class | &nbsp;&nbsp; 39342 | &nbsp;&nbsp; 46384 |
|  | &nbsp;&nbsp; 1858563 | &nbsp;&nbsp; 1655805 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (12792)<br>| &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (4326544)<br>| &nbsp;&nbsp; (2000839)<br>|
| Service Class | &nbsp;&nbsp; (478398)<br>| &nbsp;&nbsp; (399578)<br>|
|  | &nbsp;&nbsp; (4817734)<br>| &nbsp;&nbsp; (2400417)<br>|
| Net decrease | &nbsp;&nbsp; (2959171)<br>| &nbsp;&nbsp; (744612)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

LVIP American Century International Fund-12

------

**LVIP American Century International Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Line of Credit (continued)**

The line of credit was renewed in February 2026.

**8. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century International Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century International Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century International Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img8ead724f2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century International Fund–14

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![](img5ebebe291.jpg)

LVIP American Century Large Company Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Large Company Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6ae5a83b-06ea-49c5-968f-d4e8050df2f2_SOI-continued-701_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6ae5a83b-06ea-49c5-968f-d4e8050df2f2_FS-continued-701_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_6ae5a83b-06ea-49c5-968f-d4e8050df2f2_FS-continued-701_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_6ae5a83b-06ea-49c5-968f-d4e8050df2f2_FIHI-continued-701_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_6ae5a83b-06ea-49c5-968f-d4e8050df2f2_NTF-continued-701_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_6ae5a83b-06ea-49c5-968f-d4e8050df2f2_AUDIT-continued-701_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP American Century Large Company Value Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–98.35%** | **COMMON STOCK–98.35%** | **COMMON STOCK–98.35%** |
| **Aerospace & Defense–1.23%** | **Aerospace & Defense–1.23%** | **Aerospace & Defense–1.23%** |
| RTX Corp. | 10411 | $1909377 |
|  |  | **1909377** |
| **Automobile Components–0.67%** | **Automobile Components–0.67%** | **Automobile Components–0.67%** |
| Gentex Corp. | 44825 | 1043078 |
|  |  | **1043078** |
| **Banks–7.50%** | **Banks–7.50%** | **Banks–7.50%** |
| JPMorgan Chase & Co. | 17308 | 5576984 |
| Truist Financial Corp. | 60479 | 2976172 |
| U.S. Bancorp | 57001 | 3041573 |
|  |  | **11594729** |
| **Beverages–4.60%** | **Beverages–4.60%** | **Beverages–4.60%** |
| Heineken Holding NV | 23329 | 1708308 |
| PepsiCo, Inc. | 27144 | 3895707 |
| Pernod Ricard SA | 17673 | 1513273 |
|  |  | **7117288** |
| **Building Products–1.41%** | **Building Products–1.41%** | **Building Products–1.41%** |
| A.O. Smith Corp. | 32715 | 2187979 |
|  |  | **2187979** |
| **Capital Markets–6.44%** | **Capital Markets–6.44%** | **Capital Markets–6.44%** |
| Bank of New York Mellon <br> Corp.<br>| 14014 | 1626885 |
| Blackrock, Inc. | 3086 | 3303069 |
| Charles Schwab Corp. | 34997 | 3496550 |
| Northern Trust Corp. | 11218 | 1532267 |
|  |  | **9958771** |
| **Chemicals–1.41%** | **Chemicals–1.41%** | **Chemicals–1.41%** |
| †Axalta Coating Systems Ltd. | 27934 | 902548 |
| PPG Industries, Inc. | 12449 | 1275524 |
|  |  | **2178072** |
| **Communications Equipment–3.04%** | **Communications Equipment–3.04%** | **Communications Equipment–3.04%** |
| Cisco Systems, Inc. | 36729 | 2829235 |
| †F5, Inc. | 7315 | 1867227 |
|  |  | **4696462** |
| **Construction Materials–0.69%** | **Construction Materials–0.69%** | **Construction Materials–0.69%** |
| †Amrize Ltd. | 19630 | 1061590 |
|  |  | **1061590** |
| **Containers & Packaging–0.88%** | **Containers & Packaging–0.88%** | **Containers & Packaging–0.88%** |
| Graphic Packaging Holding <br> Co.<br>| 90780 | 1367147 |
|  |  | **1367147** |
| **Diversified Telecommunication Services–1.52%** | **Diversified Telecommunication Services–1.52%** | **Diversified Telecommunication Services–1.52%** |
| Verizon Communications, <br> Inc.<br>| 57556 | 2344256 |
|  |  | **2344256** |
| **Electric Utilities–4.55%** | **Electric Utilities–4.55%** | **Electric Utilities–4.55%** |
| Duke Energy Corp. | 26953 | 3159161 |
| Eversource Energy | 14922 | 1004698 |
| Xcel Energy, Inc. | 38824 | 2867541 |
|  |  | **7031400** |
| **Electrical Equipment–0.52%** | **Electrical Equipment–0.52%** | **Electrical Equipment–0.52%** |
| Emerson Electric Co. | 6016 | 798443 |
|  |  | **798443** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components–0.75%** | **Electronic Equipment, Instruments & Components–0.75%** | **Electronic Equipment, Instruments & Components–0.75%** |
| CDW Corp. | 8470 | $1153614 |
|  |  | **1153614** |
| **Energy Equipment & Services–1.36%** | **Energy Equipment & Services–1.36%** | **Energy Equipment & Services–1.36%** |
| Baker Hughes Co. | 46235 | 2105542 |
|  |  | **2105542** |
| **Entertainment–1.35%** | **Entertainment–1.35%** | **Entertainment–1.35%** |
| Walt Disney Co. | 18312 | 2083356 |
|  |  | **2083356** |
| **Financial Services–3.21%** | **Financial Services–3.21%** | **Financial Services–3.21%** |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 6738 | 3386856 |
| Fidelity National Information <br> Services, Inc.<br>| 23659 | 1572377 |
|  |  | **4959233** |
| **Food Products–2.30%** | **Food Products–2.30%** | **Food Products–2.30%** |
| Conagra Brands, Inc. | 39750 | 688072 |
| General Mills, Inc. | 18622 | 865923 |
| Mondelez International, Inc. <br> Class A<br>| 37097 | 1996932 |
|  |  | **3550927** |
| **Ground Transportation–2.91%** | **Ground Transportation–2.91%** | **Ground Transportation–2.91%** |
| CSX Corp. | 34334 | 1244607 |
| Norfolk Southern Corp. | 11261 | 3251276 |
|  |  | **4495883** |
| **Health Care Equipment & Supplies–6.31%** | **Health Care Equipment & Supplies–6.31%** | **Health Care Equipment & Supplies–6.31%** |
| Becton Dickinson & Co. | 19745 | 3831912 |
| Medtronic PLC | 31012 | 2979013 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 32821 | 2951264 |
|  |  | **9762189** |
| **Health Care Providers & Services–3.71%** | **Health Care Providers & Services–3.71%** | **Health Care Providers & Services–3.71%** |
| CVS Health Corp. | 9736 | 772649 |
| †Henry Schein, Inc. | 23531 | 1778473 |
| Labcorp Holdings, Inc. | 4081 | 1023841 |
| UnitedHealth Group, Inc. | 4267 | 1408579 |
| Universal Health Services, <br> Inc. Class B<br>| 3472 | 756966 |
|  |  | **5740508** |
| **Household Durables–1.72%** | **Household Durables–1.72%** | **Household Durables–1.72%** |
| †Mohawk Industries, Inc. | 13634 | 1490196 |
| PulteGroup, Inc. | 10026 | 1175649 |
|  |  | **2665845** |
| **Household Products–1.25%** | **Household Products–1.25%** | **Household Products–1.25%** |
| Kimberly-Clark Corp. | 19128 | 1929824 |
|  |  | **1929824** |
| **Industrial Conglomerates–0.66%** | **Industrial Conglomerates–0.66%** | **Industrial Conglomerates–0.66%** |
| Siemens AG | 3674 | 1029001 |
|  |  | **1029001** |
| **Insurance–4.37%** | **Insurance–4.37%** | **Insurance–4.37%** |
| Allstate Corp. | 4948 | 1029926 |
| Reinsurance Group of <br> America, Inc.<br>| 8952 | 1821374 |
| Willis Towers Watson PLC | 11891 | 3907383 |
|  |  | **6758683** |

---

LVIP American Century Large Company Value Fund-1

------

**LVIP American Century Large Company Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services–2.78%** | **Interactive Media & Services–2.78%** | **Interactive Media & Services–2.78%** |
| Alphabet, Inc. Class A | 13718 | $4293734 |
|  |  | **4293734** |
| **IT Services–1.87%** | **IT Services–1.87%** | **IT Services–1.87%** |
| Amdocs Ltd. | 20280 | 1632743 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 15250 | 1265750 |
|  |  | **2898493** |
| **Life Sciences Tools & Services–1.25%** | **Life Sciences Tools & Services–1.25%** | **Life Sciences Tools & Services–1.25%** |
| †IQVIA Holdings, Inc. | 8577 | 1933342 |
|  |  | **1933342** |
| **Machinery–4.10%** | **Machinery–4.10%** | **Machinery–4.10%** |
| Cummins, Inc. | 2837 | 1448147 |
| Dover Corp. | 7880 | 1538491 |
| PACCAR, Inc. | 16895 | 1850171 |
| Toro Co. | 19093 | 1503001 |
|  |  | **6339810** |
| **Metals & Mining–0.69%** | **Metals & Mining–0.69%** | **Metals & Mining–0.69%** |
| Reliance, Inc. | 3709 | 1071419 |
|  |  | **1071419** |
| **Oil, Gas & Consumable Fuels–5.32%** | **Oil, Gas & Consumable Fuels–5.32%** | **Oil, Gas & Consumable Fuels–5.32%** |
| Chevron Corp. | 16148 | 2461117 |
| Coterra Energy, Inc. | 38570 | 1015162 |
| Enterprise Products <br> Partners LP<br>| 66988 | 2147635 |
| Exxon Mobil Corp. | 8329 | 1002312 |
| TotalEnergies SE | 24475 | 1601155 |
|  |  | **8227381** |
| **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** | **Passenger Airlines–0.49%** |
| Southwest Airlines Co. | 18293 | 756050 |
|  |  | **756050** |
| **Personal Care Products–3.66%** | **Personal Care Products–3.66%** | **Personal Care Products–3.66%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 9814 | 1027722 |
| Kenvue, Inc. | 124585 | 2149092 |
| Unilever PLC | 37993 | 2484742 |
|  |  | **5661556** |
| **Pharmaceuticals–4.54%** | **Pharmaceuticals–4.54%** | **Pharmaceuticals–4.54%** |
| Johnson & Johnson | 16877 | 3492695 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Merck & Co., Inc. | 20057 | $2111200 |
| Roche Holding AG | 3426 | 1414836 |
|  |  | **7018731** |
| **Residential REITs–1.54%** | **Residential REITs–1.54%** | **Residential REITs–1.54%** |
| Equity Residential | 37824 | 2384425 |
|  |  | **2384425** |
| **Retail REITs–0.49%** | **Retail REITs–0.49%** | **Retail REITs–0.49%** |
| Realty Income Corp. | 13508 | 761446 |
|  |  | **761446** |
| **Semiconductors & Semiconductor Equipment–3.02%** | **Semiconductors & Semiconductor Equipment–3.02%** | **Semiconductors & Semiconductor Equipment–3.02%** |
| Analog Devices, Inc. | 8695 | 2358084 |
| QUALCOMM, Inc. | 13489 | 2307293 |
|  |  | **4665377** |
| **Software–1.79%** | **Software–1.79%** | **Software–1.79%** |
| Salesforce, Inc. | 10466 | 2772548 |
|  |  | **2772548** |
| **Specialized REITs–1.50%** | **Specialized REITs–1.50%** | **Specialized REITs–1.50%** |
| American Tower Corp. | 13174 | 2312959 |
|  |  | **2312959** |
| **Trading Companies & Distributors–0.95%** | **Trading Companies & Distributors–0.95%** | **Trading Companies & Distributors–0.95%** |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 17484 | 1470404 |
|  |  | **1470404** |
| **Total Common Stock** <br>**(Cost $125,687,928)** | **Total Common Stock** <br>**(Cost $125,687,928)** | **152090872** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.52%** | **MONEY MARKET FUND–1.52%** | **MONEY MARKET FUND–1.52%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2349982 | 2349982 |
| **Total Money Market Fund** <br>**(Cost $2,349,982)** | **Total Money Market Fund** <br>**(Cost $2,349,982)** | **2349982** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.87% (Cost $128,037,910)** | **154440854** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.13%** | **193988** |
| **NET ASSETS APPLICABLE TO 7,578,931 SHARES OUTSTANDING–100.00%** | **$154634842** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY LARGE COMPANY VALUE FUND STANDARD CLASS** <br>**($12,316 / 615 Shares)** | **$20.017** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY LARGE COMPANY VALUE FUND STANDARD CLASS II** <br>**($14,390,031 / 719,034 Shares)** | **$20.013** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY LARGE COMPANY VALUE FUND SERVICE CLASS** <br>**($140,232,495 / 6,859,282 Shares)** | **$20.444** |

---

LVIP American Century Large Company Value Fund-2

------

**LVIP American Century Large Company Value Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$122247406** |
| Distributable earnings/(accumulated loss) | **32387436** |
| **TOTAL NET ASSETS** | **$154634842** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $11,329 expense reimbursement receivable from Lincoln Financial Investments Corporation, $352,434 payable for fund shares <br> redeemed, $9,385 other accrued expenses payable, $108,990 due to manager and affiliates, $18,335 payable for audit fee and $12,360 <br> payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| CBK | EUR | &nbsp;&nbsp; (1063269)<br>| USD | &nbsp;&nbsp; 1255806 | 3/27/26 | &nbsp;&nbsp; $1091 | &nbsp;&nbsp; $— |
| CBK | GBP | &nbsp;&nbsp; (520935)<br>| USD | &nbsp;&nbsp; 697281 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4740)<br>|
| GS | EUR | &nbsp;&nbsp; (1063269)<br>| USD | &nbsp;&nbsp; 1256364 | 3/27/26 | &nbsp;&nbsp; 1649 | &nbsp;&nbsp; — |
| GS | GBP | &nbsp;&nbsp; (520935)<br>| USD | &nbsp;&nbsp; 697006 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5015)<br>|
| JPM | CHF | &nbsp;&nbsp; (478146)<br>| USD | &nbsp;&nbsp; 607506 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1791)<br>|
| JPM | GBP | &nbsp;&nbsp; (520935)<br>| USD | &nbsp;&nbsp; 697104 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4918)<br>|
| MSC | EUR | &nbsp;&nbsp; (1063269)<br>| USD | &nbsp;&nbsp; 1254894 | 3/27/26 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; — |
| UBS | CHF | &nbsp;&nbsp; (478146)<br>| USD | &nbsp;&nbsp; 607403 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1895)<br>|
| UBS | CHF | &nbsp;&nbsp; (35196)<br>| USD | &nbsp;&nbsp; 45070 | 3/27/26 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; — |
| UBS | CHF | &nbsp;&nbsp; 31658 | USD | &nbsp;&nbsp; (40448)<br>| 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (106)<br>|
| UBS | EUR | &nbsp;&nbsp; (1063269)<br>| USD | &nbsp;&nbsp; 1256268 | 3/27/26 | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $4694 | &nbsp;&nbsp; $(18465)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial <br> statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the <br> net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CBK–Citibank NA |
| CHF–Swiss Franc |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Large Company Value Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Large Company Value** <br> **Fund** | **LVIP American Century Large Company Value** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $3929473 |
| Foreign taxes withheld | (40460)<br>|
|  | 3889013 |
| **EXPENSES:** |  |
| Management fees | 847555 |
| Distribution fees-Service Class | 334730 |
| Shareholder servicing fees | 64887 |
| Professional fees | 45238 |
| Accounting and administration expenses | 43622 |
| Custodian fees | 15130 |
| Pricing fees | 10576 |
| Consulting fees | 7885 |
| Reports and statements to shareholders | 5797 |
| Trustees' fees and expenses | 4442 |
| Other | 7597 |
|  | 1387459 |
| Less:  |  |
| Expenses reimbursed | (107926)<br>|
| Total operating expenses | 1279533 |
| **NET INVESTMENT INCOME**  | 2609480 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 10750685 |
| Foreign currencies | 4103 |
| Foreign currency exchange contracts | (837569)<br>|
| Net realized gain | 9917219 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 9710555 |
| Foreign currencies | 8435 |
| Foreign currency exchange contracts | (159293)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 9559697 |
| **NET REALIZED AND UNREALIZED GAIN** | 19476916 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $22086396 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Large Company Value** <br> **Fund** | **LVIP American Century Large Company Value** <br> **Fund** | **LVIP American Century Large Company Value** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $2609480 | $2736672 |
| Net realized gain | 9917219 | 9789034 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 9559697 | 2506109 |
| Net increase in net assets resulting <br> from operations<br>| 22086396 | 15031815 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (964)<br>| (299)<br>|
| Standard Class II | (1555504)<br>| (999863)<br>|
| Service Class | (10608375)<br>| (5353977)<br>|
|  | (12164843)<br>| (6354139)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10001 |
| Standard Class II | 4681024 | 5670411 |
| Service Class | 18119988 | 15681014 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 964 | 299 |
| Standard Class II | 1555504 | 999863 |
| Service Class | 10608375 | 5353977 |
|  | 34965855 | 27715565 |
| Cost of shares redeemed: |  |  |
| Standard Class II | (15068029)<br>| (7767757)<br>|
| Service Class | (26962170)<br>| (21970416)<br>|
|  | (42030199)<br>| (29738173)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (7064344)<br>| (2022608)<br>|
| **NET INCREASE IN NET ASSETS** | 2857209 | 6655068 |
| **NET ASSETS:** |  |  |
| Beginning of year | 151777633 | 145122565 |
| End of year | $154634842 | $151777633 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Large Company Value Fund-4

------

**LVIP American Century Large Company Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Large Company Value Fund Standard Class** | **LVIP American Century Large Company Value Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $18.815 | &nbsp;&nbsp; $18.140 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.384 | 0.268 |
| Net realized and unrealized gain | 2.487 | 0.950 |
| Total from investment operations | 2.871 | 1.218 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.398)<br>|
| Net realized gain | &nbsp;&nbsp; (1.352)<br>| &nbsp;&nbsp; (0.145)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.669)<br>| &nbsp;&nbsp; (0.543)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.017 | &nbsp;&nbsp; $18.815 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.52% | &nbsp;&nbsp; 6.61% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.68% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 2.04% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.96% |
| Portfolio turnover | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Large Company Value Fund-5

------

**LVIP American Century Large Company Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** | **LVIP American Century Large Company Value Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $18.812 | &nbsp;&nbsp; $17.750 | &nbsp;&nbsp; $18.08 | &nbsp;&nbsp; $19.49 | &nbsp;&nbsp; $16.24 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.360 | 0.365 | 0.37 | 0.35 | 0.31 |
| Net realized and unrealized gain (loss) | 2.489 | 1.538 | 0.26 | &nbsp;&nbsp; (0.37)<br>| 3.20 |
| Total from investment operations | 2.849 | 1.903 | 0.63 | &nbsp;&nbsp; (0.02)<br>| 3.51 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.495)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net realized gain | &nbsp;&nbsp; (1.352)<br>| &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.648)<br>| &nbsp;&nbsp; (0.841)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.013 | &nbsp;&nbsp; $18.812 | &nbsp;&nbsp; $17.75 | &nbsp;&nbsp; $18.08 | &nbsp;&nbsp; $19.49 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.40% | &nbsp;&nbsp; 10.72% | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; (0.26%)<br>| &nbsp;&nbsp; 21.71% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $14390 | &nbsp;&nbsp; $21846 | &nbsp;&nbsp; $21616 | &nbsp;&nbsp; $23858 | &nbsp;&nbsp; $16520 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.84% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.68% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.55% |
| Portfolio turnover | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Large Company Value Fund Class I, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Large Company Value Fund-6

------

**LVIP American Century Large Company Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** | **LVIP American Century Large Company Value Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $19.189 | &nbsp;&nbsp; $18.100 | &nbsp;&nbsp; $18.41 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $16.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.337 | 0.344 | 0.35 | 0.33 | 0.29 |
| Net realized and unrealized gain (loss) | 2.538 | 1.559 | 0.28 | &nbsp;&nbsp; (0.39)<br>| 3.25 |
| Total from investment operations | 2.875 | 1.903 | 0.63 | &nbsp;&nbsp; (0.06)<br>| 3.54 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.268)<br>| &nbsp;&nbsp; (0.468)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gain | &nbsp;&nbsp; (1.352)<br>| &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.620)<br>| &nbsp;&nbsp; (0.814)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $20.444 | &nbsp;&nbsp; $19.189 | &nbsp;&nbsp; $18.10 | &nbsp;&nbsp; $18.41 | &nbsp;&nbsp; $19.83 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.23% | &nbsp;&nbsp; 10.52% | &nbsp;&nbsp; 3.78% | &nbsp;&nbsp; (0.46%)<br>| &nbsp;&nbsp; 21.53% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $140233 | &nbsp;&nbsp; $129921 | &nbsp;&nbsp; $123507 | &nbsp;&nbsp; $130585 | &nbsp;&nbsp; $84448 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.53% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.40% |
| Portfolio turnover | &nbsp;&nbsp; 64% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Large Company Value Fund Class II, a former portfolio of American Century Variable Portfolios, Inc., as a result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Large Company Value Fund-7

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Large Company Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments VP Large Company Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Large Company Value Fund-8

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.55% of the first $5 billion of the Fund's average daily net assets; and 0.45% of the Fund's average daily net assets in excess of $5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.60% of the Fund's average daily net assets for the Standard Class, 0.70% for the Standard Class II and 0.85% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century Large Company Value Fund-9

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $81062 | &nbsp;&nbsp; $107926 | &nbsp;&nbsp; $188988 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $12717 |
| Legal | &nbsp;&nbsp; 2111 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,285 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $11329 |
| Management fees payable to LFI | &nbsp;&nbsp; 73719 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 29932 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 22 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 5317 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $98489110 |
| Sales | &nbsp;&nbsp; 115945373 |

---

LVIP American Century Large Company Value Fund-10

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $130064062 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $30745545 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (6362118)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $24383427 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Century Large Company Value Fund-11

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $1909377 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1909377 |
| Automobile Components | &nbsp;&nbsp; 1043078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1043078 |
| Banks | &nbsp;&nbsp; 11594729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11594729 |
| Beverages | &nbsp;&nbsp; 3895707 | &nbsp;&nbsp; 3221581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7117288 |
| Building Products | &nbsp;&nbsp; 2187979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2187979 |
| Capital Markets | &nbsp;&nbsp; 9958771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9958771 |
| Chemicals | &nbsp;&nbsp; 2178072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2178072 |
| Communications Equipment | &nbsp;&nbsp; 4696462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4696462 |
| Construction Materials | &nbsp;&nbsp; 1061590 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061590 |
| Containers & Packaging | &nbsp;&nbsp; 1367147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367147 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 2344256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2344256 |
| Electric Utilities | &nbsp;&nbsp; 7031400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7031400 |
| Electrical Equipment | &nbsp;&nbsp; 798443 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 798443 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1153614 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1153614 |
| Energy Equipment & Services | &nbsp;&nbsp; 2105542 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2105542 |
| Entertainment | &nbsp;&nbsp; 2083356 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2083356 |
| Financial Services | &nbsp;&nbsp; 4959233 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4959233 |
| Food Products | &nbsp;&nbsp; 3550927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3550927 |
| Ground Transportation | &nbsp;&nbsp; 4495883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4495883 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 9762189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9762189 |
| Health Care Providers & Services | &nbsp;&nbsp; 5740508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5740508 |
| Household Durables | &nbsp;&nbsp; 2665845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2665845 |
| Household Products | &nbsp;&nbsp; 1929824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1929824 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; 1029001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1029001 |
| Insurance | &nbsp;&nbsp; 6758683 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6758683 |
| Interactive Media & Services | &nbsp;&nbsp; 4293734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4293734 |
| IT Services | &nbsp;&nbsp; 2898493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2898493 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 1933342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1933342 |
| Machinery | &nbsp;&nbsp; 6339810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6339810 |
| Metals & Mining | &nbsp;&nbsp; 1071419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1071419 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 8227381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8227381 |
| Passenger Airlines | &nbsp;&nbsp; 756050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 756050 |
| Personal Care Products | &nbsp;&nbsp; 5661556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5661556 |
| Pharmaceuticals | &nbsp;&nbsp; 5603895 | &nbsp;&nbsp; 1414836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7018731 |
| Residential REITs | &nbsp;&nbsp; 2384425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2384425 |
| Retail REITs | &nbsp;&nbsp; 761446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 761446 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4665377 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4665377 |
| Software | &nbsp;&nbsp; 2772548 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2772548 |
| Specialized REITs | &nbsp;&nbsp; 2312959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2312959 |
| Trading Companies & Distributors | &nbsp;&nbsp; 1470404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1470404 |
| Money Market Fund | &nbsp;&nbsp; 2349982 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2349982 |
| **Total Investments** | &nbsp;&nbsp; $148775436 | &nbsp;&nbsp; $5665418 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $154440854 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4694 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4694 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18465)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18465)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP American Century Large Company Value Fund-12

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, partnerships and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $4590872 | &nbsp;&nbsp; $4771927 |
| Long-term capital gains | &nbsp;&nbsp; 7573971 | &nbsp;&nbsp; 1582212 |
| Total | &nbsp;&nbsp; $12164843 | &nbsp;&nbsp; $6354139 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $151427 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 7852583 |
| Other temporary differences | &nbsp;&nbsp; (1)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 24383427 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $32387436 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily due to true-up adjustment from prior year Financial statement to tax return:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $(178886)<br>| &nbsp;&nbsp; $178886 |

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 551 |
| Standard Class II | &nbsp;&nbsp; 236948 | &nbsp;&nbsp; 307579 |
| Service Class | &nbsp;&nbsp; 897235 | &nbsp;&nbsp; 818330 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 15 |
| Standard Class II | &nbsp;&nbsp; 78502 | &nbsp;&nbsp; 52690 |
| Service Class | &nbsp;&nbsp; 524544 | &nbsp;&nbsp; 276219 |
|  | &nbsp;&nbsp; 1737278 | &nbsp;&nbsp; 1455384 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (757687)<br>| &nbsp;&nbsp; (416560)<br>|
| Service Class | &nbsp;&nbsp; (1332947)<br>| &nbsp;&nbsp; (1148984)<br>|
|  | &nbsp;&nbsp; (2090634)<br>| &nbsp;&nbsp; (1565544)<br>|
| Net decrease | &nbsp;&nbsp; (353356)<br>| &nbsp;&nbsp; (110160)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the

LVIP American Century Large Company Value Fund-13

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Line of Credit (continued)**

respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $4694 | Receivables and other assets net of <br> liabilities<br>| $(18465)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(837569)<br>| &nbsp;&nbsp; $(159293)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $848410 | $11402400 |

---

LVIP American Century Large Company Value Fund-14

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

At a meeting held on December 8-9, 2025, of the Board of Trustees ("Board") of the Trust, the Board approved an Agreement and Plan of Reorganization to merge the Fund with and into the LVIP American Century Value Fund (the "Acquiring Fund"), a series of the Trust (the "Reorganization"). The Reorganization is not expected to be a taxable event for contract holders. More information about the Acquiring Fund and the definitive terms of the proposed Reorganization will be included in proxy materials.

LVIP American Century Large Company Value Fund-15

------

**LVIP American Century Large Company Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **12. Subsequent Events (continued)**

The Reorganization is subject to certain conditions, including approval by shareholders of the Fund. Proxy materials regarding the Reorganization will be distributed to owners of the variable annuity contracts or variable life insurance policies, as applicable, who are shareholders of the Fund, as of the close of business on March 13, 2026 ("Record Date"). A meeting of shareholders, as of the Record Date, to consider the Reorganization is scheduled to be held on or about June 4, 2026, and the Fund's Reorganization is expected to be completed on or about June 5, 2026 ("Closing Date").

Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Large Company Value Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Large Company Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Large Company Value Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img1551af412.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Large Company Value Fund–17

------

![](imgdc396deb1.jpg)

LVIP American Century Mid Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Mid Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_d5fcaea5-8e2b-4f83-abaf-fbb7afad2b8c_SOI-continued-702_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_d5fcaea5-8e2b-4f83-abaf-fbb7afad2b8c_FS-continued-702_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_d5fcaea5-8e2b-4f83-abaf-fbb7afad2b8c_FS-continued-702_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_d5fcaea5-8e2b-4f83-abaf-fbb7afad2b8c_FIHI-continued-702_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_d5fcaea5-8e2b-4f83-abaf-fbb7afad2b8c_NTF-continued-702_1)**  | &nbsp;&nbsp; **9** |
| **[Report of Independent Registered Public Accounting Firm](#xx_d5fcaea5-8e2b-4f83-abaf-fbb7afad2b8c_AUDIT-continued-702_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–96.54%** | **COMMON STOCK–96.54%** | **COMMON STOCK–96.54%** |
| **Aerospace & Defense–1.89%** | **Aerospace & Defense–1.89%** | **Aerospace & Defense–1.89%** |
| Hexcel Corp. | 25982 | $1920070 |
| L3Harris Technologies, Inc. | 23022 | 6758568 |
|  |  | **8678638** |
| **Automobile Components–1.49%** | **Automobile Components–1.49%** | **Automobile Components–1.49%** |
| BorgWarner, Inc. | 48169 | 2170495 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 68689 | 2276778 |
| Gentex Corp. | 102748 | 2390946 |
|  |  | **6838219** |
| **Banks–7.19%** | **Banks–7.19%** | **Banks–7.19%** |
| Commerce Bancshares, Inc. | 154406 | 8081639 |
| First Hawaiian, Inc. | 141004 | 3567401 |
| Prosperity Bancshares, Inc. | 88303 | 6102620 |
| Truist Financial Corp. | 120396 | 5924687 |
| U.S. Bancorp | 136351 | 7275689 |
| Westamerica BanCorp | 43638 | 2087206 |
|  |  | **33039242** |
| **Beverages–1.47%** | **Beverages–1.47%** | **Beverages–1.47%** |
| Heineken NV | 36676 | 3026023 |
| Pernod Ricard SA | 43797 | 3750175 |
|  |  | **6776198** |
| **Building Products–1.24%** | **Building Products–1.24%** | **Building Products–1.24%** |
| A.O. Smith Corp. | 47918 | 3204756 |
| Masco Corp. | 39415 | 2501276 |
|  |  | **5706032** |
| **Capital Markets–2.75%** | **Capital Markets–2.75%** | **Capital Markets–2.75%** |
| Bank of New York Mellon <br> Corp.<br>| 14933 | 1733572 |
| Northern Trust Corp. | 48233 | 6588145 |
| Raymond James Financial, <br> Inc.<br>| 5745 | 922590 |
| T. Rowe Price Group, Inc. | 33145 | 3393385 |
|  |  | **12637692** |
| **Chemicals–1.32%** | **Chemicals–1.32%** | **Chemicals–1.32%** |
| †Axalta Coating Systems Ltd. | 80954 | 2615624 |
| PPG Industries, Inc. | 33647 | 3447471 |
|  |  | **6063095** |
| **Commercial Services & Supplies–0.45%** | **Commercial Services & Supplies–0.45%** | **Commercial Services & Supplies–0.45%** |
| ABM Industries, Inc. | 48947 | 2070458 |
|  |  | **2070458** |
| **Communications Equipment–0.78%** | **Communications Equipment–0.78%** | **Communications Equipment–0.78%** |
| †F5, Inc. | 14088 | 3596103 |
|  |  | **3596103** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction Materials–0.88%** | **Construction Materials–0.88%** | **Construction Materials–0.88%** |
| †Amrize Ltd. | 45390 | $2454691 |
| Eagle Materials, Inc. | 7737 | 1599083 |
|  |  | **4053774** |
| **Consumer Staples Distribution & Retail–2.07%** | **Consumer Staples Distribution & Retail–2.07%** | **Consumer Staples Distribution & Retail–2.07%** |
| Koninklijke Ahold Delhaize <br> NV<br>| 141384 | 5797717 |
| Sysco Corp. | 50146 | 3695259 |
|  |  | **9492976** |
| **Containers & Packaging–2.37%** | **Containers & Packaging–2.37%** | **Containers & Packaging–2.37%** |
| Graphic Packaging Holding <br> Co.<br>| 263554 | 3969123 |
| Packaging Corp. of America | 33544 | 6917779 |
|  |  | **10886902** |
| **Electric Utilities–5.18%** | **Electric Utilities–5.18%** | **Electric Utilities–5.18%** |
| Duke Energy Corp. | 27516 | 3225150 |
| Evergy, Inc. | 97274 | 7051392 |
| Eversource Energy | 62862 | 4232499 |
| PPL Corp. | 68137 | 2386158 |
| Xcel Energy, Inc. | 93543 | 6909086 |
|  |  | **23804285** |
| **Electrical Equipment–0.75%** | **Electrical Equipment–0.75%** | **Electrical Equipment–0.75%** |
| Emerson Electric Co. | 8560 | 1136083 |
| Sensata Technologies Holding <br> PLC<br>| 69819 | 2324275 |
|  |  | **3460358** |
| **Electronic Equipment, Instruments & Components–1.54%** | **Electronic Equipment, Instruments & Components–1.54%** | **Electronic Equipment, Instruments & Components–1.54%** |
| CDW Corp. | 21352 | 2908142 |
| Ralliant Corp. | 53642 | 2730914 |
| TE Connectivity PLC | 6374 | 1450149 |
|  |  | **7089205** |
| **Energy Equipment & Services–1.72%** | **Energy Equipment & Services–1.72%** | **Energy Equipment & Services–1.72%** |
| Baker Hughes Co. | 173080 | 7882063 |
|  |  | **7882063** |
| **Food Products–1.62%** | **Food Products–1.62%** | **Food Products–1.62%** |
| Conagra Brands, Inc. | 176025 | 3046992 |
| General Mills, Inc. | 24480 | 1138320 |
| †Magnum Ice Cream Co. NV | 72993 | 1167999 |
| Mondelez International, Inc. <br> Class A<br>| 38421 | 2068203 |
|  |  | **7421514** |
| **Gas Utilities–2.13%** | **Gas Utilities–2.13%** | **Gas Utilities–2.13%** |
| ONE Gas, Inc. | 77248 | 5967408 |
| Spire, Inc. | 46162 | 3817597 |
|  |  | **9785005** |

---

LVIP American Century Mid Cap Value Fund-1

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–2.44%** | **Ground Transportation–2.44%** | **Ground Transportation–2.44%** |
| CSX Corp. | 183266 | $6643392 |
| Norfolk Southern Corp. | 15791 | 4559178 |
|  |  | **11202570** |
| **Health Care Equipment & Supplies–7.55%** | **Health Care Equipment & Supplies–7.55%** | **Health Care Equipment & Supplies–7.55%** |
| Becton Dickinson & Co. | 37204 | 7220180 |
| †Envista Holdings Corp. | 157184 | 3412465 |
| GE HealthCare Technologies, <br> Inc.<br>| 77150 | 6327843 |
| †Hologic, Inc. | 36601 | 2726409 |
| Medtronic PLC | 36471 | 3503404 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 127823 | 11493844 |
|  |  | **34684145** |
| **Health Care Providers & Services–5.42%** | **Health Care Providers & Services–5.42%** | **Health Care Providers & Services–5.42%** |
| Cencora, Inc. | 5008 | 1691452 |
| †Henry Schein, Inc. | 117487 | 8879668 |
| Labcorp Holdings, Inc. | 28739 | 7210040 |
| Quest Diagnostics, Inc. | 21585 | 3745645 |
| Universal Health Services, <br> Inc. Class B<br>| 15545 | 3389121 |
|  |  | **24915926** |
| **Health Care REITs–1.97%** | **Health Care REITs–1.97%** | **Health Care REITs–1.97%** |
| CareTrust REIT, Inc. | 37653 | 1361533 |
| Healthpeak Properties, Inc. | 265888 | 4275479 |
| Ventas, Inc. | 44380 | 3434124 |
|  |  | **9071136** |
| **Hotels, Restaurants & Leisure–0.54%** | **Hotels, Restaurants & Leisure–0.54%** | **Hotels, Restaurants & Leisure–0.54%** |
| Sodexo SA | 48461 | 2482948 |
|  |  | **2482948** |
| **Household Durables–1.69%** | **Household Durables–1.69%** | **Household Durables–1.69%** |
| †Mohawk Industries, Inc. | 35380 | 3867034 |
| PulteGroup, Inc. | 33308 | 3905696 |
|  |  | **7772730** |
| **Household Products–2.05%** | **Household Products–2.05%** | **Household Products–2.05%** |
| Kimberly-Clark Corp. | 68709 | 6932051 |
| Reckitt Benckiser Group PLC | 30742 | 2487623 |
|  |  | **9419674** |
| **Insurance–4.80%** | **Insurance–4.80%** | **Insurance–4.80%** |
| Allstate Corp. | 11956 | 2488642 |
| Hanover Insurance Group, <br> Inc.<br>| 9934 | 1815637 |
| Marsh & McLennan Cos., Inc. | 15617 | 2897266 |
| Reinsurance Group of <br> America, Inc.<br>| 36096 | 7344092 |
| Willis Towers Watson PLC | 22850 | 7508510 |
|  |  | **22054147** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **IT Services–2.15%** | **IT Services–2.15%** | **IT Services–2.15%** |
| Amdocs Ltd. | 66329 | $5340148 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 54565 | 4528895 |
|  |  | **9869043** |
| **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** | **Life Sciences Tools & Services–1.47%** |
| †ICON PLC | 22977 | 4186869 |
| †IQVIA Holdings, Inc. | 11356 | 2559756 |
|  |  | **6746625** |
| **Machinery–5.69%** | **Machinery–5.69%** | **Machinery–5.69%** |
| Cummins, Inc. | 10695 | 5459263 |
| Dover Corp. | 7111 | 1388351 |
| Fortive Corp. | 42685 | 2356639 |
| IDEX Corp. | 11584 | 2061257 |
| Oshkosh Corp. | 30250 | 3800307 |
| PACCAR, Inc. | 33231 | 3639127 |
| Timken Co. | 48845 | 4109330 |
| Toro Co. | 42144 | 3317576 |
|  |  | **26131850** |
| **Media–1.27%** | **Media–1.27%** | **Media–1.27%** |
| Omnicom Group, Inc. | 44066 | 3558329 |
| Publicis Groupe SA | 21974 | 2281948 |
|  |  | **5840277** |
| **Metals & Mining–0.98%** | **Metals & Mining–0.98%** | **Metals & Mining–0.98%** |
| Reliance, Inc. | 15590 | 4503483 |
|  |  | **4503483** |
| **Multi-Utilities–1.22%** | **Multi-Utilities–1.22%** | **Multi-Utilities–1.22%** |
| Northwestern Energy Group, <br> Inc.<br>| 87212 | 5628663 |
|  |  | **5628663** |
| **Oil, Gas & Consumable Fuels–4.71%** | **Oil, Gas & Consumable Fuels–4.71%** | **Oil, Gas & Consumable Fuels–4.71%** |
| ConocoPhillips | 39169 | 3666610 |
| Coterra Energy, Inc. | 147766 | 3889201 |
| Diamondback Energy, Inc. | 30515 | 4587320 |
| Enterprise Products <br> Partners LP<br>| 216604 | 6944324 |
| ONEOK, Inc. | 34491 | 2535089 |
|  |  | **21622544** |
| **Passenger Airlines–0.97%** | **Passenger Airlines–0.97%** | **Passenger Airlines–0.97%** |
| Southwest Airlines Co. | 107326 | 4435784 |
|  |  | **4435784** |
| **Personal Care Products–2.25%** | **Personal Care Products–2.25%** | **Personal Care Products–2.25%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 30084 | 3150397 |
| Kenvue, Inc. | 417776 | 7206636 |
|  |  | **10357033** |

---

LVIP American Century Mid Cap Value Fund-2

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Residential REITs–1.68%** | **Residential REITs–1.68%** | **Residential REITs–1.68%** |
| Equity Residential | 100192 | $6316104 |
| Essex Property Trust, Inc. | 5347 | 1399203 |
|  |  | **7715307** |
| **Retail REITs–2.20%** | **Retail REITs–2.20%** | **Retail REITs–2.20%** |
| Agree Realty Corp. | 22801 | 1642356 |
| Realty Income Corp. | 122821 | 6923420 |
| Regency Centers Corp. | 22216 | 1533570 |
|  |  | **10099346** |
| **Semiconductors & Semiconductor Equipment–1.76%** | **Semiconductors & Semiconductor Equipment–1.76%** | **Semiconductors & Semiconductor Equipment–1.76%** |
| Infineon Technologies AG | 48746 | 2126834 |
| NXP Semiconductors NV | 8936 | 1939648 |
| Teradyne, Inc. | 20657 | 3998369 |
|  |  | **8064851** |
| **Specialized REITs–2.58%** | **Specialized REITs–2.58%** | **Specialized REITs–2.58%** |
| American Tower Corp. | 27491 | 4826595 |
| Public Storage | 17462 | 4531389 |
| VICI Properties, Inc. | 88704 | 2494356 |
|  |  | **11852340** |
| **Technology Hardware, Storage & Peripherals–0.97%** | **Technology Hardware, Storage & Peripherals–0.97%** | **Technology Hardware, Storage & Peripherals–0.97%** |
| HP, Inc. | 200221 | 4460924 |
|  |  | **4460924** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors–3.34%** | **Trading Companies & Distributors–3.34%** | **Trading Companies & Distributors–3.34%** |
| Ashtead Group PLC | 36527 | $2490383 |
| Bunzl PLC | 249589 | 6969520 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 70001 | 5887084 |
|  |  | **15346987** |
| **Total Common Stock** <br>**(Cost $387,401,889)** | **Total Common Stock** <br>**(Cost $387,401,889)** | **443560092** |
| **PREFERRED STOCK–0.85%** | **PREFERRED STOCK–0.85%** | **PREFERRED STOCK–0.85%** |
| Henkel AG & Co. KGaA 2.92% | 47618 | 3884905 |
| **Total Preferred Stock** <br>**(Cost $3,033,420)** | **Total Preferred Stock** <br>**(Cost $3,033,420)** | **3884905** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–2.40%** | **MONEY MARKET FUND–2.40%** | **MONEY MARKET FUND–2.40%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 11010110 | 11010110 |
| **Total Money Market Fund** <br>**(Cost $11,010,110)** | **Total Money Market Fund** <br>**(Cost $11,010,110)** | **11010110** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $401,445,419)** | **458455107** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **978088** |
| **NET ASSETS APPLICABLE TO 23,707,613 SHARES OUTSTANDING–100.00%** | **$459433195** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY MID CAP VALUE FUND STANDARD CLASS** <br>**($11,666 / 603 Shares)** | **$19.355** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY MID CAP VALUE FUND STANDARD CLASS II** <br>**($158,649,908 / 8,199,173 Shares)** | **$19.350** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY MID CAP VALUE FUND SERVICE CLASS** <br>**($300,771,621 / 15,507,837 Shares)** | **$19.395** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$379517909** |
| Distributable earnings/(accumulated loss) | **79915286** |
| **TOTAL NET ASSETS** | **$459433195** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $17,114 expense reimbursement receivable from Lincoln Financial Investments Corporation, $155,958 payable for securities <br> purchased, $347,250 payable for fund shares redeemed, $19,674 other accrued expenses payable, $365,016 due to manager and affiliates, <br> $17,115 payable for audit fee and $21,289 payable for fund accounting fee as of December 31, 2025.<br>

LVIP American Century Mid Cap Value Fund-3

------

**LVIP American Century Mid Cap Value Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | GBP | &nbsp;&nbsp; 317814 | USD | &nbsp;&nbsp; (428605)<br>| 3/27/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(313)<br>|
| BOA | GBP | &nbsp;&nbsp; 217916 | USD | &nbsp;&nbsp; (292939)<br>| 3/27/26 | &nbsp;&nbsp; 728 | &nbsp;&nbsp; — |
| CBK | EUR | &nbsp;&nbsp; (4803608)<br>| USD | &nbsp;&nbsp; 5673899 | 3/27/26 | &nbsp;&nbsp; 5384 | &nbsp;&nbsp; — |
| CBK | GBP | &nbsp;&nbsp; (2978672)<br>| USD | &nbsp;&nbsp; 3987007 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (27104)<br>|
| GS | EUR | &nbsp;&nbsp; (5313623)<br>| USD | &nbsp;&nbsp; 6278108 | 3/27/26 | &nbsp;&nbsp; 7747 | &nbsp;&nbsp; — |
| GS | GBP | &nbsp;&nbsp; (2978673)<br>| USD | &nbsp;&nbsp; 3985434 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (28677)<br>|
| JPM | GBP | &nbsp;&nbsp; (2978672)<br>| USD | &nbsp;&nbsp; 3985992 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (28119)<br>|
| JPM | GBP | &nbsp;&nbsp; 803119 | USD | &nbsp;&nbsp; (1076540)<br>| 3/27/26 | &nbsp;&nbsp; 5757 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; (4740876)<br>| USD | &nbsp;&nbsp; 5596634 | 3/27/26 | &nbsp;&nbsp; 2146 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (4281346)<br>| USD | &nbsp;&nbsp; 5058475 | 3/27/26 | &nbsp;&nbsp; 6256 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $28018 | &nbsp;&nbsp; $(84213)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial <br> statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the <br> net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BOA–Bank of America |
| CBK–Citibank NA |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Mid Cap Value Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Mid Cap Value Fund** | **LVIP American Century Mid Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $15410289 |
| Foreign taxes withheld | (213033)<br>|
|  | 15197256 |
| **EXPENSES:** |  |
| Management fees | 4191410 |
| Distribution fees-Service Class | 1081778 |
| Shareholder servicing fees | 339695 |
| Accounting and administration expenses | 115978 |
| Professional fees | 54317 |
| Custodian fees | 31312 |
| Reports and statements to shareholders | 22221 |
| Trustees' fees and expenses | 17997 |
| Consulting fees | 14239 |
| Pricing fees | 11738 |
| Index fees | 5946 |
| Other | 15385 |
|  | 5902016 |
| Less:  |  |
| Expenses reimbursed | (103514)<br>|
| Total operating expenses | 5798502 |
| **NET INVESTMENT INCOME**  | 9398754 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 44418432 |
| Foreign currencies | (97786)<br>|
| Foreign currency exchange contracts | (3443556)<br>|
| Net realized gain | 40877090 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (499244)<br>|
| Foreign currencies | 8891 |
| Foreign currency exchange contracts | (626141)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| (1116494)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 39760596 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $49159350 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Mid Cap Value Fund** | **LVIP American Century Mid Cap Value Fund** | **LVIP American Century Mid Cap Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $9398754 | $10627472 |
| Net realized gain | 40877090 | 49061225 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (1116494)<br>| (5208986)<br>|
| Net increase in net assets resulting <br> from operations<br>| 49159350 | 54479711 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (1159)<br>| (424)<br>|
| Standard Class II | (16083492)<br>| (12759340)<br>|
| Service Class | (37588251)<br>| (33375095)<br>|
|  | (53672902)<br>| (46134859)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 18041586 | 19640546 |
| Service Class | 33441280 | 30417938 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 1159 | 424 |
| Standard Class II | 16083492 | 12684392 |
| Service Class | 37588251 | 33375095 |
|  | 105155768 | 96128395 |
| Cost of shares redeemed: |  |  |
| Standard Class II | (46130782)<br>| (40222861)<br>|
| Service Class | (225549155)<br>| (93865446)<br>|
|  | (271679937)<br>| (134088307)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (166524169)<br>| (37959912)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (171037721)<br>| (29615060)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 630470916 | 660085976 |
| End of year | $459433195 | $630470916 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Mid Cap Value Fund-5

------

**LVIP American Century Mid Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Mid Cap Value Fund Standard Class** | **LVIP American Century Mid Cap Value Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.662 | &nbsp;&nbsp; $19.120 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.361 | 0.261 |
| Net realized and unrealized gain | 1.410 | 1.091 |
| Total from investment operations | 1.771 | 1.352 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.399)<br>| &nbsp;&nbsp; (0.439)<br>|
| Net realized gain | &nbsp;&nbsp; (1.679)<br>| &nbsp;&nbsp; (0.371)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.078)<br>| &nbsp;&nbsp; (0.810)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.355 | &nbsp;&nbsp; $19.662 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 9.11% | &nbsp;&nbsp; 6.93% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.84% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.82% |
| Portfolio turnover | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 54% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Mid Cap Value Fund-6

------

**LVIP American Century Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** | **LVIP American Century Mid Cap Value Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $19.657 | &nbsp;&nbsp; $19.440 | &nbsp;&nbsp; $21.15 | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp; $20.55 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.337 | 0.345 | 0.37 | 0.42 | 0.34 |
| Net realized and unrealized gain (loss) | 1.413 | 1.337 | 0.71 | &nbsp;&nbsp; (0.57)<br>| 4.41 |
| Total from investment operations | 1.750 | 1.682 | 1.08 | &nbsp;&nbsp; (0.15)<br>| 4.75 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.378)<br>| &nbsp;&nbsp; (0.515)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net realized gain | &nbsp;&nbsp; (1.679)<br>| &nbsp;&nbsp; (0.950)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (2.057)<br>| &nbsp;&nbsp; (1.465)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.350 | &nbsp;&nbsp; $19.657 | &nbsp;&nbsp; $19.44 | &nbsp;&nbsp; $21.15 | &nbsp;&nbsp; $25.03 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.99% | &nbsp;&nbsp; 8.73% | &nbsp;&nbsp; 6.13% | &nbsp;&nbsp; (1.19%)<br>| &nbsp;&nbsp; 23.20% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $158650 | &nbsp;&nbsp; $172495 | &nbsp;&nbsp; $178367 | &nbsp;&nbsp; $172440 | &nbsp;&nbsp; $182236 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.94% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.47% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.33% |
| Portfolio turnover | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Mid Cap Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Mid Cap Value Fund-7

------

**LVIP American Century Mid Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** | **LVIP American Century Mid Cap Value Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $19.679 | &nbsp;&nbsp; $19.470 | &nbsp;&nbsp; $21.17 | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp; $20.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.307 | 0.316 | 0.34 | 0.39 | 0.31 |
| Net realized and unrealized gain (loss) | 1.413 | 1.329 | 0.73 | &nbsp;&nbsp; (0.57)<br>| 4.41 |
| Total from investment operations | 1.720 | 1.645 | 1.07 | &nbsp;&nbsp; (0.18)<br>| 4.72 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.325)<br>| &nbsp;&nbsp; (0.486)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gain | &nbsp;&nbsp; (1.679)<br>| &nbsp;&nbsp; (0.950)<br>| &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (2.004)<br>| &nbsp;&nbsp; (1.436)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.395 | &nbsp;&nbsp; $19.679 | &nbsp;&nbsp; $19.47 | &nbsp;&nbsp; $21.17 | &nbsp;&nbsp; $25.05 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 8.83% | &nbsp;&nbsp; 8.52% | &nbsp;&nbsp; 6.03% | &nbsp;&nbsp; (1.38%)<br>| &nbsp;&nbsp; 23.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $300771 | &nbsp;&nbsp; $457965 | &nbsp;&nbsp; $481719 | &nbsp;&nbsp; $507485 | &nbsp;&nbsp; $541594 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.09% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.32% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.18% |
| Portfolio turnover | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 74% | &nbsp;&nbsp; 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Mid Cap Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Mid Cap Value Fund-8

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Mid Cap Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Mid Cap Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Mid Cap Value Fund-9

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.70% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.76% of the Fund's average daily net assets for the Standard Class, 0.86% for the Standard Class II and 1.01% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century Mid Cap Value Fund-10

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $64480 | &nbsp;&nbsp; $103514 | &nbsp;&nbsp; $167994 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $50843 |
| Legal | &nbsp;&nbsp; 8341 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $92 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $17114 |
| Management fees payable to LFI | &nbsp;&nbsp; 275527 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 64525 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 24964 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2025, the Fund engaged in securities purchases of $90,314 and securities sales of $28,774, which resulted in net realized losses of $16,810.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $511551173 |
| Sales | &nbsp;&nbsp; 723377251 |

---

LVIP American Century Mid Cap Value Fund-11

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $409755828 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $63594185 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (14889140)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $48705045 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Century Mid Cap Value Fund-12

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $8678638 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8678638 |
| Automobile Components | &nbsp;&nbsp; 4561441 | &nbsp;&nbsp; 2276778 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6838219 |
| Banks | &nbsp;&nbsp; 33039242 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33039242 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 6776198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6776198 |
| Building Products | &nbsp;&nbsp; 5706032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5706032 |
| Capital Markets | &nbsp;&nbsp; 12637692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12637692 |
| Chemicals | &nbsp;&nbsp; 6063095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6063095 |
| Commercial Services & Supplies | &nbsp;&nbsp; 2070458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2070458 |
| Communications Equipment | &nbsp;&nbsp; 3596103 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3596103 |
| Construction Materials | &nbsp;&nbsp; 4053774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4053774 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 3695259 | &nbsp;&nbsp; 5797717 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9492976 |
| Containers & Packaging | &nbsp;&nbsp; 10886902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10886902 |
| Electric Utilities | &nbsp;&nbsp; 23804285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23804285 |
| Electrical Equipment | &nbsp;&nbsp; 3460358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3460358 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 7089205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7089205 |
| Energy Equipment & Services | &nbsp;&nbsp; 7882063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7882063 |
| Food Products | &nbsp;&nbsp; 7421514 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7421514 |
| Gas Utilities | &nbsp;&nbsp; 9785005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9785005 |
| Ground Transportation | &nbsp;&nbsp; 11202570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11202570 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 34684145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34684145 |
| Health Care Providers & Services | &nbsp;&nbsp; 24915926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24915926 |
| Health Care REITs | &nbsp;&nbsp; 9071136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9071136 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; — | &nbsp;&nbsp; 2482948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2482948 |
| Household Durables | &nbsp;&nbsp; 7772730 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7772730 |
| Household Products | &nbsp;&nbsp; 6932051 | &nbsp;&nbsp; 2487623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9419674 |
| Insurance | &nbsp;&nbsp; 22054147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22054147 |
| IT Services | &nbsp;&nbsp; 9869043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9869043 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 6746625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6746625 |
| Machinery | &nbsp;&nbsp; 26131850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26131850 |
| Media | &nbsp;&nbsp; 3558329 | &nbsp;&nbsp; 2281948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5840277 |
| Metals & Mining | &nbsp;&nbsp; 4503483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4503483 |
| Multi-Utilities | &nbsp;&nbsp; 5628663 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5628663 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 21622544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21622544 |
| Passenger Airlines | &nbsp;&nbsp; 4435784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4435784 |
| Personal Care Products | &nbsp;&nbsp; 10357033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10357033 |
| Residential REITs | &nbsp;&nbsp; 7715307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7715307 |
| Retail REITs | &nbsp;&nbsp; 10099346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10099346 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5938017 | &nbsp;&nbsp; 2126834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8064851 |
| Specialized REITs | &nbsp;&nbsp; 11852340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11852340 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 4460924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4460924 |
| Trading Companies & Distributors | &nbsp;&nbsp; 5887084 | &nbsp;&nbsp; 9459903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15346987 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 3884905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3884905 |
| Money Market Fund | &nbsp;&nbsp; 11010110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11010110 |
| **Total Investments** | &nbsp;&nbsp; $420880253 | &nbsp;&nbsp; $37574854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $458455107 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28018 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28018 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(84213)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(84213)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

LVIP American Century Mid Cap Value Fund-13

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, partnerships and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $19265961 | &nbsp;&nbsp; $31151006 |
| Long-term capital gains | &nbsp;&nbsp; 34406941 | &nbsp;&nbsp; 14983853 |
| Total | &nbsp;&nbsp; $53672902 | &nbsp;&nbsp; $46134859 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $31210239 |
| Other temporary differences | &nbsp;&nbsp; 2 |
| Net unrealized appreciation | &nbsp;&nbsp; 48705045 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $79915286 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily due to adjustments related to partnerships:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $1923210 | &nbsp;&nbsp; $(1923210)<br>|

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 523 |
| Standard Class II | &nbsp;&nbsp; 902746 | &nbsp;&nbsp; 995332 |
| Service Class | &nbsp;&nbsp; 1667113 | &nbsp;&nbsp; 1541331 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 21 |
| Standard Class II | &nbsp;&nbsp; 817826 | &nbsp;&nbsp; 640456 |
| Service Class | &nbsp;&nbsp; 1901679 | &nbsp;&nbsp; 1684205 |
|  | &nbsp;&nbsp; 5289423 | &nbsp;&nbsp; 4861868 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (2296795)<br>| &nbsp;&nbsp; (2033564)<br>|
| Service Class | &nbsp;&nbsp; (11332987)<br>| &nbsp;&nbsp; (4699053)<br>|
|  | &nbsp;&nbsp; (13629782)<br>| &nbsp;&nbsp; (6732617)<br>|
| Net decrease | &nbsp;&nbsp; (8340359)<br>| &nbsp;&nbsp; (1870749)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

LVIP American Century Mid Cap Value Fund-14

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $28018 | Receivables and other assets net of <br> liabilities<br>| $(84213)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(3443556)<br>| &nbsp;&nbsp; $(626141)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $3508435 | $46440820 |

---

LVIP American Century Mid Cap Value Fund-15

------

**LVIP American Century Mid Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Risk Factors**

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Mid Cap Value Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Mid Cap Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Mid Cap Value Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img805c9f552.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Mid Cap Value Fund–17

------

![](img9ab7b21d1.jpg)

![](img71cd17382.jpg)

LVIP American Century Select Mid Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

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

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_dd9673b7-8589-4c39-bc11-d75b204027d7_SOI-continued-285_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_dd9673b7-8589-4c39-bc11-d75b204027d7_FS-continued-285_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_dd9673b7-8589-4c39-bc11-d75b204027d7_FS-continued-285_1)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_dd9673b7-8589-4c39-bc11-d75b204027d7_FIHI-continued-285_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_dd9673b7-8589-4c39-bc11-d75b204027d7_NTF-continued-285_1)**  | &nbsp;&nbsp; **9** |
| **[Report of Independent Registered Public Accounting Firm](#xx_dd9673b7-8589-4c39-bc11-d75b204027d7_AUDIT-continued-285_1)**  | &nbsp;&nbsp; **17** |

---

------

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

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–93.24%** | **COMMON STOCK–93.24%** | **COMMON STOCK–93.24%** |
| **Aerospace & Defense–2.99%** | **Aerospace & Defense–2.99%** | **Aerospace & Defense–2.99%** |
| †Axon Enterprise, Inc. | 2186 | $1241495 |
| Curtiss-Wright Corp. | 1912 | 1054028 |
| HEICO Corp. | 3196 | 1034194 |
| Hexcel Corp. | 19400 | 1433660 |
| Howmet Aerospace, Inc. | 14001 | 2870485 |
| L3Harris Technologies, Inc. | 17587 | 5163015 |
| †Rocket Lab Corp. | 12888 | 899067 |
|  |  | **13695944** |
| **Automobile Components–1.13%** | **Automobile Components–1.13%** | **Automobile Components–1.13%** |
| BorgWarner, Inc. | 36822 | 1659199 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 51764 | 1715779 |
| Gentex Corp. | 78665 | 1830535 |
|  |  | **5205513** |
| **Banks–5.62%** | **Banks–5.62%** | **Banks–5.62%** |
| Commerce Bancshares, Inc. | 117955 | 6173780 |
| First Hawaiian, Inc. | 107796 | 2727239 |
| †NU Holdings Ltd. Class A | 30910 | 517433 |
| Prosperity Bancshares, Inc. | 67650 | 4675291 |
| Truist Financial Corp. | 92043 | 4529436 |
| U.S. Bancorp | 104232 | 5561820 |
| Westamerica BanCorp | 32901 | 1573655 |
|  |  | **25758654** |
| **Beverages–1.15%** | **Beverages–1.15%** | **Beverages–1.15%** |
| Heineken NV | 29225 | 2411265 |
| Pernod Ricard SA | 33458 | 2864884 |
|  |  | **5276149** |
| **Biotechnology–0.71%** | **Biotechnology–0.71%** | **Biotechnology–0.71%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 2477 | 984979 |
| †Argenx SE ADR | 778 | 654259 |
| †Natera, Inc. | 6988 | 1600881 |
|  |  | **3240119** |
| **Broadline Retail–0.15%** | **Broadline Retail–0.15%** | **Broadline Retail–0.15%** |
| †Coupang, Inc. | 28869 | 681020 |
|  |  | **681020** |
| **Building Products–1.19%** | **Building Products–1.19%** | **Building Products–1.19%** |
| A.O. Smith Corp. | 37864 | 2532344 |
| Johnson Controls <br> International PLC<br>| 8358 | 1000871 |
| Masco Corp. | 30079 | 1908813 |
|  |  | **5442028** |
| **Capital Markets–3.03%** | **Capital Markets–3.03%** | **Capital Markets–3.03%** |
| ARES Management Corp. <br> Class A<br>| 8256 | 1334417 |
| Bank of New York Mellon <br> Corp.<br>| 11422 | 1325980 |
| †Coinbase Global, Inc. Class A | 1462 | 330617 |
| LPL Financial Holdings, Inc. | 3901 | 1393320 |
| MSCI, Inc. | 578 | 331616 |
| Northern Trust Corp. | 36874 | 5036620 |
| Raymond James Financial, <br> Inc.<br>| 4392 | 705311 |
| T. Rowe Price Group, Inc. | 25005 | 2560012 |
| TPG, Inc. | 13880 | 886099 |
|  |  | **13903992** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals–1.03%** | **Chemicals–1.03%** | **Chemicals–1.03%** |
| †Axalta Coating Systems Ltd. | 64546 | $2085481 |
| PPG Industries, Inc. | 25867 | 2650333 |
|  |  | **4735814** |
| **Commercial Services & Supplies–0.53%** | **Commercial Services & Supplies–0.53%** | **Commercial Services & Supplies–0.53%** |
| ABM Industries, Inc. | 37420 | 1582866 |
| Republic Services, Inc. | 3961 | 839455 |
|  |  | **2422321** |
| **Communications Equipment–0.74%** | **Communications Equipment–0.74%** | **Communications Equipment–0.74%** |
| †Ciena Corp. | 2689 | 628876 |
| †F5, Inc. | 10765 | 2747874 |
|  |  | **3376750** |
| **Construction & Engineering–0.31%** | **Construction & Engineering–0.31%** | **Construction & Engineering–0.31%** |
| EMCOR Group, Inc. | 2359 | 1443213 |
|  |  | **1443213** |
| **Construction Materials–0.96%** | **Construction Materials–0.96%** | **Construction Materials–0.96%** |
| †Amrize Ltd. | 34698 | 1876468 |
| Eagle Materials, Inc. | 5914 | 1222306 |
| Vulcan Materials Co. | 4625 | 1319142 |
|  |  | **4417916** |
| **Consumer Staples Distribution & Retail–1.85%** | **Consumer Staples Distribution & Retail–1.85%** | **Consumer Staples Distribution & Retail–1.85%** |
| Casey's General Stores, Inc. | 1672 | 924131 |
| Koninklijke Ahold Delhaize <br> NV<br>| 108079 | 4431983 |
| †Sprouts Farmers Market, Inc. | 4018 | 320114 |
| Sysco Corp. | 38317 | 2823580 |
|  |  | **8499808** |
| **Containers & Packaging–1.83%** | **Containers & Packaging–1.83%** | **Containers & Packaging–1.83%** |
| Graphic Packaging Holding <br> Co.<br>| 207101 | 3118941 |
| Packaging Corp. of America | 25626 | 5284850 |
|  |  | **8403791** |
| **Distributors–0.18%** | **Distributors–0.18%** | **Distributors–0.18%** |
| Pool Corp. | 3631 | 830591 |
|  |  | **830591** |
| **Diversified Consumer Services–0.10%** | **Diversified Consumer Services–0.10%** | **Diversified Consumer Services–0.10%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 2495 | 252993 |
| †Duolingo, Inc. | 1096 | 192348 |
|  |  | **445341** |
| **Electric Utilities–4.01%** | **Electric Utilities–4.01%** | **Electric Utilities–4.01%** |
| Duke Energy Corp. | 21758 | 2550255 |
| Evergy, Inc. | 74310 | 5386732 |
| Eversource Energy | 49533 | 3335057 |
| PPL Corp. | 52090 | 1824192 |
| Xcel Energy, Inc. | 71377 | 5271905 |
|  |  | **18368141** |
| **Electrical Equipment–1.09%** | **Electrical Equipment–1.09%** | **Electrical Equipment–1.09%** |
| Emerson Electric Co. | 6544 | 868520 |
| Hubbell, Inc. | 935 | 415243 |
| Sensata Technologies Holding <br> PLC<br>| 53291 | 1774057 |
| Vertiv Holdings Co. Class A | 11979 | 1940718 |
|  |  | **4998538** |
| **Electronic Equipment, Instruments & Components–1.37%** | **Electronic Equipment, Instruments & Components–1.37%** | **Electronic Equipment, Instruments & Components–1.37%** |
| CDW Corp. | 16927 | 2305457 |
| †Coherent Corp. | 3614 | 667036 |

---

LVIP American Century Select Mid Cap Managed Volatility Fund-1

------

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

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Ralliant Corp. | 42838 | $2180883 |
| TE Connectivity PLC | 4867 | 1107291 |
|  |  | **6260667** |
| **Energy Equipment & Services–1.31%** | **Energy Equipment & Services–1.31%** | **Energy Equipment & Services–1.31%** |
| Baker Hughes Co. | 132221 | 6021344 |
|  |  | **6021344** |
| **Entertainment–0.49%** | **Entertainment–0.49%** | **Entertainment–0.49%** |
| †ROBLOX Corp. Class A | 18087 | 1465590 |
| †Spotify Technology SA | 1321 | 767118 |
|  |  | **2232708** |
| **Financial Services–0.58%** | **Financial Services–0.58%** | **Financial Services–0.58%** |
| †Affirm Holdings, Inc. | 11179 | 832053 |
| †Corpay, Inc. | 4356 | 1310851 |
| †Toast, Inc. Class A | 14731 | 523098 |
|  |  | **2666002** |
| **Food Products–1.24%** | **Food Products–1.24%** | **Food Products–1.24%** |
| Conagra Brands, Inc. | 134404 | 2326533 |
| General Mills, Inc. | 18681 | 868667 |
| †Magnum Ice Cream Co. NV | 55704 | 891349 |
| Mondelez International, Inc. <br> Class A<br>| 29358 | 1580341 |
|  |  | **5666890** |
| **Gas Utilities–1.63%** | **Gas Utilities–1.63%** | **Gas Utilities–1.63%** |
| ONE Gas, Inc. | 59012 | 4558677 |
| Spire, Inc. | 35235 | 2913935 |
|  |  | **7472612** |
| **Ground Transportation–1.96%** | **Ground Transportation–1.96%** | **Ground Transportation–1.96%** |
| CSX Corp. | 140095 | 5078444 |
| Norfolk Southern Corp. | 12055 | 3480520 |
| †XPO, Inc. | 3196 | 434368 |
|  |  | **8993332** |
| **Health Care Equipment & Supplies–6.98%** | **Health Care Equipment & Supplies–6.98%** | **Health Care Equipment & Supplies–6.98%** |
| Becton Dickinson & Co. | 28043 | 5442305 |
| †Dexcom, Inc. | 26730 | 1774070 |
| †Envista Holdings Corp. | 120705 | 2620506 |
| GE HealthCare Technologies, <br> Inc.<br>| 75911 | 6226220 |
| †Hologic, Inc. | 27979 | 2084156 |
| †IDEXX Laboratories, Inc. | 967 | 654204 |
| †Insulet Corp. | 5916 | 1681564 |
| Medtronic PLC | 28237 | 2712446 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 97764 | 8790939 |
|  |  | **31986410** |
| **Health Care Providers & Services–4.37%** | **Health Care Providers & Services–4.37%** | **Health Care Providers & Services–4.37%** |
| Cencora, Inc. | 6769 | 2286229 |
| †Henry Schein, Inc. | 89819 | 6788520 |
| Labcorp Holdings, Inc. | 21960 | 5509325 |
| Quest Diagnostics, Inc. | 16481 | 2859948 |
| Universal Health Services, <br> Inc. Class B<br>| 11897 | 2593784 |
|  |  | **20037806** |
| **Health Care REITs–1.51%** | **Health Care REITs–1.51%** | **Health Care REITs–1.51%** |
| CareTrust REIT, Inc. | 28771 | 1040359 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| Healthpeak Properties, Inc. | 203119 | $3266154 |
| Ventas, Inc. | 33864 | 2620396 |
|  |  | **6926909** |
| **Health Care Technology–0.27%** | **Health Care Technology–0.27%** | **Health Care Technology–0.27%** |
| †Veeva Systems, Inc. Class A | 5531 | 1234685 |
|  |  | **1234685** |
| **Hotels, Restaurants & Leisure–2.58%** | **Hotels, Restaurants & Leisure–2.58%** | **Hotels, Restaurants & Leisure–2.58%** |
| †Chipotle Mexican Grill, Inc. | 6117 | 226329 |
| †DoorDash, Inc. Class A | 1966 | 445260 |
| Expedia Group, Inc. | 1871 | 530073 |
| †Flutter Entertainment PLC | 5931 | 1275402 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 11392 | 3272352 |
| Royal Caribbean Cruises Ltd. | 10032 | 2798125 |
| Sodexo SA | 38634 | 1979452 |
| †Viking Holdings Ltd. | 15802 | 1128421 |
| Wingstop, Inc. | 802 | 191269 |
|  |  | **11846683** |
| **Household Durables–1.47%** | **Household Durables–1.47%** | **Household Durables–1.47%** |
| †Mohawk Industries, Inc. | 27028 | 2954160 |
| PulteGroup, Inc. | 25451 | 2984384 |
| †TopBuild Corp. | 1976 | 824368 |
|  |  | **6762912** |
| **Household Products–1.60%** | **Household Products–1.60%** | **Household Products–1.60%** |
| Church & Dwight Co., Inc. | 1828 | 153278 |
| Kimberly-Clark Corp. | 52489 | 5295615 |
| Reckitt Benckiser Group PLC | 23500 | 1901605 |
|  |  | **7350498** |
| **Independent Power and Renewable Electricity Producers–0.57%** | **Independent Power and Renewable Electricity Producers–0.57%** | **Independent Power and Renewable Electricity Producers–0.57%** |
| Vistra Corp. | 16147 | 2604996 |
|  |  | **2604996** |
| **Insurance–3.68%** | **Insurance–3.68%** | **Insurance–3.68%** |
| Allstate Corp. | 9317 | 1939334 |
| Hanover Insurance Group, <br> Inc.<br>| 7594 | 1387955 |
| Marsh & McLennan Cos., Inc. | 11939 | 2214923 |
| Reinsurance Group of <br> America, Inc.<br>| 27549 | 5605120 |
| Willis Towers Watson PLC | 17469 | 5740313 |
|  |  | **16887645** |
| **Interactive Media & Services–0.19%** | **Interactive Media & Services–0.19%** | **Interactive Media & Services–0.19%** |
| †Reddit, Inc. Class A | 3819 | 877874 |
|  |  | **877874** |
| **IT Services–2.32%** | **IT Services–2.32%** | **IT Services–2.32%** |
| Amdocs Ltd. | 49905 | 4017851 |
| †Cloudflare, Inc. Class A | 11727 | 2311978 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 41684 | 3459772 |
| †Snowflake, Inc. Class A | 1784 | 391338 |
| †Twilio, Inc. Class A | 3244 | 461427 |
|  |  | **10642366** |
| **Life Sciences Tools & Services–2.31%** | **Life Sciences Tools & Services–2.31%** | **Life Sciences Tools & Services–2.31%** |
| Bio-Techne Corp. | 23793 | 1399266 |
| †ICON PLC | 23005 | 4191971 |

---

LVIP American Century Select Mid Cap Managed Volatility Fund-2

------

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

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| †IQVIA Holdings, Inc. | 15124 | $3409101 |
| West Pharmaceutical <br> Services, Inc.<br>| 5746 | 1580955 |
|  |  | **10581293** |
| **Machinery–4.52%** | **Machinery–4.52%** | **Machinery–4.52%** |
| Crane Co. | 3678 | 678333 |
| Cummins, Inc. | 8181 | 4175991 |
| Dover Corp. | 5436 | 1061325 |
| Fortive Corp. | 32575 | 1798466 |
| IDEX Corp. | 8855 | 1575659 |
| Oshkosh Corp. | 23820 | 2992507 |
| PACCAR, Inc. | 25403 | 2781882 |
| Timken Co. | 37342 | 3141582 |
| Toro Co. | 31794 | 2502824 |
|  |  | **20708569** |
| **Media–1.05%** | **Media–1.05%** | **Media–1.05%** |
| Omnicom Group, Inc. | 33629 | 2715542 |
| Publicis Groupe SA | 16767 | 1741213 |
| †Trade Desk, Inc. Class A | 9889 | 375386 |
|  |  | **4832141** |
| **Metals & Mining–0.75%** | **Metals & Mining–0.75%** | **Metals & Mining–0.75%** |
| Reliance, Inc. | 11910 | 3440442 |
|  |  | **3440442** |
| **Multi-Utilities–0.94%** | **Multi-Utilities–0.94%** | **Multi-Utilities–0.94%** |
| Northwestern Energy Group, <br> Inc.<br>| 66668 | 4302753 |
|  |  | **4302753** |
| **Oil, Gas & Consumable Fuels–4.17%** | **Oil, Gas & Consumable Fuels–4.17%** | **Oil, Gas & Consumable Fuels–4.17%** |
| ConocoPhillips | 29991 | 2807458 |
| Coterra Energy, Inc. | 112958 | 2973055 |
| Diamondback Energy, Inc. | 23342 | 3509003 |
| Enterprise Products <br> Partners LP<br>| 165470 | 5304968 |
| Expand Energy Corp. | 6144 | 678052 |
| ONEOK, Inc. | 27459 | 2018236 |
| Permian Resources Corp. | 36280 | 509008 |
| Targa Resources Corp. | 7081 | 1306444 |
|  |  | **19106224** |
| **Passenger Airlines–0.74%** | **Passenger Airlines–0.74%** | **Passenger Airlines–0.74%** |
| Southwest Airlines Co. | 82051 | 3391168 |
|  |  | **3391168** |
| **Personal Care Products–1.73%** | **Personal Care Products–1.73%** | **Personal Care Products–1.73%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 22998 | 2408350 |
| Kenvue, Inc. | 319151 | 5505355 |
|  |  | **7913705** |
| **Professional Services–0.31%** | **Professional Services–0.31%** | **Professional Services–0.31%** |
| †CACI International, Inc. <br> Class A<br>| 1102 | 587157 |
| Equifax, Inc. | 3798 | 824090 |
|  |  | **1411247** |
| **Residential REITs–1.27%** | **Residential REITs–1.27%** | **Residential REITs–1.27%** |
| Equity Residential | 76040 | 4793561 |
| Essex Property Trust, Inc. | 4026 | 1053524 |
|  |  | **5847085** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Retail REITs–1.70%** | **Retail REITs–1.70%** | **Retail REITs–1.70%** |
| Agree Realty Corp. | 17169 | $1236683 |
| Realty Income Corp. | 95632 | 5390776 |
| Regency Centers Corp. | 16729 | 1154803 |
|  |  | **7782262** |
| **Semiconductors & Semiconductor Equipment–2.19%** | **Semiconductors & Semiconductor Equipment–2.19%** | **Semiconductors & Semiconductor Equipment–2.19%** |
| †Astera Labs, Inc. | 2948 | 490429 |
| Infineon Technologies AG | 37267 | 1625994 |
| †Lattice Semiconductor Corp. | 15136 | 1113707 |
| Monolithic Power Systems, <br> Inc.<br>| 2028 | 1838098 |
| NXP Semiconductors NV | 6831 | 1482737 |
| †ON Semiconductor Corp. | 8165 | 442135 |
| Teradyne, Inc. | 15791 | 3056506 |
|  |  | **10049606** |
| **Software–1.68%** | **Software–1.68%** | **Software–1.68%** |
| †Cadence Design Systems, <br> Inc.<br>| 4414 | 1379728 |
| †Datadog, Inc. Class A | 12323 | 1675805 |
| †Fair Isaac Corp. | 1127 | 1905329 |
| †HubSpot, Inc. | 2279 | 914563 |
| †Samsara, Inc. Class A | 19608 | 695103 |
| †Zscaler, Inc. | 4985 | 1121226 |
|  |  | **7691754** |
| **Specialized REITs–1.97%** | **Specialized REITs–1.97%** | **Specialized REITs–1.97%** |
| American Tower Corp. | 21001 | 3687146 |
| Public Storage | 13324 | 3457578 |
| VICI Properties, Inc. | 67808 | 1906761 |
|  |  | **9051485** |
| **Specialty Retail–1.05%** | **Specialty Retail–1.05%** | **Specialty Retail–1.05%** |
| †Burlington Stores, Inc. | 4473 | 1292026 |
| †Carvana Co. | 4987 | 2104614 |
| Tractor Supply Co. | 28478 | 1424185 |
|  |  | **4820825** |
| **Technology Hardware, Storage & Peripherals–0.82%** | **Technology Hardware, Storage & Peripherals–0.82%** | **Technology Hardware, Storage & Peripherals–0.82%** |
| HP, Inc. | 152955 | 3407837 |
| †Pure Storage, Inc. Class A | 5105 | 342086 |
|  |  | **3749923** |
| **Textiles, Apparel & Luxury Goods–0.29%** | **Textiles, Apparel & Luxury Goods–0.29%** | **Textiles, Apparel & Luxury Goods–0.29%** |
| †On Holding AG Class A | 20885 | 970735 |
| Tapestry, Inc. | 2956 | 377688 |
|  |  | **1348423** |
| **Trading Companies & Distributors–3.03%** | **Trading Companies & Distributors–3.03%** | **Trading Companies & Distributors–3.03%** |
| Ashtead Group PLC | 27923 | 1903768 |
| Bunzl PLC | 188204 | 5255406 |
| Fastenal Co. | 31797 | 1276014 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 52361 | 4403560 |
| WESCO International, Inc. | 4295 | 1050729 |
|  |  | **13889477** |
| **Total Common Stock** <br>**(Cost $378,253,884)** | **Total Common Stock** <br>**(Cost $378,253,884)** | **427536364** |
| **PREFERRED STOCK–0.68%** | **PREFERRED STOCK–0.68%** | **PREFERRED STOCK–0.68%** |
| Henkel AG & Co. KGaA 2.92% | 37944 | 3095653 |
| **Total Preferred Stock** <br>**(Cost $2,550,320)** | **Total Preferred Stock** <br>**(Cost $2,550,320)** | **3095653** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Century Select Mid Cap Managed Volatility Fund-3

------

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

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–5.76%** | **MONEY MARKET FUND–5.76%** | **MONEY MARKET FUND–5.76%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 26416157 | $26416157 |
| **Total Money Market Fund** <br>**(Cost $26,416,157)** | **Total Money Market Fund** <br>**(Cost $26,416,157)** | **26416157** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.68% (Cost $407,220,361)** | **457048174** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.32%** | **1468760** |
| **NET ASSETS APPLICABLE TO 34,914,985 SHARES OUTSTANDING–100.00%** | **$458516934** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY SELECT MID CAP MANAGED VOLATILITY FUND** <br> **STANDARD CLASS** <br>**($25,516 / 1,938 Shares)** | **$13.167** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY SELECT MID CAP MANAGED VOLATILITY FUND SERVICE** <br> **CLASS** <br>**($458,491,418 / 34,913,047 Shares)** | **$13.132** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$394239424** |
| Distributable earnings/(accumulated loss) | **64277510** |
| **TOTAL NET ASSETS** | **$458516934** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,373,270 cash collateral held at broker for futures contracts, $658,724 payable for securities purchased, $206,919 payable for <br> fund shares redeemed, $21,903 other accrued expenses payable, $433,078 due to manager and affiliates, $168,040 variation margin due to <br> broker on futures contracts, $19,707 payable for audit fee and $25,086 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | GBP | &nbsp;&nbsp; 237859 | USD | &nbsp;&nbsp; (320777)<br>| 3/27/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(234)<br>|
| BOA | GBP | &nbsp;&nbsp; 166970 | USD | &nbsp;&nbsp; (224454)<br>| 3/27/26 | &nbsp;&nbsp; 558 | &nbsp;&nbsp; — |
| CBK | EUR | &nbsp;&nbsp; (3635762)<br>| USD | &nbsp;&nbsp; 4294473 | 3/27/26 | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; — |
| CBK | GBP | &nbsp;&nbsp; (2268854)<br>| USD | &nbsp;&nbsp; 3036902 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (20646)<br>|
| GS | EUR | &nbsp;&nbsp; (4511079)<br>| USD | &nbsp;&nbsp; 5329523 | 3/27/26 | &nbsp;&nbsp; 6207 | &nbsp;&nbsp; — |
| GS | GBP | &nbsp;&nbsp; (2268854)<br>| USD | &nbsp;&nbsp; 3035704 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21843)<br>|
| JPM | GBP | &nbsp;&nbsp; (2268854)<br>| USD | &nbsp;&nbsp; 3036129 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21418)<br>|
| JPM | GBP | &nbsp;&nbsp; 640161 | USD | &nbsp;&nbsp; (858004)<br>| 3/27/26 | &nbsp;&nbsp; 4688 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; (3585255)<br>| USD | &nbsp;&nbsp; 4232423 | 3/27/26 | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (3235725)<br>| USD | &nbsp;&nbsp; 3823058 | 3/27/26 | &nbsp;&nbsp; 4728 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $21889 | &nbsp;&nbsp; $(64141)<br>|

---

LVIP American Century Select Mid Cap Managed Volatility Fund-4

------

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

**Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 5 | CME British Pound Currency Futures | &nbsp;&nbsp; $420563 | &nbsp;&nbsp; $416169 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $4394 | &nbsp;&nbsp; $— |
| 4 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 589000 | &nbsp;&nbsp; 584346 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 4654 | &nbsp;&nbsp; — |
| 5 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 401156 | &nbsp;&nbsp; 405201 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4045)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 9048 | &nbsp;&nbsp; (4045)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 26 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 3247400 | &nbsp;&nbsp; 3394774 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (147374)<br>|
| 7 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 2412375 | &nbsp;&nbsp; 2411923 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; — |
| 32 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 10640640 | &nbsp;&nbsp; 10802249 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (161609)<br>|
| 10 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 686434 | &nbsp;&nbsp; 676709 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 9725 | &nbsp;&nbsp; — |
| 3 | FTSE 100 Index Futures | &nbsp;&nbsp; 401999 | &nbsp;&nbsp; 392238 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 9761 | &nbsp;&nbsp; — |
| 1 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 321757 | &nbsp;&nbsp; 322496 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (739)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 19938 | &nbsp;&nbsp; (309722)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $28986 | &nbsp;&nbsp; $(313767)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| BOA–Bank of America |
| CBK–Citibank NA |
| CME–Chicago Mercantile Exchange |
| EUR–Euro |
| FTSE–Financial Times Stock Exchange |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| OSE–Osaka Securities Exchange |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** | **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $10434284 |
| Foreign taxes withheld | (129628)<br>|
|  | 10304656 |
| **EXPENSES:** |  |
| Management fees | 3551650 |
| Distribution fees-Service Class | 1657350 |
| Shareholder servicing fees | 137331 |
| Accounting and administration expenses | 116650 |
| Professional fees | 52241 |
| Custodian fees | 36820 |
| Reports and statements to shareholders | 18926 |
| Trustees' fees and expenses | 13947 |
| Consulting fees | 13715 |
| Pricing fees | 11896 |
| Other | 18408 |
|  | 5628934 |
| Less:  |  |
| Management fees waived | (142066)<br>|
| Total operating expenses | 5486868 |
| **NET INVESTMENT INCOME**  | 4817788 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 43423482 |
| Foreign currencies | 4204 |
| Foreign currency exchange contracts | (2063121)<br>|
| Futures contracts | (15253833)<br>|
| Net realized gain | 26110732 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Investments | (10357927)<br>|
| Foreign currencies | 2343 |
| Foreign currency exchange contracts | (383102)<br>|
| Futures contracts | 823101 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (9915585)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 16195147 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $21012935 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** | **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** | **LVIP American Century Select Mid Cap Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $4817788 | $5886386 |
| Net realized gain | 26110732 | 49367062 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (9915585)<br>| 1944399 |
| Net increase in net assets resulting <br> from operations<br>| 21012935 | 57197847 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (2302)<br>| (1610)<br>|
| Service Class | (40731423)<br>| (32133831)<br>|
|  | (40733725)<br>| (32135441)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Service Class | 12992374 | 11815244 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 2302 | 1610 |
| Service Class | 40731423 | 32133831 |
|  | 53726099 | 43950685 |
| Cost of shares redeemed: |  |  |
| Service Class | (74330397)<br>| (87587001)<br>|
|  | (74330397)<br>| (87587001)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (20604298)<br>| (43636316)<br>|
| **NET DECREASE IN NET ASSETS** | (40325088)<br>| (18573910)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 498842022 | 517415932 |
| End of year | $458516934 | $498842022 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-6

------

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

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.775 | &nbsp;&nbsp; $13.173 | &nbsp;&nbsp; $13.156 | &nbsp;&nbsp; $15.994 | &nbsp;&nbsp; $13.667 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.189 | 0.209 | 0.211 | 0.186 | 0.144 |
| Net realized and unrealized gain (loss) | 0.484 | 1.354 | 0.972 | &nbsp;&nbsp; (1.457)<br>| 2.755 |
| Total from investment operations | 0.673 | 1.563 | 1.183 | &nbsp;&nbsp; (1.271)<br>| 2.899 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.160)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.213)<br>| &nbsp;&nbsp; (0.289)<br>| &nbsp;&nbsp; (0.206)<br>|
| Net realized gain | &nbsp;&nbsp; (1.121)<br>| &nbsp;&nbsp; (0.670)<br>| &nbsp;&nbsp; (0.953)<br>| &nbsp;&nbsp; (1.278)<br>| &nbsp;&nbsp; (0.366)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.281)<br>| &nbsp;&nbsp; (0.961)<br>| &nbsp;&nbsp; (1.166)<br>| &nbsp;&nbsp; (1.567)<br>| &nbsp;&nbsp; (0.572)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.167 | &nbsp;&nbsp; $13.775 | &nbsp;&nbsp; $13.173 | &nbsp;&nbsp; $13.156 | &nbsp;&nbsp; $15.994 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 11.93% | &nbsp;&nbsp; 9.50% | &nbsp;&nbsp; (7.40%)<br>| &nbsp;&nbsp; 21.22% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $21 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 0.91% |
| Portfolio turnover | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-7

------

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

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** | **LVIP American Century Select Mid Cap Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.744 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $13.134 | &nbsp;&nbsp; $15.970 | &nbsp;&nbsp; $13.649 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.139 | 0.158 | 0.164 | 0.134 | 0.087 |
| Net realized and unrealized gain (loss) | 0.481 | 1.352 | 0.966 | &nbsp;&nbsp; (1.452)<br>| 2.750 |
| Total from investment operations | 0.620 | 1.510 | 1.130 | &nbsp;&nbsp; (1.318)<br>| 2.837 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.240)<br>| &nbsp;&nbsp; (0.150)<br>|
| Net realized gain | &nbsp;&nbsp; (1.121)<br>| &nbsp;&nbsp; (0.670)<br>| &nbsp;&nbsp; (0.953)<br>| &nbsp;&nbsp; (1.278)<br>| &nbsp;&nbsp; (0.366)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.232)<br>| &nbsp;&nbsp; (0.909)<br>| &nbsp;&nbsp; (1.121)<br>| &nbsp;&nbsp; (1.518)<br>| &nbsp;&nbsp; (0.516)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.132 | &nbsp;&nbsp; $13.744 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $13.134 | &nbsp;&nbsp; $15.970 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 11.54% | &nbsp;&nbsp; 9.13% | &nbsp;&nbsp; (7.73%)<br>| &nbsp;&nbsp; 20.79% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $458491 | &nbsp;&nbsp; $498818 | &nbsp;&nbsp; $517394 | &nbsp;&nbsp; $490594 | &nbsp;&nbsp; $593950 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.18% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.57% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.56% |
| Portfolio turnover | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-8

------

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

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Select Mid Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in

LVIP American Century Select Mid Cap Managed Volatility Fund-9

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP American Century Select Mid Cap Managed Volatility Fund is $94 and $94 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.03% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

American Century Investment Management, Inc, ("American Century") is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $39537 |
| Legal | &nbsp;&nbsp; 6527 |

---

LVIP American Century Select Mid Cap Managed Volatility Fund-10

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $10,875 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $283732 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 137918 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 11428 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2025, the Fund engaged in securities purchases of $15,716 and securities sales of $16,855, which resulted in net realized losses of $11,373.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $310294587 |
| Sales | &nbsp;&nbsp; 379630789 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $415592103 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $62645715 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (21190457)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $41455258 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted

LVIP American Century Select Mid Cap Managed Volatility Fund-11

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $13695944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13695944 |
| Automobile Components | &nbsp;&nbsp; 3489734 | &nbsp;&nbsp; 1715779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5205513 |
| Banks | &nbsp;&nbsp; 25758654 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25758654 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 5276149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5276149 |
| Biotechnology | &nbsp;&nbsp; 3240119 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3240119 |
| Broadline Retail | &nbsp;&nbsp; 681020 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 681020 |
| Building Products | &nbsp;&nbsp; 5442028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5442028 |
| Capital Markets | &nbsp;&nbsp; 13903992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13903992 |
| Chemicals | &nbsp;&nbsp; 4735814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4735814 |
| Commercial Services & Supplies | &nbsp;&nbsp; 2422321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2422321 |
| Communications Equipment | &nbsp;&nbsp; 3376750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3376750 |
| Construction & Engineering | &nbsp;&nbsp; 1443213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1443213 |
| Construction Materials | &nbsp;&nbsp; 4417916 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4417916 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4067825 | &nbsp;&nbsp; 4431983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8499808 |
| Containers & Packaging | &nbsp;&nbsp; 8403791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8403791 |
| Distributors | &nbsp;&nbsp; 830591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 830591 |
| Diversified Consumer Services | &nbsp;&nbsp; 445341 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 445341 |
| Electric Utilities | &nbsp;&nbsp; 18368141 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18368141 |
| Electrical Equipment | &nbsp;&nbsp; 4998538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4998538 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 6260667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6260667 |
| Energy Equipment & Services | &nbsp;&nbsp; 6021344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6021344 |
| Entertainment | &nbsp;&nbsp; 2232708 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2232708 |
| Financial Services | &nbsp;&nbsp; 2666002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2666002 |
| Food Products | &nbsp;&nbsp; 5666890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5666890 |
| Gas Utilities | &nbsp;&nbsp; 7472612 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7472612 |
| Ground Transportation | &nbsp;&nbsp; 8993332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8993332 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 31986410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31986410 |
| Health Care Providers & Services | &nbsp;&nbsp; 20037806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20037806 |
| Health Care REITs | &nbsp;&nbsp; 6926909 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6926909 |
| Health Care Technology | &nbsp;&nbsp; 1234685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1234685 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 9867231 | &nbsp;&nbsp; 1979452 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11846683 |
| Household Durables | &nbsp;&nbsp; 6762912 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6762912 |
| Household Products | &nbsp;&nbsp; 5448893 | &nbsp;&nbsp; 1901605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7350498 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 2604996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2604996 |
| Insurance | &nbsp;&nbsp; 16887645 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16887645 |
| Interactive Media & Services | &nbsp;&nbsp; 877874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 877874 |
| IT Services | &nbsp;&nbsp; 10642366 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10642366 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 10581293 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10581293 |
| Machinery | &nbsp;&nbsp; 20708569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20708569 |
| Media | &nbsp;&nbsp; 3090928 | &nbsp;&nbsp; 1741213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4832141 |
| Metals & Mining | &nbsp;&nbsp; 3440442 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3440442 |
| Multi-Utilities | &nbsp;&nbsp; 4302753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4302753 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 19106224 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19106224 |
| Passenger Airlines | &nbsp;&nbsp; 3391168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3391168 |
| Personal Care Products | &nbsp;&nbsp; 7913705 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7913705 |
| Professional Services | &nbsp;&nbsp; 1411247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1411247 |
| Residential REITs | &nbsp;&nbsp; 5847085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5847085 |

---

LVIP American Century Select Mid Cap Managed Volatility Fund-12

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Retail REITs | &nbsp;&nbsp; $7782262 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7782262 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 8423612 | &nbsp;&nbsp; 1625994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10049606 |
| Software | &nbsp;&nbsp; 7691754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7691754 |
| Specialized REITs | &nbsp;&nbsp; 9051485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9051485 |
| Specialty Retail | &nbsp;&nbsp; 4820825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4820825 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3749923 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3749923 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1348423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1348423 |
| Trading Companies & Distributors | &nbsp;&nbsp; 6730303 | &nbsp;&nbsp; 7159174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13889477 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 3095653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3095653 |
| Money Market Fund | &nbsp;&nbsp; 26416157 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26416157 |
| **Total Investments** | &nbsp;&nbsp; $428121172 | &nbsp;&nbsp; $28927002 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $457048174 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21889 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21889 |
| Futures Contracts | &nbsp;&nbsp; $28986 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28986 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(64141)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(64141)<br>|
| Futures Contracts | &nbsp;&nbsp; $(313767)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(313767)<br>|

---

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and partnerships and mark-to-market adjustments on certain derivatives and passive foreign investment companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $9306810 | &nbsp;&nbsp; $20707115 |
| Long-term capital gains | &nbsp;&nbsp; 31426915 | &nbsp;&nbsp; 11428326 |
| Total | &nbsp;&nbsp; $40733725 | &nbsp;&nbsp; $32135441 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $22822253 |
| Other temporary differences | &nbsp;&nbsp; (1)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 41455258 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $64277510 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

LVIP American Century Select Mid Cap Managed Volatility Fund-13

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; 965300 | &nbsp;&nbsp; 859085 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 116 |
| Service Class | &nbsp;&nbsp; 3048991 | &nbsp;&nbsp; 2320214 |
|  | &nbsp;&nbsp; 4014463 | &nbsp;&nbsp; 3179415 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (5396030)<br>| &nbsp;&nbsp; (6250311)<br>|
|  | &nbsp;&nbsp; (5396030)<br>| &nbsp;&nbsp; (6250311)<br>|
| Net decrease | &nbsp;&nbsp; (1381567)<br>| &nbsp;&nbsp; (3070896)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the

LVIP American Century Select Mid Cap Managed Volatility Fund-14

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP American Century Select Mid Cap Managed Volatility Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $21889 | Receivables and other assets net of <br> liabilities<br>| $(64141)<br>|
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 19938 | Receivables and other assets net of <br> liabilities<br>| (309722)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 9048 | Receivables and other assets net of <br> liabilities<br>| (4045)<br>|
| Total |  | $50875 |  | $(377908)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(2063121)<br>| &nbsp;&nbsp; $(383102)<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (14917931)<br>| &nbsp;&nbsp; 780182 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (335902)<br>| &nbsp;&nbsp; 42919 |
| Total |  | &nbsp;&nbsp; $(17316954)<br>| &nbsp;&nbsp; $439999 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $1796039 | $27680462 |
| Futures contracts (average notional value) | 18337880 | 5883860 |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and

LVIP American Century Select Mid Cap Managed Volatility Fund-15

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests a significant portion of its assets in mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Select Mid Cap Managed Volatility Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Select Mid Cap Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Select Mid Cap Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgfea307dc2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Select Mid Cap Managed Volatility Fund–17

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![](img67e74bcd1.jpg)

LVIP American Century Ultra<sup>®</sup> Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Ultra**<sup>®</sup> **Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_468a4894-db52-4848-90fd-21e0dc0355b8_SOI-continued-703_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_468a4894-db52-4848-90fd-21e0dc0355b8_FS-continued-703_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_468a4894-db52-4848-90fd-21e0dc0355b8_FS-continued-703_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_468a4894-db52-4848-90fd-21e0dc0355b8_FIHI-continued-703_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_468a4894-db52-4848-90fd-21e0dc0355b8_NTF-continued-703_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_468a4894-db52-4848-90fd-21e0dc0355b8_AUDIT-continued-703_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.38%** | **COMMON STOCK–99.38%** | **COMMON STOCK–99.38%** |
| **Aerospace & Defense–0.97%** | **Aerospace & Defense–0.97%** | **Aerospace & Defense–0.97%** |
| HEICO Corp. | 9905 | $3205159 |
| Howmet Aerospace, Inc. | 43978 | 9016369 |
|  |  | **12221528** |
| **Automobiles–4.63%** | **Automobiles–4.63%** | **Automobiles–4.63%** |
| †Tesla, Inc. | 130187 | 58547698 |
|  |  | **58547698** |
| **Biotechnology–2.75%** | **Biotechnology–2.75%** | **Biotechnology–2.75%** |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 35400 | 14076810 |
| †Ascendis Pharma AS ADR | 31076 | 6626646 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 10667 | 8233537 |
| †Vertex Pharmaceuticals, Inc. | 12933 | 5863305 |
|  |  | **34800298** |
| **Broadline Retail–7.28%** | **Broadline Retail–7.28%** | **Broadline Retail–7.28%** |
| †Amazon.com, Inc. | 399041 | 92106644 |
|  |  | **92106644** |
| **Building Products–0.90%** | **Building Products–0.90%** | **Building Products–0.90%** |
| Advanced Drainage Systems, <br> Inc.<br>| 43020 | 6230586 |
| Johnson Controls <br> International PLC<br>| 43408 | 5198108 |
|  |  | **11428694** |
| **Capital Markets–1.67%** | **Capital Markets–1.67%** | **Capital Markets–1.67%** |
| Interactive Brokers Group, <br> Inc. Class A<br>| 174320 | 11210519 |
| MSCI, Inc. | 8624 | 4947848 |
| Tradeweb Markets, Inc. <br> Class A<br>| 46026 | 4949636 |
|  |  | **21108003** |
| **Chemicals–0.84%** | **Chemicals–0.84%** | **Chemicals–0.84%** |
| Ecolab, Inc. | 40417 | 10610271 |
|  |  | **10610271** |
| **Commercial Services & Supplies–0.37%** | **Commercial Services & Supplies–0.37%** | **Commercial Services & Supplies–0.37%** |
| Cintas Corp. | 12668 | 2382471 |
| †Copart, Inc. | 59489 | 2328994 |
|  |  | **4711465** |
| **Consumer Staples Distribution & Retail–2.01%** | **Consumer Staples Distribution & Retail–2.01%** | **Consumer Staples Distribution & Retail–2.01%** |
| Costco Wholesale Corp. | 29527 | 25462313 |
|  |  | **25462313** |
| **Electric Utilities–0.33%** | **Electric Utilities–0.33%** | **Electric Utilities–0.33%** |
| Constellation Energy Corp. | 11832 | 4179891 |
|  |  | **4179891** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment–1.49%** | **Electrical Equipment–1.49%** | **Electrical Equipment–1.49%** |
| Acuity, Inc. | 23286 | $8383892 |
| Vertiv Holdings Co. Class A | 64630 | 10470706 |
|  |  | **18854598** |
| **Electronic Equipment, Instruments & Components–1.25%** | **Electronic Equipment, Instruments & Components–1.25%** | **Electronic Equipment, Instruments & Components–1.25%** |
| Amphenol Corp. Class A | 101977 | 13781172 |
| Keyence Corp. | 5500 | 1989486 |
|  |  | **15770658** |
| **Entertainment–2.64%** | **Entertainment–2.64%** | **Entertainment–2.64%** |
| †Netflix, Inc. | 356570 | 33432003 |
|  |  | **33432003** |
| **Financial Services–4.09%** | **Financial Services–4.09%** | **Financial Services–4.09%** |
| Mastercard, Inc. Class A | 86823 | 49565514 |
| Visa, Inc. Class A | 5984 | 2098649 |
|  |  | **51664163** |
| **Health Care Equipment & Supplies–3.23%** | **Health Care Equipment & Supplies–3.23%** | **Health Care Equipment & Supplies–3.23%** |
| †IDEXX Laboratories, Inc. | 11964 | 8094005 |
| †Insulet Corp. | 33035 | 9389868 |
| †Intuitive Surgical, Inc. | 41292 | 23386137 |
|  |  | **40870010** |
| **Hotels, Restaurants & Leisure–1.28%** | **Hotels, Restaurants & Leisure–1.28%** | **Hotels, Restaurants & Leisure–1.28%** |
| Booking Holdings, Inc. | 1164 | 6233604 |
| †Chipotle Mexican Grill, Inc. | 130873 | 4842301 |
| Wingstop, Inc. | 21120 | 5036909 |
|  |  | **16112814** |
| **Insurance–0.17%** | **Insurance–0.17%** | **Insurance–0.17%** |
| Arthur J Gallagher & Co. | 8390 | 2171248 |
|  |  | **2171248** |
| **Interactive Media & Services–13.29%** | **Interactive Media & Services–13.29%** | **Interactive Media & Services–13.29%** |
| Alphabet, Inc. Class A | 405662 | 127179710 |
| Meta Platforms, Inc. Class A | 61899 | 40858911 |
|  |  | **168038621** |
| **IT Services–2.17%** | **IT Services–2.17%** | **IT Services–2.17%** |
| †Cloudflare, Inc. Class A | 58645 | 11561862 |
| †Okta, Inc. | 56752 | 4907345 |
| †Snowflake, Inc. Class A | 50232 | 11018892 |
|  |  | **27488099** |
| **Machinery–1.04%** | **Machinery–1.04%** | **Machinery–1.04%** |
| Donaldson Co., Inc. | 38697 | 3430876 |
| Nordson Corp. | 10766 | 2588469 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 33106 | 7066476 |
|  |  | **13085821** |
| **Oil, Gas & Consumable Fuels–0.28%** | **Oil, Gas & Consumable Fuels–0.28%** | **Oil, Gas & Consumable Fuels–0.28%** |
| EOG Resources, Inc. | 33977 | 3567925 |
|  |  | **3567925** |

---

LVIP American Century Ultra<sup>®</sup> Fund-1

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals–1.50%** | **Pharmaceuticals–1.50%** | **Pharmaceuticals–1.50%** |
| Eli Lilly & Co. | 17674 | $18993894 |
|  |  | **18993894** |
| **Semiconductors & Semiconductor Equipment–21.91%** | **Semiconductors & Semiconductor Equipment–21.91%** | **Semiconductors & Semiconductor Equipment–21.91%** |
| Analog Devices, Inc. | 48107 | 13046618 |
| Applied Materials, Inc. | 65558 | 16847750 |
| ASML Holding NV | 5017 | 5405919 |
| ASML Holding NV. | 7577 | 8106329 |
| Broadcom, Inc. | 131786 | 45611135 |
| NVIDIA Corp. | 1008545 | 188093643 |
|  |  | **277111394** |
| **Software–14.55%** | **Software–14.55%** | **Software–14.55%** |
| †AppLovin Corp. Class A | 4706 | 3170997 |
| †Datadog, Inc. Class A | 71606 | 9737700 |
| †Docusign, Inc. | 55978 | 3828895 |
| †Dynatrace, Inc. | 155129 | 6723291 |
| †Fair Isaac Corp. | 8792 | 14863931 |
| Microsoft Corp. | 182459 | 88240822 |
| Oracle Corp. | 101843 | 19850219 |
| †Palantir Technologies, Inc. <br> Class A<br>| 61184 | 10875456 |
| Salesforce, Inc. | 16883 | 4472475 |
| †Synopsys, Inc. | 20287 | 9529210 |
| †Zscaler, Inc. | 56272 | 12656698 |
|  |  | **183949694** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals–8.74%** | **Technology Hardware, Storage & Peripherals–8.74%** | **Technology Hardware, Storage & Peripherals–8.74%** |
| Apple, Inc. | 406321 | $110462427 |
|  |  | **110462427** |
| **Total Common Stock** <br>**(Cost $517,339,285)** | **Total Common Stock** <br>**(Cost $517,339,285)** | **1256750174** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 4290 | 4376 |
| **Total Rights** <br>**(Cost $4,376)** | **Total Rights** <br>**(Cost $4,376)** | **4376** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUND–0.51%** | **EXCHANGE-TRADED FUND–0.51%** | **EXCHANGE-TRADED FUND–0.51%** |
| iShares Russell 1000 Growth <br> ETF<br>| 13639 | 6455338 |
| **Total Exchange-Traded Fund** <br>**(Cost $6,344,976)** | **Total Exchange-Traded Fund** <br>**(Cost $6,344,976)** | **6455338** |
| **MONEY MARKET FUND–0.18%** | **MONEY MARKET FUND–0.18%** | **MONEY MARKET FUND–0.18%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2337996 | 2337996 |
| **Total Money Market Fund** <br>**(Cost $2,337,996)** | **Total Money Market Fund** <br>**(Cost $2,337,996)** | **2337996** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.07% (Cost $526,026,633)** | **1265547884** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)** | **(916192)**<br>|
| **NET ASSETS APPLICABLE TO 41,199,924 SHARES OUTSTANDING–100.00%** | **$1264631692** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY ULTRA**<sup>®</sup> **FUND STANDARD CLASS** <br>**($421,724,905 / 13,367,146 Shares)** | **$31.549** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY ULTRA**<sup>®</sup> **FUND STANDARD CLASS II** <br>**($184,171,975 / 5,847,516 Shares)** | **$31.496** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY ULTRA**<sup>®</sup> **FUND SERVICE CLASS** <br>**($658,734,812 / 21,985,262 Shares)** | **$29.963** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$489079642** |
| Distributable earnings/(accumulated loss) | **775552050** |
| **TOTAL NET ASSETS** | **$1264631692** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

LVIP American Century Ultra<sup>®</sup> Fund-2

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $30,083 expense reimbursement receivable from Lincoln Financial Investments Corporation, $1,304,087 payable for fund shares <br> redeemed, $15,126 other accrued expenses payable, $839,924 due to manager and affiliates, $18,025 payable for audit fee and $33,444 <br> payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contract**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| MSC | JPY | &nbsp;&nbsp; (105239750)<br>| USD | &nbsp;&nbsp; 684936 | 3/27/26 | &nbsp;&nbsp; $7991 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial <br> statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the <br> net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 7 in Notes to Financial Statements<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| ETF–Exchange-Traded Fund |
| IT–Information Technology |
| JPY–Japanese Yen |
| MSC–Morgan Stanley & Co. |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Ultra**<sup>®</sup> **Fund** | **LVIP American Century Ultra**<sup>®</sup> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $4594785 |
| Foreign taxes withheld | (18929)<br>|
|  | 4575856 |
| **EXPENSES:** |  |
| Management fees | 7327454 |
| Distribution fees-Service Class | 1608643 |
| Shareholder servicing fees | 537435 |
| Accounting and administration expenses | 235096 |
| Professional fees | 78805 |
| Reports and statements to shareholders | 49815 |
| Trustees' fees and expenses | 35117 |
| Consulting fees | 14182 |
| Pricing fees | 13884 |
| Custodian fees | 12129 |
| Other | 113158 |
|  | 10025718 |
| Less:  |  |
| Expenses reimbursed | (295726)<br>|
| Total operating expenses | 9729992 |
| **NET INVESTMENT LOSS** | (5154136)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 38960610 |
| Foreign currencies | 11218 |
| Foreign currency exchange contracts | 1072 |
| Net realized gain | 38972900 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 121148122 |
| Foreign currencies | 254 |
| Foreign currency exchange contracts | (58404)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 121089972 |
| **NET REALIZED AND UNREALIZED GAIN** | 160062872 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $154908736 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Ultra**<sup>®</sup> **Fund** | **LVIP American Century Ultra**<sup>®</sup> **Fund** | **LVIP American Century Ultra**<sup>®</sup> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment loss | $(5154136)<br>| $(2853175)<br>|
| Net realized gain | 38972900 | 122224192 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 121089972 | 414142703 |
| Net increase in net assets <br> resulting from operations<br>| 154908736 | 533513720 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (33822894)<br>| (4331209)<br>|
| Standard Class II | (15264463)<br>| (12661470)<br>|
| Service Class | (56641303)<br>| (23671740)<br>|
|  | (105728660)<br>| (40664419)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 51040072 | 267393664 |
| Standard Class II | 17145107 | 10436193 |
| Service Class | 69698079 | 264016835 |
| Net assets from merger: |  |  |
| Standard Class |  | 371280451 |
| Service Class |  | 434651568 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 33822894 | 4331209 |
| Standard Class II | 15264463 | 12661470 |
| Service Class | 56641303 | 23671740 |
|  | 243611918 | 1388443130 |
| Cost of shares redeemed: |  |  |
| Standard Class | (68930216)<br>| (392423872)<br>|
| Standard Class II | (47107838)<br>| (52330518)<br>|
| Service Class | (141449023)<br>| (543675047)<br>|
|  | (257487077)<br>| (988429437)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (13875159)<br>| 400013693 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 35304917 | 892862994 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1229326775 | 336463781 |
| End of year | $1264631692 | $1229326775 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-4

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $30.369 | &nbsp;&nbsp; $25.690 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.084)<br>| &nbsp;&nbsp; (0.051)<br>|
| Net realized and unrealized gain | 3.956 | 5.067 |
| Total from investment operations | 3.872 | 5.016 |
| **Less dividends and distributions from:** |  |  |
| Net realized gain | &nbsp;&nbsp; (2.692)<br>| &nbsp;&nbsp; (0.337)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.692)<br>| &nbsp;&nbsp; (0.337)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $31.549 | &nbsp;&nbsp; $30.369 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.95% | &nbsp;&nbsp; 19.49% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $421725 | &nbsp;&nbsp; $388786 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.28%)<br>| &nbsp;&nbsp; (0.26%)<br>|
| Ratio of net investment loss to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.27%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 80% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-5

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** | **LVIP American Century Ultra**<sup>®</sup> **Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $30.351 | &nbsp;&nbsp; $25.650 | &nbsp;&nbsp; $19.34 | &nbsp;&nbsp; $31.38 | &nbsp;&nbsp; $27.48 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.114)<br>| &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized and unrealized gain (loss) | 3.951 | 7.162 | 7.98 | &nbsp;&nbsp; (9.41)<br>| 5.98 |
| Total from investment operations | 3.837 | 7.060 | 7.95 | &nbsp;&nbsp; (9.46)<br>| 5.88 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (2.692)<br>| &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.692)<br>| &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $31.496 | &nbsp;&nbsp; $30.351 | &nbsp;&nbsp; $25.65 | &nbsp;&nbsp; $19.34 | &nbsp;&nbsp; $31.38 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.84% | &nbsp;&nbsp; 28.80% | &nbsp;&nbsp; 43.51% | &nbsp;&nbsp; (32.38%)<br>| &nbsp;&nbsp; 23.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $184172 | &nbsp;&nbsp; $191486 | &nbsp;&nbsp; $133825 | &nbsp;&nbsp; $68354 | &nbsp;&nbsp; $117231 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.38%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.14%)<br>| &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.35%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.40%)<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.27%)<br>| &nbsp;&nbsp; (0.32%)<br>| &nbsp;&nbsp; 0.51% |
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Ultra Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-6

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** | **LVIP American Century Ultra**<sup>®</sup> **Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $29.035 | &nbsp;&nbsp; $24.660 | &nbsp;&nbsp; $18.68 | &nbsp;&nbsp; $30.44 | &nbsp;&nbsp; $26.76 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.152)<br>| &nbsp;&nbsp; (0.140)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gain (loss) | 3.772 | 6.874 | 7.68 | &nbsp;&nbsp; (9.10)<br>| 5.80 |
| Total from investment operations | 3.620 | 6.734 | 7.62 | &nbsp;&nbsp; (9.18)<br>| 5.66 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net realized gain | &nbsp;&nbsp; (2.692)<br>| &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.692)<br>| &nbsp;&nbsp; (2.359)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (1.98)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $29.963 | &nbsp;&nbsp; $29.035 | &nbsp;&nbsp; $24.66 | &nbsp;&nbsp; $18.68 | &nbsp;&nbsp; $30.44 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.67% | &nbsp;&nbsp; 28.62% | &nbsp;&nbsp; 43.27% | &nbsp;&nbsp; (32.46%)<br>| &nbsp;&nbsp; 22.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $658735 | &nbsp;&nbsp; $649054 | &nbsp;&nbsp; $202639 | &nbsp;&nbsp; $148203 | &nbsp;&nbsp; $220389 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.94% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.10% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp; (0.53%)<br>| &nbsp;&nbsp; (0.51%)<br>| &nbsp;&nbsp; (0.29%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.50%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.55%)<br>| &nbsp;&nbsp; (0.55%)<br>| &nbsp;&nbsp; (0.42%)<br>| &nbsp;&nbsp; (0.47%)<br>| &nbsp;&nbsp; (0.66%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Ultra Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-7

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Ultra<sup>®</sup> Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a non-diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Ultra Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities and Exchange-Traded Funds ("ETFs"), except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Ultra<sup>®</sup> Fund-8

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP American Century Ultra<sup>®</sup> Fund is $46 and $45 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.60% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.65% of the Fund's average daily net assets for the Standard Class, 0.75% for the Standard Class II and 0.90% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through August 31, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century Ultra<sup>®</sup> Fund-9

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $78546 | &nbsp;&nbsp; $295726 | &nbsp;&nbsp; $374272 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $100826 |
| Legal | &nbsp;&nbsp; 16787 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $20,777 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $30083 |
| Management fees payable to LFI | &nbsp;&nbsp; 650396 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 141278 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 1001 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 47249 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $427599946 |
| Sales | &nbsp;&nbsp; 554717930 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $527973345 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $752421567 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (14847247)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $737574320 |

---

LVIP American Century Ultra<sup>®</sup> Fund-10

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

LVIP American Century Ultra<sup>®</sup> Fund-11

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $12221528 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12221528 |
| Automobiles | &nbsp;&nbsp; 58547698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58547698 |
| Biotechnology | &nbsp;&nbsp; 34800298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34800298 |
| Broadline Retail | &nbsp;&nbsp; 92106644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92106644 |
| Building Products | &nbsp;&nbsp; 11428694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11428694 |
| Capital Markets | &nbsp;&nbsp; 21108003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21108003 |
| Chemicals | &nbsp;&nbsp; 10610271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10610271 |
| Commercial Services & Supplies | &nbsp;&nbsp; 4711465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4711465 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 25462313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25462313 |
| Electric Utilities | &nbsp;&nbsp; 4179891 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4179891 |
| Electrical Equipment | &nbsp;&nbsp; 18854598 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18854598 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 13781172 | &nbsp;&nbsp; 1989486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15770658 |
| Entertainment | &nbsp;&nbsp; 33432003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33432003 |
| Financial Services | &nbsp;&nbsp; 51664163 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51664163 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 40870010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40870010 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 16112814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16112814 |
| Insurance | &nbsp;&nbsp; 2171248 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2171248 |
| Interactive Media & Services | &nbsp;&nbsp; 168038621 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 168038621 |
| IT Services | &nbsp;&nbsp; 27488099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27488099 |
| Machinery | &nbsp;&nbsp; 13085821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13085821 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 3567925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3567925 |
| Pharmaceuticals | &nbsp;&nbsp; 18993894 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18993894 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 271705475 | &nbsp;&nbsp; 5405919 | &nbsp;&nbsp; — | &nbsp;&nbsp; 277111394 |
| Software | &nbsp;&nbsp; 183949694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 183949694 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 110462427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110462427 |
| Exchange-Traded Fund | &nbsp;&nbsp; 6455338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6455338 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4376 | &nbsp;&nbsp; 4376 |
| Money Market Fund | &nbsp;&nbsp; 2337996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2337996 |
| **Total Investments** | &nbsp;&nbsp; $1258148103 | &nbsp;&nbsp; $7395405 | &nbsp;&nbsp; $4376 | &nbsp;&nbsp; $1265547884 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7991 |

---

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $1778189 | &nbsp;&nbsp; $14003968 |
| Long-term capital gains | &nbsp;&nbsp; 103950471 | &nbsp;&nbsp; 26660451 |
| Total | &nbsp;&nbsp; $105728660 | &nbsp;&nbsp; $40664419 |

---

LVIP American Century Ultra<sup>®</sup> Fund-12

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $37977731 |
| Other temporary differences | &nbsp;&nbsp; (1)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 737574320 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $775552050 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassification primarily related to CY net operating loss:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $5200251 | &nbsp;&nbsp; $(5200251)<br>|

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1686225 | &nbsp;&nbsp; 13362957 |
| Standard Class II | &nbsp;&nbsp; 581169 | &nbsp;&nbsp; 2519950 |
| Service Class | &nbsp;&nbsp; 2532503 | &nbsp;&nbsp; 17187012 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1096544 | &nbsp;&nbsp; 138670 |
| Standard Class II | &nbsp;&nbsp; 495583 | &nbsp;&nbsp; 468552 |
| Service Class | &nbsp;&nbsp; 1932293 | &nbsp;&nbsp; 891890 |
| Shares from merger: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 12914248 |
| Service Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 15790885 |
|  | &nbsp;&nbsp; 8324317 | &nbsp;&nbsp; 63274164 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2217642)<br>| &nbsp;&nbsp; (13613856)<br>|
| Standard Class II | &nbsp;&nbsp; (1538201)<br>| &nbsp;&nbsp; (1897242)<br>|
| Service Class | &nbsp;&nbsp; (4833615)<br>| &nbsp;&nbsp; (19732810)<br>|
|  | &nbsp;&nbsp; (8589458)<br>| &nbsp;&nbsp; (35243908)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (265141)<br>| &nbsp;&nbsp; 28030256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**7. Fund Merger**

As of the close of business on August 23, 2024, the Fund acquired all of the assets and liabilities of the LVIP Wellington Capital Growth Fund ("Acquired Fund"), an open-end investment company, in exchange for the shares of the LVIP American Century Ultra Fund ("Acquiring Fund") pursuant to a Plan and Agreement of Reorganization ("Reorganization"). The purpose of the Reorganization was to combine 2 funds managed by LFI with comparable investment objectives and strategies. The Reorganization was treated as a tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of the Acquiring Fund reflected the historical basis of the assets of the Acquired Fund as of the date of the Reorganization. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and assets received and shares issued by the Acquiring Fund were recorded at fair value. The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund prior to the Reorganization, as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Acquired Fund**<br> **Shares**<br> **Outstanding**<br>| **Acquiring Fund** | **Shares**<br> **Converted to**<br> **Acquiring Fund**<br>| **Acquired Fund**<br> **Net Assets**<br>| **Conversion** <br> **Ratio**<br>|
| Acquired Fund - Standard Class | &nbsp;&nbsp; 6858751 | Standard Class | &nbsp;&nbsp; 12914248 | &nbsp;&nbsp; $371280451 | 1.883 |
| Acquired Fund - Service Class | &nbsp;&nbsp; 8713179 | Service Class | &nbsp;&nbsp; 15790885 | &nbsp;&nbsp; 434651568 | 1.812 |

---

LVIP American Century Ultra<sup>®</sup> Fund-13

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Fund Merger (continued)**

The net assets of the Acquiring Fund before the acquisition were $414,349,470. The net assets of the Acquiring Fund immediately following the acquisition were $1,220,281,489.

If the acquisition had been completed on January 1, 2024, the beginning of the Acquiring Fund's reporting period, the Acquiring Fund's pro forma results of operations for the year ended December 31, 2024, would have been as follows (unaudited):

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp; $(3649745 )<sup>(a)</sup><br>|
| Net realized gain (loss) | &nbsp;&nbsp; 624363145 <br><sup>(b)</sup><br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 777461343 <br><sup>(c)</sup><br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1398174743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) $(2,853,175),
 as reported in the Statements of Changes in Net Assets, plus $(796,570) Net investment income(loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $122,224,192,
 as reported in the Statements of Changes in Net Assets, plus $502,138,953 Net realized gain (loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(c) $414,142,703,
 as reported in the Statements of Changes in Net Assets, plus $363,318,640 Net change in unrealized appreciation (depreciation) from
 Acquired Fund pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund's Statements of Changes in Net Assets since August 26, 2024.

**8. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**9. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

LVIP American Century Ultra<sup>®</sup> Fund-14

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $7991 | Liabilities net of receivables and other <br> assets<br>| $— |

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $1072 | &nbsp;&nbsp; $(58404)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $261117 | $1817643 |

---

**10. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP American Century Ultra<sup>®</sup> Fund-15

------

**LVIP American Century Ultra**<sup>®</sup> **Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**12. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**13. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Ultra<sup>®</sup> Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Ultra<sup>®</sup> Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Ultra<sup>®</sup> Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img34c493702.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Ultra<sup>®</sup> Fund–17

------

![](img928eb6f81.jpg)

LVIP American Century Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Century Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_bb568e9e-03d5-4843-9fb8-4f56a48a036a_SOI-continued-704_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_bb568e9e-03d5-4843-9fb8-4f56a48a036a_FS-continued-704_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_bb568e9e-03d5-4843-9fb8-4f56a48a036a_FS-continued-704_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_bb568e9e-03d5-4843-9fb8-4f56a48a036a_FIHI-continued-704_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_bb568e9e-03d5-4843-9fb8-4f56a48a036a_NTF-continued-704_1)**  | &nbsp;&nbsp; **9** |
| **[Report of Independent Registered Public Accounting Firm](#xx_bb568e9e-03d5-4843-9fb8-4f56a48a036a_AUDIT-continued-704_1)**  | &nbsp;&nbsp; **17** |

---

------

**LVIP American Century Value Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–97.80%** | **COMMON STOCK–97.80%** | **COMMON STOCK–97.80%** |
| **Aerospace & Defense–2.57%** | **Aerospace & Defense–2.57%** | **Aerospace & Defense–2.57%** |
| L3Harris Technologies, Inc. | 22747 | $6677837 |
| Lockheed Martin Corp. | 15016 | 7262788 |
| RTX Corp. | 52605 | 9647757 |
|  |  | **23588382** |
| **Air Freight & Logistics–0.98%** | **Air Freight & Logistics–0.98%** | **Air Freight & Logistics–0.98%** |
| United Parcel Service, Inc. <br> Class B<br>| 91032 | 9029464 |
|  |  | **9029464** |
| **Automobile Components–1.27%** | **Automobile Components–1.27%** | **Automobile Components–1.27%** |
| BorgWarner, Inc. | 103804 | 4677408 |
| Gentex Corp. | 301597 | 7018162 |
|  |  | **11695570** |
| **Banks–8.65%** | **Banks–8.65%** | **Banks–8.65%** |
| Bank of America Corp. | 306490 | 16856950 |
| JPMorgan Chase & Co. | 83747 | 26984958 |
| PNC Financial Services <br> Group, Inc.<br>| 20511 | 4281261 |
| Truist Financial Corp. | 219361 | 10794755 |
| U.S. Bancorp | 382222 | 20395366 |
|  |  | **79313290** |
| **Beverages–3.98%** | **Beverages–3.98%** | **Beverages–3.98%** |
| Heineken Holding NV | 58178 | 4260189 |
| Heineken NV | 74103 | 6114010 |
| PepsiCo, Inc. | 123379 | 17707354 |
| Pernod Ricard SA | 97992 | 8390691 |
|  |  | **36472244** |
| **Building Products–0.83%** | **Building Products–0.83%** | **Building Products–0.83%** |
| A.O. Smith Corp. | 114043 | 7627196 |
|  |  | **7627196** |
| **Capital Markets–5.38%** | **Capital Markets–5.38%** | **Capital Markets–5.38%** |
| Bank of New York Mellon <br> Corp.<br>| 66362 | 7703965 |
| Blackrock, Inc. | 5391 | 5770203 |
| Charles Schwab Corp. | 124256 | 12414417 |
| Northern Trust Corp. | 49309 | 6735116 |
| State Street Corp. | 77935 | 10054394 |
| T. Rowe Price Group, Inc. | 65241 | 6679374 |
|  |  | **49357469** |
| **Chemicals–0.87%** | **Chemicals–0.87%** | **Chemicals–0.87%** |
| PPG Industries, Inc. | 78295 | 8022106 |
|  |  | **8022106** |
| **Communications Equipment–2.51%** | **Communications Equipment–2.51%** | **Communications Equipment–2.51%** |
| Cisco Systems, Inc. | 228268 | 17583484 |
| †F5, Inc. | 21439 | 5472519 |
|  |  | **23056003** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction Materials–0.84%** | **Construction Materials–0.84%** | **Construction Materials–0.84%** |
| †Amrize Ltd. | 75049 | $4058650 |
| Martin Marietta Materials, <br> Inc.<br>| 5876 | 3658750 |
|  |  | **7717400** |
| **Consumer Staples Distribution & Retail–1.38%** | **Consumer Staples Distribution & Retail–1.38%** | **Consumer Staples Distribution & Retail–1.38%** |
| Koninklijke Ahold Delhaize <br> NV<br>| 158468 | 6498279 |
| Target Corp. | 63086 | 6166656 |
|  |  | **12664935** |
| **Containers & Packaging–0.85%** | **Containers & Packaging–0.85%** | **Containers & Packaging–0.85%** |
| Packaging Corp. of America | 37888 | 7813642 |
|  |  | **7813642** |
| **Diversified Telecommunication Services–2.36%** | **Diversified Telecommunication Services–2.36%** | **Diversified Telecommunication Services–2.36%** |
| AT&T, Inc. | 307953 | 7649552 |
| Verizon Communications, <br> Inc.<br>| 343798 | 14002893 |
|  |  | **21652445** |
| **Electric Utilities–3.69%** | **Electric Utilities–3.69%** | **Electric Utilities–3.69%** |
| Duke Energy Corp. | 87272 | 10229151 |
| Evergy, Inc. | 127421 | 9236748 |
| Xcel Energy, Inc. | 195005 | 14403070 |
|  |  | **33868969** |
| **Electrical Equipment–0.71%** | **Electrical Equipment–0.71%** | **Electrical Equipment–0.71%** |
| Emerson Electric Co. | 49345 | 6549068 |
|  |  | **6549068** |
| **Energy Equipment & Services–0.96%** | **Energy Equipment & Services–0.96%** | **Energy Equipment & Services–0.96%** |
| Baker Hughes Co. | 193165 | 8796734 |
|  |  | **8796734** |
| **Entertainment–1.00%** | **Entertainment–1.00%** | **Entertainment–1.00%** |
| Walt Disney Co. | 80299 | 9135617 |
|  |  | **9135617** |
| **Financial Services–3.80%** | **Financial Services–3.80%** | **Financial Services–3.80%** |
| †Berkshire Hathaway, Inc. <br> Class A<br>| 38 | 28682400 |
| Fidelity National Information <br> Services, Inc.<br>| 93294 | 6200319 |
|  |  | **34882719** |
| **Food Products–2.30%** | **Food Products–2.30%** | **Food Products–2.30%** |
| Conagra Brands, Inc. | 314624 | 5446141 |
| †Magnum Ice Cream Co. NV | 352904 | 5647002 |
| Mondelez International, Inc. <br> Class A<br>| 185520 | 9986542 |
|  |  | **21079685** |

---

LVIP American Century Value Fund-1

------

**LVIP American Century Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Gas Utilities–0.67%** | **Gas Utilities–0.67%** | **Gas Utilities–0.67%** |
| ONE Gas, Inc. | 79267 | $6123376 |
|  |  | **6123376** |
| **Ground Transportation–1.17%** | **Ground Transportation–1.17%** | **Ground Transportation–1.17%** |
| Norfolk Southern Corp. | 37198 | 10739807 |
|  |  | **10739807** |
| **Health Care Equipment & Supplies–5.53%** | **Health Care Equipment & Supplies–5.53%** | **Health Care Equipment & Supplies–5.53%** |
| Becton Dickinson & Co. | 88483 | 17171896 |
| Dentsply Sirona, Inc. | 412744 | 4717664 |
| Medtronic PLC | 146511 | 14073846 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 163626 | 14713250 |
|  |  | **50676656** |
| **Health Care Providers & Services–4.38%** | **Health Care Providers & Services–4.38%** | **Health Care Providers & Services–4.38%** |
| CVS Health Corp. | 102185 | 8109402 |
| †Henry Schein, Inc. | 95626 | 7227413 |
| Labcorp Holdings, Inc. | 35383 | 8876887 |
| UnitedHealth Group, Inc. | 27668 | 9133483 |
| Universal Health Services, <br> Inc. Class B<br>| 31141 | 6789361 |
|  |  | **40136546** |
| **Health Care REITs–1.07%** | **Health Care REITs–1.07%** | **Health Care REITs–1.07%** |
| Healthpeak Properties, Inc. | 301642 | 4850403 |
| Ventas, Inc. | 63823 | 4938624 |
|  |  | **9789027** |
| **Household Durables–1.37%** | **Household Durables–1.37%** | **Household Durables–1.37%** |
| †Mohawk Industries, Inc. | 51778 | 5659335 |
| PulteGroup, Inc. | 58906 | 6907318 |
|  |  | **12566653** |
| **Household Products–1.06%** | **Household Products–1.06%** | **Household Products–1.06%** |
| Kimberly-Clark Corp. | 96377 | 9723476 |
|  |  | **9723476** |
| **Industrial Conglomerates–0.55%** | **Industrial Conglomerates–0.55%** | **Industrial Conglomerates–0.55%** |
| Siemens AG | 17978 | 5035213 |
|  |  | **5035213** |
| **Insurance–3.19%** | **Insurance–3.19%** | **Insurance–3.19%** |
| Allstate Corp. | 43725 | 9101359 |
| Reinsurance Group of <br> America, Inc.<br>| 48376 | 9842581 |
| Willis Towers Watson PLC | 31406 | 10320011 |
|  |  | **29263951** |
| **Interactive Media & Services–2.65%** | **Interactive Media & Services–2.65%** | **Interactive Media & Services–2.65%** |
| Alphabet, Inc. Class A | 77516 | 24262508 |
|  |  | **24262508** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **IT Services–0.83%** | **IT Services–0.83%** | **IT Services–0.83%** |
| Accenture PLC Class A | 28358 | $7608451 |
|  |  | **7608451** |
| **Life Sciences Tools & Services–0.72%** | **Life Sciences Tools & Services–0.72%** | **Life Sciences Tools & Services–0.72%** |
| †ICON PLC | 36259 | 6607115 |
|  |  | **6607115** |
| **Machinery–3.78%** | **Machinery–3.78%** | **Machinery–3.78%** |
| Cummins, Inc. | 10007 | 5108073 |
| Dover Corp. | 27600 | 5388624 |
| Oshkosh Corp. | 34721 | 4361999 |
| PACCAR, Inc. | 66641 | 7297856 |
| Timken Co. | 71772 | 6038179 |
| Toro Co. | 81950 | 6451104 |
|  |  | **34645835** |
| **Media–0.52%** | **Media–0.52%** | **Media–0.52%** |
| Omnicom Group, Inc. | 58701 | 4740106 |
|  |  | **4740106** |
| **Multi-Utilities–1.03%** | **Multi-Utilities–1.03%** | **Multi-Utilities–1.03%** |
| WEC Energy Group, Inc. | 89700 | 9459762 |
|  |  | **9459762** |
| **Oil, Gas & Consumable Fuels–5.37%** | **Oil, Gas & Consumable Fuels–5.37%** | **Oil, Gas & Consumable Fuels–5.37%** |
| Chevron Corp. | 102344 | 15598249 |
| Diamondback Energy, Inc. | 39726 | 5972010 |
| Exxon Mobil Corp. | 135680 | 16327731 |
| TotalEnergies SE | 173868 | 11335844 |
|  |  | **49233834** |
| **Passenger Airlines–0.56%** | **Passenger Airlines–0.56%** | **Passenger Airlines–0.56%** |
| Southwest Airlines Co. | 124295 | 5137112 |
|  |  | **5137112** |
| **Personal Care Products–3.52%** | **Personal Care Products–3.52%** | **Personal Care Products–3.52%** |
| Estee Lauder Cos., Inc. <br> Class A<br>| 50219 | 5258933 |
| Kenvue, Inc. | 844371 | 14565400 |
| Unilever PLC | 189863 | 12422668 |
|  |  | **32247001** |
| **Pharmaceuticals–6.26%** | **Pharmaceuticals–6.26%** | **Pharmaceuticals–6.26%** |
| Bristol-Myers Squibb Co. | 117573 | 6341888 |
| Johnson & Johnson | 122968 | 25448228 |
| Merck & Co., Inc. | 118690 | 12493309 |
| Roche Holding AG | 15100 | 6235849 |
| Sanofi SA | 71047 | 6874164 |
|  |  | **57393438** |
| **Residential REITs–0.53%** | **Residential REITs–0.53%** | **Residential REITs–0.53%** |
| Equity Residential | 76618 | 4829999 |
|  |  | **4829999** |

---

LVIP American Century Value Fund-2

------

**LVIP American Century Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Retail REITs–1.48%** | **Retail REITs–1.48%** | **Retail REITs–1.48%** |
| Agree Realty Corp. | 63767 | $4593137 |
| Realty Income Corp. | 69509 | 3918222 |
| Regency Centers Corp. | 72925 | 5034013 |
|  |  | **13545372** |
| **Semiconductors & Semiconductor Equipment–3.68%** | **Semiconductors & Semiconductor Equipment–3.68%** | **Semiconductors & Semiconductor Equipment–3.68%** |
| Analog Devices, Inc. | 32511 | 8816983 |
| Infineon Technologies AG | 156395 | 6823661 |
| QUALCOMM, Inc. | 54595 | 9338475 |
| Teradyne, Inc. | 45452 | 8797689 |
|  |  | **33776808** |
| **Software–1.13%** | **Software–1.13%** | **Software–1.13%** |
| Salesforce, Inc. | 39003 | 10332285 |
|  |  | **10332285** |
| **Specialized REITs–0.83%** | **Specialized REITs–0.83%** | **Specialized REITs–0.83%** |
| American Tower Corp. | 43433 | 7625532 |
|  |  | **7625532** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors–0.99%** | **Trading Companies & Distributors–0.99%** | **Trading Companies & Distributors–0.99%** |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 108267 | $9105255 |
|  |  | **9105255** |
| **Total Common Stock** <br>**(Cost $658,917,078)** | **Total Common Stock** <br>**(Cost $658,917,078)** | **896928056** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.99%** | **MONEY MARKET FUND–1.99%** | **MONEY MARKET FUND–1.99%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 18282805 | 18282805 |
| **Total Money Market Fund** <br>**(Cost $18,282,805)** | **Total Money Market Fund** <br>**(Cost $18,282,805)** | **18282805** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $677,199,883)** | **915210861** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **1952217** |
| **NET ASSETS APPLICABLE TO 70,937,654 SHARES OUTSTANDING–100.00%** | **$917163078** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY VALUE FUND STANDARD CLASS** <br>**($12,389 / 959 Shares)** | **$12.918** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY VALUE FUND STANDARD CLASS II** <br>**($392,326,835 / 30,368,180 Shares)** | **$12.919** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN CENTURY VALUE FUND SERVICE CLASS** <br>**($524,823,854 / 40,568,515 Shares)** | **$12.937** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$650042006** |
| Distributable earnings/(accumulated loss) | **267121072** |
| **TOTAL NET ASSETS** | **$917163078** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $45,067 expense reimbursement receivable from Lincoln Financial Investments Corporation, $276,872 payable for securities <br> purchased, $590,011 payable for fund shares redeemed, $21,016 other accrued expenses payable, $620,040 due to manager and affiliates, <br> $18,849 payable for audit fee and $26,603 payable for fund accounting fee as of December 31, 2025.<br>

LVIP American Century Value Fund-3

------

**LVIP American Century Value Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| CBK | EUR | &nbsp;&nbsp; (10870634)<br>| USD | &nbsp;&nbsp; 12839088 | 3/27/26 | &nbsp;&nbsp; $11156 | &nbsp;&nbsp; $— |
| GS | EUR | &nbsp;&nbsp; (12590457)<br>| USD | &nbsp;&nbsp; 14876121 | 3/27/26 | &nbsp;&nbsp; 18705 | &nbsp;&nbsp; — |
| JPM | CHF | &nbsp;&nbsp; (1866748)<br>| USD | &nbsp;&nbsp; 2371790 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6993)<br>|
| MSC | EUR | &nbsp;&nbsp; (10870634)<br>| USD | &nbsp;&nbsp; 12829760 | 3/27/26 | &nbsp;&nbsp; 1828 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; (1393312)<br>| USD | &nbsp;&nbsp; 1640528 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3656)<br>|
| UBS | CHF | &nbsp;&nbsp; (1866748)<br>| USD | &nbsp;&nbsp; 2371387 | 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7396)<br>|
| UBS | CHF | &nbsp;&nbsp; 115159 | USD | &nbsp;&nbsp; (146339)<br>| 3/27/26 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; — |
| UBS | CHF | &nbsp;&nbsp; (114382)<br>| USD | &nbsp;&nbsp; 146474 | 3/27/26 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (10870634)<br>| USD | &nbsp;&nbsp; 12843817 | 3/27/26 | &nbsp;&nbsp; 15885 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $48699 | &nbsp;&nbsp; $(18045)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial <br> statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the <br> net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CBK–Citibank NA |
| CHF–Swiss Franc |
| EUR–Euro |
| GS–Goldman Sachs |
| IT–Information Technology |
| JPM–JPMorgan Chase Bank NA |
| MSC–Morgan Stanley & Co. |
| REIT–Real Estate Investment Trust |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Value Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Century Value Fund** | **LVIP American Century Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $25239910 |
| Foreign taxes withheld | (331666)<br>|
|  | 24908244 |
| **EXPENSES:** |  |
| Management fees | 5141881 |
| Distribution fees-Service Class | 1258863 |
| Shareholder servicing fees | 640069 |
| Accounting and administration expenses | 158116 |
| Professional fees | 64696 |
| Reports and statements to shareholders | 40603 |
| Custodian fees | 29915 |
| Trustees' fees and expenses | 25605 |
| Consulting fees | 15828 |
| Pricing fees | 13954 |
| Other | 29809 |
|  | 7419339 |
| Less:  |  |
| Expenses reimbursed | (369662)<br>|
| Total operating expenses | 7049677 |
| **NET INVESTMENT INCOME**  | 17858567 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 65710077 |
| Foreign currencies | 28584 |
| Foreign currency exchange contracts | (5248889)<br>|
| Net realized gain | 60489772 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 54253255 |
| Foreign currencies | 48466 |
| Foreign currency exchange contracts | (1004131)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 53297590 |
| **NET REALIZED AND UNREALIZED GAIN** | 113787362 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $131645929 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Century Value Fund** | **LVIP American Century Value Fund** | **LVIP American Century Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $17858567 | $19757616 |
| Net realized gain | 60489772 | 75949816 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 53297590 | (14764542)<br>|
| Net increase in net assets resulting <br> from operations<br>| 131645929 | 80942890 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (1099)<br>| (342)<br>|
| Standard Class II | (35448189)<br>| (33488830)<br>|
| Service Class | (46285158)<br>| (43420623)<br>|
|  | (81734446)<br>| (76909795)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class |  | 10000 |
| Standard Class II | 15461738 | 15658222 |
| Service Class | 39822238 | 20461937 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 1099 | 342 |
| Standard Class II | 35448189 | 33081877 |
| Service Class | 46285158 | 43420623 |
|  | 137018422 | 112633001 |
| Cost of shares redeemed: |  |  |
| Standard Class II | (60741820)<br>| (56996137)<br>|
| Service Class | (84164401)<br>| (89297970)<br>|
|  | (144906221)<br>| (146294107)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (7887799)<br>| (33661106)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 42023684 | (29628011)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 875139394 | 904767405 |
| End of year | $917163078 | $875139394 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Value Fund-5

------

**LVIP American Century Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Century Value Fund Standard Class** | **LVIP American Century Value Fund Standard Class** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
|  | **Year Ended**<br> **12/31/25** | **4/29/24**<sup>1</sup> <br>**to**<br>**12/31/24** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.227 | &nbsp;&nbsp; $11.830 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.283 | 0.192 |
| Net realized and unrealized gain | 1.645 | 0.610 |
| Total from investment operations | 1.928 | 0.802 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.216)<br>| &nbsp;&nbsp; (0.290)<br>|
| Net realized gain | &nbsp;&nbsp; (1.021)<br>| &nbsp;&nbsp; (0.115)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.237)<br>| &nbsp;&nbsp; (0.405)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.918 | &nbsp;&nbsp; $12.227 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 16.14% | &nbsp;&nbsp; 6.67% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $11 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.37% |
| Ratio of net investment income to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.32% |
| Portfolio turnover | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations of Standard Class; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Value Fund-6

------

**LVIP American Century Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** | **LVIP American Century Value Fund Standard Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $12.229 | &nbsp;&nbsp; $12.190 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $11.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.268 | 0.282 | 0.28 | 0.27 | 0.23 |
| Net realized and unrealized gain (loss) | 1.647 | 0.849 | 0.72 | &nbsp;&nbsp; (0.16)<br>| 2.50 |
| Total from investment operations | 1.915 | 1.131 | 1.00 | 0.11 | 2.73 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.204)<br>| &nbsp;&nbsp; (0.369)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gain | &nbsp;&nbsp; (1.021)<br>| &nbsp;&nbsp; (0.723)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.225)<br>| &nbsp;&nbsp; (1.092)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.919 | &nbsp;&nbsp; $12.229 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $13.67 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 16.02% | &nbsp;&nbsp; 9.48% | &nbsp;&nbsp; 9.10% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 24.51% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $392327 | &nbsp;&nbsp; $380764 | &nbsp;&nbsp; $387290 | &nbsp;&nbsp; $387024 | &nbsp;&nbsp; $430055 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.92% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.79% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.60% |
| Portfolio turnover | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class I shares of the American Century Investments<sup>®</sup> VP Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class I shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Value Fund-7

------

**LVIP American Century Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** | **LVIP American Century Value Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>1</sup> <br>| **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $12.246 | &nbsp;&nbsp; $12.210 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $11.19 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.249 | 0.264 | 0.26 | 0.25 | 0.21 |
| Net realized and unrealized gain (loss) | 1.648 | 0.846 | 0.74 | &nbsp;&nbsp; (0.16)<br>| 2.50 |
| Total from investment operations | 1.897 | 1.110 | 1.00 | 0.09 | 2.71 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.185)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net realized gain | &nbsp;&nbsp; (1.021)<br>| &nbsp;&nbsp; (0.723)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (1.206)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.937 | &nbsp;&nbsp; $12.246 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $13.69 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 15.85% | &nbsp;&nbsp; 9.29% | &nbsp;&nbsp; 9.02% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 24.28% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $524824 | &nbsp;&nbsp; $494364 | &nbsp;&nbsp; $517477 | &nbsp;&nbsp; $539924 | &nbsp;&nbsp; $543896 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.64% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.45% |
| Portfolio turnover | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the Class II shares of the American Century Investments<sup>®</sup> VP Value Fund, a former portfolio of American Century Variable Portfolios, Inc., as the result of a reorganization on April 29, 2024. Pre-inception information shown is that of the Predecessor Fund's Class II shares. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP American Century Value Fund-8

------

**LVIP American Century Value Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Century Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund adopted the accounting and performance history of the American Century Investments<sup>®</sup> VP Value Fund, a former portfolio of American Century Variable Portfolios, Inc., (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on April 29, 2024. The Fund was established as a "shell" fund, organized solely in connection with the reorganization for the purpose of acquiring the assets and liabilities of the Predecessor Fund and continuing the operations of the Predecessor Fund. The Fund had no investment operations or performance history prior to the reorganization date. The Predecessor Fund is the accounting survivor for financial reporting purposes. Pre-inception information for Standard Class II shares and Service Class shares shown is that of the Predecessor Fund's Class I shares and Class II shares. The Fund and the Predecessor Fund had substantially similar investment goals and strategies.

The Fund's investment objective is to seek long-term capital growth.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

LVIP American Century Value Fund-9

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution and administration expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP American Century Value Fund is $20 and $20 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.58% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund Fees and expenses) exceed 0.61% of the Fund's average daily net assets for the Standard Class, 0.71% for the Standard Class II and 0.86% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP American Century Value Fund-10

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** |  |
|  | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $277572 | &nbsp;&nbsp; $369662 | &nbsp;&nbsp; $647234 |

---

American Century Investment Management, Inc. ("American Century") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays American Century a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $73143 |
| Legal | &nbsp;&nbsp; 12139 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets for the Standard Class shares, 0.129% of the Fund's average daily net assets for the Standard Class II shares and 0.029% of the Fund's average daily net assets for the Service Class shares, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $832 for the year ended December 31, 2025.

The Fund currently offers three classes of shares: the Standard Class, Standard Class II and the Service Class. The three classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee") and each share class is subject to its own administrative fee schedule. Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $45067 |
| Management fees payable to LFI | &nbsp;&nbsp; 452373 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 111758 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 55909 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2025, the Fund engaged in securities purchases of $134,769.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $589189722 |
| Sales | &nbsp;&nbsp; 666634097 |

---

LVIP American Century Value Fund-11

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $696346415 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $248338728 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (29438829)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $218899899 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $23588382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23588382 |
| Air Freight & Logistics | &nbsp;&nbsp; 9029464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9029464 |
| Automobile Components | &nbsp;&nbsp; 11695570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11695570 |
| Banks | &nbsp;&nbsp; 79313290 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79313290 |
| Beverages | &nbsp;&nbsp; 17707354 | &nbsp;&nbsp; 18764890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36472244 |
| Building Products | &nbsp;&nbsp; 7627196 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7627196 |
| Capital Markets | &nbsp;&nbsp; 49357469 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49357469 |
| Chemicals | &nbsp;&nbsp; 8022106 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8022106 |
| Communications Equipment | &nbsp;&nbsp; 23056003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23056003 |
| Construction Materials | &nbsp;&nbsp; 7717400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7717400 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 6166656 | &nbsp;&nbsp; 6498279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12664935 |
| Containers & Packaging | &nbsp;&nbsp; 7813642 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7813642 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 21652445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21652445 |
| Electric Utilities | &nbsp;&nbsp; 33868969 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33868969 |
| Electrical Equipment | &nbsp;&nbsp; 6549068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6549068 |
| Energy Equipment & Services | &nbsp;&nbsp; 8796734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8796734 |
| Entertainment | &nbsp;&nbsp; 9135617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9135617 |
| Financial Services | &nbsp;&nbsp; 34882719 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34882719 |
| Food Products | &nbsp;&nbsp; 21079685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21079685 |
| Gas Utilities | &nbsp;&nbsp; 6123376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6123376 |
| Ground Transportation | &nbsp;&nbsp; 10739807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10739807 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 50676656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50676656 |
| Health Care Providers & Services | &nbsp;&nbsp; 40136546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40136546 |
| Health Care REITs | &nbsp;&nbsp; 9789027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9789027 |

---

LVIP American Century Value Fund-12

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Household Durables | &nbsp;&nbsp; $12566653 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12566653 |
| Household Products | &nbsp;&nbsp; 9723476 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9723476 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp; 5035213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5035213 |
| Insurance | &nbsp;&nbsp; 29263951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29263951 |
| Interactive Media & Services | &nbsp;&nbsp; 24262508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24262508 |
| IT Services | &nbsp;&nbsp; 7608451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7608451 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 6607115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6607115 |
| Machinery | &nbsp;&nbsp; 34645835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34645835 |
| Media | &nbsp;&nbsp; 4740106 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4740106 |
| Multi-Utilities | &nbsp;&nbsp; 9459762 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9459762 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 37897990 | &nbsp;&nbsp; 11335844 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49233834 |
| Passenger Airlines | &nbsp;&nbsp; 5137112 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5137112 |
| Personal Care Products | &nbsp;&nbsp; 19824333 | &nbsp;&nbsp; 12422668 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32247001 |
| Pharmaceuticals | &nbsp;&nbsp; 44283425 | &nbsp;&nbsp; 13110013 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57393438 |
| Residential REITs | &nbsp;&nbsp; 4829999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4829999 |
| Retail REITs | &nbsp;&nbsp; 13545372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13545372 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 26953147 | &nbsp;&nbsp; 6823661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33776808 |
| Software | &nbsp;&nbsp; 10332285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10332285 |
| Specialized REITs | &nbsp;&nbsp; 7625532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7625532 |
| Trading Companies & Distributors | &nbsp;&nbsp; 9105255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9105255 |
| Money Market Fund | &nbsp;&nbsp; 18282805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18282805 |
| **Total Investments** | &nbsp;&nbsp; $841220293 | &nbsp;&nbsp; $73990568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $915210861 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48699 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48699 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18045)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18045)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and partnerships and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $21290509 | &nbsp;&nbsp; $38197039 |
| Long-term capital gains | &nbsp;&nbsp; 60443937 | &nbsp;&nbsp; 38712756 |
| Total | &nbsp;&nbsp; $81734446 | &nbsp;&nbsp; $76909795 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1556143 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 46925627 |
| Other temporary differences | &nbsp;&nbsp; (260597)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 218899899 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $267121072 |

---

LVIP American Century Value Fund-13

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to true-up adjustment from prior year financial statements to tax return.

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $228 | &nbsp;&nbsp; $(228)<br>|

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24**<sup>\*</sup> <br>|
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; 845 |
| Standard Class II | &nbsp;&nbsp; 1215255 | &nbsp;&nbsp; 1276765 |
| Service Class | &nbsp;&nbsp; 3129400 | &nbsp;&nbsp; 1652418 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 27 |
| Standard Class II | &nbsp;&nbsp; 2794035 | &nbsp;&nbsp; 2711238 |
| Service Class | &nbsp;&nbsp; 3646235 | &nbsp;&nbsp; 3555474 |
|  | &nbsp;&nbsp; 10785012 | &nbsp;&nbsp; 9196767 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Class II | &nbsp;&nbsp; (4777334)<br>| &nbsp;&nbsp; (4615338)<br>|
| Service Class | &nbsp;&nbsp; (6576321)<br>| &nbsp;&nbsp; (7220390)<br>|
|  | &nbsp;&nbsp; (11353655)<br>| &nbsp;&nbsp; (11835728)<br>|
| Net decrease | &nbsp;&nbsp; (568643)<br>| &nbsp;&nbsp; (2638961)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations of Standard class is April 29, 2024.

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

LVIP American Century Value Fund-14

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $48699 | Receivables and other assets net of <br> liabilities<br>| $(18045)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(5248889)<br>| &nbsp;&nbsp; $(1004131)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $4959685 | $71641284 |

---

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

LVIP American Century Value Fund-15

------

**LVIP American Century Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Century Value Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Century Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Century Value Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 12, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgae7d6de62.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Century Value Fund–17

------

![](img395b91211.jpg)

LVIP American Funds Vanguard Active Passive Growth Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Funds Vanguard Active Passive Growth Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_f2b276bd-3bf5-4424-a4a5-ca789334d7a7_SOI-continued-741_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_f2b276bd-3bf5-4424-a4a5-ca789334d7a7_FS-continued-741_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Changes in Net Assets](#xx_f2b276bd-3bf5-4424-a4a5-ca789334d7a7_FS-continued-741_1)**  | &nbsp;&nbsp; **2** |
| **[Financial Highlights](#xx_f2b276bd-3bf5-4424-a4a5-ca789334d7a7_FIHI-continued-741_1)**  | &nbsp;&nbsp; **3** |
| **[Notes to Financial Statements](#xx_f2b276bd-3bf5-4424-a4a5-ca789334d7a7_NTF-continued-741_1)**  | &nbsp;&nbsp; **4** |
| **[Report of Independent Registered Public Accounting Firm](#xx_f2b276bd-3bf5-4424-a4a5-ca789334d7a7_AUDIT-continued-741_1)**  | &nbsp;&nbsp; **9** |

---

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.96%** | **INVESTMENT COMPANIES–99.96%** | **INVESTMENT COMPANIES–99.96%** |
| **Equity Funds–65.45%** | **Equity Funds–65.45%** | **Equity Funds–65.45%** |
| American Funds<sup>®</sup>- | American Funds<sup>®</sup>- |  |
| ✧American Funds <br> Fundamental Investors<br>| 19795 | $1819732 |
| ✧American Mutual Fund | 18588 | 1106204 |
| Capital Group Core Equity <br> ETF<br>| 46973 | 1889724 |
| Capital Group Growth ETF | 31030 | 1379904 |
| Vanguard S&P 500 Growth <br> ETF<br>| 3038 | 1350664 |
| Vanguard S&P 500 Value ETF | 6613 | 1354673 |
|  |  | **8900901** |
| **Fixed Income Funds–18.20%** | **Fixed Income Funds–18.20%** | **Fixed Income Funds–18.20%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 127383 | 1458538 |
| Corporate Bond | 53154 | 508146 |
| Vanguard Intermediate-Term <br> Corporate Bond ETF<br>| 6064 | 507860 |
|  |  | **2474544** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–16.31%** | **International Equity Funds–16.31%** | **International Equity Funds–16.31%** |
| American Funds<sup>®</sup>–<br> Capital Group Global <br> Growth Equity ETF<br>| 43128 | $1494385 |
| Vanguard FTSE Developed <br> Markets ETF<br>| 11589 | 723965 |
|  |  | **2218350** |
| **Money Market Fund–0.00%** | **Money Market Fund–0.00%** | **Money Market Fund–0.00%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 57 | 57 |
|  |  | **57** |
| **Total Investment Companies** <br>**(Cost $13,156,241)**<br>|  | **13593852** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.96% (Cost $13,156,241)** | **13593852** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.04%** | **6068** |
| **NET ASSETS APPLICABLE TO 1,211,960 SHARES OUTSTANDING–100.00%** | **$13599920** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN FUNDS VANGUARD ACTIVE PASSIVE GROWTH FUND STANDARD** <br> **CLASS** <br>**($11,297 / 1,006 Shares)** | **$11.231** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN FUNDS VANGUARD ACTIVE PASSIVE GROWTH FUND SERVICE CLASS** <br>**($13,588,623 / 1,210,954 Shares)** | **$11.221** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$13016538** |
| Distributable earnings/(accumulated loss) | **583382** |
| **TOTAL NET ASSETS** | **$13599920** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $11,643 expense reimbursement receivable from Lincoln Financial Investments Corporation, $22,076 payable for securities <br> purchased, $1,715 payable for fund shares redeemed, $5,066 other accrued expenses payable, $6,976 due to manager and affiliates, $11,675 <br> payable for audit fee and $10,594 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ETF–Exchange-Traded Fund |
| FTSE–Financial Times Stock Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** | **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** |
| **Statement of Operations** | **Statement of Operations** |
| June 2, 2025\* to December 31, 2025 | June 2, 2025\* to December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $104453 |
| **EXPENSES:** |  |
| Professional fees | 37487 |
| Accounting and administration expenses | 18914 |
| Distribution fees-Service Class | 15078 |
| Reports and statements to shareholders | 14873 |
| Management fees | 10786 |
| Consulting fees | 4085 |
| Custodian fees | 2537 |
| Shareholder servicing fees | 1251 |
| Trustees' fees and expenses | 61 |
| Pricing fees | 38 |
| Other | 2945 |
|  | 108055 |
| Less:  |  |
| Expenses reimbursed | (74857)<br>|
| Total operating expenses | 33198 |
| **NET INVESTMENT INCOME**  | 71255 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Sale of Investments | (825)<br>|
| Distributions from investment companies | 136863 |
| Net realized gain | 136038 |
| Net change in unrealized appreciation (depreciation) of <br> investments<br>| 437611 |
| **NET REALIZED AND UNREALIZED GAIN** | 573649 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $644904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** | **LVIP American Funds Vanguard Active Passive** <br> **Growth Fund** |
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **6/2/25\***<br> **to**<br>|
|  | **12/31/25** |
| **INCREASE IN NET ASSETS FROM OPERATIONS:** |  |
| Net investment income | $71255 |
| Net realized gain | 136038 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 437611 |
| Net increase in net assets resulting from operations | 644904 |
| **DIVIDENDS AND DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |
| Distributable earnings: |  |
| Standard Class | (67)<br>|
| Service Class | (61940)<br>|
|  | (62007)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Proceeds from shares sold: |  |
| Standard Class | 10000 |
| Service Class | 14923906 |
| Reinvestment of dividends and<br> distributions:<br>|  |
| Standard Class | 67 |
| Service Class | 61940 |
|  | 14995913 |
| Cost of shares redeemed: |  |
| Service Class | (1978890)<br>|
|  | (1978890)<br>|
| Increase in net assets derived from capital share <br> transactions<br>| 13017023 |
| **NET INCREASE IN NET ASSETS** | 13599920 |
| **NET ASSETS:** |  |
| Beginning of period |  |
| End of period | $13599920 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-2

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **Standard Class** | **Service Class** |
|  | **6/2/25**<sup>1</sup> <br>**to**<br> **12/31/25**<br>| **6/2/25**<sup>1</sup> <br>**to**<br> **12/31/25**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.127 | 0.106 |
| Net realized and unrealized gain | 1.171 | 1.169 |
| Total from investment operations | 1.298 | 1.275 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.067)<br>| &nbsp;&nbsp; (0.054)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.067)<br>| &nbsp;&nbsp; (0.054)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.231 | &nbsp;&nbsp; $11.221 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 12.98% | &nbsp;&nbsp; 12.75% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $13589 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.77% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>4</sup> | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.51% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.65% |
| Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; (0.09%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-3

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Funds Vanguard Active Passive Growth Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in mutual funds and exchange-traded funds ("ETFs") (the "Underlying Funds") which, in turn, invest in equity securities (stocks) and/or fixed income securities (bonds). The Underlying Funds include American Funds<sup>®</sup> mutual funds, Capital Group ETFs, and Vanguard ETFs. The Fund is advised by Lincoln Financial Investments Corporation (LFI). Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek to provide long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current period. Management has analyzed the tax positions to be taken on the Fund's federal income tax return from the period June 2, 2025\* through the period ended December 31, 2025, and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the period June 2, 2025\* through December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP American Funds Vanguard Active Passive Growth Fund-4

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

\* Date of commencement of operations.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.42% of the Fund's average daily net assets for the Standard Class and 0.77% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least July 1, 2027, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the period June 2, 2025\* through December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $74857 | &nbsp;&nbsp; $74857 |

---

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the period June 2, 2025\* through December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $262 |
| Legal | &nbsp;&nbsp; 52 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $500 for the period June 2, 2025\* through December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds and ETFs in which it invests. Because each of the Underlying Funds and ETFs has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds and ETFs at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP American Funds Vanguard Active Passive Growth Fund-5

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $11643 |
| Management fees payable to LFI | &nbsp;&nbsp; 2575 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 3602 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 500 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 299 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the period June 2, 2025\* through December 31, 2025, the Fund engaged in securities purchases of $242,267 and securities sales of $7,220, which resulted in net realized losses of $104.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

\* Date of commencement of operations.

**3. Investments**

For the period June 2, 2025\* through December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $14312043 |
| Sales | &nbsp;&nbsp; 1390079 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $13163842 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $472260 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (42250)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $430010 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Funds Vanguard Active Passive Growth Fund-6

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $13593852 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13593852 |

---

There were no Level 3 investments at the beginning or end of the period.

\* Date of commencement of operations.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **6/2/25\***<br> **to**<br>|
|  | **12/31/25** |
| Ordinary income | $62007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Date of commencement of operations.

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $16509 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 136863 |
| Net unrealized appreciation | &nbsp;&nbsp; 430010 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $583382 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to start up costs:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $485 | &nbsp;&nbsp; $(485)<br>|

---

As of December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | |
|:---|:---|
|  | **6/2/25**<sup>\*</sup> <br>**to**<br>|
|  | **12/31/25** |
| Shares sold: |  |
| Standard Class | &nbsp;&nbsp; 1000 |
| Service Class | &nbsp;&nbsp; 1382947 |
| Shares reinvested: |  |
| Standard Class | &nbsp;&nbsp; 6 |
| Service Class | &nbsp;&nbsp; 5493 |
|  | &nbsp;&nbsp; 1389446 |
| Shares redeemed: |  |
| Standard Class | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; (177486)<br>|
|  | &nbsp;&nbsp; (177486)<br>|
| Net increase | &nbsp;&nbsp; 1211960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP American Funds Vanguard Active Passive Growth Fund-7

------

**LVIP American Funds Vanguard Active Passive Growth Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Capital Shares (continued)**

\* Date of commencement of operations.

**7. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**9. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**10. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Funds Vanguard Active Passive Growth Fund-8

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Funds Vanguard Active Passive Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Funds Vanguard Active Passive Growth Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period from June 2, 2025 (date of commencement of operations) to December 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations, changes in its net assets and its financial highlights for the period from June 2, 2025 (date of commencement of operations) to December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](img2a3bb7222.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Funds Vanguard Active Passive Growth Fund–9

------

![](img357283791.jpg)

LVIP American Funds

---

| |
|:---|
| LVIP American Global Growth Fund  |
| LVIP American Growth Fund  |
| LVIP American Growth-Income Fund  |
| LVIP American International Fund  |

---

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_c8934fd8-429d-4238-8c76-d4f24372e4d5_SOI-continued-300_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_c8934fd8-429d-4238-8c76-d4f24372e4d5_FS-continued-300_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Operations](#xx_c8934fd8-429d-4238-8c76-d4f24372e4d5_FS-continued-300_2)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_c8934fd8-429d-4238-8c76-d4f24372e4d5_FS-continued-300_3)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_c8934fd8-429d-4238-8c76-d4f24372e4d5_FIHI-continued-300_1)**  | &nbsp;&nbsp; **9** |
| **[Notes to Financial Statements](#xx_c8934fd8-429d-4238-8c76-d4f24372e4d5_NTF-continued-300_1)**  | &nbsp;&nbsp; **13** |
| **[Report of Independent Registered Public Accounting Firm](#xx_c8934fd8-429d-4238-8c76-d4f24372e4d5_AUDIT-continued-300_1)**  | &nbsp;&nbsp; **19** |

---

------

**LVIP American Global Growth Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** |
| **International Equity Fund–100.05%** | **International Equity Fund–100.05%** | **International Equity Fund–100.05%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> Global Growth Fund<br>| 10380815 | $402671829 |
| **Total Investment Company** <br>**(Cost $277,325,435)**<br>|  | **402671829** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $277,325,435)** | **402671829** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(219150)**<br>|
| **NET ASSETS APPLICABLE TO 14,491,605 SHARES OUTSTANDING–100.00%** | **$402452679** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American Global Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Global Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-1

------

**LVIP American Growth Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–100.05%** | **AFFILIATED INVESTMENT–100.05%** | **AFFILIATED INVESTMENT–100.05%** |
| **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** |
| **Equity Fund–100.05%** | **Equity Fund–100.05%** | **Equity Fund–100.05%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> Growth Fund<br>| 21671229 | $3056943505 |
| **Total Affiliated Investment** <br>**(Cost $1,801,955,209)**<br>|  | **3056943505** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $1,801,955,209)** | **3056943505** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(1515436)**<br>|
| **NET ASSETS APPLICABLE TO 74,985,798 SHARES OUTSTANDING–100.00%** | **$3055428069** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-2

------

**LVIP American Growth-Income Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** | **INVESTMENT COMPANY–100.05%** |
| **Equity Fund–100.05%** | **Equity Fund–100.05%** | **Equity Fund–100.05%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> Growth-Income Fund<br>| 30804307 | $2086375745 |
| **Total Investment Company** <br>**(Cost $1,538,359,565)**<br>|  | **2086375745** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.05% (Cost $1,538,359,565)** | **2086375745** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)** | **(1044692)**<br>|
| **NET ASSETS APPLICABLE TO 61,489,348 SHARES OUTSTANDING–100.00%** | **$2085331053** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American Growth-Income Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-3

------

**LVIP American International Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANY–100.06%** | **INVESTMENT COMPANY–100.06%** | **INVESTMENT COMPANY–100.06%** |
| **International Equity Fund–100.06%** | **International Equity Fund–100.06%** | **International Equity Fund–100.06%** |
| ✢American Funds Insurance Series<sup>®</sup>–<br> International Fund<br>| 14028144 | $313248453 |
| **Total Investment Company** <br>**(Cost $234,881,381)**<br>|  | **313248453** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.06% (Cost $234,881,381)** | **313248453** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)** | **(174115)**<br>|
| **NET ASSETS APPLICABLE TO 19,984,109 SHARES OUTSTANDING–100.00%** | **$313074338** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✢Class 1 shares.<br>

The LVIP American International Fund (Fund) invests substantially all of its assets in Class 1 shares of the International Fund, a series of the American Funds Insurance Series<sup>®</sup> (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund's financial statements. Financial statements for the Underlying Fund can be found at www.sec.gov.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| **ASSETS:** |  |  |  |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $402671829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2086375745 | &nbsp;&nbsp; $313248453 |
| Affiliated investments, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 3056943505 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for fund shares sold | &nbsp;&nbsp; 1467345 | &nbsp;&nbsp; 9971826 | &nbsp;&nbsp; 7562485 | &nbsp;&nbsp; 1720696 |
| Receivable for securities sold | &nbsp;&nbsp; 318244 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 2352 | &nbsp;&nbsp; 16548 | &nbsp;&nbsp; 11588 | &nbsp;&nbsp; 1849 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 404459770 | &nbsp;&nbsp; 3066931879 | &nbsp;&nbsp; 2093949818 | &nbsp;&nbsp; 314970998 |
| **LIABILITIES:** |  |  |  |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 1785589 | &nbsp;&nbsp; 7516625 | &nbsp;&nbsp; 7125521 | &nbsp;&nbsp; 1578317 |
| Due to manager and affiliates | &nbsp;&nbsp; 196914 | &nbsp;&nbsp; 1493503 | &nbsp;&nbsp; 1023016 | &nbsp;&nbsp; 151845 |
| Payable for audit fee | &nbsp;&nbsp; 11800 | &nbsp;&nbsp; 11800 | &nbsp;&nbsp; 11800 | &nbsp;&nbsp; 11800 |
| Payable for fund accounting fee | &nbsp;&nbsp; 8356 | &nbsp;&nbsp; 8622 | &nbsp;&nbsp; 8527 | &nbsp;&nbsp; 8346 |
| Other accrued expenses payable | &nbsp;&nbsp; 4432 | &nbsp;&nbsp; 18060 | &nbsp;&nbsp; 12937 | &nbsp;&nbsp; 3974 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 2455200 | &nbsp;&nbsp; 436964 | &nbsp;&nbsp; 142378 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 2007091 | &nbsp;&nbsp; 11503810 | &nbsp;&nbsp; 8618765 | &nbsp;&nbsp; 1896660 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $402452679 | &nbsp;&nbsp; $3055428069 | &nbsp;&nbsp; $2085331053 | &nbsp;&nbsp; $313074338 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; $277325435 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1538359565 | &nbsp;&nbsp; $234881381 |
| Affiliated investments, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; 1801955209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Service Class II:** |  |  |  |  |
| Net Assets | &nbsp;&nbsp; $402452679 | &nbsp;&nbsp; $3055428069 | &nbsp;&nbsp; $2085331053 | &nbsp;&nbsp; $313074338 |
| Shares outstanding | &nbsp;&nbsp; 14491605 | &nbsp;&nbsp; 74985798 | &nbsp;&nbsp; 61489348 | &nbsp;&nbsp; 19984109 |
| Net Asset Value Per Share | &nbsp;&nbsp; $27.771 | &nbsp;&nbsp; $40.747 | &nbsp;&nbsp; $33.914 | &nbsp;&nbsp; $15.666 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |  |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $238778065 | &nbsp;&nbsp; $1688971969 | &nbsp;&nbsp; $1275254414 | &nbsp;&nbsp; $251981071 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 163674614 | &nbsp;&nbsp; 1366456100 | &nbsp;&nbsp; 810076639 | &nbsp;&nbsp; 61093267 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $402452679 | &nbsp;&nbsp; $3055428069 | &nbsp;&nbsp; $2085331053 | &nbsp;&nbsp; $313074338 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from investment companies | $6070999 | $— | $22171366 | $4552758 |
| Dividends from affiliated investments |  | 6485427 |  |  |
|  | 6070999 | 6485427 | 22171366 | 4552758 |
| **EXPENSES:** |  |  |  |  |
| Distribution fees-Service Class II | 2068356 | 14595729 | 10256477 | 1617707 |
| Shareholder servicing fees | 109059 | 769593 | 540796 | 85297 |
| Accounting and administration expenses | 61474 | 279856 | 204790 | 53526 |
| Professional fees | 36041 | 89758 | 70578 | 34161 |
| Reports and statements to shareholders | 12074 | 47087 | 35010 | 9871 |
| Trustees' fees and expenses | 10712 | 74059 | 52302 | 8417 |
| Consulting fees | 4379 | 6059 | 5452 | 4306 |
| Custodian fees | 2698 | 9820 | 7313 | 2392 |
| Pricing fees | 1326 | 9353 | 6543 | 1029 |
| Other | 12186 | 41519 | 33506 | 6781 |
| Total operating expenses | 2318305 | 15922833 | 11212767 | 1823487 |
| **NET INVESTMENT INCOME (LOSS)**  | 3752694 | (9437406)<br>| 10958599 | 2729271 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Sale of affiliated investments |  | (976257)<br>|  |  |
| Sale of investment companies | 1275981 |  | (5383720)<br>| 2565748 |
| Distributions from affiliated investment companies |  | 206359281 |  |  |
| Distributions from investment companies | 46133971 |  | 304669994 |  |
| Net realized gain | 47409952 | 205383024 | 299286274 | 2565748 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| Affiliated investments |  | 305435038 |  |  |
| Unaffiliated investments | 21934161 |  | 733009 | 64181693 |
| Net change in unrealized appreciation (depreciation) | 21934161 | 305435038 | 733009 | 64181693 |
| **NET REALIZED AND UNREALIZED GAIN** | 69344113 | 510818062 | 300019283 | 66747441 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $73096807 | $501380656 | $310977882 | $69476712 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | $3752694 | $4109867 | $(9437406)<br>| $(239430)<br>| $10958599 | $11794105 |
| Net realized gain (loss) | 47409952 | 13164445 | 205383024 | 41072175 | 299286274 | 69472847 |
| Net change in unrealized appreciation (depreciation) | 21934161 | 26549694 | 305435038 | 506830605 | 733009 | 238465817 |
| Net increase in net assets resulting from operations | 73096807 | 43824006 | 501380656 | 547663350 | 310977882 | 319732769 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Service Class II | (15293054)<br>| (30879057)<br>| (60750047)<br>| (77245431)<br>| (93208658)<br>| (78344898)<br>|
|  | (15293054)<br>| (30879057)<br>| (60750047)<br>| (77245431)<br>| (93208658)<br>| (78344898)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Service Class II | 49754580 | 30940796 | 579844447 | 297974944 | 335989468 | 208653295 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Service Class II | 15293054 | 30879057 | 60750047 | 77245431 | 93208658 | 78344898 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Service Class II | (75578037)<br>| (56999611)<br>| (369627062)<br>| (262966930)<br>| (256874146)<br>| (186325210)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (10530403)<br>| 4820242 | 270967432 | 112253445 | 172323980 | 100672983 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 47273350 | 17765191 | 711598041 | 582671364 | 390093204 | 342060854 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 355179329 | 337414138 | 2343830028 | 1761158664 | 1695237849 | 1353176995 |
| End of year | $402452679 | $355179329 | $3055428069 | $2343830028 | $2085331053 | $1695237849 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Funds** | **LVIP American Funds** | **LVIP American Funds** |
| **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** | **Statements of Changes in Net Assets (continued)** |
|  | **LVIP American**<br> **International**<br> **Fund** | **LVIP American**<br> **International**<br> **Fund** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $2729271 | $2252369 |
| Net realized gain (loss) | 2565748 | (1454058)<br>|
| Net change in unrealized appreciation (depreciation) | 64181693 | 7912834 |
| Net increase in net assets resulting from operations | 69476712 | 8711145 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Distributable earnings: |  |  |
| Service Class II | (2504963)<br>| (2205758)<br>|
|  | (2504963)<br>| (2205758)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Service Class II | 28739557 | 34537336 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Service Class II | 2504963 | 2205758 |
| Cost of shares redeemed: |  |  |
| Service Class II | (60561711)<br>| (59637519)<br>|
| Increase (decrease) in net assets derived from capital share transactions | (29317191)<br>| (22894425)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** | 37654558 | (16389038)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 275419780 | 291808818 |
| End of year | $313074338 | $275419780 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-8

------

**LVIP American Global Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** | **LVIP American Global Growth Fund Service Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $23.810 | &nbsp;&nbsp; $22.989 | &nbsp;&nbsp; $20.980 | &nbsp;&nbsp; $30.532 | &nbsp;&nbsp; $27.014 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.257 | 0.289 | 0.117 | 0.063 | &nbsp;&nbsp; (0.005)<br>|
| Net realized and unrealized gain (loss) | 4.778 | 2.761 | 4.301 | &nbsp;&nbsp; (7.837)<br>| 4.345 |
| Total from investment operations | 5.035 | 3.050 | 4.418 | &nbsp;&nbsp; (7.774)<br>| 4.340 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.293)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.111)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (0.781)<br>| &nbsp;&nbsp; (1.937)<br>| &nbsp;&nbsp; (2.298)<br>| &nbsp;&nbsp; (1.649)<br>| &nbsp;&nbsp; (0.822)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (2.229)<br>| &nbsp;&nbsp; (2.409)<br>| &nbsp;&nbsp; (1.778)<br>| &nbsp;&nbsp; (0.822)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $27.771 | &nbsp;&nbsp; $23.810 | &nbsp;&nbsp; $22.989 | &nbsp;&nbsp; $20.980 | &nbsp;&nbsp; $30.532 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 21.23% | &nbsp;&nbsp; 13.25% | &nbsp;&nbsp; 22.16% | &nbsp;&nbsp; (25.02%)<br>| &nbsp;&nbsp; 16.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $402453 | &nbsp;&nbsp; $355179 | &nbsp;&nbsp; $337414 | &nbsp;&nbsp; $296654 | &nbsp;&nbsp; $455371 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.02%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-9

------

**LVIP American Growth Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** | **LVIP American Growth Fund Service Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $34.711 | &nbsp;&nbsp; $27.479 | &nbsp;&nbsp; $22.546 | &nbsp;&nbsp; $38.600 | &nbsp;&nbsp; $32.636 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.133)<br>| &nbsp;&nbsp; (0.004)<br>| 0.002 | &nbsp;&nbsp; — <br><sup>2</sup><br>| &nbsp;&nbsp; (0.043)<br>|
| Net realized and unrealized gain (loss) | 7.009 | 8.446 | 8.163 | &nbsp;&nbsp; (11.593)<br>| 7.055 |
| Total from investment operations | 6.876 | 8.442 | 8.165 | &nbsp;&nbsp; (11.593)<br>| 7.012 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.231)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.405)<br>| &nbsp;&nbsp; (0.194)<br>|
| Net realized gain | &nbsp;&nbsp; (0.609)<br>| &nbsp;&nbsp; (1.201)<br>| &nbsp;&nbsp; (3.230)<br>| &nbsp;&nbsp; (4.056)<br>| &nbsp;&nbsp; (0.854)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.840)<br>| &nbsp;&nbsp; (1.210)<br>| &nbsp;&nbsp; (3.232)<br>| &nbsp;&nbsp; (4.461)<br>| &nbsp;&nbsp; (1.048)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $40.747 | &nbsp;&nbsp; $34.711 | &nbsp;&nbsp; $27.479 | &nbsp;&nbsp; $22.546 | &nbsp;&nbsp; $38.600 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 19.82% | &nbsp;&nbsp; 31.19% | &nbsp;&nbsp; 37.99% | &nbsp;&nbsp; (30.19%)<br>| &nbsp;&nbsp; 21.58% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $3055428 | &nbsp;&nbsp; $2343830 | &nbsp;&nbsp; $1761159 | &nbsp;&nbsp; $1317383 | &nbsp;&nbsp; $1764769 |
| Ratio of expenses to average net assets<sup>4</sup> | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.01%)<br>| &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; (0.12%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Amount rounds to less than $0.001 per share.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

<sup>5</sup> Amount rounds to less than 0.001%.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-10

------

**LVIP American Growth-Income Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** | **LVIP American Growth-Income Fund Service Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $30.197 | &nbsp;&nbsp; $25.636 | &nbsp;&nbsp; $22.301 | &nbsp;&nbsp; $27.805 | &nbsp;&nbsp; $23.052 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.188 | 0.222 | 0.248 | 0.224 | 0.202 |
| Net realized and unrealized gain (loss) | 5.117 | 5.825 | 5.284 | &nbsp;&nbsp; (4.916)<br>| 5.239 |
| Total from investment operations | 5.305 | 6.047 | 5.532 | &nbsp;&nbsp; (4.692)<br>| 5.441 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.242)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.574)<br>| &nbsp;&nbsp; (0.199)<br>|
| Net realized gain | &nbsp;&nbsp; (1.124)<br>| &nbsp;&nbsp; (1.244)<br>| &nbsp;&nbsp; (1.961)<br>| &nbsp;&nbsp; (0.238)<br>| &nbsp;&nbsp; (0.489)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.588)<br>| &nbsp;&nbsp; (1.486)<br>| &nbsp;&nbsp; (2.197)<br>| &nbsp;&nbsp; (0.812)<br>| &nbsp;&nbsp; (0.688)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $33.914 | &nbsp;&nbsp; $30.197 | &nbsp;&nbsp; $25.636 | &nbsp;&nbsp; $22.301 | &nbsp;&nbsp; $27.805 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.67% | &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 25.72% | &nbsp;&nbsp; (16.80%)<br>| &nbsp;&nbsp; 23.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2085331 | &nbsp;&nbsp; $1695238 | &nbsp;&nbsp; $1353177 | &nbsp;&nbsp; $1093085 | &nbsp;&nbsp; $1330283 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.78% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-11

------

**LVIP American International Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** | **LVIP American International Fund Service Class II** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.507 | &nbsp;&nbsp; $12.271 | &nbsp;&nbsp; $12.337 | &nbsp;&nbsp; $16.103 | &nbsp;&nbsp; $16.769 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.129 | 0.102 | 0.120 | 0.197 | 0.362 |
| Net realized and unrealized gain (loss) | 3.156 | 0.236 | 1.647 | &nbsp;&nbsp; (3.598)<br>| &nbsp;&nbsp; (0.672)<br>|
| Total from investment operations | 3.285 | 0.338 | 1.767 | &nbsp;&nbsp; (3.401)<br>| &nbsp;&nbsp; (0.310)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.126)<br>| &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; (0.110)<br>| &nbsp;&nbsp; (0.315)<br>| &nbsp;&nbsp; (0.355)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.723)<br>| &nbsp;&nbsp; (0.050)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.126)<br>| &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; (1.833)<br>| &nbsp;&nbsp; (0.365)<br>| &nbsp;&nbsp; (0.356)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.666 | &nbsp;&nbsp; $12.507 | &nbsp;&nbsp; $12.271 | &nbsp;&nbsp; $12.337 | &nbsp;&nbsp; $16.103 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 26.27% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 15.41% | &nbsp;&nbsp; (21.07%)<br>| &nbsp;&nbsp; (1.84%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $313074 | &nbsp;&nbsp; $275420 | &nbsp;&nbsp; $291809 | &nbsp;&nbsp; $269139 | &nbsp;&nbsp; $296356 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 2.11% |
| Portfolio turnover | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Funds-12

------

**LVIP American Funds**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Global Growth Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The LVIP American Global Growth Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund operate under a fund of funds structure and invest substantially all of their assets in Class 1 shares of the Global Growth Fund, Growth Fund, Growth-Income Fund and International Fund, respectively, each a series of the American Funds Insurance Series<sup>®</sup> (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Global Growth Fund and LVIP American International Fund is long-term growth of capital.

The investment objective of the LVIP American Growth Fund is growth of capital.

The investment objective of the LVIP American Growth-Income Fund is long-term growth of capital and income.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Funds value Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

LVIP American Funds-13

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, and providing certain administrative services to each Fund. To the extent that a Fund invests all of its investable assets (i.e., securities and cash) in another registered investment company, the Trust will not pay the adviser any advisory fees.

To the extent a Fund does not invest investable assets in another registered investment company, the advisory fee rates payable by the Service Class II of each Fund to LFI are set forth in the following table:

---

| | |
|:---|:---|
| **Fund**  | **Annual Fee Rate**<br> **Based on**<br> **Average Daily**<br> **Net Asset Value** <br>|
| LVIP American Global Growth Fund | 0.80% |
| LVIP American Growth Fund | 0.75% |
| LVIP American Growth-Income Fund | 0.75% |
| LVIP American International Fund | 0.85% |

---

The fee is calculated daily and paid monthly. This fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds. For the year ended December 31, 2025, no advisory fees were charged to the Funds.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Administrative | &nbsp;&nbsp; $30809 | &nbsp;&nbsp; $214584 | &nbsp;&nbsp; $151403 | &nbsp;&nbsp; $24122 |
| Legal | &nbsp;&nbsp; 5128 | &nbsp;&nbsp; 35928 | &nbsp;&nbsp; 25320 | &nbsp;&nbsp; 4015 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2025, these fees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $4240 | &nbsp;&nbsp; $12996 | &nbsp;&nbsp; $10521 | &nbsp;&nbsp; $3729 |

---

The Funds currently offer one class of shares: Service Class II. The Service Class II shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class II shares an annual 12b-1 Fee at a rate not to exceed 0.75% of average daily net assets of the Service Class II shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.55% of the average daily net assets of the Service Class II shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Distribution fees payable to LFD | &nbsp;&nbsp; $187051 | &nbsp;&nbsp; $1418699 | &nbsp;&nbsp; $971777 | &nbsp;&nbsp; $144240 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 9863 | &nbsp;&nbsp; 74804 | &nbsp;&nbsp; 51239 | &nbsp;&nbsp; 7605 |

---

LVIP American Funds-14

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Funds and the corresponding investment activity for the year ended December 31, 2025, were as follows:

**<u>LVIP American Growth Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANY-100.05%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-100.05%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✢American Funds Insurance <br> Series<sup>®</sup> – Growth Fund<br>| $2345036508 | $522391201 | $114942985 | $(976257)<br>| $305435038 | $3056943505 | 21671229 | $6485427 | $206359281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✢</sup> Class 1 shares. |

---

**3. Investments**

For the year ended December 31, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Purchases | &nbsp;&nbsp; $65154782 | &nbsp;&nbsp; $522391201 | &nbsp;&nbsp; $468282648 | &nbsp;&nbsp; $12257698 |
| Sales | &nbsp;&nbsp; 41081780 | &nbsp;&nbsp; 114942985 | &nbsp;&nbsp; 73361722 | &nbsp;&nbsp; 41346771 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $284719119 | &nbsp;&nbsp; $1870286309 | &nbsp;&nbsp; $1563810007 | &nbsp;&nbsp; $248116033 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $117953120 | &nbsp;&nbsp; $1186755981 | &nbsp;&nbsp; $523020486 | &nbsp;&nbsp; $65132421 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (412)<br>| &nbsp;&nbsp; (98786)<br>| &nbsp;&nbsp; (454748)<br>| &nbsp;&nbsp; (1)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $117952708 | &nbsp;&nbsp; $1186657195 | &nbsp;&nbsp; $522565738 | &nbsp;&nbsp; $65132420 |

---

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments)

LVIP American Funds-15

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

(e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Level 1** | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| **Investments:** |  |  |  |  |
| **<u>Assets:</u>** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3056943505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 402671829 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2086375745 | &nbsp;&nbsp; 313248453 |
| **Total Investments** | &nbsp;&nbsp; $402671829 | &nbsp;&nbsp; $3056943505 | &nbsp;&nbsp; $2086375745 | &nbsp;&nbsp; $313248453 |

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| **Year ended December 31, 2025** |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $5437970 | &nbsp;&nbsp; $17566723 | &nbsp;&nbsp; $28122913 | &nbsp;&nbsp; $2504963 |
| Long-term capital gains | &nbsp;&nbsp; 9855084 | &nbsp;&nbsp; 43183324 | &nbsp;&nbsp; 65085745 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $15293054 | &nbsp;&nbsp; $60750047 | &nbsp;&nbsp; $93208658 | &nbsp;&nbsp; $2504963 |
| **Year ended December 31, 2024** |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $7444201 | &nbsp;&nbsp; $779818 | &nbsp;&nbsp; $16297069 | &nbsp;&nbsp; $2205758 |
| Long-term capital gains | &nbsp;&nbsp; 23434856 | &nbsp;&nbsp; 76465613 | &nbsp;&nbsp; 62047829 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $30879057 | &nbsp;&nbsp; $77245431 | &nbsp;&nbsp; $78344898 | &nbsp;&nbsp; $2205758 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund**<br>| **LVIP American**<br> **Growth Fund**<br>| **LVIP American**<br> **Growth-Income**<br> **Fund**<br>| **LVIP American**<br> **International**<br> **Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $27256 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $270919 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 45694648 | &nbsp;&nbsp; 179798905 | &nbsp;&nbsp; 287510901 | &nbsp;&nbsp; — |
| Capital loss carryforward | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4310072)<br>|
| Other temporary differences | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net unrealized appreciation | &nbsp;&nbsp; 117952708 | &nbsp;&nbsp; 1186657195 | &nbsp;&nbsp; 522565738 | &nbsp;&nbsp; 65132420 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $163674614 | &nbsp;&nbsp; $1366456100 | &nbsp;&nbsp; $810076639 | &nbsp;&nbsp; $61093267 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the below Funds had the following capital loss carryforwards for federal income tax purposes:

LVIP American Funds-16

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

---

| | |
|:---|:---|
|  | **Post-Enactment** <br> **Losses (No** <br> **Expiration)**<br>|
|  | **LVIP American** <br> **International Fund**<br>|
| Long-Term | $4310072 |
| Total | $4310072 |

---

In 2025, the LVIP American International Fund utilized $1,551,194 of capital loss carryforwards.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Global Growth**<br> **Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** | **LVIP American**<br> **Growth-Income**<br> **Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Service Class II | &nbsp;&nbsp; 1921797 | &nbsp;&nbsp; 1238169 | &nbsp;&nbsp; 15702570 | &nbsp;&nbsp; 9286659 | &nbsp;&nbsp; 10500464 | &nbsp;&nbsp; 7136655 |
| Shares reinvested: |  |  |  |  |  |  |
| Service Class II | &nbsp;&nbsp; 556629 | &nbsp;&nbsp; 1273464 | &nbsp;&nbsp; 1493293 | &nbsp;&nbsp; 2458468 | &nbsp;&nbsp; 2773316 | &nbsp;&nbsp; 2670398 |
|  | &nbsp;&nbsp; 2478426 | &nbsp;&nbsp; 2511633 | &nbsp;&nbsp; 17195863 | &nbsp;&nbsp; 11745127 | &nbsp;&nbsp; 13273780 | &nbsp;&nbsp; 9807053 |
| Shares redeemed: |  |  |  |  |  |  |
| Service Class II | &nbsp;&nbsp; (2904068)<br>| &nbsp;&nbsp; (2271694)<br>| &nbsp;&nbsp; (9733577)<br>| &nbsp;&nbsp; (8312415)<br>| &nbsp;&nbsp; (7923371)<br>| &nbsp;&nbsp; (6451487)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (425642)<br>| &nbsp;&nbsp; 239939 | &nbsp;&nbsp; 7462286 | &nbsp;&nbsp; 3432712 | &nbsp;&nbsp; 5350409 | &nbsp;&nbsp; 3355566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **LVIP American**<br> **International**<br> **Fund** | **LVIP American**<br> **International**<br> **Fund** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Service Class II | &nbsp;&nbsp; 2076088 | &nbsp;&nbsp; 2656919 |
| Shares reinvested: |  |  |
| Service Class II | &nbsp;&nbsp; 160556 | &nbsp;&nbsp; 175046 |
|  | &nbsp;&nbsp; 2236644 | &nbsp;&nbsp; 2831965 |
| Shares redeemed: |  |  |
| Service Class II | &nbsp;&nbsp; (4273636)<br>| &nbsp;&nbsp; (4592062)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (2036992)<br>| &nbsp;&nbsp; (1760097)<br>|

---

**7. Line of Credit**

The Funds, along with other funds in the Trust ("Participants"), are participants in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Funds had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

LVIP American Funds-17

------

**LVIP American Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Contractual Obligations**

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. The Funds invest primarily in other regulated investment companies and management of the Funds has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Funds did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP American Funds-18

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP American Global Growth Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund and the Board of Trustees of Lincoln Variable Insurance Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of LVIP American Global Growth Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund (collectively referred to as the "Funds") (four of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedules of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting.Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img5439fd472.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Funds–19

------

![](imgd00a8ba31.jpg)

![](img32dc652c2.jpg)

LVIP American Global Allocation Managed Risk Funds

LVIP American Global Balanced Allocation Managed Risk Fund <br> LVIP American Global Growth Allocation Managed Risk Fund

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Global Allocation Managed Risk Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_5063cee0-814c-4ebf-8820-7e1ccbe0ea4f_SOI-continued-322_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_5063cee0-814c-4ebf-8820-7e1ccbe0ea4f_FS-continued-322_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_5063cee0-814c-4ebf-8820-7e1ccbe0ea4f_FS-continued-322_2)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_5063cee0-814c-4ebf-8820-7e1ccbe0ea4f_FIHI-continued-322_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_5063cee0-814c-4ebf-8820-7e1ccbe0ea4f_NTF-continued-322_1)**  | &nbsp;&nbsp; **11** |
| **[Report of Independent Registered Public Accounting Firm](#xx_5063cee0-814c-4ebf-8820-7e1ccbe0ea4f_AUDIT-continued-322_1)**  | &nbsp;&nbsp; **18** |

---

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.88%** | **INVESTMENT COMPANIES–99.88%** | **INVESTMENT COMPANIES–99.88%** |
| **Asset Allocation Fund–10.77%** | **Asset Allocation Fund–10.77%** | **Asset Allocation Fund–10.77%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 1548874 | $119061921 |
|  |  | **119061921** |
| **Equity Funds–34.06%** | **Equity Funds–34.06%** | **Equity Funds–34.06%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 1881773 | 111984336 |
| Growth Fund of America | 1798271 | 144886704 |
| Investment Company of <br> America<br>| 1912275 | 119765749 |
|  |  | **376636789** |
| **Fixed Income Funds–44.40%** | **Fixed Income Funds–44.40%** | **Fixed Income Funds–44.40%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 37043841 | 424151987 |
| High-Income Trust | 3233227 | 32073610 |
| Inflation Linked Bond Fund | 3675163 | 34767040 |
|  |  | **490992637** |
| **Global Equity Fund–3.56%** | **Global Equity Fund–3.56%** | **Global Equity Fund–3.56%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 515529 | 39329686 |
|  |  | **39329686** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–4.62%** | **International Equity Funds–4.62%** | **International Equity Funds–4.62%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 665683 | $40327063 |
| New World Fund | 115224 | 10735453 |
|  |  | **51062516** |
| **Money Market Fund–2.47%** | **Money Market Fund–2.47%** | **Money Market Fund–2.47%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 27294979 | 27294979 |
|  |  | **27294979** |
| **Total Investment Companies** <br>**(Cost $966,073,067)**<br>|  | **1104378528** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.88% (Cost $966,073,067)** | **1104378528** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.12%** | **1354879** |
| **NET ASSETS APPLICABLE TO 98,631,842 SHARES OUTSTANDING–100.00%** | **$1105733407** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL BALANCED ALLOCATION MANAGED RISK FUND** <br> **STANDARD CLASS** <br>**($20,699,488 / 1,845,429 Shares)** | **$11.217** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL BALANCED ALLOCATION MANAGED RISK FUND SERVICE** <br> **CLASS** <br>**($1,085,033,919 / 96,786,413 Shares)** | **$11.211** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$963754062** |
| Distributable earnings/(accumulated loss) | **141979345** |
| **TOTAL NET ASSETS** | **$1105733407** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,937,550 cash collateral held at broker for futures contracts, $1,774,424 payable for securities purchased, $1,761,295 payable for <br> fund shares redeemed, $11,618 other accrued expenses payable, $587,215 due to manager and affiliates, $199,303 variation margin due to <br> broker on futures contracts, $17,071 payable for audit fee and $14,887 payable for fund accounting fee as of December 31, 2025.<br>

LVIP American Global Allocation Managed Risk Funds-1

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 6 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $400380 | &nbsp;&nbsp; $398483 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $1897 | &nbsp;&nbsp; $— |
| 11 | CME British Pound Currency Futures | &nbsp;&nbsp; 925238 | &nbsp;&nbsp; 915347 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 9891 | &nbsp;&nbsp; — |
| 16 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 2356000 | &nbsp;&nbsp; 2339273 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 16727 | &nbsp;&nbsp; — |
| 13 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 1043006 | &nbsp;&nbsp; 1045373 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2367)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 28515 | &nbsp;&nbsp; (2367)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 6 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 749400 | &nbsp;&nbsp; 771994 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (22594)<br>|
| 53 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 18265125 | &nbsp;&nbsp; 18255332 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 9793 | &nbsp;&nbsp; — |
| 11 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3657720 | &nbsp;&nbsp; 3714573 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (56853)<br>|
| 40 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 2745738 | &nbsp;&nbsp; 2708394 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 37344 | &nbsp;&nbsp; — |
| 7 | FTSE 100 Index Futures | &nbsp;&nbsp; 937998 | &nbsp;&nbsp; 919603 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 18395 | &nbsp;&nbsp; — |
| 15 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 1058550 | &nbsp;&nbsp; 1037261 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 21289 | &nbsp;&nbsp; — |
| 6 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 188687 | &nbsp;&nbsp; 184253 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 4434 | &nbsp;&nbsp; — |
| 3 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 434245 | &nbsp;&nbsp; 431995 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; — |
| 5 | TSE TOPIX Futures | &nbsp;&nbsp; 1089601 | &nbsp;&nbsp; 1081466 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 8135 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 101640 | &nbsp;&nbsp; (79447)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $130155 | &nbsp;&nbsp; $(81814)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-2

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.85%** | **INVESTMENT COMPANIES–99.85%** | **INVESTMENT COMPANIES–99.85%** |
| **Asset Allocation Fund–5.85%** | **Asset Allocation Fund–5.85%** | **Asset Allocation Fund–5.85%** |
| ✧American Funds<sup>®</sup>–<br> Capital Income Builder<br>| 1696041 | $130374666 |
|  |  | **130374666** |
| **Equity Funds–47.36%** | **Equity Funds–47.36%** | **Equity Funds–47.36%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| American Mutual Fund | 5753923 | 342415957 |
| Growth Fund of America | 4399545 | 354471330 |
| Investment Company of <br> America<br>| 5736009 | 359246252 |
|  |  | **1056133539** |
| **Fixed Income Funds–25.99%** | **Fixed Income Funds–25.99%** | **Fixed Income Funds–25.99%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 40550481 | 464303013 |
| High-Income Trust | 6050616 | 60022109 |
| Inflation Linked Bond Fund | 5834034 | 55189961 |
|  |  | **579515083** |
| **Global Equity Fund–5.90%** | **Global Equity Fund–5.90%** | **Global Equity Fund–5.90%** |
| ✧American Funds<sup>®</sup>–<br> Smallcap World Fund<br>| 1725007 | 131600787 |
|  |  | **131600787** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–11.85%** | **International Equity Funds–11.85%** | **International Equity Funds–11.85%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| EuroPacific Growth Fund | 3296235 | $199685916 |
| New World Fund | 693918 | 64652323 |
|  |  | **264338239** |
| **Money Market Fund–2.90%** | **Money Market Fund–2.90%** | **Money Market Fund–2.90%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 64683458 | 64683458 |
|  |  | **64683458** |
| **Total Investment Companies** <br>**(Cost $1,880,029,007)**<br>|  | **2226645772** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.85% (Cost $1,880,029,007)** | **2226645772** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.15%** | **3285200** |
| **NET ASSETS APPLICABLE TO 190,382,941 SHARES OUTSTANDING–100.00%** | **$2229930972** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL GROWTH ALLOCATION MANAGED RISK FUND STANDARD** <br> **CLASS** <br>**($1,252,467 / 106,812 Shares)** | **$11.726** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL GROWTH ALLOCATION MANAGED RISK FUND SERVICE** <br> **CLASS** <br>**($2,228,678,505 / 190,276,129 Shares)** | **$11.713** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1831167732** |
| Distributable earnings/(accumulated loss) | **398763240** |
| **TOTAL NET ASSETS** | **$2229930972** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,634,643 cash collateral held at broker for futures contracts, $2,086,365 payable for securities purchased, $2,523,626 payable for <br> fund shares redeemed, $18,155 other accrued expenses payable, $1,197,739 due to manager and affiliates, $463,748 variation margin due to <br> broker on futures contracts, $17,071 payable for audit fee and $15,013 payable for fund accounting fee as of December 31, 2025.<br>

LVIP American Global Allocation Managed Risk Funds-3

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 16 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $1067680 | &nbsp;&nbsp; $1062621 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $5059 | &nbsp;&nbsp; $— |
| 30 | CME British Pound Currency Futures | &nbsp;&nbsp; 2523375 | &nbsp;&nbsp; 2496399 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 26976 | &nbsp;&nbsp; — |
| 45 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 6626250 | &nbsp;&nbsp; 6579205 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 47045 | &nbsp;&nbsp; — |
| 36 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 2888325 | &nbsp;&nbsp; 2894654 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6329)<br>|
| 2 | CME Swedish Krona Currency Futures | &nbsp;&nbsp; 435700 | &nbsp;&nbsp; 431122 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 4578 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 83658 | &nbsp;&nbsp; (6329)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 17 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 2123300 | &nbsp;&nbsp; 2187375 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (64075)<br>|
| 118 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 40665750 | &nbsp;&nbsp; 40643896 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 21854 | &nbsp;&nbsp; — |
| 26 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 8645520 | &nbsp;&nbsp; 8779854 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (134334)<br>|
| 99 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 6795700 | &nbsp;&nbsp; 6703276 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 92424 | &nbsp;&nbsp; — |
| 20 | FTSE 100 Index Futures | &nbsp;&nbsp; 2679995 | &nbsp;&nbsp; 2627438 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 52557 | &nbsp;&nbsp; — |
| 51 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 3599070 | &nbsp;&nbsp; 3526508 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 72562 | &nbsp;&nbsp; — |
| 17 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 534614 | &nbsp;&nbsp; 522052 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 12562 | &nbsp;&nbsp; — |
| 8 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 1157986 | &nbsp;&nbsp; 1151985 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 6001 | &nbsp;&nbsp; — |
| 15 | TSE TOPIX Futures | &nbsp;&nbsp; 3268801 | &nbsp;&nbsp; 3244874 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 23927 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 281887 | &nbsp;&nbsp; (198409)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $365545 | &nbsp;&nbsp; $(204738)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| **INVESTMENT INCOME:** |  |  |
| Dividends | $34874515 | $56506117 |
| **EXPENSES:** |  |  |
| Distribution fees-Service Class | 3889043 | 7914856 |
| Management fees | 2816923 | 5656388 |
| Shareholder servicing fees | 326763 | 656141 |
| Accounting and administration expenses | 152547 | 264514 |
| Professional fees | 61534 | 87206 |
| Trustees' fees and expenses | 32928 | 66065 |
| Reports and statements to shareholders | 21836 | 37681 |
| Custodian fees | 12143 | 15955 |
| Consulting fees | 8188 | 8943 |
| Pricing fees | 4744 | 8757 |
| Other | 34071 | 62833 |
| Total operating expenses | 7360720 | 14779339 |
| **NET INVESTMENT INCOME**  | 27513795 | 41726778 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments | 1339307 | 651957 |
| Distributions from investment companies | 41716396 | 117695680 |
| Foreign currencies | (7290)<br>| (6293)<br>|
| Futures contracts | (6878354)<br>| (23202306)<br>|
| Net realized gain | 36170059 | 95139038 |
| Net change in unrealized appreciation (depreciation) of: |  |  |
| Investments | 66955552 | 166152965 |
| Foreign currencies | 12131 | 32895 |
| Futures contracts | 1093141 | 2800521 |
| Net change in unrealized appreciation (depreciation) | 68060824 | 168986381 |
| **NET REALIZED AND UNREALIZED GAIN** | 104230883 | 264125419 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $131744678 | $305852197 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** | **LVIP American Global Allocation Managed Risk Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $27513795 | $28663324 | $41726778 | $42146182 |
| Net realized gain | 36170059 | 37216677 | 95139038 | 114832244 |
| Net change in unrealized appreciation (depreciation) | 68060824 | 45436866 | 168986381 | 118770895 |
| Net increase in net assets resulting from operations | 131744678 | 111316867 | 305852197 | 275749321 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings: |  |  |  |  |
| Standard Class | (1248798)<br>| (253376)<br>| (71114)<br>| (24019)<br>|
| Service Class | (63489622)<br>| (31249945)<br>| (123602100)<br>| (42142959)<br>|
|  | (64738420)<br>| (31503321)<br>| (123673214)<br>| (42166978)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |
| Standard Class | 12440018 | 1586954 | 8817 | 6909 |
| Service Class | 14087154 | 14439693 | 20489974 | 24772601 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |
| Standard Class | 1248798 | 253376 | 71114 | 24019 |
| Service Class | 63489622 | 31249945 | 123602100 | 42142959 |
|  | 91265592 | 47529968 | 144172005 | 66946488 |
| Cost of shares redeemed: |  |  |  |  |
| Standard Class | (2204677)<br>| (946673)<br>| (31183)<br>| (28418)<br>|
| Service Class | (212920427)<br>| (213161568)<br>| (419240099)<br>| (458683879)<br>|
|  | (215125104)<br>| (214108241)<br>| (419271282)<br>| (458712297)<br>|
| Decrease in net assets derived from capital share transactions | (123859512)<br>| (166578273)<br>| (275099277)<br>| (391765809)<br>|
| **NET DECREASE IN NET ASSETS** | (56853254)<br>| (86764727)<br>| (92920294)<br>| (158183466)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of year | 1162586661 | 1249351388 | 2322851266 | 2481034732 |
| End of year | $1105733407 | $1162586661 | $2229930972 | $2322851266 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-6

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.575 | &nbsp;&nbsp; $9.929 | &nbsp;&nbsp; $10.210 | &nbsp;&nbsp; $13.150 | &nbsp;&nbsp; $12.362 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.311 | 0.283 | 0.275 | 0.240 | 0.183 |
| Net realized and unrealized gain (loss) | 1.040 | 0.696 | 0.850 | &nbsp;&nbsp; (2.289)<br>| 0.973 |
| Total from investment operations | 1.351 | 0.979 | 1.125 | &nbsp;&nbsp; (2.049)<br>| 1.156 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.299)<br>| &nbsp;&nbsp; (0.275)<br>| &nbsp;&nbsp; (0.248)<br>| &nbsp;&nbsp; (0.368)<br>|
| Net realized gain | &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.034)<br>| &nbsp;&nbsp; (1.125)<br>| &nbsp;&nbsp; (0.643)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.709)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (1.406)<br>| &nbsp;&nbsp; (0.891)<br>| &nbsp;&nbsp; (0.368)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.217 | &nbsp;&nbsp; $10.575 | &nbsp;&nbsp; $9.929 | &nbsp;&nbsp; $10.210 | &nbsp;&nbsp; $13.150 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.84% | &nbsp;&nbsp; 9.86% | &nbsp;&nbsp; 11.80% | &nbsp;&nbsp; (15.53%)<br>| &nbsp;&nbsp; 9.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $20699 | &nbsp;&nbsp; $8326 | &nbsp;&nbsp; $6972 | &nbsp;&nbsp; $5759 | &nbsp;&nbsp; $3623 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.40% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.39% |
| Portfolio turnover | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 88% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-7

------

**LVIP American Global Balanced Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Balanced Allocation Managed Risk Fund**<br> **Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.571 | &nbsp;&nbsp; $9.923 | &nbsp;&nbsp; $10.208 | &nbsp;&nbsp; $13.143 | &nbsp;&nbsp; $12.355 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.269 | 0.246 | 0.239 | 0.202 | 0.136 |
| Net realized and unrealized gain (loss) | 1.039 | 0.695 | 0.846 | &nbsp;&nbsp; (2.287)<br>| 0.972 |
| Total from investment operations | 1.308 | 0.941 | 1.085 | &nbsp;&nbsp; (2.085)<br>| 1.108 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.272)<br>| &nbsp;&nbsp; (0.259)<br>| &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (0.207)<br>| &nbsp;&nbsp; (0.320)<br>|
| Net realized gain | &nbsp;&nbsp; (0.396)<br>| &nbsp;&nbsp; (0.034)<br>| &nbsp;&nbsp; (1.125)<br>| &nbsp;&nbsp; (0.643)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.668)<br>| &nbsp;&nbsp; (0.293)<br>| &nbsp;&nbsp; (1.370)<br>| &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.320)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.211 | &nbsp;&nbsp; $10.571 | &nbsp;&nbsp; $9.923 | &nbsp;&nbsp; $10.208 | &nbsp;&nbsp; $13.143 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 12.43% | &nbsp;&nbsp; 9.49% | &nbsp;&nbsp; 11.41% | &nbsp;&nbsp; (15.82%)<br>| &nbsp;&nbsp; 8.97% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1085034 | &nbsp;&nbsp; $1154260 | &nbsp;&nbsp; $1242380 | &nbsp;&nbsp; $1274854 | &nbsp;&nbsp; $1701925 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.64% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.05% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.04% |
| Portfolio turnover | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 88% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-8

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.819 | &nbsp;&nbsp; $9.851 | &nbsp;&nbsp; $10.948 | &nbsp;&nbsp; $14.421 | &nbsp;&nbsp; $13.250 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.250 | 0.220 | 0.243 | 0.198 | 0.177 |
| Net realized and unrealized gain (loss) | 1.354 | 0.987 | 1.110 | &nbsp;&nbsp; (2.821)<br>| 1.303 |
| Total from investment operations | 1.604 | 1.207 | 1.353 | &nbsp;&nbsp; (2.623)<br>| 1.480 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.211)<br>| &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; (0.309)<br>|
| Net realized gain | &nbsp;&nbsp; (0.486)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.189)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.697)<br>| &nbsp;&nbsp; (0.239)<br>| &nbsp;&nbsp; (2.450)<br>| &nbsp;&nbsp; (0.850)<br>| &nbsp;&nbsp; (0.309)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.726 | &nbsp;&nbsp; $10.819 | &nbsp;&nbsp; $9.851 | &nbsp;&nbsp; $10.948 | &nbsp;&nbsp; $14.421 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.91% | &nbsp;&nbsp; 12.26% | &nbsp;&nbsp; 13.97% | &nbsp;&nbsp; (18.13%)<br>| &nbsp;&nbsp; 11.17% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1252 | &nbsp;&nbsp; $1111 | &nbsp;&nbsp; $1010 | &nbsp;&nbsp; $901 | &nbsp;&nbsp; $1120 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.25% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.24% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-9

------

**LVIP American Global Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** | **LVIP American Global Growth Allocation Managed Risk Fund**<br> **Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.809 | &nbsp;&nbsp; $9.840 | &nbsp;&nbsp; $10.944 | &nbsp;&nbsp; $14.413 | &nbsp;&nbsp; $13.242 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.209 | 0.182 | 0.205 | 0.155 | 0.127 |
| Net realized and unrealized gain (loss) | 1.350 | 0.986 | 1.106 | &nbsp;&nbsp; (2.818)<br>| 1.300 |
| Total from investment operations | 1.559 | 1.168 | 1.311 | &nbsp;&nbsp; (2.663)<br>| 1.427 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.169)<br>| &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.142)<br>| &nbsp;&nbsp; (0.256)<br>|
| Net realized gain | &nbsp;&nbsp; (0.486)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.189)<br>| &nbsp;&nbsp; (0.664)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.655)<br>| &nbsp;&nbsp; (0.199)<br>| &nbsp;&nbsp; (2.415)<br>| &nbsp;&nbsp; (0.806)<br>| &nbsp;&nbsp; (0.256)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.713 | &nbsp;&nbsp; $10.809 | &nbsp;&nbsp; $9.840 | &nbsp;&nbsp; $10.944 | &nbsp;&nbsp; $14.413 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.51% | &nbsp;&nbsp; 11.87% | &nbsp;&nbsp; 13.57% | &nbsp;&nbsp; (18.42%)<br>| &nbsp;&nbsp; 10.78% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2228679 | &nbsp;&nbsp; $2321740 | &nbsp;&nbsp; $2480024 | &nbsp;&nbsp; $2495434 | &nbsp;&nbsp; $3417726 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.90% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.89% |
| Portfolio turnover | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Global Allocation Managed Risk Funds-10

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in the series of American Funds<sup>®</sup> family of funds (collectively, the "Underlying Funds"). The Underlying Funds, which are advised by an unaffiliated adviser, invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Global Balanced Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital.

The investment objective of the LVIP American Global Growth Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Funds value Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP American Global Allocation Managed Risk Funds-11

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets. The management fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' managed risk strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Administrative | &nbsp;&nbsp; $93746 | &nbsp;&nbsp; $188099 |
| Legal | &nbsp;&nbsp; 15512 | &nbsp;&nbsp; 31136 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2025, these fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $6350 | &nbsp;&nbsp; $9260 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Trust's Board of Trustees (the "Board"). The fees are calculated daily and paid monthly.

LVIP American Global Allocation Managed Risk Funds-12

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $235758 | &nbsp;&nbsp; $476101 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 323934 | &nbsp;&nbsp; 666171 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 239 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 27348 | &nbsp;&nbsp; 55228 |

---

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Purchases | &nbsp;&nbsp; $165979925 | &nbsp;&nbsp; $375473648 |
| Sales | &nbsp;&nbsp; 290531154 | &nbsp;&nbsp; 633611282 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund**<br>| **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $1012559151 | &nbsp;&nbsp; $1943330020 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $106022152 | &nbsp;&nbsp; $294528194 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (14186833)<br>| &nbsp;&nbsp; (11167235)<br>|
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $91835319 | &nbsp;&nbsp; $283360959 |

---

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Global Allocation Managed Risk Funds-13

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of each Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Level 1** | **LVIP American** <br> **Global**<br> **Balanced** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP American** <br> **Global**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| **Investments:** |  |  |
| **<u>Assets:</u>** |  |  |
| Investment Companies | &nbsp;&nbsp; $1104378528 | &nbsp;&nbsp; $2226645772 |
| **Derivatives:** |  |  |
| **<u>Assets:</u>** |  |  |
| Futures Contracts | &nbsp;&nbsp; $130155 | &nbsp;&nbsp; $365545 |
| **Derivatives:** |  |  |
| **<u>Liabilities:</u>** |  |  |
| Futures Contracts | &nbsp;&nbsp; $(81814)<br>| &nbsp;&nbsp; $(204738)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American** <br> **Global**<br> **Balanced** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP American** <br> **Global**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| **Year ended December 31, 2025** |  |  |
| Ordinary income | &nbsp;&nbsp; $26334126 | &nbsp;&nbsp; $31779014 |
| Long-term capital gains | &nbsp;&nbsp; 38404294 | &nbsp;&nbsp; 91894200 |
| Total | &nbsp;&nbsp; $64738420 | &nbsp;&nbsp; $123673214 |
| **Year ended December 31, 2024** |  |  |
| Ordinary income | &nbsp;&nbsp; $31503321 | &nbsp;&nbsp; $42153800 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 13178 |
| Total | &nbsp;&nbsp; $31503321 | &nbsp;&nbsp; $42166978 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **LVIP American** <br> **Global**<br> **Balanced** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>| **LVIP American** <br> **Global**<br> **Growth** <br> **Allocation**<br> **Managed Risk** <br> **Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $2107674 | &nbsp;&nbsp; $9941471 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 48051171 | &nbsp;&nbsp; 105503299 |
| Other temporary differences | &nbsp;&nbsp; (14819)<br>| &nbsp;&nbsp; (42489)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 91835319 | &nbsp;&nbsp; 283360959 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $141979345 | &nbsp;&nbsp; $398763240 |

---

LVIP American Global Allocation Managed Risk Funds-14

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Funds had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Balanced Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** | **LVIP American Global**<br> **Growth Allocation**<br> **Managed Risk Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 1146869 | &nbsp;&nbsp; 154415 | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 648 |
| Service Class | &nbsp;&nbsp; 1274312 | &nbsp;&nbsp; 1384989 | &nbsp;&nbsp; 1806934 | &nbsp;&nbsp; 2358309 |
| Shares reinvested: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 110712 | &nbsp;&nbsp; 24035 | &nbsp;&nbsp; 6074 | &nbsp;&nbsp; 2225 |
| Service Class | &nbsp;&nbsp; 5639071 | &nbsp;&nbsp; 2965453 | &nbsp;&nbsp; 10594529 | &nbsp;&nbsp; 3906466 |
|  | &nbsp;&nbsp; 8170964 | &nbsp;&nbsp; 4528892 | &nbsp;&nbsp; 12408333 | &nbsp;&nbsp; 6267648 |
| Shares redeemed: |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (199476)<br>| &nbsp;&nbsp; (93255)<br>| &nbsp;&nbsp; (2761)<br>| &nbsp;&nbsp; (2734)<br>|
| Service Class | &nbsp;&nbsp; (19322658)<br>| &nbsp;&nbsp; (20351558)<br>| &nbsp;&nbsp; (36931481)<br>| &nbsp;&nbsp; (43496712)<br>|
|  | &nbsp;&nbsp; (19522134)<br>| &nbsp;&nbsp; (20444813)<br>| &nbsp;&nbsp; (36934242)<br>| &nbsp;&nbsp; (43499446)<br>|
| Net decrease | &nbsp;&nbsp; (11351170)<br>| &nbsp;&nbsp; (15915921)<br>| &nbsp;&nbsp; (24525909)<br>| &nbsp;&nbsp; (37231798)<br>|

---

**7. Line of Credit**

The Funds, along with other funds in the Trust ("Participants"), are participants in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Funds had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

LVIP American Global Allocation Managed Risk Funds-15

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

During the year ended December 31, 2025, each Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP American Global Balanced Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $101640 | Receivables and other assets net of <br> liabilities<br>| $(79447)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 28515 | Receivables and other assets net of <br> liabilities<br>| (2367)<br>|
| Total |  | $130155 |  | $(81814)<br>|

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(6194639)<br>| &nbsp;&nbsp; $962351 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (683715)<br>| &nbsp;&nbsp; 130790 |
| Total |  | &nbsp;&nbsp; $(6878354)<br>| &nbsp;&nbsp; $1093141 |

---

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP American Global Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $281887 | Receivables and other assets net of <br> liabilities<br>| $(198409)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 83658 | Receivables and other assets net of <br> liabilities<br>| (6329)<br>|
| Total |  | $365545 |  | $(204738)<br>|

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(20706842)<br>| &nbsp;&nbsp; $2425101 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (2495464)<br>| &nbsp;&nbsp; 375420 |
| Total |  | &nbsp;&nbsp; $(23202306)<br>| &nbsp;&nbsp; $2800521 |

---

LVIP American Global Allocation Managed Risk Funds-16

------

**LVIP American Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the year ended December 31, 2025.

---

| | |
|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP American Global Balanced Allocation Managed Risk Fund | &nbsp;&nbsp; $33120002 |
| LVIP American Global Growth Allocation Managed Risk Fund | &nbsp;&nbsp; 79704458 |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**10. Contractual Obligations**

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. The Funds invest primarily in other regulated investment companies and management of the Funds has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Funds did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP American Global Allocation Managed Risk Funds-17

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund and the Board of Trustees of Lincoln Variable Insurance Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets of LVIP American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund (collectively referred to as the "Funds") (two of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (two of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imge8a7bdb33.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Global Allocation Managed Risk Funds–18

------

![](img2dc47be41.jpg)

LVIP American Preservation Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP American Preservation Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_777e8926-b3c6-4ed1-8fca-8b9b041f1149_SOI-continued-246_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_777e8926-b3c6-4ed1-8fca-8b9b041f1149_FS-continued-246_1)**  | &nbsp;&nbsp; **2** |
| **[Statements of Changes in Net Assets](#xx_777e8926-b3c6-4ed1-8fca-8b9b041f1149_FS-continued-246_1)**  | &nbsp;&nbsp; **2** |
| **[Financial Highlights](#xx_777e8926-b3c6-4ed1-8fca-8b9b041f1149_FIHI-continued-246_1)**  | &nbsp;&nbsp; **3** |
| **[Notes to Financial Statements](#xx_777e8926-b3c6-4ed1-8fca-8b9b041f1149_NTF-continued-246_1)**  | &nbsp;&nbsp; **5** |
| **[Report of Independent Registered Public Accounting Firm](#xx_777e8926-b3c6-4ed1-8fca-8b9b041f1149_AUDIT-continued-246_1)**  | &nbsp;&nbsp; **10** |

---

------

**LVIP American Preservation Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–2.99%** | **AFFILIATED INVESTMENT–2.99%** | **AFFILIATED INVESTMENT–2.99%** |
| **INVESTMENT COMPANY–2.99%** | **INVESTMENT COMPANY–2.99%** | **INVESTMENT COMPANY–2.99%** |
| **Fixed Income Fund–2.99%** | **Fixed Income Fund–2.99%** | **Fixed Income Fund–2.99%** |
| ✧American Funds<sup>®</sup>–<br> Corporate Bond<br>| 1851146 | $17696959 |
| **Total Affiliated Investment** <br>**(Cost $17,249,158)**<br>|  | **17696959** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–97.03%** | **UNAFFILIATED INVESTMENTS–97.03%** | **UNAFFILIATED INVESTMENTS–97.03%** |
| **INVESTMENT COMPANIES–97.03%** | **INVESTMENT COMPANIES–97.03%** | **INVESTMENT COMPANIES–97.03%** |
| **Fixed Income Funds–94.03%** | **Fixed Income Funds–94.03%** | **Fixed Income Funds–94.03%** |
| ✧American Funds<sup>®</sup>- | ✧American Funds<sup>®</sup>- |  |
| Bond Fund of America | 5160286 | 59085278 |
| Intermediate Bond Fund of <br> America<br>| 6978887 | 88911018 |
| Mortgage Fund | 6626240 | 59304848 |
| Short Term Bond Fund of <br> America<br>| 32649177 | 314411575 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| ✧American Funds<sup>®</sup>- (continued) | ✧American Funds<sup>®</sup>- (continued) |  |
| U.S. Government Securities <br> Fund<br>| 2922832 | $35483177 |
|  |  | **557195896** |
| **Money Market Fund–3.00%** | **Money Market Fund–3.00%** | **Money Market Fund–3.00%** |
| ✧American Funds<sup>®</sup>– <br> U.S. Government Money <br> Market Fund - (seven-day <br> effective yield 3.50%)<br>| 17764966 | 17764966 |
|  |  | **17764966** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $581,314,144)**<br>|  | **574960862** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.02% (Cost $598,563,302)** | **592657821** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)** | **(123183)**<br>|
| **NET ASSETS APPLICABLE TO 64,189,345 SHARES OUTSTANDING–100.00%** | **$592534638** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN PRESERVATION FUND STANDARD CLASS** <br>**($212,371 / 23,014 Shares)** | **$9.228** |
| **NET ASSET VALUE PER SHARE–LVIP AMERICAN PRESERVATION FUND SERVICE CLASS** <br>**($592,322,267 / 64,166,331 Shares)** | **$9.231** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$646275109** |
| Distributable earnings/(accumulated loss) | **(53740471)**<br>|
| **TOTAL NET ASSETS** | **$592534638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧Class R-6 shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,108,173 payable for securities purchased, $962,165 payable for fund shares redeemed, $6,395 other accrued expenses payable, <br> $282,354 due to manager and affiliates, $14,047 payable for audit fee and $10,264 payable for fund accounting fee as of December 31, 2025.<br>

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP American Preservation Fund** | **LVIP American Preservation Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $25117144 |
| Dividends from affiliated investments | 827032 |
|  | 25944176 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 2083531 |
| Management fees | 1488790 |
| Shareholder servicing fees | 172700 |
| Accounting and administration expenses | 88719 |
| Professional fees | 44480 |
| Trustees' fees and expenses | 17211 |
| Reports and statements to shareholders | 14772 |
| Custodian fees | 5245 |
| Consulting fees | 4839 |
| Pricing fees | 2054 |
| Other | 12407 |
|  | 3934748 |
| Less:  |  |
| Management fees waived | (416861)<br>|
| Total operating expenses | 3517887 |
| **NET INVESTMENT INCOME**  | 22426289 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 4361 |
| Sale of unaffiliated investments | (7366984)<br>|
| Net realized loss | (7362623)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 386699 |
| Unaffiliated investments | 17978354 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 18365053 |
| **NET REALIZED AND UNREALIZED GAIN** | 11002430 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $33428719 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP American Preservation Fund** | **LVIP American Preservation Fund** | **LVIP American Preservation Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $22426289 | $24297625 |
| Net realized loss | (7362623)<br>| (21328796)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 18365053 | 14913582 |
| Net increase in net assets resulting <br> from operations<br>| 33428719 | 17882411 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (8118)<br>| (12132)<br>|
| Service Class | (20638067)<br>| (24050054)<br>|
|  | (20646185)<br>| (24062186)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 16364 | 36206 |
| Service Class | 122334759 | 104742585 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 8118 | 12132 |
| Service Class | 20638067 | 24050054 |
|  | 142997308 | 128840977 |
| Cost of shares redeemed: |  |  |
| Standard Class | (96835)<br>| (67630)<br>|
| Service Class | (166626041)<br>| (158663905)<br>|
|  | (166722876)<br>| (158731535)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (23725568)<br>| (29890558)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (10943034)<br>| (36070333)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 603477672 | 639548005 |
| End of year | $592534638 | $603477672 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-2

------

**LVIP American Preservation Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** | **LVIP American Preservation Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.037 | &nbsp;&nbsp; $9.150 | &nbsp;&nbsp; $9.107 | &nbsp;&nbsp; $10.001 | &nbsp;&nbsp; $10.316 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.383 | 0.393 | 0.315 | 0.198 | 0.091 |
| Net realized and unrealized gain (loss) | 0.174 | &nbsp;&nbsp; (0.097)<br>| 0.059 | &nbsp;&nbsp; (0.863)<br>| &nbsp;&nbsp; (0.144)<br>|
| Total from investment operations | 0.557 | 0.296 | 0.374 | &nbsp;&nbsp; (0.665)<br>| &nbsp;&nbsp; (0.053)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.329)<br>| &nbsp;&nbsp; (0.204)<br>| &nbsp;&nbsp; (0.262)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.023)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.331)<br>| &nbsp;&nbsp; (0.229)<br>| &nbsp;&nbsp; (0.262)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.228 | &nbsp;&nbsp; $9.037 | &nbsp;&nbsp; $9.150 | &nbsp;&nbsp; $9.107 | &nbsp;&nbsp; $10.001 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 6.17% | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; (6.65%)<br>| &nbsp;&nbsp; (0.52%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $212 | &nbsp;&nbsp; $279 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $305 | &nbsp;&nbsp; $352 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.20% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.12% | &nbsp;&nbsp; 4.24% | &nbsp;&nbsp; 3.42% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 0.89% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.17% | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 0.79% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-3

------

**LVIP American Preservation Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** | **LVIP American Preservation Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.040 | &nbsp;&nbsp; $9.152 | &nbsp;&nbsp; $9.108 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.314 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.351 | 0.360 | 0.282 | 0.164 | 0.055 |
| Net realized and unrealized gain (loss) | 0.172 | &nbsp;&nbsp; (0.097)<br>| 0.059 | &nbsp;&nbsp; (0.862)<br>| &nbsp;&nbsp; (0.143)<br>|
| Total from investment operations | 0.523 | 0.263 | 0.341 | &nbsp;&nbsp; (0.698)<br>| &nbsp;&nbsp; (0.088)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.332)<br>| &nbsp;&nbsp; (0.375)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.169)<br>| &nbsp;&nbsp; (0.226)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.023)<br>| &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.332)<br>| &nbsp;&nbsp; (0.375)<br>| &nbsp;&nbsp; (0.297)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.226)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.231 | &nbsp;&nbsp; $9.040 | &nbsp;&nbsp; $9.152 | &nbsp;&nbsp; $9.108 | &nbsp;&nbsp; $10.000 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; (6.97%)<br>| &nbsp;&nbsp; (0.86%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $592323 | &nbsp;&nbsp; $603199 | &nbsp;&nbsp; $639247 | &nbsp;&nbsp; $678238 | &nbsp;&nbsp; $779341 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.55% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 3.07% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 0.44% |
| Portfolio turnover | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP American Preservation Fund-4

------

**LVIP American Preservation Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP American Preservation Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") and series of the American Funds<sup>®</sup> family of funds (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek current income, consistent with the preservation of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

LVIP American Preservation Fund-5

------

**LVIP American Preservation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.07% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $49354 |
| Legal | &nbsp;&nbsp; 8181 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $5,225 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $90921 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 176727 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 58 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14648 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-2.99%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Fixed Income Fund-2.99%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧American Funds<sup>®</sup> - Corporate Bond | $18000789 | $2589830 | $3284720 | $4361 | $386699 | $17696959 | 1851146 | $827032 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧</sup> Class R-6 shares. |

---

LVIP American Preservation Fund-6

------

**LVIP American Preservation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $77092205 |
| Sales | &nbsp;&nbsp; 98729573 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $621989383 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $5836598 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (35168159)<br>|
| Net unrealized depreciation of investments | &nbsp;&nbsp; $(29331561)<br>|

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $17696959 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17696959 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 574960862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 574960862 |
| **Total Investments** | &nbsp;&nbsp; $592657821 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $592657821 |

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $20646185 | &nbsp;&nbsp; $24062186 |

---

LVIP American Preservation Fund-7

------

**LVIP American Preservation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $2015543 |
| Capital loss carryforward | &nbsp;&nbsp; (26424453)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (29331561)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(53740471)<br>|

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $765268 | &nbsp;&nbsp; $25659185 | &nbsp;&nbsp; $26424453 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1732 | &nbsp;&nbsp; 3866 |
| Service Class | &nbsp;&nbsp; 13119699 | &nbsp;&nbsp; 11323352 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 1346 |
| Service Class | &nbsp;&nbsp; 2238939 | &nbsp;&nbsp; 2667486 |
|  | &nbsp;&nbsp; 15361251 | &nbsp;&nbsp; 13996050 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (10516)<br>| &nbsp;&nbsp; (7154)<br>|
| Service Class | &nbsp;&nbsp; (17917490)<br>| &nbsp;&nbsp; (17114014)<br>|
|  | &nbsp;&nbsp; (17928006)<br>| &nbsp;&nbsp; (17121168)<br>|
| Net decrease | &nbsp;&nbsp; (2566755)<br>| &nbsp;&nbsp; (3125118)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

LVIP American Preservation Fund-8

------

**LVIP American Preservation Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP American Preservation Fund-9

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP American Preservation Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP American Preservation Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgcd51f0c82.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP American Preservation Fund–10

------

![](imgf8497d601.jpg)

LVIP Baron Growth Opportunities Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Baron Growth Opportunities Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6cf2d85b-2430-4cee-b30d-2a4fbcfd4915_SOI-continued-264_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6cf2d85b-2430-4cee-b30d-2a4fbcfd4915_FS-continued-264_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_6cf2d85b-2430-4cee-b30d-2a4fbcfd4915_FS-continued-264_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_6cf2d85b-2430-4cee-b30d-2a4fbcfd4915_FIHI-continued-264_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_6cf2d85b-2430-4cee-b30d-2a4fbcfd4915_NTF-continued-264_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_6cf2d85b-2430-4cee-b30d-2a4fbcfd4915_AUDIT-continued-264_1)**  | &nbsp;&nbsp; **11** |

---

------

**LVIP Baron Growth Opportunities Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.62%** | **COMMON STOCK–99.62%** | **COMMON STOCK–99.62%** |
| **Aerospace & Defense–2.79%** | **Aerospace & Defense–2.79%** | **Aerospace & Defense–2.79%** |
| †Karman Holdings, Inc. | 155878 | $11405593 |
| †Loar Holdings, Inc. | 125921 | 8562628 |
|  |  | **19968221** |
| **Capital Markets–19.27%** | **Capital Markets–19.27%** | **Capital Markets–19.27%** |
| Carlyle Group, Inc. | 157000 | 9280270 |
| Cohen & Steers, Inc. | 116000 | 7282480 |
| FactSet Research Systems, <br> Inc.<br>| 48400 | 14045196 |
| Houlihan Lokey, Inc. | 110237 | 19202183 |
| Moelis & Co. Class A | 93400 | 6420316 |
| Morningstar, Inc. | 83580 | 18162770 |
| MSCI, Inc. | 110881 | 63615756 |
|  |  | **138008971** |
| **Diversified Consumer Services–1.37%** | **Diversified Consumer Services–1.37%** | **Diversified Consumer Services–1.37%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 96786 | 9814100 |
|  |  | **9814100** |
| **Electronic Equipment, Instruments & Components–2.14%** | **Electronic Equipment, Instruments & Components–2.14%** | **Electronic Equipment, Instruments & Components–2.14%** |
| Badger Meter, Inc. | 41131 | 7173658 |
| †Novanta, Inc. | 68748 | 8180324 |
|  |  | **15353982** |
| **Health Care Equipment & Supplies–6.16%** | **Health Care Equipment & Supplies–6.16%** | **Health Care Equipment & Supplies–6.16%** |
| †IDEXX Laboratories, Inc. | 65226 | 44127346 |
|  |  | **44127346** |
| **Health Care Providers & Services–0.20%** | **Health Care Providers & Services–0.20%** | **Health Care Providers & Services–0.20%** |
| †Billiontoone, Inc. Class A | 17728 | 1450860 |
|  |  | **1450860** |
| **Health Care Technology–0.70%** | **Health Care Technology–0.70%** | **Health Care Technology–0.70%** |
| †HeartFlow, Inc. | 172329 | 5023390 |
|  |  | **5023390** |
| **Hotels, Restaurants & Leisure–8.95%** | **Hotels, Restaurants & Leisure–8.95%** | **Hotels, Restaurants & Leisure–8.95%** |
| Choice Hotels International, <br> Inc.<br>| 226213 | 21549050 |
| Red Rock Resorts, Inc. <br> Class A<br>| 286000 | 17717700 |
| Vail Resorts, Inc. | 187000 | 24833600 |
|  |  | **64100350** |
| **Insurance–18.73%** | **Insurance–18.73%** | **Insurance–18.73%** |
| †Arch Capital Group Ltd. | 579278 | 55564346 |
| Kinsale Capital Group, Inc. | 108637 | 42490104 |
| Primerica, Inc. | 139790 | 36116144 |
|  |  | **134170594** |
| **IT Services–5.45%** | **IT Services–5.45%** | **IT Services–5.45%** |
| †Gartner, Inc. | 154670 | 39020148 |
|  |  | **39020148** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Life Sciences Tools & Services–6.43%** | **Life Sciences Tools & Services–6.43%** | **Life Sciences Tools & Services–6.43%** |
| Bio-Techne Corp. | 249190 | $14654864 |
| †Mettler-Toledo International, <br> Inc.<br>| 10400 | 14499576 |
| West Pharmaceutical <br> Services, Inc.<br>| 61500 | 16921110 |
|  |  | **46075550** |
| **Machinery–1.10%** | **Machinery–1.10%** | **Machinery–1.10%** |
| Enpro, Inc. | 36873 | 7895615 |
|  |  | **7895615** |
| **Professional Services–1.94%** | **Professional Services–1.94%** | **Professional Services–1.94%** |
| Exponent, Inc. | 92710 | 6439637 |
| SS&C Technologies Holdings, <br> Inc.<br>| 85000 | 7430700 |
|  |  | **13870337** |
| **Real Estate Management & Development–5.91%** | **Real Estate Management & Development–5.91%** | **Real Estate Management & Development–5.91%** |
| †CoStar Group, Inc. | 629000 | 42293960 |
|  |  | **42293960** |
| **Software–12.76%** | **Software–12.76%** | **Software–12.76%** |
| †Agilysys, Inc. | 58484 | 6950239 |
| †Clearwater Analytics <br> Holdings, Inc. Class A<br>| 505587 | 12194758 |
| †Guidewire Software, Inc. | 121000 | 24322210 |
| †Intapp, Inc. | 260641 | 11942571 |
| †JFrog Ltd. | 119764 | 7480459 |
| †nCino, Inc. | 240864 | 6175753 |
| †Procore Technologies, Inc. | 111714 | 8126076 |
| †ServiceTitan, Inc. Class A | 84177 | 8964851 |
| †Via Transportation, Inc. <br> Class A<br>| 181527 | 5266098 |
|  |  | **91423015** |
| **Textiles, Apparel & Luxury Goods–3.66%** | **Textiles, Apparel & Luxury Goods–3.66%** | **Textiles, Apparel & Luxury Goods–3.66%** |
| †Figs, Inc. Class A | 2304669 | 26181040 |
|  |  | **26181040** |
| **Trading Companies & Distributors–2.06%** | **Trading Companies & Distributors–2.06%** | **Trading Companies & Distributors–2.06%** |
| †SiteOne Landscape Supply, <br> Inc.<br>| 69654 | 8676102 |
| †Transcat, Inc. | 107065 | 6073798 |
|  |  | **14749900** |
| **Total Common Stock** <br>**(Cost $206,526,914)** | **Total Common Stock** <br>**(Cost $206,526,914)** | **713527379** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Baron Growth Opportunities Fund-1

------

**LVIP Baron Growth Opportunities Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–0.63%** | **MONEY MARKET FUND–0.63%** | **MONEY MARKET FUND–0.63%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 4529253 | $4529253 |
| **Total Money Market Fund** <br>**(Cost $4,529,253)** | **Total Money Market Fund** <br>**(Cost $4,529,253)** | **4529253** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.25% (Cost $211,056,167)** | **$718056632** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.25%)** | **(1756118)**<br>|
| **NET ASSETS APPLICABLE TO 11,953,960 SHARES OUTSTANDING–100.00%** | **$716300514** |
| **NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND STANDARD CLASS** <br>**($76,113,083 / 1,204,806 Shares)** | **$63.175** |
| **NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND SERVICE CLASS** <br>**($640,187,431 / 10,749,154 Shares)** | **$59.557** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$137362939** |
| Distributable earnings/(accumulated loss) | **578937575** |
| **TOTAL NET ASSETS** | **$716300514** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,159,856 payable for securities purchased, $942,387 payable for fund shares redeemed, $9,032 other accrued expenses payable, <br> $695,182 due to manager and affiliates, $17,071 payable for audit fee and $22,014 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| IT–Information Technology |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Baron Growth Opportunities Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Baron Growth Opportunities Fund** | **LVIP Baron Growth Opportunities Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $7045466 |
| **EXPENSES:** |  |
| Management fees | 7774049 |
| Distribution fees-Service Class | 1755282 |
| Shareholder servicing fees | 225447 |
| Accounting and administration expenses | 144178 |
| Professional fees | 54203 |
| Reports and statements to shareholders | 31437 |
| Trustees' fees and expenses | 22961 |
| Consulting fees | 8353 |
| Custodian fees | 6294 |
| Pricing fees | 3189 |
| Other | 21930 |
|  | 10047323 |
| Less:  |  |
| Management fees waived | (1280508)<br>|
| Total operating expenses | 8766815 |
| **NET INVESTMENT LOSS** | (1721349)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 72557371 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (153604610)<br>|
| **NET REALIZED AND UNREALIZED LOSS** | (81047239)<br>|
| **NET DECREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $(82768588)<br>|

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Baron Growth Opportunities Fund** | **LVIP Baron Growth Opportunities Fund** | **LVIP Baron Growth Opportunities Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income (loss) | $(1721349)<br>| $1534031 |
| Net realized gain | 72557371 | 92556018 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (153604610)<br>| (45700905)<br>|
| Net increase (decrease) in net <br> assets resulting from <br> operations<br>| (82768588)<br>| 48389144 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (8795554)<br>| (690581)<br>|
| Service Class | (83343782)<br>| (5257516)<br>|
|  | (92139336)<br>| (5948097)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 22177577 | 12451069 |
| Service Class | 121429886 | 117856174 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 8795554 | 690581 |
| Service Class | 83343782 | 5257516 |
|  | 235746799 | 136255340 |
| Cost of shares redeemed: |  |  |
| Standard Class | (14603529)<br>| (12840485)<br>|
| Service Class | (158913584)<br>| (215830770)<br>|
|  | (173517113)<br>| (228671255)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 62229686 | (92415915)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (112678238)<br>| (49974868)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 828978752 | 878953620 |
| End of year | $716300514 | $828978752 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Baron Growth Opportunities Fund-3

------

**LVIP Baron Growth Opportunities Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** | **LVIP Baron Growth Opportunities Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $79.237 | &nbsp;&nbsp; $75.619 | &nbsp;&nbsp; $64.976 | &nbsp;&nbsp; $95.264 | &nbsp;&nbsp; $81.827 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.003 | 0.314 | 0.056 | 0.033 | &nbsp;&nbsp; (0.255)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (7.624)<br>| 4.018 | 11.661 | &nbsp;&nbsp; (24.952)<br>| 15.744 |
| Total from investment operations | &nbsp;&nbsp; (7.621)<br>| 4.332 | 11.717 | &nbsp;&nbsp; (24.919)<br>| 15.489 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (8.441)<br>| &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (8.441)<br>| &nbsp;&nbsp; (0.714)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $63.175 | &nbsp;&nbsp; $79.237 | &nbsp;&nbsp; $75.619 | &nbsp;&nbsp; $64.976 | &nbsp;&nbsp; $95.264 |
| Total return<sup>2</sup> | &nbsp;&nbsp; (9.85%)<br>| &nbsp;&nbsp; 5.71% | &nbsp;&nbsp; 18.10% | &nbsp;&nbsp; (25.64%)<br>| &nbsp;&nbsp; 19.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $76113 | &nbsp;&nbsp; $76537 | &nbsp;&nbsp; $72667 | &nbsp;&nbsp; $59697 | &nbsp;&nbsp; $78495 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.89% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; (0.28%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; (0.45%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Baron Growth Opportunities Fund-4

------

**LVIP Baron Growth Opportunities Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** | **LVIP Baron Growth Opportunities Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $75.406 | &nbsp;&nbsp; $71.993 | &nbsp;&nbsp; $62.061 | &nbsp;&nbsp; $91.567 | &nbsp;&nbsp; $78.916 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.168)<br>| 0.114 | &nbsp;&nbsp; (0.116)<br>| &nbsp;&nbsp; (0.141)<br>| &nbsp;&nbsp; (0.460)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (7.240)<br>| 3.814 | 11.122 | &nbsp;&nbsp; (23.996)<br>| 15.163 |
| Total from investment operations | &nbsp;&nbsp; (7.408)<br>| 3.928 | 11.006 | &nbsp;&nbsp; (24.137)<br>| 14.703 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.172)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (8.441)<br>| &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (8.441)<br>| &nbsp;&nbsp; (0.515)<br>| &nbsp;&nbsp; (1.074)<br>| &nbsp;&nbsp; (5.369)<br>| &nbsp;&nbsp; (2.052)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $59.557 | &nbsp;&nbsp; $75.406 | &nbsp;&nbsp; $71.993 | &nbsp;&nbsp; $62.061 | &nbsp;&nbsp; $91.567 |
| Total return<sup>2</sup> | &nbsp;&nbsp; (10.08%)<br>| &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 17.81% | &nbsp;&nbsp; (25.83%)<br>| &nbsp;&nbsp; 18.72% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $640188 | &nbsp;&nbsp; $752442 | &nbsp;&nbsp; $806286 | &nbsp;&nbsp; $709587 | &nbsp;&nbsp; $969345 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.14% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.31% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.24%)<br>| &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.53%)<br>|
| Ratio of net investment loss to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.41%)<br>| &nbsp;&nbsp; (0.02%)<br>| &nbsp;&nbsp; (0.35%)<br>| &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.70%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 1% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Baron Growth Opportunities Fund-5

------

**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Baron Growth Opportunities Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation through long-term investments in securities of small-sized companies with undervalued assets or favorable growth prospects.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Baron Growth Opportunities Fund-6

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**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 1.00% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.11% on the first $250 million of the Fund's average daily net assets; 0.16% on the next $250 million; 0.21% on the next $200 million; 0.22% on the next $50 million; and 0.27% in excess of $750 million of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

BAMCO, Inc. (the "Sub-Adviser") a subsidiary of Baron Capital Group, Inc., provides day-to-day portfolio management services to the Fund. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $65065 |
| Legal | &nbsp;&nbsp; 10728 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $17,882 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

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| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $533928 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 142765 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 38 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 18451 |

---

LVIP Baron Growth Opportunities Fund-7

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**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $114316227 |
| Sales | &nbsp;&nbsp; 146333861 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $211414910 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $506641720 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; — |
| Net unrealized appreciation of investments | &nbsp;&nbsp; $506641720 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $713527379 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $713527379 |
| Money Market Fund | &nbsp;&nbsp; 4529253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4529253 |
| **Total Investments** | &nbsp;&nbsp; $718056632 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $718056632 |

---

There were no Level 3 investments at the beginning or end of the year.

LVIP Baron Growth Opportunities Fund-8

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**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to former partnerships. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1795549 |
| Long-term capital gains | &nbsp;&nbsp; 92139336 | &nbsp;&nbsp; 4152548 |
| Total | &nbsp;&nbsp; $92139336 | &nbsp;&nbsp; $5948097 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

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| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $72295855 |
| Net unrealized appreciation | &nbsp;&nbsp; 506641720 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $578937575 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to net operating loss:

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| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $1384859 | &nbsp;&nbsp; $(1384859)<br>|

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 308849 | &nbsp;&nbsp; 162010 |
| Service Class | &nbsp;&nbsp; 1804481 | &nbsp;&nbsp; 1603087 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 136162 | &nbsp;&nbsp; 8504 |
| Service Class | &nbsp;&nbsp; 1367682 | &nbsp;&nbsp; 68479 |
|  | &nbsp;&nbsp; 3617174 | &nbsp;&nbsp; 1842080 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (206127)<br>| &nbsp;&nbsp; (165559)<br>|
| Service Class | &nbsp;&nbsp; (2401503)<br>| &nbsp;&nbsp; (2892574)<br>|
|  | &nbsp;&nbsp; (2607630)<br>| &nbsp;&nbsp; (3058133)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1009544 | &nbsp;&nbsp; (1216053)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

LVIP Baron Growth Opportunities Fund-9

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**LVIP Baron Growth Opportunities Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Risk Factors**

The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Fund may invest in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings may also be affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Baron Growth Opportunities Fund-10

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Baron Growth Opportunities Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Baron Growth Opportunities Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgeefa19592.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Baron Growth Opportunities Fund–11

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![](img45e723381.jpg)

![](img031e3d1a2.jpg)

LVIP BlackRock Dividend Value Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP BlackRock Dividend Value Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_e6443958-48b9-4389-a111-13401befe2ad_SOI-continued-238_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_e6443958-48b9-4389-a111-13401befe2ad_FS-continued-238_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_e6443958-48b9-4389-a111-13401befe2ad_FS-continued-238_1)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_e6443958-48b9-4389-a111-13401befe2ad_FIHI-continued-238_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_e6443958-48b9-4389-a111-13401befe2ad_NTF-continued-238_1)**  | &nbsp;&nbsp; **9** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e6443958-48b9-4389-a111-13401befe2ad_AUDIT-continued-238_1)**  | &nbsp;&nbsp; **18** |

---

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–93.40%** | **COMMON STOCK–93.40%** | **COMMON STOCK–93.40%** |
| **Aerospace & Defense–3.19%** | **Aerospace & Defense–3.19%** | **Aerospace & Defense–3.19%** |
| Airbus SE | 27547 | $6397068 |
| †Boeing Co. | 38437 | 8345442 |
| L3Harris Technologies, Inc. | 35058 | 10291977 |
| Lockheed Martin Corp. | 74315 | 35943936 |
| RTX Corp. | 20962 | 3844431 |
|  |  | **64822854** |
| **Air Freight & Logistics–1.17%** | **Air Freight & Logistics–1.17%** | **Air Freight & Logistics–1.17%** |
| FedEx Corp. | 29705 | 8580586 |
| United Parcel Service, Inc. <br> Class B<br>| 152385 | 15115068 |
|  |  | **23695654** |
| **Automobile Components–0.08%** | **Automobile Components–0.08%** | **Automobile Components–0.08%** |
| Autoliv, Inc. | 14562 | 1728509 |
|  |  | **1728509** |
| **Automobiles–0.92%** | **Automobiles–0.92%** | **Automobiles–0.92%** |
| Ford Motor Co. | 806467 | 10580847 |
| General Motors Co. | 98809 | 8035148 |
|  |  | **18615995** |
| **Banks–10.03%** | **Banks–10.03%** | **Banks–10.03%** |
| 1st Source Corp. | 3963 | 247648 |
| Bank of America Corp. | 318225 | 17502375 |
| Bank OZK | 21698 | 998542 |
| Banner Corp. | 7086 | 444009 |
| Cathay General Bancorp | 14212 | 687719 |
| Central Pacific Financial <br> Corp.<br>| 5106 | 159103 |
| Citigroup, Inc. | 401026 | 46795724 |
| Citizens Financial Group, <br> Inc.<br>| 127680 | 7457789 |
| City Holding Co. | 2970 | 354024 |
| Columbia Banking System, <br> Inc.<br>| 62856 | 1756825 |
| Comerica, Inc. | 26538 | 2306948 |
| CVB Financial Corp. | 26789 | 498275 |
| East West Bancorp, Inc. | 28805 | 3237394 |
| Fifth Third Bancorp | 138116 | 6465210 |
| First Citizens BancShares, <br> Inc. Class A<br>| 17870 | 38352237 |
| First Commonwealth <br> Financial Corp.<br>| 20692 | 348867 |
| First Financial Corp. | 3005 | 181562 |
| German American Bancorp, <br> Inc.<br>| 8296 | 325037 |
| International Bancshares <br> Corp.<br>| 11325 | 752433 |
| JPMorgan Chase & Co. | 54071 | 17422758 |
| Lakeland Financial Corp. | 5492 | 313373 |
| Northwest Bancshares, Inc. | 30557 | 366684 |
| OFG Bancorp | 9121 | 373778 |
| Regions Financial Corp. | 183228 | 4965479 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| S&T Bancorp, Inc. | 7857 | $309173 |
| Wells Fargo & Co. | 548998 | 51166614 |
|  |  | **203789580** |
| **Beverages–2.80%** | **Beverages–2.80%** | **Beverages–2.80%** |
| Coca-Cola Co. | 283155 | 19795366 |
| Keurig Dr. Pepper, Inc. | 390846 | 10947597 |
| PepsiCo, Inc. | 182591 | 26205460 |
|  |  | **56948423** |
| **Biotechnology–1.92%** | **Biotechnology–1.92%** | **Biotechnology–1.92%** |
| AbbVie, Inc. | 87139 | 19910390 |
| Amgen, Inc. | 58076 | 19008856 |
|  |  | **38919246** |
| **Broadline Retail–1.81%** | **Broadline Retail–1.81%** | **Broadline Retail–1.81%** |
| †Amazon.com, Inc. | 159393 | 36791092 |
|  |  | **36791092** |
| **Building Products–0.47%** | **Building Products–0.47%** | **Building Products–0.47%** |
| Fortune Brands Innovations, <br> Inc.<br>| 192441 | 9625899 |
|  |  | **9625899** |
| **Capital Markets–3.39%** | **Capital Markets–3.39%** | **Capital Markets–3.39%** |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 15021 | 611956 |
| Carlyle Group, Inc. | 148102 | 8754309 |
| Charles Schwab Corp. | 155087 | 15494742 |
| Cohen & Steers, Inc. | 6443 | 404492 |
| Federated Hermes, Inc. | 16457 | 856916 |
| Intercontinental Exchange, <br> Inc.<br>| 222802 | 36085012 |
| Janus Henderson Group PLC | 27190 | 1293428 |
| Moelis & Co. Class A | 7310 | 502489 |
| T. Rowe Price Group, Inc. | 45254 | 4633105 |
| Virtus Investment Partners, <br> Inc.<br>| 1513 | 246846 |
|  |  | **68883295** |
| **Chemicals–2.58%** | **Chemicals–2.58%** | **Chemicals–2.58%** |
| Air Products & Chemicals, <br> Inc.<br>| 63089 | 15584245 |
| CF Industries Holdings, Inc. | 32123 | 2484393 |
| FMC Corp. | 25633 | 355530 |
| Huntsman Corp. | 34218 | 342180 |
| International Flavors & <br> Fragrances, Inc.<br>| 143529 | 9672419 |
| LyondellBasell Industries NV <br> Class A<br>| 178594 | 7733120 |
| PPG Industries, Inc. | 152676 | 15643183 |
| †Solstice Advanced Materials, <br> Inc.<br>| 10866 | 527870 |
|  |  | **52342940** |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-1

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Commercial Services & Supplies–1.03%** | **Commercial Services & Supplies–1.03%** | **Commercial Services & Supplies–1.03%** |
| Ennis, Inc. | 6160 | $110941 |
| Rentokil Initial PLC | 3499252 | 20878257 |
|  |  | **20989198** |
| **Communications Equipment–1.93%** | **Communications Equipment–1.93%** | **Communications Equipment–1.93%** |
| Cisco Systems, Inc. | 508673 | 39183081 |
|  |  | **39183081** |
| **Consumer Staples Distribution & Retail–2.09%** | **Consumer Staples Distribution & Retail–2.09%** | **Consumer Staples Distribution & Retail–2.09%** |
| Dollar General Corp. | 251590 | 33403604 |
| Target Corp. | 93740 | 9163085 |
|  |  | **42566689** |
| **Containers & Packaging–1.96%** | **Containers & Packaging–1.96%** | **Containers & Packaging–1.96%** |
| Amcor PLC | 477012 | 3978280 |
| Crown Holdings, Inc. | 148404 | 15281160 |
| Packaging Corp. of America | 18509 | 3817111 |
| Sealed Air Corp. | 404040 | 16739377 |
|  |  | **39815928** |
| **Diversified Telecommunication Services–1.41%** | **Diversified Telecommunication Services–1.41%** | **Diversified Telecommunication Services–1.41%** |
| Verizon Communications, <br> Inc.<br>| 704748 | 28704386 |
|  |  | **28704386** |
| **Electric Utilities–1.95%** | **Electric Utilities–1.95%** | **Electric Utilities–1.95%** |
| Edison International | 106700 | 6404134 |
| Evergy, Inc. | 118550 | 8593690 |
| Exelon Corp. | 425643 | 18553778 |
| PG&E Corp. | 374902 | 6024675 |
|  |  | **39576277** |
| **Electronic Equipment, Instruments & Components–0.84%** | **Electronic Equipment, Instruments & Components–0.84%** | **Electronic Equipment, Instruments & Components–0.84%** |
| CDW Corp. | 110045 | 14988129 |
| Ralliant Corp. | 40534 | 2063586 |
|  |  | **17051715** |
| **Energy Equipment & Services–0.82%** | **Energy Equipment & Services–0.82%** | **Energy Equipment & Services–0.82%** |
| Halliburton Co. | 173934 | 4915375 |
| SLB Ltd. | 307826 | 11814362 |
|  |  | **16729737** |
| **Entertainment–1.24%** | **Entertainment–1.24%** | **Entertainment–1.24%** |
| Electronic Arts, Inc. | 74694 | 15262225 |
| Walt Disney Co. | 88272 | 10042705 |
|  |  | **25304930** |
| **Financial Services–1.49%** | **Financial Services–1.49%** | **Financial Services–1.49%** |
| Fidelity National Information <br> Services, Inc.<br>| 434276 | 28861983 |
| Radian Group, Inc. | 28240 | 1016358 |
| Western Union Co. | 49124 | 457344 |
|  |  | **30335685** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products–1.98%** | **Food Products–1.98%** | **Food Products–1.98%** |
| Archer-Daniels-Midland Co. | 98967 | $5689613 |
| Campbell's Co. | 226715 | 6318547 |
| Flowers Foods, Inc. | 43848 | 477066 |
| General Mills, Inc. | 109740 | 5102910 |
| Hershey Co. | 30592 | 5567132 |
| Kraft Heinz Co. | 587942 | 14257594 |
| Lamb Weston Holdings, Inc. | 69789 | 2923461 |
|  |  | **40336323** |
| **Ground Transportation–0.50%** | **Ground Transportation–0.50%** | **Ground Transportation–0.50%** |
| CSX Corp. | 144782 | 5248348 |
| Union Pacific Corp. | 21125 | 4886635 |
|  |  | **10134983** |
| **Health Care Equipment & Supplies–4.63%** | **Health Care Equipment & Supplies–4.63%** | **Health Care Equipment & Supplies–4.63%** |
| Baxter International, Inc. | 1582915 | 30249506 |
| Becton Dickinson & Co. | 180832 | 35094066 |
| Medtronic PLC | 299052 | 28726935 |
|  |  | **94070507** |
| **Health Care Providers & Services–3.95%** | **Health Care Providers & Services–3.95%** | **Health Care Providers & Services–3.95%** |
| Cardinal Health, Inc. | 146135 | 30030743 |
| CVS Health Corp. | 381668 | 30289172 |
| Elevance Health, Inc. | 56667 | 19864617 |
|  |  | **80184532** |
| **Health Care REITs–0.36%** | **Health Care REITs–0.36%** | **Health Care REITs–0.36%** |
| Healthcare Realty Trust, Inc. | 428544 | 7263821 |
|  |  | **7263821** |
| **Hotels, Restaurants & Leisure–0.28%** | **Hotels, Restaurants & Leisure–0.28%** | **Hotels, Restaurants & Leisure–0.28%** |
| Darden Restaurants, Inc. | 24151 | 4444267 |
| Vail Resorts, Inc. | 7415 | 984712 |
| Wendy's Co. | 32737 | 272699 |
|  |  | **5701678** |
| **Household Durables–0.05%** | **Household Durables–0.05%** | **Household Durables–0.05%** |
| Ethan Allen Interiors, Inc. | 4973 | 113583 |
| Whirlpool Corp. | 11498 | 829466 |
|  |  | **943049** |
| **Household Products–0.34%** | **Household Products–0.34%** | **Household Products–0.34%** |
| Kimberly-Clark Corp. | 68365 | 6897345 |
|  |  | **6897345** |
| **Independent Power and Renewable Electricity Producers–0.01%** | **Independent Power and Renewable Electricity Producers–0.01%** | **Independent Power and Renewable Electricity Producers–0.01%** |
| Clearway Energy, Inc. Class A | 7201 | 226255 |
|  |  | **226255** |
| **Industrial Conglomerates–0.48%** | **Industrial Conglomerates–0.48%** | **Industrial Conglomerates–0.48%** |
| Honeywell International, Inc. | 50145 | 9782788 |
|  |  | **9782788** |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-2

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Industrial REITs–0.92%** | **Industrial REITs–0.92%** | **Industrial REITs–0.92%** |
| Rexford Industrial Realty, <br> Inc.<br>| 322761 | $12497306 |
| STAG Industrial, Inc. | 169828 | 6242877 |
|  |  | **18740183** |
| **Insurance–2.49%** | **Insurance–2.49%** | **Insurance–2.49%** |
| American Financial Group, <br> Inc.<br>| 14355 | 1962041 |
| American International <br> Group, Inc.<br>| 128689 | 11009344 |
| AMERISAFE, Inc. | 4150 | 159401 |
| Arthur J Gallagher & Co. | 30407 | 7869028 |
| Cincinnati Financial Corp. | 32294 | 5274256 |
| CNA Financial Corp. | 3531 | 168570 |
| F&G Annuities & Life, Inc. | 17934 | 553264 |
| Fidelity National Financial, <br> Inc.<br>| 297327 | 16231081 |
| Unum Group | 31655 | 2453262 |
| Willis Towers Watson PLC | 14791 | 4860323 |
|  |  | **50540570** |
| **Interactive Media & Services–2.22%** | **Interactive Media & Services–2.22%** | **Interactive Media & Services–2.22%** |
| Alphabet, Inc. Class C | 92267 | 28953384 |
| Meta Platforms, Inc. Class A | 24430 | 16125999 |
|  |  | **45079383** |
| **Leisure Products–0.79%** | **Leisure Products–0.79%** | **Leisure Products–0.79%** |
| Hasbro, Inc. | 195205 | 16006810 |
|  |  | **16006810** |
| **Machinery–0.95%** | **Machinery–0.95%** | **Machinery–0.95%** |
| CNH Industrial NV | 797607 | 7353936 |
| Fortive Corp. | 149752 | 8267808 |
| Snap-on, Inc. | 10763 | 3708930 |
|  |  | **19330674** |
| **Media–1.27%** | **Media–1.27%** | **Media–1.27%** |
| Comcast Corp. Class A | 499211 | 14921417 |
| Nexstar Media Group, Inc. | 5966 | 1211396 |
| WPP PLC | 2164946 | 9725444 |
|  |  | **25858257** |
| **Metals & Mining–1.26%** | **Metals & Mining–1.26%** | **Metals & Mining–1.26%** |
| Barrick Mining Corp. | 207494 | 9036364 |
| Teck Resources Ltd. Class B | 347970 | 16664283 |
|  |  | **25700647** |
| **Multi-Utilities–0.96%** | **Multi-Utilities–0.96%** | **Multi-Utilities–0.96%** |
| Dominion Energy, Inc. | 334308 | 19587106 |
|  |  | **19587106** |
| **Oil, Gas & Consumable Fuels–7.55%** | **Oil, Gas & Consumable Fuels–7.55%** | **Oil, Gas & Consumable Fuels–7.55%** |
| APA Corp. | 73237 | 1791377 |
| BP PLC | 5062377 | 29523596 |
| Chevron Corp. | 132422 | 20182437 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ConocoPhillips | 218611 | $20464176 |
| Coterra Energy, Inc. | 156986 | 4131872 |
| Enterprise Products <br> Partners LP<br>| 538536 | 17265464 |
| EOG Resources, Inc. | 111704 | 11730037 |
| HF Sinclair Corp. | 32201 | 1483822 |
| Murphy Oil Corp. | 28065 | 877031 |
| ONEOK, Inc. | 129955 | 9551692 |
| Ovintiv, Inc. | 51657 | 2024438 |
| Shell PLC | 658283 | 24259214 |
| Valero Energy Corp. | 62825 | 10227282 |
|  |  | **153512438** |
| **Personal Care Products–0.02%** | **Personal Care Products–0.02%** | **Personal Care Products–0.02%** |
| Interparfums, Inc. | 3889 | 329904 |
|  |  | **329904** |
| **Pharmaceuticals–3.68%** | **Pharmaceuticals–3.68%** | **Pharmaceuticals–3.68%** |
| AstraZeneca PLC | 30896 | 5717592 |
| Bristol-Myers Squibb Co. | 393920 | 21248045 |
| Merck & Co., Inc. | 281872 | 29669846 |
| Pfizer, Inc. | 138352 | 3444965 |
| Sanofi SA | 151151 | 14624639 |
|  |  | **74705087** |
| **Professional Services–2.71%** | **Professional Services–2.71%** | **Professional Services–2.71%** |
| Insperity, Inc. | 7530 | 291562 |
| Kforce, Inc. | 3647 | 112765 |
| Leidos Holdings, Inc. | 44515 | 8030506 |
| Paychex, Inc. | 67473 | 7569121 |
| Robert Half, Inc. | 21562 | 585624 |
| SS&C Technologies Holdings, <br> Inc.<br>| 439868 | 38453260 |
|  |  | **55042838** |
| **Residential REITs–0.48%** | **Residential REITs–0.48%** | **Residential REITs–0.48%** |
| AvalonBay Communities, Inc. | 53280 | 9660197 |
|  |  | **9660197** |
| **Semiconductors & Semiconductor Equipment–1.95%** | **Semiconductors & Semiconductor Equipment–1.95%** | **Semiconductors & Semiconductor Equipment–1.95%** |
| †Intel Corp. | 95223 | 3513729 |
| Skyworks Solutions, Inc. | 30971 | 1963871 |
| STMicroelectronics NV | 161227 | 4182228 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 35539 | 10799947 |
| Texas Instruments, Inc. | 109949 | 19075052 |
|  |  | **39534827** |
| **Software–1.25%** | **Software–1.25%** | **Software–1.25%** |
| Microsoft Corp. | 52340 | 25312671 |
|  |  | **25312671** |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-3

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialized REITs–0.56%** | **Specialized REITs–0.56%** | **Specialized REITs–0.56%** |
| Crown Castle, Inc. | 129157 | $11478183 |
|  |  | **11478183** |
| **Specialty Retail–1.13%** | **Specialty Retail–1.13%** | **Specialty Retail–1.13%** |
| Best Buy Co., Inc. | 40341 | 2700023 |
| Buckle, Inc. | 6466 | 345414 |
| Home Depot, Inc. | 56059 | 19289902 |
| Signet Jewelers Ltd. | 8473 | 702242 |
|  |  | **23037581** |
| **Technology Hardware, Storage & Peripherals–3.86%** | **Technology Hardware, Storage & Peripherals–3.86%** | **Technology Hardware, Storage & Peripherals–3.86%** |
| Hewlett Packard Enterprise <br> Co.<br>| 738688 | 17743286 |
| HP, Inc. | 610138 | 13593874 |
| Samsung Electronics Co. Ltd. <br> GDR<br>| 15735 | 32328543 |
| Western Digital Corp. | 85652 | 14755270 |
|  |  | **78420973** |
| **Textiles, Apparel & Luxury Goods–0.02%** | **Textiles, Apparel & Luxury Goods–0.02%** | **Textiles, Apparel & Luxury Goods–0.02%** |
| Carter's, Inc. | 7593 | 246241 |
| Oxford Industries, Inc. | 3170 | 108414 |
|  |  | **354655** |
| **Tobacco–1.67%** | **Tobacco–1.67%** | **Tobacco–1.67%** |
| Altria Group, Inc. | 343671 | 19816070 |
| British American Tobacco <br> PLC ADR<br>| 250034 | 14156925 |
|  |  | **33972995** |
| **Trading Companies & Distributors–1.77%** | **Trading Companies & Distributors–1.77%** | **Trading Companies & Distributors–1.77%** |
| Fastenal Co. | 237024 | 9511773 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 9643 | $810976 |
| Watsco, Inc. | 7252 | 2443562 |
| WESCO International, Inc. | 94567 | 23134871 |
|  |  | **35901182** |
| **Wireless Telecommunication Services–0.19%** | **Wireless Telecommunication Services–0.19%** | **Wireless Telecommunication Services–0.19%** |
| Rogers Communications, Inc. <br> Class B<br>| 101070 | 3813371 |
|  |  | **3813371** |
| **Total Common Stock** <br>**(Cost $1,528,820,539)** | **Total Common Stock** <br>**(Cost $1,528,820,539)** | **1897882926** |
| **PREFERRED STOCK–0.70%** | **PREFERRED STOCK–0.70%** | **PREFERRED STOCK–0.70%** |
| Henkel AG & Co. KGaA 2.92% | 175060 | 14282235 |
| **Total Preferred Stock** <br>**(Cost $14,193,571)** | **Total Preferred Stock** <br>**(Cost $14,193,571)** | **14282235** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund–5.57%** | **Money Market Fund–5.57%** | **Money Market Fund–5.57%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund –Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 113067892 | 113067892 |
| **Total Money Market Fund** <br>**(Cost $113,067,892)** | **Total Money Market Fund** <br>**(Cost $113,067,892)** | **113067892** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.67% (Cost $1,656,082,002)** | **2025233053** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.33%** | **6747504** |
| **NET ASSETS APPLICABLE TO 92,421,050 SHARES OUTSTANDING–100.00%** | **$2031980557** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND STANDARD CLASS** <br>**($302,971,347 / 13,721,675 Shares)** | **$22.080** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND SERVICE CLASS** <br>**($1,729,009,210 / 78,699,375 Shares)** | **$21.970** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1560491729** |
| Distributable earnings/(accumulated loss) | **471488828** |
| **TOTAL NET ASSETS** | **$2031980557** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

LVIP BlackRock Dividend Value Managed Volatility Fund-4

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,376,579 cash collateral held at broker for futures contracts, $41,937 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $1,721,119 payable for fund shares redeemed, $58,512 other accrued expenses payable, $1,403,134 due to <br> manager and affiliates, $480,338 variation margin due to broker on futures contracts, $13,686 payable for audit fee and $52,369 payable for <br> fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 25 | CME British Pound Currency Futures | &nbsp;&nbsp; $2102813 | &nbsp;&nbsp; $2080847 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $21966 | &nbsp;&nbsp; $— |
| 24 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 3534000 | &nbsp;&nbsp; 3506120 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 27880 | &nbsp;&nbsp; — |
| 31 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 2487169 | &nbsp;&nbsp; 2512244 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25075)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 49846 | &nbsp;&nbsp; (25075)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 3 | CME E-mini Consumer Staples Select Sector Futures | &nbsp;&nbsp; 236880 | &nbsp;&nbsp; 237971 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1091)<br>|
| 13 | CME E-mini Russell 1000 Value Index Futures | &nbsp;&nbsp; 1352975 | &nbsp;&nbsp; 1364378 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11403)<br>|
| 27 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 3372300 | &nbsp;&nbsp; 3525456 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (153156)<br>|
| 57 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 19643625 | &nbsp;&nbsp; 19639946 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 3679 | &nbsp;&nbsp; — |
| 73 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 24273960 | &nbsp;&nbsp; 24642630 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (368670)<br>|
| 53 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 3638102 | &nbsp;&nbsp; 3586559 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 51543 | &nbsp;&nbsp; — |
| 16 | FTSE 100 Index Futures | &nbsp;&nbsp; 2143996 | &nbsp;&nbsp; 2091936 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 52060 | &nbsp;&nbsp; — |
| 8 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 2574055 | &nbsp;&nbsp; 2579965 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5910)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 107282 | &nbsp;&nbsp; (540230)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $157128 | &nbsp;&nbsp; $(565305)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 9 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| GDR–Global Depository Receipt |
| OSE–Osaka Securities Exchange |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** | **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $52421380 |
| Foreign taxes withheld | (387994)<br>|
|  | 52033386 |
| **EXPENSES:** |  |
| Management fees | 13022007 |
| Distribution fees-Service Class | 3825226 |
| Shareholder servicing fees | 529126 |
| Accounting and administration expenses | 317543 |
| Index fees | 147113 |
| Professional fees | 86495 |
| Custodian fees | 66071 |
| Reports and statements to shareholders | 58170 |
| Trustees' fees and expenses | 51860 |
| Consulting fees | 26775 |
| Pricing fees | 14969 |
| Other | 44561 |
|  | 18189916 |
| Less:  |  |
| Management fees waived | (2656816)<br>|
| Expenses reimbursed | (45199)<br>|
| Total operating expenses | 15487901 |
| **NET INVESTMENT INCOME**  | 36545485 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 206033328 |
| Foreign currencies | 59563 |
| Futures contracts | (70469442)<br>|
| Net realized gain | 135623449 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 53520623 |
| Foreign currencies | 87497 |
| Futures contracts | 3069699 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 56677819 |
| **NET REALIZED AND UNREALIZED GAIN** | 192301268 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $228846753 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** | **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** | **LVIP BlackRock Dividend Value Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $36545485 | $39963710 |
| Net realized gain | 135623449 | 104707765 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 56677819 | 48543942 |
| Net increase in net assets <br> resulting from operations<br>| 228846753 | 193215417 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (15735934)<br>| (24488036)<br>|
| Service Class | (88217714)<br>| (115891260)<br>|
|  | (103953648)<br>| (140379296)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 39260305 | 29025925 |
| Service Class | 21287592 | 37932263 |
| Net assets from merger: |  |  |
| Service Class | 380709508 |  |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 15735934 | 24488036 |
| Service Class | 88217714 | 115891260 |
|  | 545211053 | 207337484 |
| Cost of shares redeemed: |  |  |
| Standard Class | (63836076)<br>| (58298362)<br>|
| Service Class | (290622907)<br>| (258437660)<br>|
|  | (354458983)<br>| (316736022)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 190752070 | (109398538)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 315645175 | (56562417)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 1716335382 | 1772897799 |
| End of year | $2031980557 | $1716335382 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-6

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $20.821 | &nbsp;&nbsp; $20.303 | &nbsp;&nbsp; $20.596 | &nbsp;&nbsp; $24.007 | &nbsp;&nbsp; $20.691 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.474 | 0.531 | 0.521 | 0.461 | 0.407 |
| Net realized and unrealized gain (loss) | 1.958 | 1.807 | 1.317 | &nbsp;&nbsp; (1.130)<br>| 4.367 |
| Total from investment operations | 2.432 | 2.338 | 1.838 | &nbsp;&nbsp; (0.669)<br>| 4.774 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.478)<br>| &nbsp;&nbsp; (0.609)<br>| &nbsp;&nbsp; (0.538)<br>| &nbsp;&nbsp; (0.501)<br>| &nbsp;&nbsp; (0.510)<br>|
| Net realized gain | &nbsp;&nbsp; (0.695)<br>| &nbsp;&nbsp; (1.211)<br>| &nbsp;&nbsp; (1.593)<br>| &nbsp;&nbsp; (2.241)<br>| &nbsp;&nbsp; (0.948)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.173)<br>| &nbsp;&nbsp; (1.820)<br>| &nbsp;&nbsp; (2.131)<br>| &nbsp;&nbsp; (2.742)<br>| &nbsp;&nbsp; (1.458)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.080 | &nbsp;&nbsp; $20.821 | &nbsp;&nbsp; $20.303 | &nbsp;&nbsp; $20.596 | &nbsp;&nbsp; $24.007 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 11.84% | &nbsp;&nbsp; 11.50% | &nbsp;&nbsp; 9.39% | &nbsp;&nbsp; (2.28%)<br>| &nbsp;&nbsp; 23.07% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $302971 | &nbsp;&nbsp; $294432 | &nbsp;&nbsp; $291082 | &nbsp;&nbsp; $286139 | &nbsp;&nbsp; $320848 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 1.70% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.56% |
| Portfolio turnover | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-7

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** | **LVIP BlackRock Dividend Value Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $20.730 | &nbsp;&nbsp; $20.220 | &nbsp;&nbsp; $20.524 | &nbsp;&nbsp; $23.935 | &nbsp;&nbsp; $20.634 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.419 | 0.474 | 0.467 | 0.402 | 0.345 |
| Net realized and unrealized gain (loss) | 1.945 | 1.799 | 1.309 | &nbsp;&nbsp; (1.126)<br>| 4.352 |
| Total from investment operations | 2.364 | 2.273 | 1.776 | &nbsp;&nbsp; (0.724)<br>| 4.697 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.429)<br>| &nbsp;&nbsp; (0.552)<br>| &nbsp;&nbsp; (0.487)<br>| &nbsp;&nbsp; (0.446)<br>| &nbsp;&nbsp; (0.448)<br>|
| Net realized gain | &nbsp;&nbsp; (0.695)<br>| &nbsp;&nbsp; (1.211)<br>| &nbsp;&nbsp; (1.593)<br>| &nbsp;&nbsp; (2.241)<br>| &nbsp;&nbsp; (0.948)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (1.124)<br>| &nbsp;&nbsp; (1.763)<br>| &nbsp;&nbsp; (2.080)<br>| &nbsp;&nbsp; (2.687)<br>| &nbsp;&nbsp; (1.396)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $21.970 | &nbsp;&nbsp; $20.730 | &nbsp;&nbsp; $20.220 | &nbsp;&nbsp; $20.524 | &nbsp;&nbsp; $23.935 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 11.56% | &nbsp;&nbsp; 11.22% | &nbsp;&nbsp; 9.12% | &nbsp;&nbsp; (2.53%)<br>| &nbsp;&nbsp; 22.76% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1729010 | &nbsp;&nbsp; $1421903 | &nbsp;&nbsp; $1481816 | &nbsp;&nbsp; $1452868 | &nbsp;&nbsp; $1641353 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.45% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.31% |
| Portfolio turnover | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-8

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Dividend Value Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek reasonable income by investing primarily in income-producing equity securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of

LVIP BlackRock Dividend Value Managed Volatility Fund-9

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP BlackRock Dividend Value Managed Volatility Fund is $8,049 and $8,034 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $500 million of the Fund's average daily net assets; and 0.70% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.125% on the first $750 million of the Fund's average daily net assets and 0.16% of the Fund's average daily net assets in excess of $750 million. The agreement will continue at least through August 30, 2027, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Effective August 1, 2025, LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.63% of the Fund's average daily net assets for the Standard Class and 0.88% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through August 1, 2027, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

LVIP BlackRock Dividend Value Managed Volatility Fund-10

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $45199 | &nbsp;&nbsp; $45199 |

---

BlackRock Investment Management LLC ("BlackRock") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays BlackRock a fee based on the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $148598 |
| Legal | &nbsp;&nbsp; 24862 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $25,268 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $41937 |
| Management fees payable to LFI | &nbsp;&nbsp; 982193 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 370127 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 404 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 50410 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1245697537 |
| Sales | &nbsp;&nbsp; 1537420773 |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-11

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $1703614659 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $396586213 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (74944307)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $321641906 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $58425786 | &nbsp;&nbsp; $6397068 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64822854 |
| Air Freight & Logistics | &nbsp;&nbsp; 23695654 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23695654 |
| Automobile Components | &nbsp;&nbsp; 1728509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1728509 |
| Automobiles | &nbsp;&nbsp; 18615995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18615995 |
| Banks | &nbsp;&nbsp; 203789580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 203789580 |
| Beverages | &nbsp;&nbsp; 56948423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56948423 |
| Biotechnology | &nbsp;&nbsp; 38919246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38919246 |
| Broadline Retail | &nbsp;&nbsp; 36791092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36791092 |
| Building Products | &nbsp;&nbsp; 9625899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9625899 |
| Capital Markets | &nbsp;&nbsp; 68883295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68883295 |
| Chemicals | &nbsp;&nbsp; 52342940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52342940 |
| Commercial Services & Supplies | &nbsp;&nbsp; 110941 | &nbsp;&nbsp; 20878257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20989198 |
| Communications Equipment | &nbsp;&nbsp; 39183081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39183081 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 42566689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42566689 |
| Containers & Packaging | &nbsp;&nbsp; 39815928 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39815928 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 28704386 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28704386 |
| Electric Utilities | &nbsp;&nbsp; 39576277 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39576277 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 17051715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17051715 |
| Energy Equipment & Services | &nbsp;&nbsp; 16729737 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16729737 |
| Entertainment | &nbsp;&nbsp; 25304930 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25304930 |
| Financial Services | &nbsp;&nbsp; 30335685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30335685 |
| Food Products | &nbsp;&nbsp; 40336323 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40336323 |
| Ground Transportation | &nbsp;&nbsp; 10134983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10134983 |

---

LVIP BlackRock Dividend Value Managed Volatility Fund-12

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Health Care Equipment & Supplies | &nbsp;&nbsp; $94070507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $94070507 |
| Health Care Providers & Services | &nbsp;&nbsp; 80184532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80184532 |
| Health Care REITs | &nbsp;&nbsp; 7263821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7263821 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 5701678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5701678 |
| Household Durables | &nbsp;&nbsp; 943049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 943049 |
| Household Products | &nbsp;&nbsp; 6897345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6897345 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 226255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 226255 |
| Industrial Conglomerates | &nbsp;&nbsp; 9782788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9782788 |
| Industrial REITs | &nbsp;&nbsp; 18740183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18740183 |
| Insurance | &nbsp;&nbsp; 50540570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50540570 |
| Interactive Media & Services | &nbsp;&nbsp; 45079383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45079383 |
| Leisure Products | &nbsp;&nbsp; 16006810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16006810 |
| Machinery | &nbsp;&nbsp; 19330674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19330674 |
| Media | &nbsp;&nbsp; 16132813 | &nbsp;&nbsp; 9725444 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25858257 |
| Metals & Mining | &nbsp;&nbsp; 25700647 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25700647 |
| Multi-Utilities | &nbsp;&nbsp; 19587106 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19587106 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 99729628 | &nbsp;&nbsp; 53782810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 153512438 |
| Personal Care Products | &nbsp;&nbsp; 329904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 329904 |
| Pharmaceuticals | &nbsp;&nbsp; 54362856 | &nbsp;&nbsp; 20342231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74705087 |
| Professional Services | &nbsp;&nbsp; 55042838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55042838 |
| Residential REITs | &nbsp;&nbsp; 9660197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9660197 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 39534827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39534827 |
| Software | &nbsp;&nbsp; 25312671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25312671 |
| Specialized REITs | &nbsp;&nbsp; 11478183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11478183 |
| Specialty Retail | &nbsp;&nbsp; 23037581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23037581 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 46092430 | &nbsp;&nbsp; 32328543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78420973 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 354655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 354655 |
| Tobacco | &nbsp;&nbsp; 33972995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33972995 |
| Trading Companies & Distributors | &nbsp;&nbsp; 35901182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35901182 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 3813371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3813371 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 14282235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14282235 |
| Money Market Fund | &nbsp;&nbsp; 113067892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 113067892 |
| **Total Investments** | &nbsp;&nbsp; $1867496465 | &nbsp;&nbsp; $157736588 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2025233053 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $157128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $157128 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(565305)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(565305)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and partnerships and mark-to-market adjustments on certain derivatives and passive foreign investment companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

LVIP BlackRock Dividend Value Managed Volatility Fund-13

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Dividend and Distribution Information (continued)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $40072164 | &nbsp;&nbsp; $70712913 |
| Long-term capital gains | &nbsp;&nbsp; 63881484 | &nbsp;&nbsp; 69666383 |
| Total | &nbsp;&nbsp; $103953648 | &nbsp;&nbsp; $140379296 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $2934294 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 146912628 |
| Net unrealized appreciation | &nbsp;&nbsp; 321641906 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $471488828 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to merger related adjustment:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $(1902907)<br>| &nbsp;&nbsp; $1902907 |

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1817861 | &nbsp;&nbsp; 1326537 |
| Service Class | &nbsp;&nbsp; 1487813 | &nbsp;&nbsp; 1755993 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 723380 | &nbsp;&nbsp; 1149444 |
| Service Class | &nbsp;&nbsp; 4083152 | &nbsp;&nbsp; 5461140 |
| Shares from merger: |  |  |
| Service Class | &nbsp;&nbsp; 18047809 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 26160015 | &nbsp;&nbsp; 9693114 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (2960781)<br>| &nbsp;&nbsp; (2671633)<br>|
| Service Class | &nbsp;&nbsp; (13511891)<br>| &nbsp;&nbsp; (11910183)<br>|
|  | &nbsp;&nbsp; (16472672)<br>| &nbsp;&nbsp; (14581816)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 9687343 | &nbsp;&nbsp; (4888702)<br>|

---

LVIP BlackRock Dividend Value Managed Volatility Fund-14

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Fund Merger**

As of the close of business on August 1, 2025, the Fund acquired all of the assets and liabilities of the LVIP Invesco Select Equity Income Managed Volatility Fund ("Acquired Fund"), an open-end investment company, in exchange for the service class shares of the LVIP BlackRock Dividend Value Managed Volatility Fund ("Acquiring Fund") pursuant to a Plan and Agreement of Reorganization ("Reorganization"). The purpose of the Reorganization was to combine 2 funds managed by LFI with comparable investment objectives and strategies. The Reorganization was treated as a tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of the Acquiring Fund reflected the historical basis of the assets of the Acquired Fund as of the date of the Reorganization. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and assets received and shares issued by the Acquiring Fund were recorded at fair value. The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund prior to the Reorganization, as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Acquired Fund**<br> **Shares**<br> **Outstanding**<br>| **Acquiring Fund** | **Shares**<br> **Converted to**<br> **Acquiring Fund**<br>| **Acquired Fund**<br> **Net Assets**<br>| **Conversion** <br> **Ratio**<br>|
| Acquired Fund - Service Class | &nbsp;&nbsp; 42358628 | Service Class | &nbsp;&nbsp; 18047809 | &nbsp;&nbsp; $380709508 | 0.426 |

---

The net assets of the Acquiring Fund before the acquisition were $1,628,393,153. The net assets of the Acquiring Fund immediately following the acquisition were $2,009,102,662.

If the acquisition had been completed on January 1, 2025, the beginning of the Acquiring Fund's reporting period, the Acquiring Fund's pro forma results of operations for the year ended December 31, 2025, would have been as follows (unaudited):

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp; $39682307 <br><sup>(a)</sup><br>|
| Net realized gain (loss) | &nbsp;&nbsp; 226668200 <br><sup>(b)</sup><br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 153899491 <br><sup>(c)</sup><br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $420249998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) $36,545,485,
 as reported in the Statements of Changes in Net Assets, plus $3,136,822 Net investment income(loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $135,623,449,
 as reported in the Statements of Changes in Net Assets, plus $91,044,751 Net realized gain (loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(c) $56,677,819,
 as reported in the Statements of Changes in Net Assets, plus $97,221,672 Net change in unrealized appreciation (depreciation) from
 Acquired Fund pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund's Statements of Changes in Net Assets since August 4, 2025.

**8. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**9. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the

LVIP BlackRock Dividend Value Managed Volatility Fund-15

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $107282 | Receivables and other assets net of <br> liabilities<br>| $(540230)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 49846 | Receivables and other assets net of <br> liabilities<br>| (25075)<br>|
| Total |  | $157128 |  | $(565305)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(68987659)<br>| &nbsp;&nbsp; $2803516 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (1481783)<br>| &nbsp;&nbsp; 266183 |
| Total |  | &nbsp;&nbsp; $(70469442)<br>| &nbsp;&nbsp; $3069699 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $66119516 | $36028046 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

LVIP BlackRock Dividend Value Managed Volatility Fund-16

------

**LVIP BlackRock Dividend Value Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**11. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**12. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**13. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Dividend Value Managed Volatility Fund-17

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock Dividend Value Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP BlackRock Dividend Value Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img02d8d8c83.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock Dividend Value Managed Volatility Fund–18

------

![](img792923f21.jpg)

LVIP BlackRock Equity Dividend Fund

(formerly, LVIP Macquarie Value Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP BlackRock Equity Dividend Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_f781c8ce-5f11-4c32-bf67-bd91085c7527_SOI-continued-452_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_f781c8ce-5f11-4c32-bf67-bd91085c7527_FS-continued-452_1)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_f781c8ce-5f11-4c32-bf67-bd91085c7527_FS-continued-452_1)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_f781c8ce-5f11-4c32-bf67-bd91085c7527_FIHI-continued-452_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_f781c8ce-5f11-4c32-bf67-bd91085c7527_NTF-continued-452_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_f781c8ce-5f11-4c32-bf67-bd91085c7527_AUDIT-continued-452_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP BlackRock Equity Dividend Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–95.13%** | **COMMON STOCK–95.13%** | **COMMON STOCK–95.13%** |
| **Aerospace & Defense–3.03%** | **Aerospace & Defense–3.03%** | **Aerospace & Defense–3.03%** |
| Airbus SE | 23825 | $5532731 |
| †Boeing Co. | 33244 | 7217937 |
| L3Harris Technologies, Inc. | 30289 | 8891942 |
| Lockheed Martin Corp. | 27932 | 13509871 |
| RTX Corp. | 18270 | 3350718 |
|  |  | **38503199** |
| **Air Freight & Logistics–0.58%** | **Air Freight & Logistics–0.58%** | **Air Freight & Logistics–0.58%** |
| FedEx Corp. | 25693 | 7421680 |
|  |  | **7421680** |
| **Automobiles–0.54%** | **Automobiles–0.54%** | **Automobiles–0.54%** |
| General Motors Co. | 84663 | 6884795 |
|  |  | **6884795** |
| **Banks–12.14%** | **Banks–12.14%** | **Banks–12.14%** |
| Bank of America Corp. | 274937 | 15121535 |
| Citigroup, Inc. | 346474 | 40430051 |
| Citizens Financial Group, <br> Inc.<br>| 110120 | 6432109 |
| First Citizens BancShares, <br> Inc. Class A<br>| 15439 | 33134873 |
| JPMorgan Chase & Co. | 46716 | 15052830 |
| Wells Fargo & Co. | 474317 | 44206344 |
|  |  | **154377742** |
| **Beverages–1.21%** | **Beverages–1.21%** | **Beverages–1.21%** |
| Keurig Dr. Pepper, Inc. | 339884 | 9520151 |
| PepsiCo, Inc. | 40719 | 5843991 |
|  |  | **15364142** |
| **Broadline Retail–2.50%** | **Broadline Retail–2.50%** | **Broadline Retail–2.50%** |
| †Amazon.com, Inc. | 137711 | 31786453 |
|  |  | **31786453** |
| **Building Products–0.65%** | **Building Products–0.65%** | **Building Products–0.65%** |
| Fortune Brands Innovations, <br> Inc.<br>| 164890 | 8247798 |
|  |  | **8247798** |
| **Capital Markets–4.10%** | **Capital Markets–4.10%** | **Capital Markets–4.10%** |
| Carlyle Group, Inc. | 128096 | 7571755 |
| Charles Schwab Corp. | 133990 | 13386941 |
| Intercontinental Exchange, <br> Inc.<br>| 192494 | 31176328 |
|  |  | **52135024** |
| **Chemicals–3.19%** | **Chemicals–3.19%** | **Chemicals–3.19%** |
| Air Products & Chemicals, <br> Inc.<br>| 54507 | 13464319 |
| International Flavors & <br> Fragrances, Inc.<br>| 123782 | 8341669 |
| LyondellBasell Industries NV <br> Class A<br>| 109766 | 4752868 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| PPG Industries, Inc. | 131907 | $13515191 |
| †Solstice Advanced Materials, <br> Inc.<br>| 9472 | 460150 |
|  |  | **40534197** |
| **Commercial Services & Supplies–1.42%** | **Commercial Services & Supplies–1.42%** | **Commercial Services & Supplies–1.42%** |
| Rentokil Initial PLC | 3023246 | 18038171 |
|  |  | **18038171** |
| **Communications Equipment–1.31%** | **Communications Equipment–1.31%** | **Communications Equipment–1.31%** |
| Cisco Systems, Inc. | 216200 | 16653886 |
|  |  | **16653886** |
| **Consumer Staples Distribution & Retail–2.27%** | **Consumer Staples Distribution & Retail–2.27%** | **Consumer Staples Distribution & Retail–2.27%** |
| Dollar General Corp. | 217366 | 28859684 |
|  |  | **28859684** |
| **Containers & Packaging–2.18%** | **Containers & Packaging–2.18%** | **Containers & Packaging–2.18%** |
| Crown Holdings, Inc. | 128217 | 13202504 |
| Sealed Air Corp. | 349078 | 14462302 |
|  |  | **27664806** |
| **Diversified Telecommunication Services–0.58%** | **Diversified Telecommunication Services–0.58%** | **Diversified Telecommunication Services–0.58%** |
| Verizon Communications, <br> Inc.<br>| 180987 | 7371601 |
|  |  | **7371601** |
| **Electric Utilities–2.68%** | **Electric Utilities–2.68%** | **Electric Utilities–2.68%** |
| Edison International | 91424 | 5487268 |
| Evergy, Inc. | 102536 | 7432835 |
| Exelon Corp. | 367742 | 16029874 |
| PG&E Corp. | 321228 | 5162134 |
|  |  | **34112111** |
| **Electronic Equipment, Instruments & Components–1.16%** | **Electronic Equipment, Instruments & Components–1.16%** | **Electronic Equipment, Instruments & Components–1.16%** |
| CDW Corp. | 95075 | 12949215 |
| Ralliant Corp. | 35328 | 1798549 |
|  |  | **14747764** |
| **Entertainment–1.72%** | **Entertainment–1.72%** | **Entertainment–1.72%** |
| Electronic Arts, Inc. | 64534 | 13186232 |
| Walt Disney Co. | 76767 | 8733782 |
|  |  | **21920014** |
| **Financial Services–1.96%** | **Financial Services–1.96%** | **Financial Services–1.96%** |
| Fidelity National Information <br> Services, Inc.<br>| 375201 | 24935858 |
|  |  | **24935858** |
| **Food Products–1.61%** | **Food Products–1.61%** | **Food Products–1.61%** |
| Campbell's Co. | 196089 | 5465001 |
| Kraft Heinz Co. | 507964 | 12318127 |
| Lamb Weston Holdings, Inc. | 63835 | 2674048 |
|  |  | **20457176** |

---

LVIP BlackRock Equity Dividend Fund-1

------

**LVIP BlackRock Equity Dividend Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–0.70%** | **Ground Transportation–0.70%** | **Ground Transportation–0.70%** |
| CSX Corp. | 126186 | $4574242 |
| Union Pacific Corp. | 18412 | 4259064 |
|  |  | **8833306** |
| **Health Care Equipment & Supplies–6.39%** | **Health Care Equipment & Supplies–6.39%** | **Health Care Equipment & Supplies–6.39%** |
| Baxter International, Inc. | 1367589 | 26134626 |
| Becton Dickinson & Co. | 156233 | 30320138 |
| Medtronic PLC | 258372 | 24819214 |
|  |  | **81273978** |
| **Health Care Providers & Services–5.44%** | **Health Care Providers & Services–5.44%** | **Health Care Providers & Services–5.44%** |
| Cardinal Health, Inc. | 126256 | 25945608 |
| CVS Health Corp. | 329750 | 26168960 |
| Elevance Health, Inc. | 48653 | 17055309 |
|  |  | **69169877** |
| **Health Care REITs–0.50%** | **Health Care REITs–0.50%** | **Health Care REITs–0.50%** |
| Healthcare Realty Trust, Inc. | 370654 | 6282585 |
|  |  | **6282585** |
| **Industrial Conglomerates–0.67%** | **Industrial Conglomerates–0.67%** | **Industrial Conglomerates–0.67%** |
| Honeywell International, Inc. | 43732 | 8531676 |
|  |  | **8531676** |
| **Industrial REITs–1.28%** | **Industrial REITs–1.28%** | **Industrial REITs–1.28%** |
| Rexford Industrial Realty, <br> Inc.<br>| 280063 | 10844040 |
| STAG Industrial, Inc. | 148111 | 5444560 |
|  |  | **16288600** |
| **Insurance–2.55%** | **Insurance–2.55%** | **Insurance–2.55%** |
| American International <br> Group, Inc.<br>| 111183 | 9511706 |
| Arthur J Gallagher & Co. | 26380 | 6826880 |
| F&G Annuities & Life, Inc. | 12807 | 395096 |
| Fidelity National Financial, <br> Inc.<br>| 211456 | 11543383 |
| Willis Towers Watson PLC | 12758 | 4192279 |
|  |  | **32469344** |
| **Interactive Media & Services–3.06%** | **Interactive Media & Services–3.06%** | **Interactive Media & Services–3.06%** |
| Alphabet, Inc. Class C | 79716 | 25014881 |
| Meta Platforms, Inc. Class A | 21106 | 13931859 |
|  |  | **38946740** |
| **Leisure Products–1.09%** | **Leisure Products–1.09%** | **Leisure Products–1.09%** |
| Hasbro, Inc. | 168652 | 13829464 |
|  |  | **13829464** |
| **Machinery–1.06%** | **Machinery–1.06%** | **Machinery–1.06%** |
| CNH Industrial NV | 689864 | 6360546 |
| Fortive Corp. | 129522 | 7150910 |
|  |  | **13511456** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Media–1.68%** | **Media–1.68%** | **Media–1.68%** |
| Comcast Corp. Class A | 431303 | $12891646 |
| WPP PLC | 1870446 | 8402481 |
|  |  | **21294127** |
| **Metals & Mining–1.75%** | **Metals & Mining–1.75%** | **Metals & Mining–1.75%** |
| Barrick Mining Corp. | 179465 | 7815701 |
| Teck Resources Ltd. Class B | 300636 | 14397458 |
|  |  | **22213159** |
| **Multi-Utilities–1.33%** | **Multi-Utilities–1.33%** | **Multi-Utilities–1.33%** |
| Dominion Energy, Inc. | 288831 | 16922608 |
|  |  | **16922608** |
| **Oil, Gas & Consumable Fuels–4.83%** | **Oil, Gas & Consumable Fuels–4.83%** | **Oil, Gas & Consumable Fuels–4.83%** |
| BP PLC | 4373738 | 25507479 |
| Enterprise Products <br> Partners LP<br>| 465279 | 14916844 |
| Shell PLC | 568737 | 20959242 |
|  |  | **61383565** |
| **Pharmaceuticals–2.23%** | **Pharmaceuticals–2.23%** | **Pharmaceuticals–2.23%** |
| AstraZeneca PLC | 26927 | 4983091 |
| Merck & Co., Inc. | 73760 | 7763978 |
| Pfizer, Inc. | 120583 | 3002517 |
| Sanofi SA | 130590 | 12635256 |
|  |  | **28384842** |
| **Professional Services–3.17%** | **Professional Services–3.17%** | **Professional Services–3.17%** |
| Leidos Holdings, Inc. | 39018 | 7038847 |
| SS&C Technologies Holdings, <br> Inc.<br>| 380033 | 33222485 |
|  |  | **40261332** |
| **Residential REITs–0.66%** | **Residential REITs–0.66%** | **Residential REITs–0.66%** |
| AvalonBay Communities, Inc. | 46466 | 8424750 |
|  |  | **8424750** |
| **Semiconductors & Semiconductor Equipment–1.26%** | **Semiconductors & Semiconductor Equipment–1.26%** | **Semiconductors & Semiconductor Equipment–1.26%** |
| †Intel Corp. | 82992 | 3062405 |
| STMicroelectronics NV | 139150 | 3609551 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 190000 | 9339878 |
|  |  | **16011834** |
| **Software–1.72%** | **Software–1.72%** | **Software–1.72%** |
| Microsoft Corp. | 45220 | 21869296 |
|  |  | **21869296** |
| **Specialized REITs–0.78%** | **Specialized REITs–0.78%** | **Specialized REITs–0.78%** |
| Crown Castle, Inc. | 111587 | 9916737 |
|  |  | **9916737** |
| **Technology Hardware, Storage & Peripherals–5.36%** | **Technology Hardware, Storage & Peripherals–5.36%** | **Technology Hardware, Storage & Peripherals–5.36%** |
| Hewlett Packard Enterprise <br> Co.<br>| 638204 | 15329660 |
| HP, Inc. | 527140 | 11744679 |

---

LVIP BlackRock Equity Dividend Fund-2

------

**LVIP BlackRock Equity Dividend Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Samsung Electronics Co. Ltd. | 336275 | $28184852 |
| Western Digital Corp. | 74480 | 12830670 |
|  |  | **68089861** |
| **Tobacco–0.96%** | **Tobacco–0.96%** | **Tobacco–0.96%** |
| British American Tobacco <br> PLC ADR<br>| 216021 | 12231109 |
|  |  | **12231109** |
| **Trading Companies & Distributors–1.57%** | **Trading Companies & Distributors–1.57%** | **Trading Companies & Distributors–1.57%** |
| WESCO International, Inc. | 81703 | 19987822 |
|  |  | **19987822** |
| **Wireless Telecommunication Services–0.26%** | **Wireless Telecommunication Services–0.26%** | **Wireless Telecommunication Services–0.26%** |
| Rogers Communications, Inc. <br> Class B<br>| 87565 | 3303827 |
|  |  | **3303827** |
| **Total Common Stock** <br>**(Cost $1,071,003,358)** | **Total Common Stock** <br>**(Cost $1,071,003,358)** | **1209447996** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **PREFERRED STOCK–0.96%** | **PREFERRED STOCK–0.96%** | **PREFERRED STOCK–0.96%** |
| Henkel AG & Co. KGaA 2.92% | 149997 | $12237475 |
| **Total Preferred Stock** <br>**(Cost $11,796,724)** | **Total Preferred Stock** <br>**(Cost $11,796,724)** | **12237475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–3.92%** | **MONEY MARKET FUND–3.92%** | **MONEY MARKET FUND–3.92%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 49845136 | 49845136 |
| **Total Money Market Fund** <br>**(Cost $49,845,136)** | **Total Money Market Fund** <br>**(Cost $49,845,136)** | **49845136** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.01% (Cost $1,132,645,218)** | **1271530607** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)** | **(176710)**<br>|
| **NET ASSETS APPLICABLE TO 49,331,038 SHARES OUTSTANDING–100.00%** | **$1271353897** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK EQUITY DIVIDEND FUND STANDARD CLASS** <br>**($987,052,784 / 38,290,884 Shares)** | **$25.778** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK EQUITY DIVIDEND FUND SERVICE CLASS** <br>**($284,301,113 / 11,040,154 Shares)** | **$25.752** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$993508831** |
| Distributable earnings/(accumulated loss) | **277845066** |
| **TOTAL NET ASSETS** | **$1271353897** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,501,399 payable for fund shares redeemed, $27,328 other accrued expenses payable, $739,218 due to manager and affiliates, <br> $19,411 payable for audit fee and $30,515 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Equity Dividend Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Equity Dividend Fund** | **LVIP BlackRock Equity Dividend Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $28224177 |
| Foreign taxes withheld | (215373)<br>|
|  | 28008804 |
| **EXPENSES:** |  |
| Management fees | 7430233 |
| Distribution fees-Service Class | 810868 |
| Shareholder servicing fees | 352230 |
| Accounting and administration expenses | 210811 |
| Professional fees | 68061 |
| Reports and statements to shareholders | 53084 |
| Trustees' fees and expenses | 35346 |
| Custodian fees | 28687 |
| Consulting fees | 12719 |
| Pricing fees | 9150 |
| Other | 40650 |
|  | 9051839 |
| Less:  |  |
| Management fees waived | (164067)<br>|
| Total operating expenses | 8887772 |
| **NET INVESTMENT INCOME**  | 19121032 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 157480864 |
| Foreign currencies | (197029)<br>|
| Net realized gain | 157283835 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (23990383)<br>|
| Foreign currencies | 1933 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (23988450)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 133295385 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $152416417 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Equity Dividend Fund** | **LVIP BlackRock Equity Dividend Fund** | **LVIP BlackRock Equity Dividend Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $19121032 | $22959864 |
| Net realized gain | 157283835 | 105817602 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (23988450)<br>| (30899342)<br>|
| Net increase in net assets <br> resulting from operations<br>| 152416417 | 97878124 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (110188614)<br>| (57462344)<br>|
| Service Class | (30785891)<br>| (15048891)<br>|
|  | (140974505)<br>| (72511235)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 83662106 | 72011856 |
| Service Class | 26225172 | 18097425 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 110188614 | 57462344 |
| Service Class | 30785891 | 15048891 |
|  | 250861783 | 162620516 |
| Cost of shares redeemed: |  |  |
| Standard Class | (173751473)<br>| (233709778)<br>|
| Service Class | (47368354)<br>| (63713665)<br>|
|  | (221119827)<br>| (297423443)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 29741956 | (134802927)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 41183868 | (109436038)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 1230170029 | 1339606067 |
| End of year | $1271353897 | $1230170029 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Equity Dividend Fund-4

------

**LVIP BlackRock Equity Dividend Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** | **LVIP BlackRock Equity Dividend Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25**<sup>1</sup> <br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $25.560 | &nbsp;&nbsp; $25.237 | &nbsp;&nbsp; $25.984 | &nbsp;&nbsp; $29.690 | &nbsp;&nbsp; $28.810 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.423 | 0.472 | 0.477 | 0.457 | 0.454 |
| Net realized and unrealized gain (loss) | 2.874 | 1.369 | 0.367 | &nbsp;&nbsp; (1.613)<br>| 5.619 |
| Total from investment operations | 3.297 | 1.841 | 0.844 | &nbsp;&nbsp; (1.156)<br>| 6.073 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.433)<br>| &nbsp;&nbsp; (0.512)<br>| &nbsp;&nbsp; (0.432)<br>| &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (1.059)<br>|
| Net realized gain | &nbsp;&nbsp; (2.646)<br>| &nbsp;&nbsp; (1.006)<br>| &nbsp;&nbsp; (1.159)<br>| &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (4.131)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (3.079)<br>| &nbsp;&nbsp; (1.518)<br>| &nbsp;&nbsp; (1.591)<br>| &nbsp;&nbsp; (2.550)<br>| &nbsp;&nbsp; (5.193)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $25.778 | &nbsp;&nbsp; $25.560 | &nbsp;&nbsp; $25.237 | &nbsp;&nbsp; $25.984 | &nbsp;&nbsp; $29.690 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 13.43% | &nbsp;&nbsp; 7.18% | &nbsp;&nbsp; 3.49% | &nbsp;&nbsp; (3.27%)<br>| &nbsp;&nbsp; 22.42% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $987053 | &nbsp;&nbsp; $958299 | &nbsp;&nbsp; $1042285 | &nbsp;&nbsp; $397629 | &nbsp;&nbsp; $463942 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.68% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.69% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.91% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.54% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.54% |
| Portfolio turnover | &nbsp;&nbsp; 134% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, BlackRock Investment Management LLC (Blackrock) replaced Delaware Investments Fund Advisers (DIFA) as a sub-adviser to the Fund.

<sup>2</sup> The Fund adopted the accounting and performance history of the Delaware VIP Value Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Value Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> The Fund recouped previously waived expenses during the year ended December 31, 2023, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Equity Dividend Fund-5

------

**LVIP BlackRock Equity Dividend Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** | **LVIP BlackRock Equity Dividend Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25**<sup>1</sup> <br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $25.545 | &nbsp;&nbsp; $25.220 | &nbsp;&nbsp; $25.970 | &nbsp;&nbsp; $29.673 | &nbsp;&nbsp; $28.700 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.345 | 0.391 | 0.402 | 0.373 | 0.365 |
| Net realized and unrealized gain (loss) | 2.866 | 1.368 | 0.361 | &nbsp;&nbsp; (1.612)<br>| 5.595 |
| Total from investment operations | 3.211 | 1.759 | 0.763 | &nbsp;&nbsp; (1.239)<br>| 5.960 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.358)<br>| &nbsp;&nbsp; (0.428)<br>| &nbsp;&nbsp; (0.354)<br>| &nbsp;&nbsp; (0.402)<br>| &nbsp;&nbsp; (0.854)<br>|
| Net realized gain | &nbsp;&nbsp; (2.646)<br>| &nbsp;&nbsp; (1.006)<br>| &nbsp;&nbsp; (1.159)<br>| &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (4.130)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.003)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (3.004)<br>| &nbsp;&nbsp; (1.434)<br>| &nbsp;&nbsp; (1.513)<br>| &nbsp;&nbsp; (2.464)<br>| &nbsp;&nbsp; (4.987)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $25.752 | &nbsp;&nbsp; $25.545 | &nbsp;&nbsp; $25.220 | &nbsp;&nbsp; $25.970 | &nbsp;&nbsp; $29.673 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 13.09% | &nbsp;&nbsp; 6.86% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; (3.56%)<br>| &nbsp;&nbsp; 22.04% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $284301 | &nbsp;&nbsp; $271871 | &nbsp;&nbsp; $297321 | &nbsp;&nbsp; $319612 | &nbsp;&nbsp; $385587 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.98% <br><sup>5</sup><br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.61% <br><sup>5</sup><br>| &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.24% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.24% |
| Portfolio turnover | &nbsp;&nbsp; 134% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 26% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, BlackRock Investment Management LLC (Blackrock) replaced Delaware Investments Fund Advisers (DIFA) as a sub-adviser to the Fund.

<sup>2</sup> The Fund adopted the accounting and performance history of the Delaware VIP Value Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Value Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> The Fund recouped previously waived expenses during the year ended December 31, 2023, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Equity Dividend Fund-6

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Equity Dividend Fund (formerly, LVIP Macquarie Value Fund)(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign

LVIP BlackRock Equity Dividend Fund-7

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; 0.60% of the next $500 million; 0.55% of the next $1.5 billion; and 0.50% of the Fund's average daily net assets in excess of $2.5 billion. Effective May 1, 2025, LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.02% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Effective May 1, 2025, LFI has contractually agreed to reimburse the Fund to the extent that the Fund's Operating Expenses (excluding Underlying Fund fees and expenses) exceed 0.67% of the average daily net assets for the Standard Class and 0.97% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses were not to exceed 0.69% the Fund's average daily net assets for the Standard Class and 0.99% for the Service Class.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. As of December 31, 2025, no expense reimbursements were subject to recoupment.

LVIP BlackRock Equity Dividend Fund-8

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Effective May 1, 2025, BlackRock Investment Management, LLC ("BlackRock") (the "Sub Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. Prior to May 1, 2025, Delaware Investments Fund Advisers ("DIFA") was responsible for the day-to-day management of the Fund's investment portfolio.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $100429 |
| Legal | &nbsp;&nbsp; 16670 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $31,684 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.30% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $635376 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 72365 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 197 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 31280 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1592006348 |
| Sales | &nbsp;&nbsp; 1719509921 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $1135136228 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $188641706 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (52245394)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $136396312 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity.

LVIP BlackRock Equity Dividend Fund-9

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $32970468 | &nbsp;&nbsp; $5532731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38503199 |
| Air Freight & Logistics | &nbsp;&nbsp; 7421680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7421680 |
| Automobiles | &nbsp;&nbsp; 6884795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6884795 |
| Banks | &nbsp;&nbsp; 154377742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154377742 |
| Beverages | &nbsp;&nbsp; 15364142 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15364142 |
| Broadline Retail | &nbsp;&nbsp; 31786453 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31786453 |
| Building Products | &nbsp;&nbsp; 8247798 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8247798 |
| Capital Markets | &nbsp;&nbsp; 52135024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52135024 |
| Chemicals | &nbsp;&nbsp; 40534197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40534197 |
| Commercial Services & Supplies | &nbsp;&nbsp; — | &nbsp;&nbsp; 18038171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18038171 |
| Communications Equipment | &nbsp;&nbsp; 16653886 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16653886 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 28859684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28859684 |
| Containers & Packaging | &nbsp;&nbsp; 27664806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27664806 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 7371601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7371601 |
| Electric Utilities | &nbsp;&nbsp; 34112111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34112111 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 14747764 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14747764 |
| Entertainment | &nbsp;&nbsp; 21920014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21920014 |
| Financial Services | &nbsp;&nbsp; 24935858 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24935858 |
| Food Products | &nbsp;&nbsp; 20457176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20457176 |
| Ground Transportation | &nbsp;&nbsp; 8833306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8833306 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 81273978 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81273978 |
| Health Care Providers & Services | &nbsp;&nbsp; 69169877 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69169877 |
| Health Care REITs | &nbsp;&nbsp; 6282585 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6282585 |
| Industrial Conglomerates | &nbsp;&nbsp; 8531676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8531676 |
| Industrial REITs | &nbsp;&nbsp; 16288600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16288600 |
| Insurance | &nbsp;&nbsp; 32469344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32469344 |
| Interactive Media & Services | &nbsp;&nbsp; 38946740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38946740 |
| Leisure Products | &nbsp;&nbsp; 13829464 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13829464 |
| Machinery | &nbsp;&nbsp; 13511456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13511456 |
| Media | &nbsp;&nbsp; 12891646 | &nbsp;&nbsp; 8402481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21294127 |
| Metals & Mining | &nbsp;&nbsp; 22213159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22213159 |
| Multi-Utilities | &nbsp;&nbsp; 16922608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16922608 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 14916844 | &nbsp;&nbsp; 46466721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61383565 |
| Pharmaceuticals | &nbsp;&nbsp; 10766495 | &nbsp;&nbsp; 17618347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28384842 |
| Professional Services | &nbsp;&nbsp; 40261332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40261332 |
| Residential REITs | &nbsp;&nbsp; 8424750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8424750 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 6671956 | &nbsp;&nbsp; 9339878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16011834 |
| Software | &nbsp;&nbsp; 21869296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21869296 |
| Specialized REITs | &nbsp;&nbsp; 9916737 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9916737 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 39905009 | &nbsp;&nbsp; 28184852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68089861 |

---

LVIP BlackRock Equity Dividend Fund-10

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Tobacco | &nbsp;&nbsp; $12231109 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12231109 |
| Trading Companies & Distributors | &nbsp;&nbsp; 19987822 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19987822 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 3303827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3303827 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 12237475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12237475 |
| Money Market Fund | &nbsp;&nbsp; 49845136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49845136 |
| **Total Investments** | &nbsp;&nbsp; $1125709951 | &nbsp;&nbsp; $145820656 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1271530607 |

---

There were no Level 3 investments at the beginning or end of the year.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $37431049 | &nbsp;&nbsp; $26942220 |
| Long-term capital gains | &nbsp;&nbsp; 103543456 | &nbsp;&nbsp; 45569015 |
| Total | &nbsp;&nbsp; $140974505 | &nbsp;&nbsp; $72511235 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $6973299 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 134475454 |
| Other temporary differences | &nbsp;&nbsp; 1 |
| Net unrealized appreciation | &nbsp;&nbsp; 136396312 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $277845066 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 3248042 | &nbsp;&nbsp; 2727487 |
| Service Class | &nbsp;&nbsp; 1017162 | &nbsp;&nbsp; 688010 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 4360453 | &nbsp;&nbsp; 2176623 |
| Service Class | &nbsp;&nbsp; 1221933 | &nbsp;&nbsp; 570220 |
|  | &nbsp;&nbsp; 9847590 | &nbsp;&nbsp; 6162340 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (6809966)<br>| &nbsp;&nbsp; (8711138)<br>|
| Service Class | &nbsp;&nbsp; (1841575)<br>| &nbsp;&nbsp; (2404916)<br>|
|  | &nbsp;&nbsp; (8651541)<br>| &nbsp;&nbsp; (11116054)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1196049 | &nbsp;&nbsp; (4953714)<br>|

---

LVIP BlackRock Equity Dividend Fund-11

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

LVIP BlackRock Equity Dividend Fund-12

------

**LVIP BlackRock Equity Dividend Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Equity Dividend Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock Equity Dividend Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP BlackRock Equity Dividend Fund (formerly, LVIP Macquarie Value Fund) (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2021, were audited by another independent registered public accounting firm whose report, dated February 28, 2022, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgc85009492.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock Equity Dividend Fund–14

------

![](imgea54abe91.jpg)

LVIP BlackRock Global Allocation Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP BlackRock Global Allocation Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Consolidated Statement of Net Assets](#xx_60a952b2-48fe-4320-abd2-c5fe35748987_SOI-continued-352_1)**  | &nbsp;&nbsp; **1** |
| **[Consolidated Statement of Operations](#xx_60a952b2-48fe-4320-abd2-c5fe35748987_FS-continued-352_1)**  | &nbsp;&nbsp; **61** |
| **[Consolidated Statements of Changes in Net Assets](#xx_60a952b2-48fe-4320-abd2-c5fe35748987_FS-continued-352_1)**  | &nbsp;&nbsp; **61** |
| **[Consolidated Financial Highlights](#xx_60a952b2-48fe-4320-abd2-c5fe35748987_FIHI-continued-352_1)**  | &nbsp;&nbsp; **62** |
| **[Notes to Consolidated Financial Statements](#xx_60a952b2-48fe-4320-abd2-c5fe35748987_NTF-continued-352_1)**  | &nbsp;&nbsp; **64** |
| **[Report of Independent Registered Public Accounting Firm](#xx_60a952b2-48fe-4320-abd2-c5fe35748987_AUDIT-continued-352_1)**  | &nbsp;&nbsp; **82** |

---

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–61.29%** | **ΔCOMMON STOCK–61.29%** | **ΔCOMMON STOCK–61.29%** |
| **Australia–0.42%** | **Australia–0.42%** | **Australia–0.42%** |
| BHP Group Ltd. | 79951 | $2412851 |
| Fortescue Ltd. | 38587 | 564238 |
| Macquarie Group Ltd. | 12424 | 1678856 |
| =†πQuintis Australia Pty. Ltd. | 3249491 | 0 |
| Rio Tinto Ltd. | 11129 | 1085696 |
| Santos Ltd. | 144912 | 595180 |
| †Telix Pharmaceuticals Ltd. | 22608 | 169005 |
| Transurban Group | 114126 | 1080042 |
| WiseTech Global Ltd. | 9547 | 434050 |
| Woolworths Group Ltd. | 22571 | 441602 |
| Worley Ltd. | 41874 | 349682 |
|  |  | **8811202** |
| **Austria–0.00%** | **Austria–0.00%** | **Austria–0.00%** |
| Raiffeisen Bank <br> International AG<br>| 1072 | 47765 |
|  |  | **47765** |
| **Belgium–0.05%** | **Belgium–0.05%** | **Belgium–0.05%** |
| KBC Group NV | 7484 | 974686 |
| UCB SA | 379 | 105599 |
|  |  | **1080285** |
| **Bermuda–0.01%** | **Bermuda–0.01%** | **Bermuda–0.01%** |
| †Viking Holdings Ltd. | 2184 | 155959 |
|  |  | **155959** |
| **Brazil–0.21%** | **Brazil–0.21%** | **Brazil–0.21%** |
| B3 SA - Brasil Bolsa Balcao | 82541 | 210142 |
| Banco Bradesco SA | 500775 | 1639463 |
| BB Seguridade <br> Participacoes SA<br>| 79460 | 524884 |
| †Localiza Rent a Car SA | 15705 | 124259 |
| Lojas Renner SA | 174272 | 426814 |
| Petroleo Brasileiro SA - <br> Petrobras<br>| 85911 | 482258 |
| Rede D'Or Sao Luiz SA | 13547 | 100336 |
| Rumo SA | 36485 | 98092 |
| †StoneCo Ltd. Class A | 3175 | 46958 |
| Vale SA | 53397 | 696099 |
| XP, Inc. Class A | 3376 | 55265 |
|  |  | **4404570** |
| **Canada–1.35%** | **Canada–1.35%** | **Canada–1.35%** |
| Algoma Steel Group, Inc. | 67032 | 274831 |
| Alimentation Couche-Tard, <br> Inc.<br>| 18703 | 1021439 |
| Bank of Nova Scotia | 4880 | 359916 |
| Barrick Mining Corp. | 29058 | 1265803 |
| †CAE, Inc. | 6554 | 199311 |
| Cameco Corp. | 70713 | 6469670 |
| Canadian National Railway <br> Co.<br>| 11400 | 1127500 |
| Cenovus Energy, Inc. | 42978 | 727077 |
| CGI, Inc. | 4487 | 414456 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Constellation Software, <br> Inc.<br>| 858 | $2063751 |
| †Eldorado Gold Corp. | 8692 | 312217 |
| †First Quantum Minerals <br> Ltd.<br>| 5589 | 149849 |
| Fortis, Inc. | 17068 | 887379 |
| Gildan Activewear, Inc. | 19312 | 1207079 |
| Kinross Gold Corp. | 59033 | 1662756 |
| †Lionsgate Studios Corp. | 84585 | 772261 |
| †Lululemon Athletica, Inc. | 6895 | 1432850 |
| Nutrien Ltd. | 9830 | 606752 |
| Power Corp. of Canada | 2608 | 138613 |
| Sun Life Financial, Inc. | 46030 | 2873375 |
| Suncor Energy, Inc. | 80066 | 3553692 |
| Teck Resources Ltd. <br> Class B<br>| 21328 | 1021065 |
| †Xenon Pharmaceuticals, <br> Inc.<br>| 2480 | 111154 |
|  |  | **28652796** |
| **Chile–0.00%** | **Chile–0.00%** | **Chile–0.00%** |
| =†Wom New Holdco | 399 | 9177 |
|  |  | **9177** |
| **China–1.10%** | **China–1.10%** | **China–1.10%** |
| Alibaba Group Holding <br> Ltd.<br>| 20500 | 376400 |
| Alibaba Group Holding Ltd. <br> ADR<br>| 9563 | 1401744 |
| ANTA Sports Products Ltd. | 70600 | 733151 |
| Belimo Holding AG | 402 | 392779 |
| †Bilibili, Inc. ADR | 6592 | 162097 |
| BYD Co. Ltd. Class H | 252000 | 3079631 |
| China Galaxy Securities Co. <br> Ltd. Class H<br>| 316500 | 409298 |
| China Hongqiao Group <br> Ltd.<br>| 125000 | 524965 |
| Eastroc Beverage Group <br> Co. Ltd. Class A<br>| 3600 | 137800 |
| GF Securities Co. Ltd. <br> Class A<br>| 67200 | 211808 |
| Great Wall Motor Co. Ltd. <br> Class A<br>| 350127 | 1134033 |
| JD.com, Inc. Class A | 99750 | 1434328 |
| Laopu Gold Co. Ltd. <br> Class H<br>| 2600 | 207793 |
| Lenovo Group Ltd. | 480000 | 570814 |
| Nongfu Spring Co. Ltd. <br> Class H<br>| 180 | 1087 |
| Pop Mart International <br> Group Ltd.<br>| 39600 | 955418 |
| SAIC Motor Corp. Ltd. <br> Class A<br>| 368200 | 802599 |
| Shenzhou International <br> Group Holdings Ltd.<br>| 47700 | 375869 |

---

LVIP BlackRock Global Allocation Fund-1

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Tencent Holdings Ltd. | 109127 | $8374791 |
| Tencent Holdings Ltd. ADR | 166 | 12707 |
| Trip.com Group Ltd. | 5800 | 415868 |
| Weichai Power Co. Ltd. <br> Class H<br>| 212000 | 514484 |
| Yum China Holdings, Inc. | 24531 | 1161507 |
|  |  | **23390971** |
| **Colombia–0.01%** | **Colombia–0.01%** | **Colombia–0.01%** |
| Grupo Cibest SA ADR | 1920 | 122131 |
|  |  | **122131** |
| **Czech Republic–0.01%** | **Czech Republic–0.01%** | **Czech Republic–0.01%** |
| Komercni Banka AS | 1983 | 111801 |
| Moneta Money Bank AS | 6521 | 61283 |
|  |  | **173084** |
| **Denmark–0.32%** | **Denmark–0.32%** | **Denmark–0.32%** |
| †Ascendis Pharma AS ADR | 789 | 168246 |
| Coloplast AS Class B | 4955 | 424818 |
| Danske Bank AS | 17132 | 855509 |
| DSV AS | 19462 | 4901627 |
| †Genmab AS | 894 | 277126 |
| Pandora AS | 2231 | 246717 |
|  |  | **6874043** |
| **Egypt–0.00%** | **Egypt–0.00%** | **Egypt–0.00%** |
| †Fawry for Banking & <br> Payment Technology <br> Services SAE<br>| 188000 | 63533 |
|  |  | **63533** |
| **Finland–0.05%** | **Finland–0.05%** | **Finland–0.05%** |
| Elisa OYJ | 5145 | 228005 |
| Kone OYJ Class B | 6081 | 430796 |
| Sampo OYJ Class A | 40919 | 495071 |
|  |  | **1153872** |
| **France–2.28%** | **France–2.28%** | **France–2.28%** |
| Airbus SE | 13755 | 3194238 |
| Bouygues SA | 10030 | 521413 |
| Capgemini SE | 2746 | 455968 |
| Carrefour SA | 8597 | 143446 |
| Cie de Saint-Gobain SA | 52444 | 5333129 |
| Dassault Systemes SE | 30791 | 860246 |
| Eiffage SA | 4979 | 713388 |
| Engie SA | 56829 | 1492860 |
| EssilorLuxottica SA | 22991 | 7269704 |
| Hermes International SCA | 2170 | 5387783 |
| Legrand SA | 6481 | 963482 |
| L'Oreal SA | 603 | 258877 |
| †Luxco Co. Ltd. | 832 | 14984 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 7337 | 5530159 |
| Renault SA | 22564 | 933975 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Safran SA | 1673 | $582734 |
| Sanofi SA | 62796 | 6075837 |
| Schneider Electric SE | 1929 | 527726 |
| Societe Generale SA | 88692 | 7140059 |
| Thales SA | 4326 | 1167007 |
|  |  | **48567015** |
| **Georgia–0.00%** | **Georgia–0.00%** | **Georgia–0.00%** |
| TBC Bank Group PLC | 1194 | 65252 |
|  |  | **65252** |
| **Germany–0.59%** | **Germany–0.59%** | **Germany–0.59%** |
| adidas AG | 2281 | 451378 |
| Allianz SE | 2523 | 1166578 |
| Bayer AG | 4931 | 213886 |
| Deutsche Bank AG | 13114 | 505402 |
| Deutsche Telekom AG | 68571 | 2232058 |
| E.ON SE | 60887 | 1152890 |
| Fresenius Medical Care <br> AG<br>| 8990 | 429412 |
| †Northern Data AG | 2907 | 52510 |
| RWE AG | 9368 | 496381 |
| SAP SE | 8587 | 2086371 |
| †Siemens Energy AG | 22776 | 3195212 |
| Symrise AG | 7943 | 643554 |
|  |  | **12625632** |
| **Greece–0.03%** | **Greece–0.03%** | **Greece–0.03%** |
| Athens International <br> Airport SA<br>| 13759 | 173661 |
| Hellenic <br> Telecommunications <br> Organization SA<br>| 8927 | 176879 |
| National Bank of Greece <br> SA<br>| 8407 | 128227 |
| OPAP SA | 4652 | 104420 |
|  |  | **583187** |
| **Hong Kong–0.13%** | **Hong Kong–0.13%** | **Hong Kong–0.13%** |
| AIA Group Ltd. | 95 | 978 |
| Geely Automobile Holdings <br> Ltd.<br>| 504000 | 1165689 |
| Prudential PLC | 51066 | 785552 |
| Techtronic Industries Co. <br> Ltd.<br>| 73500 | 845480 |
|  |  | **2797699** |
| **Hungary–0.02%** | **Hungary–0.02%** | **Hungary–0.02%** |
| OTP Bank Nyrt | 3131 | 335719 |
|  |  | **335719** |
| **India–0.10%** | **India–0.10%** | **India–0.10%** |
| Axis Bank Ltd. | 2873 | 40626 |
| Eicher Motors Ltd. | 1264 | 102893 |

---

LVIP BlackRock Global Allocation Fund-2

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Hindustan Aeronautics <br> Ltd.<br>| 5198 | $254071 |
| ICICI Bank Ltd. | 2620 | 39212 |
| †IndusInd Bank Ltd. | 7792 | 74963 |
| Infosys Ltd. | 12594 | 226804 |
| ITC Ltd. | 76068 | 341401 |
| SBI Life Insurance Co. <br> Ltd.<br>| 46041 | 1043613 |
|  |  | **2123583** |
| **Indonesia–0.03%** | **Indonesia–0.03%** | **Indonesia–0.03%** |
| Astra International Tbk. <br> PT<br>| 137700 | 55267 |
| Bank Mandiri Persero Tbk. <br> PT<br>| 1278700 | 389918 |
| Bank Syariah Indonesia <br> Tbk. PT<br>| 161863 | 21587 |
| Ciputra Development Tbk. <br> PT<br>| 1377900 | 68418 |
| Mitra Adiperkasa Tbk. PT | 546500 | 38133 |
| Telkom Indonesia Persero <br> Tbk. PT<br>| 124100 | 25966 |
|  |  | **599289** |
| **Ireland–0.93%** | **Ireland–0.93%** | **Ireland–0.93%** |
| Accenture PLC Class A | 6092 | 1634483 |
| †Aptiv PLC | 4974 | 378472 |
| Experian PLC | 9590 | 432380 |
| Medtronic PLC | 67822 | 6514981 |
| TE Connectivity PLC | 2647 | 602219 |
| Trane Technologies PLC | 26009 | 10122703 |
|  |  | **19685238** |
| **Israel–0.05%** | **Israel–0.05%** | **Israel–0.05%** |
| †Teva Pharmaceutical <br> Industries Ltd. ADR<br>| 31510 | 983427 |
|  |  | **983427** |
| **Italy–1.25%** | **Italy–1.25%** | **Italy–1.25%** |
| Ferrari NV | 1708 | 634717 |
| FinecoBank Banca Fineco <br> SpA<br>| 20876 | 540888 |
| Intesa Sanpaolo SpA | 1687081 | 11657902 |
| Leonardo SpA | 33071 | 1891679 |
| Mediobanca Banca di <br> Credito Finanziario SpA<br>| 19013 | 394726 |
| UniCredit SpA | 137876 | 11419813 |
|  |  | **26539725** |
| **Japan–1.64%** | **Japan–1.64%** | **Japan–1.64%** |
| Advantest Corp. | 13300 | 1681756 |
| Asahi Intecc Co. Ltd. | 17600 | 329920 |
| Asahi Kasei Corp. | 58700 | 521770 |
| Bridgestone Corp. | 11000 | 247492 |
| Canon, Inc. | 32800 | 970506 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Dai-ichi Life Holdings, Inc. | 64400 | $535200 |
| Daiwa Securities Group, <br> Inc.<br>| 94300 | 826425 |
| ENEOS Holdings, Inc. | 207600 | 1468792 |
| FUJIFILM Holdings Corp. | 15383 | 326403 |
| Furukawa Electric Co. Ltd. | 6900 | 439960 |
| Idemitsu Kosan Co. Ltd. | 75500 | 571631 |
| Inpex Corp. | 17100 | 342009 |
| Isetan Mitsukoshi Holdings <br> Ltd.<br>| 17400 | 252736 |
| Japan Exchange Group, <br> Inc.<br>| 57100 | 609460 |
| Japan Post Bank Co. Ltd. | 66100 | 930494 |
| Japan Post Holdings Co. <br> Ltd.<br>| 50100 | 528626 |
| Japan Tobacco, Inc. | 58000 | 2084653 |
| Kakaku.com, Inc. | 16800 | 247662 |
| Kansai Paint Co. Ltd. | 14271 | 225441 |
| KDDI Corp. | 56000 | 969231 |
| Keyence Corp. | 3500 | 1266036 |
| Kuraray Co. Ltd. | 3000 | 30433 |
| LY Corp. | 245500 | 653262 |
| †Metaplanet, Inc. | 83300 | 212692 |
| MISUMI Group, Inc. | 22600 | 352677 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 68061 | 1080201 |
| Mizuho Financial Group, <br> Inc.<br>| 6300 | 229916 |
| Murata Manufacturing Co. <br> Ltd.<br>| 71100 | 1469491 |
| Nexon Co. Ltd. | 37300 | 911108 |
| NIDEC Corp. | 99500 | 1351012 |
| Nintendo Co. Ltd. | 13200 | 891192 |
| Nippon Steel Corp. | 25300 | 103529 |
| Nissan Chemical Corp. | 11000 | 377991 |
| Nomura Holdings, Inc. | 94100 | 783897 |
| Obayashi Corp. | 26900 | 562961 |
| Olympus Corp. | 70800 | 897691 |
| Rakus Co. Ltd. | 31442 | 208720 |
| Sanrio Co. Ltd. | 11500 | 359837 |
| Santen Pharmaceutical Co. <br> Ltd.<br>| 24363 | 252709 |
| †SBI Shinsei Bank Ltd. | 33700 | 374349 |
| Seven & i Holdings Co. Ltd. | 35500 | 510029 |
| Shimizu Corp. | 50700 | 865636 |
| Socionext, Inc. | 25600 | 358672 |
| Sony Group Corp. | 32900 | 843917 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 23900 | 768658 |
| †Sumitomo Pharma Co. Ltd. | 27300 | 403180 |
| Suzuki Motor Corp. | 67600 | 1010989 |
| TDK Corp. | 16000 | 226364 |
| TOTO Ltd. | 10300 | 284593 |
| Toyota Motor Corp. | 89600 | 1924348 |
| Toyota Tsusho Corp. | 21200 | 714847 |

---

LVIP BlackRock Global Allocation Fund-3

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Trend Micro, Inc. | 7256 | $301358 |
| Yaskawa Electric Corp. | 7500 | 228010 |
|  |  | **34920472** |
| **Jersey–0.01%** | **Jersey–0.01%** | **Jersey–0.01%** |
| †Wizz Air Holdings PLC | 7193 | 123268 |
|  |  | **123268** |
| **Kazakhstan–0.01%** | **Kazakhstan–0.01%** | **Kazakhstan–0.01%** |
| Halyk Savings Bank of <br> Kazakhstan JSC GDR<br>| 3919 | 117301 |
| †Kaspi.KZ JSC ADR | 2062 | 161104 |
|  |  | **278405** |
| **Luxembourg–0.02%** | **Luxembourg–0.02%** | **Luxembourg–0.02%** |
| Tenaris SA | 20515 | 395855 |
|  |  | **395855** |
| **Macau–0.02%** | **Macau–0.02%** | **Macau–0.02%** |
| Wynn Macau Ltd. | 596859 | 456268 |
|  |  | **456268** |
| **Malaysia–0.01%** | **Malaysia–0.01%** | **Malaysia–0.01%** |
| CIMB Group Holdings Bhd. | 31600 | 64171 |
| Frontken Corp. Bhd. | 142200 | 146105 |
|  |  | **210276** |
| **Mexico–0.14%** | **Mexico–0.14%** | **Mexico–0.14%** |
| America Movil SAB de CV | 165354 | 170703 |
| Fomento Economico <br> Mexicano SAB de CV<br>| 3583 | 36219 |
| Fresnillo PLC | 34808 | 1552104 |
| Grupo Aeroportuario del <br> Sureste SAB de CV <br> Class B<br>| 6898 | 222529 |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 78232 | 724822 |
| Grupo Mexico SAB de CV | 5505 | 52031 |
| Promotora y Operadora de <br> Infraestructura SAB de <br> CV<br>| 5133 | 76173 |
| Southern Copper Corp. | 831 | 119223 |
| Wal-Mart de Mexico SAB de <br> CV<br>| 32861 | 102210 |
|  |  | **3056014** |
| **Netherlands–1.15%** | **Netherlands–1.15%** | **Netherlands–1.15%** |
| †Adyen NV | 160 | 258012 |
| †Argenx SE | 363 | 306206 |
| †Argenx SE ADR | 186 | 156417 |
| ASML Holding NV | 10587 | 11407706 |
| ING Groep NV | 347091 | 9756113 |
| Koninklijke Vopak NV | 3702 | 164959 |
| †Nebius Group NV | 1220 | 102120 |
| NXP Semiconductors NV | 2212 | 480137 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Prosus NV | 12015 | $743956 |
| Wolters Kluwer NV | 10553 | 1093042 |
|  |  | **24468668** |
| **Norway–0.03%** | **Norway–0.03%** | **Norway–0.03%** |
| Kongsberg Gruppen ASA | 10902 | 279367 |
| Telenor ASA | 23012 | 334696 |
|  |  | **614063** |
| **Philippines–0.01%** | **Philippines–0.01%** | **Philippines–0.01%** |
| Ayala Land, Inc. | 190800 | 72745 |
| Bloomberry Resorts Corp. | 351100 | 15155 |
| DigiPlus Interactive Corp. | 66110 | 18204 |
| International Container <br> Terminal Services, Inc.<br>| 9850 | 94523 |
| Metropolitan Bank & Trust <br> Co.<br>| 58570 | 68194 |
|  |  | **268821** |
| **Poland–0.07%** | **Poland–0.07%** | **Poland–0.07%** |
| LPP SA | 62 | 358251 |
| Powszechna Kasa <br> Oszczednosci Bank Polski <br> SA<br>| 10269 | 242369 |
| Powszechny Zaklad <br> Ubezpieczen SA<br>| 52502 | 971782 |
|  |  | **1572402** |
| **Portugal–0.01%** | **Portugal–0.01%** | **Portugal–0.01%** |
| Jeronimo Martins SGPS SA | 5013 | 119291 |
|  |  | **119291** |
| **Republic of Korea–0.42%** | **Republic of Korea–0.42%** | **Republic of Korea–0.42%** |
| †Doosan Enerbility Co. Ltd. | 1821 | 95246 |
| GS Engineering & <br> Construction Corp.<br>| 10074 | 137554 |
| HD Hyundai Heavy <br> Industries Co. Ltd.<br>| 2337 | 823673 |
| HD Hyundai Marine <br> Solution Co. Ltd.<br>| 715 | 95808 |
| HD Korea Shipbuilding & <br> Offshore Engineering Co. <br> Ltd.<br>| 1436 | 405198 |
| IsuPetasys Co. Ltd. | 973 | 80686 |
| KB Financial Group, Inc. | 1790 | 154092 |
| Kia Corp. | 1148 | 97320 |
| †Korea Electric Power <br> Corp.<br>| 8641 | 283595 |
| †Krafton, Inc. | 2633 | 448631 |
| KT&G Corp. | 5461 | 538689 |
| Misto Holdings Corp. | 2328 | 69002 |
| NAVER Corp. | 2567 | 431516 |
| Samsung Electronics Co. <br> Ltd.<br>| 32317 | 2708646 |

---

LVIP BlackRock Global Allocation Fund-4

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| SK Hynix, Inc. | 5856 | $2652052 |
|  |  | **9021708** |
| **Saudi Arabia–0.06%** | **Saudi Arabia–0.06%** | **Saudi Arabia–0.06%** |
| Ades Holding Co. | 24010 | 111550 |
| Al Rajhi Bank | 12950 | 336378 |
| Elm Co. | 317 | 63216 |
| Etihad Etisalat Co. | 17899 | 314491 |
| †Rasan Information <br> Technology Co.<br>| 6151 | 189966 |
| Saudi Basic Industries <br> Corp.<br>| 3623 | 49552 |
| Saudi National Bank | 5116 | 51667 |
| Yanbu National <br> Petrochemical Co.<br>| 13823 | 101251 |
|  |  | **1218071** |
| **Singapore–0.01%** | **Singapore–0.01%** | **Singapore–0.01%** |
| UOL Group Ltd. | 22394 | 152092 |
|  |  | **152092** |
| **South Africa–0.14%** | **South Africa–0.14%** | **South Africa–0.14%** |
| FirstRand Ltd. | 157121 | 861021 |
| Harmony Gold Mining Co. <br> Ltd.<br>| 49497 | 993014 |
| Kumba Iron Ore Ltd. | 7185 | 152496 |
| Mr. Price Group Ltd. | 23471 | 248005 |
| Northam Platinum <br> Holdings Ltd.<br>| 10554 | 214172 |
| Valterra Platinum Ltd. | 5219 | 441989 |
| Vodacom Group Ltd. | 6305 | 53802 |
|  |  | **2964499** |
| **Spain–0.29%** | **Spain–0.29%** | **Spain–0.29%** |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 67659 | 1587090 |
| Banco de Sabadell SA | 125552 | 494781 |
| Bankinter SA | 55145 | 914039 |
| CaixaBank SA | 134431 | 1643570 |
| Industria de Diseno Textil <br> SA<br>| 8243 | 543747 |
| Naturgy Energy Group SA | 7649 | 232899 |
| Repsol SA | 40889 | 762924 |
|  |  | **6179050** |
| **Sweden–0.15%** | **Sweden–0.15%** | **Sweden–0.15%** |
| Atlas Copco AB Class A | 70258 | 1250773 |
| EQT AB | 4282 | 167281 |
| Investor AB Class B | 23121 | 823930 |
| †Spotify Technology SA | 474 | 275256 |
| SSAB AB Class A | 6180 | 46810 |
| SSAB AB Class B | 15917 | 119178 |
| Telefonaktiebolaget LM <br> Ericsson Class B<br>| 56799 | 552770 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| =†πVoltage, Inc. | 1948 | $0 |
|  |  | **3235998** |
| **Switzerland–0.59%** | **Switzerland–0.59%** | **Switzerland–0.59%** |
| ABB Ltd. | 13993 | 1031529 |
| Alcon AG | 6345 | 502067 |
| Galderma Group AG | 7037 | 1432963 |
| Garmin Ltd. | 5283 | 1071657 |
| Holcim AG | 13641 | 1327955 |
| Nestle SA | 3742 | 371428 |
| Novartis AG | 19615 | 2702866 |
| Partners Group Holding <br> AG<br>| 1730 | 2122676 |
| STMicroelectronics NV | 18800 | 491340 |
| UBS Group AG | 4556 | 210371 |
| Zurich Insurance Group <br> AG<br>| 1714 | 1296988 |
|  |  | **12561840** |
| **Taiwan–1.40%** | **Taiwan–1.40%** | **Taiwan–1.40%** |
| Accton Technology Corp. | 22000 | 830213 |
| Airtac International Group | 15000 | 442082 |
| ASMedia Technology, Inc. | 5000 | 192134 |
| ASPEED Technology, Inc. | 3000 | 690211 |
| Bizlink Holding, Inc. | 10000 | 483113 |
| eMemory Technology, Inc. | 6000 | 329528 |
| Genius Electronic Optical <br> Co. Ltd.<br>| 24685 | 352098 |
| Hon Hai Precision Industry <br> Co. Ltd.<br>| 78000 | 571765 |
| International Games <br> System Co. Ltd.<br>| 8000 | 183549 |
| MediaTek, Inc. | 10060 | 456776 |
| Realtek Semiconductor <br> Corp.<br>| 44682 | 693763 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 474000 | 23300539 |
| TS Financial Holding Co. <br> Ltd.<br>| 240000 | 155808 |
| †Winbond Electronics Corp. | 391000 | 1028679 |
|  |  | **29710258** |
| **Thailand–0.02%** | **Thailand–0.02%** | **Thailand–0.02%** |
| CP ALL PCL | 151700 | 209491 |
| Krungthai Card PCL | 155300 | 129345 |
| †Sea Ltd. ADR | 134 | 17094 |
| True Corp. PCL NVDR | 236100 | 81590 |
|  |  | **437520** |
| **Turkey–0.03%** | **Turkey–0.03%** | **Turkey–0.03%** |
| Akbank TAS | 182403 | 295943 |
| †MLP Saglik Hizmetleri AS | 12256 | 108504 |
| Turkiye Is Bankasi AS <br> Class C<br>| 708019 | 231810 |
|  |  | **636257** |

---

LVIP BlackRock Global Allocation Fund-5

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Arab Emirates–0.04%** | **United Arab Emirates–0.04%** | **United Arab Emirates–0.04%** |
| Abu Dhabi Commercial <br> Bank PJSC<br>| 21955 | $85483 |
| Air Arabia PJSC | 112020 | 141949 |
| Aldar Properties PJSC | 47069 | 111400 |
| Borouge PLC | 132029 | 94515 |
| Emaar Development PJSC | 19618 | 80895 |
| Emaar Properties PJSC | 88299 | 336997 |
| Emirates Integrated <br> Telecommunications Co. <br> PJSC<br>| 27715 | 73952 |
| =†NMC Health PLC | 123425 | 0 |
|  |  | **925191** |
| **United Kingdom–2.42%** | **United Kingdom–2.42%** | **United Kingdom–2.42%** |
| 3i Group PLC | 8938 | 391921 |
| Admiral Group PLC | 17453 | 746602 |
| Anglo American PLC | 9926 | 410564 |
| BAE Systems PLC | 346275 | 7969540 |
| BP PLC | 78407 | 457267 |
| British American Tobacco <br> PLC<br>| 46249 | 2621887 |
| British Land Co. PLC | 36761 | 199480 |
| Bunzl PLC | 19636 | 548316 |
| Compass Group PLC | 156653 | 4963560 |
| Convatec Group PLC | 64922 | 211965 |
| †Genius Sports Ltd. | 51601 | 568643 |
| GSK PLC | 41670 | 1021632 |
| Haleon PLC | 97065 | 490507 |
| Imperial Brands PLC | 14031 | 589164 |
| J Sainsbury PLC | 220576 | 966308 |
| Lion Finance Group PLC | 1079 | 134900 |
| National Grid PLC | 556296 | 8532734 |
| NatWest Group PLC | 277704 | 2436097 |
| RELX PLC | 100637 | 4054344 |
| Rio Tinto PLC | 3804 | 306416 |
| Rolls-Royce Holdings PLC | 244145 | 3775877 |
| Schroders PLC | 75058 | 410302 |
| Shell PLC | 241530 | 8947250 |
| St. James's Place PLC | 23376 | 434195 |
| †Verisure PLC | 21941 | 360991 |
|  |  | **51550462** |
| **United States–43.60%** | **United States–43.60%** | **United States–43.60%** |
| Abbott Laboratories | 38500 | 4823665 |
| AbbVie, Inc. | 20311 | 4640860 |
| ∞†Adobe, Inc. | 9899 | 3464551 |
| †Advanced Micro Devices, <br> Inc.<br>| 19295 | 4132217 |
| Air Products & Chemicals, <br> Inc.<br>| 10249 | 2531708 |
| †Airbnb, Inc. Class A | 14791 | 2007435 |
| †Akamai Technologies, Inc. | 6355 | 554474 |
| Albemarle Corp. | 4832 | 683438 |
| †Alliance Laundry Holdings, <br> Inc.<br>| 25113 | 511050 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Alphabet, Inc. Class C | 156736 | $49183757 |
| Altria Group, Inc. | 54547 | 3145180 |
| †Amazon.com, Inc. | 161354 | 37243730 |
| †AMC Networks, Inc. <br> Class A<br>| 10929 | 104044 |
| Ameren Corp. | 1493 | 149091 |
| American Express Co. | 5818 | 2152369 |
| Amphenol Corp. Class A | 14305 | 1933178 |
| Analog Devices, Inc. | 559 | 151601 |
| Apollo Global Management, <br> Inc.<br>| 41674 | 6032728 |
| Apple, Inc. | 162761 | 44248205 |
| †AppLovin Corp. Class A | 2441 | 1644795 |
| †Arista Networks, Inc. | 6775 | 887728 |
| †Autodesk, Inc. | 12912 | 3822081 |
| Automatic Data Processing, <br> Inc.<br>| 4632 | 1191489 |
| †AutoNation, Inc. | 774 | 159816 |
| †AutoZone, Inc. | 117 | 396805 |
| †Avaya Holdings Corp. | 121 | 1775 |
| †Axsome Therapeutics, Inc. | 1441 | 263184 |
| Bank of America Corp. | 315960 | 17377800 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 3463 | 1740677 |
| Best Buy Co., Inc. | 32611 | 2182654 |
| †Boeing Co. | 49258 | 10694897 |
| Booking Holdings, Inc. | 848 | 4541320 |
| †Boston Scientific Corp. | 99265 | 9464918 |
| Bristol-Myers Squibb Co. | 24282 | 1309771 |
| Broadcom, Inc. | 66667 | 23073449 |
| †Burlington Stores, Inc. | 1672 | 482957 |
| †Cadence Design Systems, <br> Inc.<br>| 2672 | 835214 |
| †Caesars Entertainment, <br> Inc.<br>| 10015 | 234251 |
| Capital One Financial <br> Corp.<br>| 46496 | 11268771 |
| Cardinal Health, Inc. | 551 | 113231 |
| =†Caresyntax, Inc. | 2497 | 0 |
| Carrier Global Corp. | 10320 | 545309 |
| †Carvana Co. | 2279 | 961784 |
| †Centene Corp. | 7399 | 304469 |
| Century Communities, Inc. | 6492 | 385300 |
| Charles Schwab Corp. | 1329 | 132780 |
| †Charter Communications, <br> Inc. Class A<br>| 4650 | 970687 |
| Chevron Corp. | 44477 | 6778740 |
| †Circle Internet Group, Inc. | 21057 | 1669820 |
| Cisco Systems, Inc. | 113892 | 8773101 |
| Citigroup, Inc. | 109693 | 12800076 |
| Coca-Cola Co. | 26763 | 1871001 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 2318 | 192394 |
| †Coinbase Global, Inc. <br> Class A<br>| 2101 | 475120 |

---

LVIP BlackRock Global Allocation Fund-6

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Comerica, Inc. | 1401 | $121789 |
| Constellation Energy Corp. | 1122 | 396369 |
| Costco Wholesale Corp. | 15948 | 13752598 |
| CRH PLC | 53491 | 6675677 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 2876 | 1348154 |
| =†πCrown PropTech <br> Acquisitions<br>| 9077 | 0 |
| =†Crown PropTech <br> Acquisitions Class A<br>| 8069 | 91825 |
| †Datadog, Inc. Class A | 29836 | 4057398 |
| †Deckers Outdoor Corp. | 1989 | 206200 |
| Dell Technologies, Inc. <br> Class C<br>| 13363 | 1682134 |
| Delta Air Lines, Inc. | 86986 | 6036828 |
| Devon Energy Corp. | 34240 | 1254211 |
| Dick's Sporting Goods, Inc. | 2135 | 422666 |
| Dollar General Corp. | 13265 | 1761194 |
| Domino's Pizza, Inc. | 547 | 228001 |
| DR Horton, Inc. | 29317 | 4222528 |
| Duke Energy Corp. | 4769 | 558974 |
| Eaton Corp. PLC | 5386 | 1715495 |
| eBay, Inc. | 9125 | 794787 |
| †EchoStar Corp. Class A | 20608 | 2240090 |
| †Edwards Lifesciences <br> Corp.<br>| 15031 | 1281393 |
| Eli Lilly & Co. | 20107 | 21608591 |
| EMCOR Group, Inc. | 358 | 219021 |
| EOG Resources, Inc. | 16561 | 1739071 |
| †EPAM Systems, Inc. | 762 | 156119 |
| =†πEpic Games, Inc. | 3175 | 1998250 |
| EQT Corp. | 88420 | 4739312 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 8376 | 877135 |
| =†πExo, Inc. | 1035 | 383 |
| FactSet Research Systems, <br> Inc.<br>| 4190 | 1215896 |
| =†πFanatics Holdings, Inc. | 37931 | 3034480 |
| =†πFarmers Business Network, <br> Inc.<br>| 24139 | 24863 |
| Fifth Third Bancorp | 12324 | 576886 |
| †Figma, Inc. Class A | 2897 | 108261 |
| First Citizens BancShares, <br> Inc. Class A<br>| 386 | 828425 |
| First Horizon Corp. | 21163 | 505796 |
| Flagstar Bank NA | 69920 | 880293 |
| †Flex Ltd. | 11402 | 688909 |
| Ford Motor Co. | 227776 | 2988421 |
| †Fortinet, Inc. | 12313 | 977775 |
| Fortive Corp. | 7334 | 404910 |
| Fox Corp. Class A | 13613 | 994702 |
| Freeport-McMoRan, Inc. | 132255 | 6717231 |
| GE Vernova, Inc. | 7911 | 5170392 |
| General Electric Co. | 22671 | 6983348 |
| Gilead Sciences, Inc. | 9929 | 1218685 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Goldman Sachs Group, <br> Inc.<br>| 2694 | $2368026 |
| =†πGrand Rounds, Inc. | 1035048 | 828038 |
| HCA Healthcare, Inc. | 224 | 104577 |
| Hewlett Packard <br> Enterprise Co.<br>| 22960 | 551499 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 11580 | 3326355 |
| Home Depot, Inc. | 20870 | 7181367 |
| Honeywell International, <br> Inc.<br>| 16902 | 3297411 |
| Howmet Aerospace, Inc. | 12945 | 2653984 |
| Humana, Inc. | 1449 | 371132 |
| Huntington Bancshares, <br> Inc.<br>| 73648 | 1277793 |
| Huntington Ingalls <br> Industries, Inc.<br>| 2438 | 829091 |
| †iHeartMedia, Inc. Class A | 721 | 2999 |
| Illinois Tool Works, Inc. | 7410 | 1825083 |
| †Incyte Corp. | 9365 | 924981 |
| †Insmed, Inc. | 1912 | 332764 |
| †Intel Corp. | 54503 | 2011161 |
| Intuit, Inc. | 10581 | 7009066 |
| †Intuitive Surgical, Inc. | 12963 | 7341725 |
| Invesco Ltd. | 25963 | 682048 |
| Jabil, Inc. | 8785 | 2003156 |
| =†πJawbone, Inc. | 32637 | 0 |
| Johnson & Johnson | 28845 | 5969473 |
| JPMorgan Chase & Co. | 50285 | 16202833 |
| Keurig Dr. Pepper, Inc. | 52665 | 1475147 |
| KLA Corp. | 800 | 972064 |
| Lam Research Corp. | 52662 | 9014681 |
| Las Vegas Sands Corp. | 23603 | 1536319 |
| †Live Nation Entertainment, <br> Inc.<br>| 31944 | 4552020 |
| Lockheed Martin Corp. | 5855 | 2831888 |
| †Lumen Technologies, Inc. | 37515 | 291492 |
| †M/I Homes, Inc. | 1645 | 210478 |
| Marsh & McLennan Cos., <br> Inc.<br>| 34783 | 6452942 |
| Marvell Technology, Inc. | 12551 | 1066584 |
| †Masimo Corp. | 10853 | 1411541 |
| Mastercard, Inc. Class A | 20661 | 11794952 |
| Match Group, Inc. | 48928 | 1579885 |
| McDonald's Corp. | 9445 | 2886675 |
| McKesson Corp. | 9974 | 8181572 |
| Merck & Co., Inc. | 37180 | 3913567 |
| Meritage Homes Corp. | 5121 | 336962 |
| Meta Platforms, Inc. <br> Class A<br>| 30128 | 19887192 |
| Micron Technology, Inc. | 45084 | 12867424 |
| ∞Microsoft Corp. | 108854 | 52643971 |
| †Moderna, Inc. | 61740 | 1820713 |
| †MongoDB, Inc. | 7741 | 3248820 |

---

LVIP BlackRock Global Allocation Fund-7

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Monolithic Power Systems, <br> Inc.<br>| 1138 | $1031438 |
| Morgan Stanley | 9011 | 1599723 |
| Motorola Solutions, Inc. | 4172 | 1599211 |
| †MP Materials Corp. | 16790 | 848231 |
| MSCI, Inc. | 2473 | 1418834 |
| =†πMythic AI, Inc. | 685 | 0 |
| †Netflix, Inc. | 58896 | 5522089 |
| Newmont Corp. | 11571 | 1155364 |
| NextEra Energy, Inc. | 97292 | 7810602 |
| NRG Energy, Inc. | 8083 | 1287137 |
| ∞NVIDIA Corp. | 313288 | 58428212 |
| Omnicom Group, Inc. | 14150 | 1142612 |
| Oracle Corp. | 13756 | 2681182 |
| Otis Worldwide Corp. | 34597 | 3022048 |
| †Palantir Technologies, Inc. <br> Class A<br>| 25623 | 4554488 |
| †Palladyne AI Corp. | 2338 | 9960 |
| Paramount Skydance Corp. <br> Class B<br>| 4180 | 56012 |
| PayPal Holdings, Inc. | 4271 | 249341 |
| PepsiCo, Inc. | 7942 | 1139836 |
| Pfizer, Inc. | 52861 | 1316239 |
| Philip Morris International, <br> Inc.<br>| 42019 | 6739848 |
| Pinnacle West Capital <br> Corp.<br>| 5805 | 514903 |
| PNC Financial Services <br> Group, Inc.<br>| 3618 | 755185 |
| Principal Financial Group, <br> Inc.<br>| 19919 | 1757055 |
| Procter & Gamble Co. | 27072 | 3879688 |
| Progressive Corp. | 35541 | 8093397 |
| Prologis, Inc. | 12045 | 1537665 |
| Prudential Financial, Inc. | 16942 | 1912413 |
| Qnity Electronics, Inc. <br> Class W/I<br>| 3537 | 288796 |
| Raymond James Financial, <br> Inc.<br>| 708 | 113698 |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 1253 | 967153 |
| =†πRelativity Space, Inc. | 406 | 418 |
| ResMed, Inc. | 837 | 201608 |
| †Robinhood Markets, Inc. <br> Class A<br>| 5777 | 653379 |
| †ROBLOX Corp. Class A | 5457 | 442181 |
| Rocket Cos., Inc. Class A | 62561 | 1211181 |
| Rockwell Automation, Inc. | 300 | 116721 |
| Royalty Pharma PLC <br> Class A<br>| 3692 | 142659 |
| RTX Corp. | 3754 | 688484 |
| S&P Global, Inc. | 1605 | 838757 |
| Salesforce, Inc. | 31933 | 8459371 |
| †ServiceNow, Inc. | 46755 | 7162398 |
| †ServiceTitan, Inc. Class A | 35878 | 3821007 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| †Six Flags Entertainment <br> Corp.<br>| 17881 | $274295 |
| Skyworks Solutions, Inc. | 29533 | 1872688 |
| SLB Ltd. | 8515 | 326806 |
| =†πSnorkel AI, Inc. | 4461 | 27301 |
| †Snowflake, Inc. Class A | 2918 | 640092 |
| Solaris Energy <br> Infrastructure, Inc. <br> Class A<br>| 15070 | 692768 |
| †Soleno Therapeutics, Inc. | 2165 | 100240 |
| =†Source Global PBC | 8696 | 696 |
| Southern Co. | 3885 | 338772 |
| Southwest Airlines Co. | 14629 | 604617 |
| Starbucks Corp. | 5409 | 455492 |
| †Starz Entertainment Corp. | 3456 | 40435 |
| STERIS PLC | 692 | 175436 |
| Stryker Corp. | 29762 | 10460450 |
| Synchrony Financial | 15361 | 1281568 |
| T. Rowe Price Group, Inc. | 5000 | 511900 |
| †Take-Two Interactive <br> Software, Inc.<br>| 2729 | 698706 |
| Tapestry, Inc. | 8898 | 1136897 |
| Target Corp. | 5047 | 493344 |
| TD SYNNEX Corp. | 2863 | 430108 |
| †Tesla, Inc. | 34604 | 15562111 |
| Texas Instruments, Inc. | 2760 | 478832 |
| Textron, Inc. | 20124 | 1754209 |
| =†πTeya Holdings Ltd. | 331 | 103444 |
| Thermo Fisher Scientific, <br> Inc.<br>| 6514 | 3774537 |
| TJX Cos., Inc. | 57180 | 8783420 |
| T-Mobile U.S., Inc. | 3339 | 677951 |
| Toll Brothers, Inc. | 7319 | 989675 |
| TransDigm Group, Inc. | 5024 | 6681166 |
| †Tri Pointe Homes, Inc. | 11199 | 352433 |
| †Tyler Technologies, Inc. | 518 | 235146 |
| U.S. Bancorp | 27412 | 1462704 |
| †Uber Technologies, Inc. | 26032 | 2127075 |
| †Ulta Beauty, Inc. | 877 | 530594 |
| Union Pacific Corp. | 17922 | 4145717 |
| †United Airlines Holdings, <br> Inc.<br>| 55611 | 6218422 |
| †United Therapeutics Corp. | 672 | 327432 |
| UnitedHealth Group, Inc. | 10528 | 3475398 |
| Universal Health Services, <br> Inc. Class B<br>| 2058 | 448685 |
| Valero Energy Corp. | 14781 | 2406199 |
| Ventas, Inc. | 2725 | 210860 |
| †Vera Therapeutics, Inc. | 2198 | 111307 |
| =†πVerger Capital Fund LLC | 108057 | 16209 |
| Verizon Communications, <br> Inc.<br>| 85689 | 3490113 |
| †Vertex Pharmaceuticals, <br> Inc.<br>| 8885 | 4028104 |
| Vertiv Holdings Co. Class A | 30722 | 4977271 |

---

LVIP BlackRock Global Allocation Fund-8

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Viatris, Inc. | 185353 | $2307645 |
| VICI Properties, Inc. | 11720 | 329566 |
| Visa, Inc. Class A | 5010 | 1757057 |
| Vistra Corp. | 23355 | 3767862 |
| Walmart, Inc. | 128809 | 14350611 |
| Walt Disney Co. | 84299 | 9590697 |
| Waste Management, Inc. | 3879 | 852255 |
| †Wealthfront Corp. | 23711 | 322232 |
| Wells Fargo & Co. | 185803 | 17316840 |
| Welltower, Inc. | 1750 | 324817 |
| West Pharmaceutical <br> Services, Inc.<br>| 269 | 74013 |
| Williams Cos., Inc. | 100907 | 6065520 |
| †Wolfspeed, Inc. | 1191 | 20735 |
| †Workday, Inc. Class A | 2353 | 505377 |
| Wynn Resorts Ltd. | 16250 | 1955362 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 8127 | 730780 |
| Zoetis, Inc. | 23826 | 2997787 |
|  |  | **927189667** |
| **Uruguay–0.06%** | **Uruguay–0.06%** | **Uruguay–0.06%** |
| †MercadoLibre, Inc. | 626 | 1260927 |
|  |  | **1260927** |
| **Total Common Stock** <br>**(Cost $875,294,446)** | **Total Common Stock** <br>**(Cost $875,294,446)** | **1303372497** |
| **ΔCONVERTIBLE PREFERRED STOCKS–0.72%** | **ΔCONVERTIBLE PREFERRED STOCKS–0.72%** | **ΔCONVERTIBLE PREFERRED STOCKS–0.72%** |
| **United States–0.72%** | **United States–0.72%** | **United States–0.72%** |
| =†πDatabricks, Inc. Series F | 60501 | 11495190 |
| =†πDatabricks, Inc. Series G | 16533 | 3141270 |
| Wells Fargo & Co. Series L <br> Class A<br>| 617 | 747804 |
| **Total Convertible Preferred Stocks** <br>**(Cost $5,498,082)** | **Total Convertible Preferred Stocks** <br>**(Cost $5,498,082)** | **15384264** |
| **ΔPREFERRED STOCKS–0.76%** | **ΔPREFERRED STOCKS–0.76%** | **ΔPREFERRED STOCKS–0.76%** |
| **United Kingdom–0.02%** | **United Kingdom–0.02%** | **United Kingdom–0.02%** |
| =†π10X Future Technologies <br> Services Ltd. Series D<br>| 46779 | 467874 |
|  |  | **467874** |
| **United States–0.74%** | **United States–0.74%** | **United States–0.74%** |
| =†πBreeze Aviation Group, Inc. <br> Series B<br>| 1998 | 310789 |
| =†πBytedance Ltd. Series E1 | 23481 | 6073830 |
| •Citigroup Capital XIII <br> 10.47% (3 mo. USD Term <br> SOFR + 6.63%) 10/30/40<br>| 51122 | 1543884 |
| †Cohesity Global, Inc. Series <br> G 1<br>| 2783 | 66792 |
| †Cohesity Global, Inc. Series <br> G<br>| 4028 | 97679 |
| =†πDream Finders Homes, Inc. | 2409 | 2387921 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| =†πExo, Inc. Series D | 48140 | $35624 |
| =†πJumpcloud, Inc. Series E1 <br> Series E-1<br>| 491634 | 1091428 |
| =†πJumpcloud, Inc. Series F <br> Series F<br>| 32336 | 71786 |
| =†Lessen Holdings, Inc. | 53911 | 0 |
| =†πLoadsmart, Inc. Series C <br> Series C<br>| 96249 | 649681 |
| =†πLoadsmart, Inc. Series D <br> Series D<br>| 8526 | 87647 |
| =†πNeon Pagamentos SA | 3076 | 1274971 |
| =†πNoodle Partners, Inc. Series <br> C<br>| 69413 | 45813 |
| =†πPsiQuantum Corp. Series D | 14776 | 636550 |
| =†πSambaNova Systems, Inc. <br> Series C Series C<br>| 16831 | 416567 |
| =†πSambaNova Systems, Inc. <br> Series D Series D<br>| 5355 | 270053 |
| =†πSnorkel AI, Inc. Series C | 15980 | 122087 |
| =†πUrsa Major Technologies, <br> Inc.<br>| 102993 | 453169 |
|  |  | **15636271** |
| **Total Preferred Stocks** <br>**(Cost $19,297,307)** | **Total Preferred Stocks** <br>**(Cost $19,297,307)** | **16104145** |
| **ΔRIGHTS–0.00%** | **ΔRIGHTS–0.00%** | **ΔRIGHTS–0.00%** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| =†Walgreens Boots Alliance, <br> Inc.<br>| 30243 | 16029 |
| **Total Rights**<br> **(Cost $16,029)** | **Total Rights**<br> **(Cost $16,029)** | **16029** |
| **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** |
| **Brazil–0.00%** | **Brazil–0.00%** | **Brazil–0.00%** |
| †Lavoro Ltd. exp 12/27/27 <br> exercise price USD 11.5000<br>| 6063 | 66 |
|  |  | **66** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| †Crown PropTech <br> Acquisitions exp 12/31/27 <br> exercise price USD 11.5000<br>| 12103 | 303 |
| †EVgo, Inc. exp 7/01/26 <br> exercise price USD 11.5000<br>| 16129 | 1210 |
| †Hippo Holdings, Inc. exp <br> 8/02/26 exercise price USD <br> 287.5000<br>| 12653 | 166 |
| =†Latch, Inc. exp 6/04/26 <br> exercise price USD 11.5000<br>| 20232 | 0 |
| †Offerpad Solutions, Inc. exp <br> 9/01/26 exercise price USD <br> 11.5000<br>| 22210 | 311 |
| †Palladyne AI Corp. exp <br> 9/24/26 exercise price USD <br> 11.5000<br>| 44727 | 2742 |

---

LVIP BlackRock Global Allocation Fund-9

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| =†πSonder Holdings, Inc. exp <br> 12/31/99 exercise price <br> USD 1.0000<br>| 3371 | $0 |
| =†πSonder Holdings, Inc. exp <br> 12/31/99 exercise price <br> USD 1.0000<br>| 33652 | 0 |
|  |  | **4732** |
| **Total Warrants** <br>**(Cost $153,096)** | **Total Warrants** <br>**(Cost $153,096)** | **4798** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **ΔCONVERTIBLE BONDS–0.42%** | **ΔCONVERTIBLE BONDS–0.42%** | **ΔCONVERTIBLE BONDS–0.42%** |
| **Austria–0.03%** | **Austria–0.03%** | **Austria–0.03%** |
| ams-OSRAM AG 2.13%, <br> exercise price $2.1250 <br> 11/3/27<br>| 500000 | 558955 |
|  |  | **558955** |
| **Chile–0.01%** | **Chile–0.01%** | **Chile–0.01%** |
| @WOM Chile Holdco SpA 5.00%, <br> exercise price $5.0000 <br> 4/1/32<br>| 130200 | 119548 |
|  |  | **119548** |
| **China–0.04%** | **China–0.04%** | **China–0.04%** |
| Alibaba Group Holding Ltd. <br> 0.50%, exercise price <br> $0.5000 6/1/31<br>| 490000 | 760970 |
|  |  | **760970** |
| **France–0.04%** | **France–0.04%** | **France–0.04%** |
| Clariane SE 0.88%, exercise <br> price $0.8750 3/6/27<br>| 350400 | 233108 |
| Schneider Electric SE 1.25%, <br> exercise price $1.2500 <br> 9/23/33<br>| 500000 | 594699 |
|  |  | **827807** |
| **Germany–0.04%** | **Germany–0.04%** | **Germany–0.04%** |
| Salzgitter AG 3.38%, exercise <br> price $3.3750 10/22/32<br>| 300000 | 384114 |
| TAG Immobilien AG 0.63%, <br> exercise price $0.6250 <br> 3/11/31<br>| 200000 | 239168 |
| Vonovia SE 0.88%, exercise <br> price $0.8750 5/20/32<br>| 300000 | 340749 |
|  |  | **964031** |
| **India–0.00%** | **India–0.00%** | **India–0.00%** |
| =‡REI Agro Ltd. 5.50%, exercise <br> price $5.5000 11/13/14<br>| 599000 | 0 |
|  |  | **0** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCONVERTIBLE BONDS (continued)** | **ΔCONVERTIBLE BONDS (continued)** | **ΔCONVERTIBLE BONDS (continued)** |
| **Mexico–0.04%** | **Mexico–0.04%** | **Mexico–0.04%** |
| Fomento Economico <br> Mexicano SAB de CV 2.63%, <br> exercise price $2.6250 <br> 2/24/26<br>| 800000 | $939664 |
|  |  | **939664** |
| **Spain–0.02%** | **Spain–0.02%** | **Spain–0.02%** |
| Cellnex Telecom SA 0.75%, <br> exercise price $0.7500 <br> 11/20/31<br>| 200000 | 211611 |
| Iberdrola Finanzas SA 1.50%, <br> exercise price $1.5000 <br> 3/27/30<br>| 200000 | 262880 |
|  |  | **474491** |
| **United States–0.20%** | **United States–0.20%** | **United States–0.20%** |
| AMC Networks, Inc. 4.25%, <br> exercise price $4.2500 <br> 2/15/29<br>| 417000 | 425131 |
| ^Core Scientific, Inc. 0.00%, <br> exercise price $0.0100 <br> 6/15/31<br>| 104000 | 109273 |
| CoreWeave, Inc. 1.75%, <br> exercise price $1.7500 <br> 12/1/31<br>| 130000 | 123012 |
| DISH Network Corp. 3.38%, <br> exercise price $3.3750 <br> 8/15/26<br>| 195000 | 187687 |
| Galaxy Digital Holdings LP <br> 0.50%, exercise price <br> $0.5000 5/1/31<br>| 301000 | 227405 |
| Live Nation Entertainment, <br> Inc. 2.88%, exercise price <br> $2.8750 10/15/31<br>| 105000 | 103163 |
| Solaris Energy Infrastructure, Inc. | Solaris Energy Infrastructure, Inc. | Solaris Energy Infrastructure, Inc. |
| 0.25%, exercise price <br> $0.2500 10/1/31<br>| 1841000 | 1990581 |
| 4.75%, exercise price <br> $4.7500 5/1/30<br>| 558000 | 1112485 |
| Stem, Inc. 0.50%, exercise <br> price $0.5000 12/1/28<br>| 73000 | 28470 |
| Wolfspeed, Inc. | Wolfspeed, Inc. | Wolfspeed, Inc. |
| 2.50%, exercise price <br> $2.5000 6/15/31<br>| 2000 | 2963 |
| 2.50%, exercise price <br> $2.5000 6/15/31<br>| 7000 | 10369 |
|  |  | **4320539** |
| **Total Convertible Bonds** <br>**(Cost $7,948,277)** | **Total Convertible Bonds** <br>**(Cost $7,948,277)** | **8966005** |

---

LVIP BlackRock Global Allocation Fund-10

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔAGENCY COLLATERALIZED MORTGAGE OBLIGATION–0.01%** | **ΔAGENCY COLLATERALIZED MORTGAGE OBLIGATION–0.01%** | **ΔAGENCY COLLATERALIZED MORTGAGE OBLIGATION–0.01%** | **ΔAGENCY COLLATERALIZED MORTGAGE OBLIGATION–0.01%** |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| •Federal Home Loan Mortgage <br> Corp. STACR REMICS Trust <br> 7.27% (30 day USD SOFR <br> Average + 3.40%) 1/25/42<br>|  | 138145 | $141270 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $120,946)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $120,946)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $120,946)** | **141270** |
| **ΔAGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.01%** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.01%** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.01%** | **ΔAGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.01%** |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| \*♦•Federal Home Loan Mortgage <br> Corp. Multifamily <br> Structured Pass-Through <br> Certificates <br>|  |  |  |
| Class X1 0.78% 5/25/29 |  | 5657546 | 111489 |
| Class X1 1.03% 10/25/30 |  | 1683757 | 66603 |
| Class XFX 1.36% 12/25/29 |  | 922608 | 34897 |
| Class X1 1.41% 7/25/30 |  | 271595 | 13913 |
| Class X1 1.57% 4/25/30 |  | 533700 | 29268 |
| Class X1 1.64% 4/25/30 |  | 259790 | 14928 |
| •Federal National Mortgage <br> Association-ACES 3.75% <br> 9/25/30<br>|  | 58778 | 58264 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $325,320)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $325,320)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $325,320)** | **329362** |
| **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** | **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** | **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** | **ΔAGENCY MORTGAGE-BACKED SECURITY–0.63%** |
| **United States–0.63%** | **United States–0.63%** | **United States–0.63%** | **United States–0.63%** |
| Uniform Mortgage-Backed <br> Security, TBA 3.50% 1/1/56<br>|  | 14543000 | 13443754 |
| **Total Agency Mortgage-Backed Security** <br>**(Cost $13,368,198)** | **Total Agency Mortgage-Backed Security** <br>**(Cost $13,368,198)** | **Total Agency Mortgage-Backed Security** <br>**(Cost $13,368,198)** | **13443754** |
| **ΔCORPORATE BONDS–9.24%** | **ΔCORPORATE BONDS–9.24%** | **ΔCORPORATE BONDS–9.24%** | **ΔCORPORATE BONDS–9.24%** |
| **Argentina–0.00%** | **Argentina–0.00%** | **Argentina–0.00%** | **Argentina–0.00%** |
| Telecom Argentina SA 9.25% <br> 5/28/33<br>|  | 26387 | 27564 |
| Vista Energy Argentina SAU <br> 8.50% 6/10/33<br>|  | 40000 | 41100 |
|  |  |  | **68664** |
| **Australia–0.13%** | **Australia–0.13%** | **Australia–0.13%** | **Australia–0.13%** |
| AGL Energy Ltd. 5.77% <br> 9/30/35<br>| AUD | 200000 | 129110 |
| Fortescue Treasury Pty. Ltd. <br> 4.38% 4/1/31<br>|  | 100000 | 96712 |
| Mineral Resources Ltd.  |  |  |  |
| 8.50% 5/1/30 |  | 462000 | 480451 |
| 9.25% 10/1/28 |  | 93000 | 97604 |
| •National Australia Bank Ltd. <br> 4.95% (3 mo. AUD Bank Bill <br> Swap + 1.30%) 11/14/35<br>| AUD | 430000 | 286754 |
| μPacific National Finance Pty. <br> Ltd. 7.75% 12/11/54<br>| AUD | 190000 | 128158 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Port of Newcastle <br> Investments Financing Pty. <br> Ltd. 6.10% 7/18/33<br>| AUD | 180000 | $119725 |
| =Quintis Australia Pty. Ltd. <br> (PIK Rate 12.00%, Cash Rate <br> 12.00%) 12.00% 10/1/28<br>|  | 6149065 | 0 |
| =Quintis Australia Pty. Ltd. <br> (PIK Rate 7.50%, Cash Rate <br> 8.00%) 7.50% 10/1/26<br>|  | 6870789 | 687079 |
| Santos Finance Ltd. 5.75% <br> 11/13/35<br>|  | 250000 | 248611 |
| Scentre Group Trust 1 5.35% <br> 9/18/35<br>| AUD | 430000 | 273867 |
| Tabcorp Finance Pty. Ltd. <br> 5.99% 5/28/31<br>| AUD | 250000 | 164700 |
|  |  |  | **2712771** |
| **Austria–0.02%** | **Austria–0.02%** | **Austria–0.02%** | **Austria–0.02%** |
| LD Celulose International <br> GmbH 7.95% 1/26/32<br>|  | 200000 | 208362 |
| Sappi Papier Holding GmbH <br> 4.50% 3/15/32<br>| EUR | 166000 | 189371 |
|  |  |  | **397733** |
| **Brazil–0.01%** | **Brazil–0.01%** | **Brazil–0.01%** | **Brazil–0.01%** |
| @Samarco Mineracao SA  |  |  |  |
| 9.50% 6/30/31 |  | 11735 | 11887 |
| 9.50% 6/30/31 |  | 99554 | 100844 |
| Suzano Austria GmbH 3.13% <br> 1/15/32<br>|  | 45000 | 40254 |
| Vale Overseas Ltd. 6.40% <br> 6/28/54<br>|  | 39000 | 39800 |
|  |  |  | **192785** |
| **British Virgin Islands–0.01%** | **British Virgin Islands–0.01%** | **British Virgin Islands–0.01%** | **British Virgin Islands–0.01%** |
| Fortune Star BVI Ltd. 6.80% <br> 9/9/29<br>|  | 200000 | 196903 |
|  |  |  | **196903** |
| **Canada–0.13%** | **Canada–0.13%** | **Canada–0.13%** | **Canada–0.13%** |
| 1011778 BC ULC/New Red <br> Finance, Inc. 6.13% 6/15/29<br>|  | 100000 | 102658 |
| ♦Air Canada Pass-Through <br> Trust 10.50% 7/15/26<br>|  | 664000 | 682394 |
| Bausch & Lomb Corp. 8.38% <br> 10/1/28<br>|  | 417000 | 435244 |
| •Bausch & Lomb Netherlands <br> BV & Bausch & Lomb, Inc. <br> 5.87% (3 mo. EURIBOR + <br> 3.88%) 1/15/31<br>| EUR | 128000 | 152796 |
| μBell Telephone Co. of Canada <br> or Bell Canada 6.88% <br> 9/15/55<br>|  | 125000 | 128967 |
| Bombardier, Inc. 7.25% <br> 7/1/31<br>|  | 125000 | 133206 |

---

LVIP BlackRock Global Allocation Fund-11

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Brookfield Residential <br> Properties, Inc./Brookfield <br> Residential U.S. LLC <br>|  |  |
| 4.88% 2/15/30 | 177000 | $164867 |
| 6.25% 9/15/27 | 100000 | 100057 |
| Garda World Security Corp. <br> 8.38% 11/15/32<br>| 200000 | 203722 |
| Gran Tierra Energy, Inc. <br> 9.50% 10/15/29<br>| 200000 | 140684 |
| Jones Deslauriers Insurance <br> Management, Inc. 8.50% <br> 3/15/30<br>| 100000 | 104811 |
| NOVA Chemicals Corp. 5.25% <br> 6/1/27<br>| 100000 | 100612 |
| Open Text Corp. 3.88% <br> 2/15/28<br>| 114000 | 111878 |
| μRogers Communications, Inc.  |  |  |
| 5.25% 3/15/82 | 100000 | 99956 |
| 7.00% 4/15/55 | 100000 | 104620 |
| μTELUS Corp. 6.63% 10/15/55 | 103000 | 105106 |
|  |  | **2871578** |
| **Cayman Islands–0.02%** | **Cayman Islands–0.02%** | **Cayman Islands–0.02%** |
| μAl Rajhi Sukuk Ltd. 6.25% <br> 7/21/30<br>| 200000 | 203178 |
| Azorra Finance Ltd. 7.75% <br> 4/15/30<br>| 100000 | 105592 |
| μBanco Mercantil del Norte SA <br> 8.38% 5/20/31<br>| 200000 | 210000 |
|  |  | **518770** |
| **Chile–0.01%** | **Chile–0.01%** | **Chile–0.01%** |
| μAES Andes SA 8.15% 6/10/55 | 200000 | 209278 |
| @WOM Mobile SA 11.00% <br> 4/1/31<br>| 8965 | 8808 |
|  |  | **218086** |
| **China–0.00%** | **China–0.00%** | **China–0.00%** |
| ‡Fantasia Holdings Group Co. <br> Ltd. <br>|  |  |
| 10.88% 1/9/23 | 233000 | 2330 |
| 11.75% 4/17/22 | 204000 | 2040 |
|  |  | **4370** |
| **Colombia–0.01%** | **Colombia–0.01%** | **Colombia–0.01%** |
| Ecopetrol SA 8.88% 1/13/33 | 101000 | 107862 |
| SURA Asset Management SA <br> 6.35% 5/13/32<br>| 200000 | 213266 |
|  |  | **321128** |
| **Costa Rica–0.01%** | **Costa Rica–0.01%** | **Costa Rica–0.01%** |
| Liberty Costa Rica Senior <br> Secured Finance 10.88% <br> 1/15/31<br>| 200000 | 210000 |
|  |  | **210000** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Czech Republic–0.02%** | **Czech Republic–0.02%** | **Czech Republic–0.02%** | **Czech Republic–0.02%** |
| Czechoslovak Group AS 5.25% <br> 1/10/31<br>| EUR | 421000 | $512806 |
|  |  |  | **512806** |
| **Denmark–0.01%** | **Denmark–0.01%** | **Denmark–0.01%** | **Denmark–0.01%** |
| •SGL Group ApS 6.30% (3 mo. <br> EURIBOR + 4.25%) 2/24/31<br>| EUR | 160000 | 180324 |
|  |  |  | **180324** |
| **Finland–0.02%** | **Finland–0.02%** | **Finland–0.02%** | **Finland–0.02%** |
| Mehilainen Yhtiot OYJ 5.13% <br> 6/30/32<br>| EUR | 307000 | 366263 |
|  |  |  | **366263** |
| **France–0.45%** | **France–0.45%** | **France–0.45%** | **France–0.45%** |
| Afflelou SAS 6.00% 7/25/29 | EUR | 324000 | 396107 |
| μAir France-KLM 5.75% <br> 5/21/30<br>| EUR | 200000 | 238090 |
| Altice France SA 5.63% <br> 7/15/32<br>| EUR | 123986 | 138642 |
| φAtos SE  |  |  |  |
| 1.04% 12/18/32 | EUR | 300771 | 231533 |
| 5.20% 12/18/30 | EUR | 389161 | 451002 |
| 9.36% 12/18/29 | EUR | 427866 | 576087 |
| •Bertrand Franchise Finance <br> SAS 5.75% (3 mo. EURIBOR <br> + 3.75%) 7/18/30<br>| EUR | 159000 | 185751 |
| μElectricite de France SA  |  |  |  |
| 4.38% 1/6/31 | EUR | 200000 | 232578 |
| 5.13% 9/17/29 | EUR | 200000 | 241367 |
| 7.38% 6/17/35 | GBP | 200000 | 276299 |
| ELO SACA 2.88% 1/29/26 | EUR | 100000 | 117308 |
| Forvia SE  |  |  |  |
| 2.75% 2/15/27 | EUR | 101000 | 118427 |
| 6.75% 9/15/33 |  | 200000 | 206515 |
| FR Bondco SAS 6.88% <br> 10/31/32<br>| EUR | 169000 | 199304 |
| Goldstory SAS  |  |  |  |
| • 6.05% (3 mo. EURIBOR + <br> 4.00%) 2/1/30<br>| EUR | 346000 | 411578 |
| 6.75% 2/1/30 | EUR | 500000 | 609535 |
| Iliad Holding SAS 5.63% <br> 10/15/28<br>| EUR | 1000000 | 1191475 |
| iliad SA 4.25% 1/9/32 | EUR | 300000 | 355645 |
| Loxam SAS 6.38% 5/31/29 | EUR | 637200 | 774827 |
| New Immo Holding SA  |  |  |  |
| 4.88% 12/8/28 | EUR | 400000 | 476065 |
| 5.88% 4/17/28 | EUR | 100000 | 121563 |
| Paprec Holding SA 4.13% <br> 7/15/30<br>| EUR | 401000 | 473503 |
| μRCI Banque SA  |  |  |  |
| 4.75% 3/24/37 | EUR | 200000 | 239537 |
| 5.50% 10/9/34 | EUR | 400000 | 495437 |
| 6.13% 9/24/30 | EUR | 200000 | 236277 |

---

LVIP BlackRock Global Allocation Fund-12

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| μUnibail-Rodamco-Westfield <br> SE 4.75% 6/11/31<br>| EUR | 300000 | $358924 |
| μVeolia Environnement SA <br> 4.32% 10/24/32<br>| EUR | 100000 | 116943 |
|  |  |  | **9470319** |
| **Germany–0.55%** | **Germany–0.55%** | **Germany–0.55%** | **Germany–0.55%** |
| Alstria Office AG  |  |  |  |
| 4.25% 10/15/29 | EUR | 200000 | 232459 |
| 5.50% 3/20/31 | EUR | 200000 | 240584 |
| •APCOA Group GmbH 6.15% (3 <br> mo. EURIBOR + 4.13%) <br> 4/15/31<br>| EUR | 157000 | 185933 |
| μBayer AG 5.38% 3/25/82 | EUR | 400000 | 482394 |
| BRANICKS Group AG 2.25% <br> 9/22/26<br>| EUR | 100000 | 82074 |
| μCommerzbank AG  |  |  |  |
| 4.25% 10/9/27 | EUR | 200000 | 233372 |
| 7.88% 10/9/31 | EUR | 200000 | 265090 |
| φDEMIRE Deutsche <br> Mittelstand Real Estate AG <br> 5.00% 12/31/27<br>| EUR | 528455 | 583792 |
| μDeutsche Bank AG  |  |  |  |
| 4.50% 11/30/26 | EUR | 200000 | 234411 |
| 4.63% 10/30/27 | EUR | 1000000 | 1163897 |
| 6.75% 10/30/34 | EUR | 400000 | 480069 |
| 7.13% 10/30/30 | EUR | 200000 | 248664 |
| μDeutsche Lufthansa AG 5.25% <br> 1/15/55<br>| EUR | 500000 | 609803 |
| Dynamo Newco II GmbH <br> 6.25% 10/15/31<br>| EUR | 130000 | 155609 |
| Fressnapf Holding SE 5.25% <br> 10/31/31<br>| EUR | 152000 | 178254 |
| Gruenenthal GmbH 4.63% <br> 11/15/31<br>| EUR | 303000 | 359820 |
| @IHO Verwaltungs GmbH  |  |  |  |
| 7.00% 11/15/31 | EUR | 275000 | 348915 |
| 8.75% 5/15/28 | EUR | 477216 | 586029 |
| Mahle GmbH 6.50% 5/2/31 | EUR | 574000 | 701409 |
| •Nidda Healthcare Holding <br> GmbH 5.28% (3 mo. <br> EURIBOR + 3.25%) <br> 10/15/32<br>| EUR | 571000 | 677097 |
| PCF GmbH  |  |  |  |
| 4.75% 4/15/29 | EUR | 100000 | 54766 |
| • 6.78% (3 mo. EURIBOR + <br> 4.75%) 4/15/29<br>| EUR | 145440 | 79840 |
| •PrestigeBidCo GmbH 5.78% <br> (3 mo. EURIBOR + 3.75%) <br> 7/1/29<br>| EUR | 262000 | 310419 |
| Progroup AG  |  |  |  |
| 5.13% 4/15/29 | EUR | 168000 | 202743 |
| 5.38% 4/15/31 | EUR | 116000 | 139351 |
| Schaeffler AG  |  |  |  |
| 4.25% 4/1/28 | EUR | 100000 | 119966 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Schaeffler AG (continued)  |  |  |  |
| 5.38% 4/1/31 | EUR | 100000 | $123906 |
| Techem <br> Verwaltungsgesellschaft 675 <br> GmbH 4.63% 7/15/32<br>| EUR | 100000 | 119055 |
| @Tele Columbus AG 10.00% <br> 1/1/29<br>| EUR | 465451 | 359708 |
| TK Elevator Midco GmbH <br> 4.38% 7/15/27<br>| EUR | 1218000 | 1436422 |
| TUI Cruises GmbH  |  |  |  |
| 5.00% 5/15/30 | EUR | 113000 | 136261 |
| 6.25% 4/15/29 | EUR | 389000 | 475417 |
|  |  |  | **11607529** |
| **Greece–0.02%** | **Greece–0.02%** | **Greece–0.02%** | **Greece–0.02%** |
| μEurobank SA 4.00% 2/7/36 | EUR | 272000 | 318248 |
| μNational Bank of Greece SA <br> 5.88% 6/28/35<br>| EUR | 173000 | 217221 |
|  |  |  | **535469** |
| **Hong Kong–0.04%** | **Hong Kong–0.04%** | **Hong Kong–0.04%** | **Hong Kong–0.04%** |
| Bangkok Bank PCL 5.30% <br> 9/21/28<br>|  | 200000 | 205781 |
| HKT Capital No. 6 Ltd. 3.00% <br> 1/18/32<br>|  | 201000 | 184712 |
| Melco Resorts Finance Ltd. <br> 6.50% 9/24/33<br>|  | 200000 | 200512 |
| Studio City Finance Ltd. <br> 5.00% 1/15/29<br>|  | 200000 | 193112 |
|  |  |  | **784117** |
| **India–0.03%** | **India–0.03%** | **India–0.03%** | **India–0.03%** |
| μAxis Bank Ltd. 4.10% 9/8/26 |  | 200000 | 197416 |
| Muthoot Finance Ltd. 6.38% <br> 3/2/30<br>|  | 415000 | 421453 |
|  |  |  | **618869** |
| **Indonesia–0.03%** | **Indonesia–0.03%** | **Indonesia–0.03%** | **Indonesia–0.03%** |
| μBank Negara Indonesia <br> Persero Tbk. PT 4.30% <br> 3/24/27<br>|  | 200000 | 195298 |
| Freeport Indonesia PT  |  |  |  |
| 4.76% 4/14/27 |  | 246000 | 246422 |
| 6.20% 4/14/52 |  | 200000 | 203350 |
|  |  |  | **645070** |
| **Ireland–0.08%** | **Ireland–0.08%** | **Ireland–0.08%** | **Ireland–0.08%** |
| μAIB Group PLC 6.00% 7/14/31 | EUR | 325000 | 391100 |
| eircom Finance DAC 5.00% <br> 4/30/31<br>| EUR | 312000 | 372901 |
| Flutter Treasury DAC 4.00% <br> 6/4/31<br>| EUR | 277000 | 324699 |
| GGAM Finance Ltd. 6.88% <br> 4/15/29<br>|  | 100000 | 103719 |

---

LVIP BlackRock Global Allocation Fund-13

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| Perrigo Finance Unlimited <br> Co. <br>|  |  |  |
| 5.38% 9/30/32 | EUR | 114000 | $136329 |
| 6.13% 9/30/32 |  | 100000 | 97407 |
| Virgin Media O2 Vendor <br> Financing Notes V DAC <br> 7.88% 3/15/32<br>| GBP | 164000 | 221755 |
|  |  |  | **1647910** |
| **Israel–0.03%** | **Israel–0.03%** | **Israel–0.03%** | **Israel–0.03%** |
| Teva Pharmaceutical Finance <br> Netherlands II BV 7.88% <br> 9/15/31<br>| EUR | 506000 | 711351 |
|  |  |  | **711351** |
| **Italy–0.37%** | **Italy–0.37%** | **Italy–0.37%** | **Italy–0.37%** |
| μA2A SpA 5.00% 6/11/29 | EUR | 125000 | 151602 |
| Agrifarma SpA 4.50% <br> 10/31/28<br>| EUR | 1022000 | 1211817 |
| Almaviva-The Italian <br> Innovation Co. SpA 5.00% <br> 10/30/30<br>| EUR | 431000 | 510713 |
| μBPER Banca SpA 6.50% <br> 3/20/30<br>| EUR | 200000 | 243121 |
| Bubbles Bidco SpA  |  |  |  |
| • 6.27% (3 mo. EURIBOR + <br> 4.25%) 9/30/31<br>| EUR | 251000 | 297465 |
| 6.50% 9/30/31 | EUR | 156000 | 188083 |
| •Cedacri SpA 6.69% (3 mo. <br> EURIBOR + 4.63%) 5/15/28<br>| EUR | 110000 | 130450 |
| Dolcetto Holdco SpA  |  |  |  |
| 5.63% 7/14/32 | EUR | 217000 | 258839 |
| • 5.73% (3 mo. EURIBOR + <br> 3.63%) 7/14/32<br>| EUR | 100000 | 119106 |
| •Duomo Bidco SpA 5.31% (3 <br> mo. EURIBOR + 3.25%) <br> 1/15/32<br>| EUR | 258000 | 305523 |
| Engineering - Ingegneria <br> Informatica - SpA 8.63% <br> 2/15/30<br>| EUR | 153000 | 192810 |
| μEni SpA 4.88% 1/21/34 | EUR | 225000 | 268056 |
| Fedrigoni SpA 6.13% 6/15/31 | EUR | 347000 | 397413 |
| @Fiber Midco SpA 10.75% <br> 6/15/29<br>| EUR | 217000 | 195569 |
| Fibercop SpA  |  |  |  |
| 4.75% 6/30/30 | EUR | 100000 | 119416 |
| 5.13% 6/30/32 | EUR | 100000 | 119440 |
| FIS Fabbrica Italiana <br> Sintetici SpA 5.63% 8/1/27<br>| EUR | 288000 | 338453 |
| Gruppo San Donato SPA <br> 6.50% 10/31/31<br>| EUR | 126000 | 150713 |
| •IMA Industria Macchine <br> Automatiche SpA 5.78% (3 <br> mo. EURIBOR + 3.75%) <br> 4/15/29<br>| EUR | 385000 | 457657 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| •Irca SpA/Gallarate 5.85% (3 <br> mo. EURIBOR + 3.75%) <br> 12/15/29<br>| EUR | 213000 | $254368 |
| Itelyum Regeneration SpA <br> 5.75% 4/15/30<br>| EUR | 200000 | 234272 |
| Lottomatica Group SpA  |  |  |  |
| 4.88% 1/31/31 | EUR | 189000 | 228741 |
| • 5.31% (3 mo. EURIBOR + <br> 3.25%) 6/1/31<br>| EUR | 155000 | 183269 |
| 5.38% 6/1/30 | EUR | 102000 | 123910 |
| μPrysmian SpA 5.25% 5/21/30 | EUR | 350000 | 428117 |
| TeamSystem SpA  |  |  |  |
| 5.00% 7/1/31 | EUR | 110000 | 130463 |
| • 5.28% (3 mo. EURIBOR + <br> 3.25%) 7/1/32<br>| EUR | 187000 | 220947 |
| • 5.53% (3 mo. EURIBOR + <br> 3.50%) 7/31/31<br>| EUR | 241000 | 285162 |
| Unipol Assicurazioni SpA <br> 4.90% 5/23/34<br>| EUR | 100000 | 123135 |
|  |  |  | **7868630** |
| **Japan–0.18%** | **Japan–0.18%** | **Japan–0.18%** | **Japan–0.18%** |
| Kioxia Holdings Corp. 6.25% <br> 7/24/30<br>|  | 200000 | 205767 |
| Nissan Motor Co. Ltd.  |  |  |  |
| 4.81% 9/17/30 |  | 300000 | 282750 |
| 5.25% 7/17/29 | EUR | 301000 | 363181 |
| μRakuten Group, Inc.  |  |  |  |
| 4.25% 4/22/27 | EUR | 200000 | 227983 |
| 8.13% 12/15/29 |  | 400000 | 411989 |
| SoftBank Group Corp.  |  |  |  |
| 3.38% 7/6/29 | EUR | 100000 | 113396 |
| 5.25% 10/10/29 | EUR | 123000 | 146745 |
| 5.38% 1/8/29 | EUR | 208000 | 250218 |
| 5.75% 7/8/32 | EUR | 710000 | 845940 |
| 5.88% 7/10/31 | EUR | 485000 | 582418 |
| 6.38% 7/10/33 | EUR | 376000 | 453176 |
|  |  |  | **3883563** |
| **Jersey–0.08%** | **Jersey–0.08%** | **Jersey–0.08%** | **Jersey–0.08%** |
| Aston Martin Capital <br> Holdings Ltd. 10.00% <br> 3/31/29<br>|  | 331000 | 308077 |
| Biffa Group Holdings Ltd.  |  |  |  |
| 5.25% 6/15/31 | EUR | 161000 | 188660 |
| 7.38% 6/15/31 | GBP | 300000 | 407870 |
| Deepocean Ltd. 6.00% 4/8/31 | EUR | 100000 | 120574 |
| Toucan FinCo Ltd./Toucan <br> FinCo Can, Inc./Toucan <br> FinCo U.S. LLC 9.50% <br> 5/15/30<br>|  | 724000 | 722991 |
|  |  |  | **1748172** |

---

LVIP BlackRock Global Allocation Fund-14

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Kuwait–0.01%** | **Kuwait–0.01%** | **Kuwait–0.01%** | **Kuwait–0.01%** |
| EQUATE Petrochemical Co. <br> KSC 4.25% 11/3/26<br>|  | 200000 | $199563 |
|  |  |  | **199563** |
| **Luxembourg–0.95%** | **Luxembourg–0.95%** | **Luxembourg–0.95%** | **Luxembourg–0.95%** |
| @Adler Financing SARL 8.25% <br> 12/31/28<br>| EUR | 887749 | 1142692 |
| Albion Financing 1 <br> SARL/Aggreko Holdings, <br> Inc. 5.38% 5/21/30<br>| EUR | 237000 | 287267 |
| Alexandrite Lake Lux <br> Holdings SARL 6.75% <br> 7/30/30<br>| EUR | 400000 | 478189 |
| Altice Financing SA 3.00% <br> 1/15/28<br>| EUR | 714000 | 576601 |
| Ardagh Group SA  |  |  |  |
| 9.50% 12/1/30 |  | 1099983 | 1193061 |
| 9.50% 12/1/30 |  | 495118 | 537014 |
| 12.00% 12/1/30 |  | 2125000 | 1941719 |
| 12.00% 12/1/30 | EUR | 860000 | 926584 |
| •Arena Luxembourg Finance <br> SARL 4.55% (3 mo. <br> EURIBOR + 2.50%) 5/1/30<br>| EUR | 217000 | 257284 |
| μAroundtown Finance SARL  |  |  |  |
| 5.25% 4/30/31 | EUR | 1124000 | 1287547 |
| 7.88% 8/7/29 |  | 150000 | 150758 |
| Breakwater Energy Holdings <br> SARL 9.25% 11/15/30<br>|  | 250000 | 261789 |
| Cirsa Finance International <br> SARL <br>|  |  |  |
| 4.88% 10/15/31 | EUR | 100000 | 120641 |
| • 5.10% (3 mo. EURIBOR + <br> 3.00%) 10/15/32<br>| EUR | 115000 | 136347 |
| 7.88% 7/31/28 | EUR | 479000 | 587572 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC 9.00% <br> 9/15/29<br>|  | 458000 | 485819 |
| ContourGlobal Power <br> Holdings SA 5.00% 2/28/30<br>| EUR | 183000 | 220185 |
| Currenta Group Holdings <br> SARL 5.50% 5/15/30<br>| EUR | 203000 | 240754 |
| Dana Financing Luxembourg <br> SARL 8.50% 7/15/31<br>| EUR | 336000 | 422074 |
| EIG Pearl Holdings SARL <br> 3.55% 8/31/36<br>|  | 202591 | 187614 |
| •Encore Issuances SA 4.93% (1 <br> mo. EURIBOR + 3.00%) <br> 8/14/26<br>| EUR | 143350 | 169140 |
| Froneri Lux FinCo SARL <br> 4.75% 8/1/32<br>| EUR | 215000 | 254565 |
| Garfunkelux Holdco 3 SA <br> 9.00% 9/1/28<br>| EUR | 658013 | 740287 |
| gategroup Finance <br> Luxembourg SA 3.00% <br> 2/28/27<br>| CHF | 350000 | 439681 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| Herens Midco SARL 5.25% <br> 5/15/29<br>| EUR | 608000 | $396859 |
| ION Platform Finance SARL  |  |  |  |
| 6.50% 9/30/30 | EUR | 175000 | 199016 |
| 6.88% 9/30/32 | EUR | 135000 | 151756 |
| 7.88% 5/1/29 | EUR | 622000 | 741885 |
| ‡Kleopatra Finco SARL 4.25% <br> 3/1/26<br>| EUR | 448000 | 78973 |
| •Lion/Polaris Lux 4 SA 5.64% <br> (3 mo. EURIBOR + 3.63%) <br> 7/1/29<br>| EUR | 335000 | 398236 |
| @Luna 1.5 SARL 10.50% 7/1/32 | EUR | 160000 | 195521 |
| Luna 2 5SARL 5.50% 7/1/32 | EUR | 100000 | 119669 |
| Lune Holdings SARL 5.63% <br> 11/15/28<br>| EUR | 343000 | 46356 |
| Maxam Prill SARL 6.00% <br> 7/15/30<br>| EUR | 429000 | 515093 |
| Motion Finco SARL 7.38% <br> 6/15/30<br>| EUR | 221000 | 235720 |
| PRA Group Europe Holding II <br> SARL 6.25% 9/30/32<br>| EUR | 100000 | 114582 |
| PRIO Luxembourg Holding <br> SARL 6.75% 10/15/30<br>|  | 200000 | 194550 |
| Puma International <br> Financing SA 7.75% 4/25/29<br>|  | 200000 | 206190 |
| Rossini SARL  |  |  |  |
| • 5.89% (3 mo. EURIBOR + <br> 3.88%) 12/31/29<br>| EUR | 97157 | 116199 |
| 6.75% 12/31/29 | EUR | 162000 | 200035 |
| Stena International SA 7.25% <br> 1/15/31<br>|  | 615000 | 626935 |
| Summer BC Holdco B SARL  |  |  |  |
| 5.88% 2/15/30 | EUR | 308000 | 333564 |
| • 6.31% (3 mo. EURIBOR + <br> 4.25%) 2/15/30<br>| EUR | 140000 | 154230 |
| Telecom Italia Capital SA <br> 7.72% 6/4/38<br>|  | 103000 | 114095 |
| Telenet Finance Luxembourg <br> Notes SARL 5.50% 3/1/28<br>|  | 600000 | 596189 |
| Vivion Investments SARL  |  |  |  |
| 5.63% 6/8/30 | EUR | 444000 | 502547 |
| @ 6.50% 2/28/29 | EUR | 356000 | 417160 |
| μ 8.13% 3/8/31 | EUR | 300000 | 326319 |
| @ 8.25% 8/31/28 | EUR | 71629 | 84233 |
|  |  |  | **20111096** |
| **Macau–0.03%** | **Macau–0.03%** | **Macau–0.03%** | **Macau–0.03%** |
| Wynn Macau Ltd.  |  |  |  |
| 5.63% 8/26/28 |  | 200000 | 199910 |
| 5.63% 8/26/28 |  | 400000 | 399820 |
|  |  |  | **599730** |

---

LVIP BlackRock Global Allocation Fund-15

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Malta–0.01%** | **Malta–0.01%** | **Malta–0.01%** | **Malta–0.01%** |
| VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc. <br>|  |  |  |
| 6.38% 2/1/30 |  | 106000 | $100875 |
| 9.50% 6/1/28 |  | 100000 | 103428 |
|  |  |  | **204303** |
| **Mauritius–0.26%** | **Mauritius–0.26%** | **Mauritius–0.26%** | **Mauritius–0.26%** |
| Clean Renewable Power <br> Mauritius Pte. Ltd. 4.25% <br> 3/25/27<br>|  | 154000 | 150144 |
| Diamond II Ltd. 7.95% <br> 7/28/26<br>|  | 200000 | 200351 |
| =•Flourishing Trade & <br> Investment Ltd. 11.04% <br> 4/2/30<br>|  | 2726827 | 2822266 |
| India Cleantech Energy 4.70% <br> 8/10/26<br>|  | 189750 | 187902 |
| =Resurgent Trade & <br> Investment Ltd. 9.52% <br> 12/1/27<br>|  | 2257000 | 2257000 |
|  |  |  | **5617663** |
| **Mexico–0.16%** | **Mexico–0.16%** | **Mexico–0.16%** | **Mexico–0.16%** |
| Petroleos Mexicanos  |  |  |  |
| 5.95% 1/28/31 |  | 168000 | 162597 |
| 7.50% 3/31/26 |  | 2810000 | 2811781 |
| 8.75% 6/2/29 |  | 148156 | 158838 |
| Trust 2401 7.70% 1/23/32 |  | 200000 | 221300 |
|  |  |  | **3354516** |
| **Morocco–0.01%** | **Morocco–0.01%** | **Morocco–0.01%** | **Morocco–0.01%** |
| OCP SA 7.50% 5/2/54 |  | 200000 | 221484 |
|  |  |  | **221484** |
| **Netherlands–0.37%** | **Netherlands–0.37%** | **Netherlands–0.37%** | **Netherlands–0.37%** |
| Boels Topholding BV  |  |  |  |
| 5.75% 5/15/30 | EUR | 100000 | 121515 |
| 6.25% 2/15/29 | EUR | 708000 | 858213 |
| Citycon Treasury BV  |  |  |  |
| 5.00% 3/11/30 | EUR | 100000 | 111640 |
| 5.38% 7/8/31 | EUR | 100000 | 111475 |
| Darling Global Finance BV <br> 4.50% 7/15/32<br>| EUR | 277000 | 329785 |
| Global Switch Finance BV <br> 1.38% 10/7/30<br>| EUR | 146000 | 160464 |
| Heimstaden Bostad Treasury <br> BV 1.38% 3/3/27<br>| EUR | 167000 | 193201 |
| μING Groep NV  |  |  |  |
| 3.88% 5/16/27 |  | 400000 | 388370 |
| 7.25% 11/16/34 |  | 325000 | 345636 |
| IPD 3 BV  |  |  |  |
| 5.50% 6/15/31 | EUR | 348000 | 413658 |
| 5.50% 6/15/31 | EUR | 173000 | 201972 |
| μNN Group NV 5.75% 9/11/34 | EUR | 200000 | 239297 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Petrobras Global Finance BV <br> 6.75% 1/27/41<br>|  | 162000 | $162362 |
| Q-Park Holding I BV 5.13% <br> 2/15/30<br>| EUR | 508000 | 616386 |
| Sunrise FinCo I BV 4.88% <br> 7/15/31<br>|  | 610000 | 581025 |
| Teva Pharmaceutical Finance <br> Netherlands IV BV 5.75% <br> 12/1/30<br>|  | 200000 | 207445 |
| Trivium Packaging Finance <br> BV <br>|  |  |  |
| 6.63% 7/15/30 | EUR | 129000 | 159633 |
| 12.25% 1/15/31 |  | 300000 | 325511 |
| •United Group BV 6.31% (3 mo. <br> EURIBOR + 4.25%) 2/15/31<br>| EUR | 478000 | 565278 |
| μVolkswagen International <br> Finance NV 5.99% 11/15/33<br>| EUR | 100000 | 121609 |
| VZ Secured Financing BV <br> 5.25% 1/15/33<br>| EUR | 343000 | 395193 |
| VZ Vendor Financing II BV <br> 2.88% 1/15/29<br>| EUR | 709000 | 786989 |
| μWintershall Dea Finance 2 BV <br> 6.12% 5/8/30<br>| EUR | 250000 | 299722 |
| ZF Europe Finance BV 7.00% <br> 6/12/30<br>| EUR | 200000 | 247612 |
|  |  |  | **7943991** |
| **Peru–0.02%** | **Peru–0.02%** | **Peru–0.02%** | **Peru–0.02%** |
| Petroleos del Peru SA 4.75% <br> 6/19/32<br>|  | 200000 | 147500 |
| Pluspetrol Camisea <br> SA/Pluspetrol Lote 56 SA <br> 6.24% 7/3/36<br>|  | 105000 | 111717 |
| Volcan Cia Minera SAA 8.50% <br> 10/28/32<br>|  | 79000 | 81281 |
|  |  |  | **340498** |
| **Portugal–0.02%** | **Portugal–0.02%** | **Portugal–0.02%** | **Portugal–0.02%** |
| μEDP SA 4.63% 9/16/54 | EUR | 300000 | 361773 |
|  |  |  | **361773** |
| **Singapore–0.10%** | **Singapore–0.10%** | **Singapore–0.10%** | **Singapore–0.10%** |
| μLendlease Asia Treasury Pte. <br> Ltd. 3.90% 9/30/30<br>| SGD | 250000 | 195221 |
| Seagate Data Storage <br> Technology Pte. Ltd. <br>|  |  |  |
| 5.88% 7/15/30 |  | 100000 | 103087 |
| 8.25% 12/15/29 |  | 681000 | 722158 |
| 8.50% 7/15/31 |  | 362000 | 384865 |
| 9.63% 12/1/32 |  | 560000 | 635757 |
|  |  |  | **2041088** |
| **Spain–0.07%** | **Spain–0.07%** | **Spain–0.07%** | **Spain–0.07%** |
| μBanco Bilbao Vizcaya <br> Argentaria SA <br>|  |  |  |
| 6.88% 12/13/30 | EUR | 200000 | 254453 |

---

LVIP BlackRock Global Allocation Fund-16

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| μBanco Bilbao Vizcaya <br> Argentaria SA (continued) <br>|  |  |  |
| 8.38% 6/21/28 | EUR | 200000 | $257983 |
| μBankinter SA 7.38% 8/15/28 | EUR | 200000 | 252004 |
| μCaixaBank SA 5.88% 10/9/27 | EUR | 200000 | 243252 |
| Grifols SA 7.13% 5/1/30 | EUR | 258000 | 318103 |
| Kaixo Bondco Telecom SA <br> 5.13% 9/30/29<br>| EUR | 207000 | 246222 |
|  |  |  | **1572017** |
| **Sweden–0.07%** | **Sweden–0.07%** | **Sweden–0.07%** | **Sweden–0.07%** |
| Intrum Investments & <br> Financing AB <br>|  |  |  |
| 7.75% 9/11/28 | EUR | 164476 | 168510 |
| 8.00% 9/11/27 | EUR | 191863 | 228434 |
| 8.50% 9/11/29 | EUR | 116555 | 115752 |
| 8.50% 9/11/30 | EUR | 91944 | 90724 |
| Preem AB 12.00% 6/30/27 | EUR | 152800 | 185360 |
| Verisure Midholding AB 5.25% <br> 2/15/29<br>| EUR | 605000 | 712631 |
|  |  |  | **1501411** |
| **Switzerland–0.01%** | **Switzerland–0.01%** | **Switzerland–0.01%** | **Switzerland–0.01%** |
| μUBS Group AG 6.60% 8/5/30 |  | 200000 | 203113 |
|  |  |  | **203113** |
| **Tanzania (United Republic Of)–0.01%** | **Tanzania (United Republic Of)–0.01%** | **Tanzania (United Republic Of)–0.01%** | **Tanzania (United Republic Of)–0.01%** |
| AngloGold Ashanti Holdings <br> PLC 3.75% 10/1/30<br>|  | 208000 | 199173 |
|  |  |  | **199173** |
| **Thailand–0.03%** | **Thailand–0.03%** | **Thailand–0.03%** | **Thailand–0.03%** |
| μGC Treasury Center Co. Ltd. <br> 6.50% 9/10/30<br>|  | 250000 | 252636 |
| Muangthai Capital PCL  |  |  |  |
| 6.88% 9/30/28 |  | 200000 | 203049 |
| 7.55% 7/21/30 |  | 250000 | 257349 |
|  |  |  | **713034** |
| **Turkey–0.01%** | **Turkey–0.01%** | **Turkey–0.01%** | **Turkey–0.01%** |
| Turkcell Iletisim Hizmetleri <br> AS 7.65% 1/24/32<br>|  | 200000 | 212654 |
|  |  |  | **212654** |
| **United Arab Emirates–0.02%** | **United Arab Emirates–0.02%** | **United Arab Emirates–0.02%** | **United Arab Emirates–0.02%** |
| Alpha Star Holding IX Ltd. <br> 7.00% 8/26/28<br>|  | 200000 | 204705 |
| Sobha Sukuk I Holding Ltd. <br> 7.13% 9/11/30<br>|  | 200000 | 200352 |
|  |  |  | **405057** |
| **United Kingdom–1.04%** | **United Kingdom–1.04%** | **United Kingdom–1.04%** | **United Kingdom–1.04%** |
| Allwyn Entertainment <br> Financing U.K. PLC 7.25% <br> 4/30/30<br>| EUR | 430200 | 531354 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Amber Finco PLC 6.63% <br> 7/15/29<br>| EUR | 577000 | $712061 |
| Ardonagh Finco Ltd.  |  |  |  |
| 6.88% 2/15/31 | EUR | 1051000 | 1273020 |
| 7.75% 2/15/31 |  | 200000 | 209671 |
| Aston Martin Capital <br> Holdings Ltd. 10.38% <br> 3/31/29<br>| GBP | 361000 | 442956 |
| Avianca Midco 2 PLC 9.00% <br> 12/1/28<br>|  | 33000 | 33220 |
| BCP V Modular Services <br> Finance II PLC <br>|  |  |  |
| 6.13% 11/30/28 | GBP | 1008000 | 1275415 |
| 6.13% 11/30/28 | GBP | 153000 | 193590 |
| BCP V Modular Services <br> Finance PLC 6.75% 11/30/29<br>| EUR | 678000 | 614564 |
| Bellis Acquisition Co. PLC <br> 8.00% 7/1/31<br>| EUR | 483000 | 550083 |
| @Bracken MidCo1 PLC 6.75% <br> 11/1/27<br>| GBP | 131000 | 174926 |
| μBritish Telecommunications <br> PLC 4.88% 11/23/81<br>|  | 331000 | 319773 |
| California Buyer <br> Ltd./Atlantica Sustainable <br> Infrastructure PLC 5.63% <br> 2/15/32<br>| EUR | 216000 | 259306 |
| CD&R Firefly Bidco PLC <br> 8.63% 4/30/29<br>| GBP | 100000 | 141035 |
| μCentrica PLC 6.50% 5/21/55 | GBP | 356000 | 494271 |
| Deuce Finco PLC  |  |  |  |
| • 5.55% (3 mo. EURIBOR + <br> 3.50%) 11/20/32<br>| EUR | 185000 | 220509 |
| 7.00% 11/20/31 | GBP | 219000 | 298141 |
| Edge Finco PLC 8.13% <br> 8/15/31<br>| GBP | 641000 | 918051 |
| EG Global Finance PLC <br> 12.00% 11/30/28<br>|  | 487000 | 529311 |
| Energean PLC 5.63% 5/12/31 | EUR | 150000 | 176279 |
| Heathrow Finance PLC 6.63% <br> 3/1/31<br>| GBP | 625000 | 847119 |
| μHSBC Holdings PLC 6.95% <br> 8/27/31<br>|  | 68000 | 70583 |
| INEOS Finance PLC  |  |  |  |
| 7.25% 3/31/31 | EUR | 269000 | 272022 |
| 7.50% 4/15/29 |  | 200000 | 173736 |
| INEOS Quattro Finance 2 <br> PLC <br>|  |  |  |
| 6.75% 4/15/30 | EUR | 188000 | 162954 |
| 8.50% 3/15/29 | EUR | 251000 | 234352 |
| Ithaca Energy North Sea PLC <br> 8.13% 10/15/29<br>|  | 200000 | 206609 |
| Jaguar Land Rover <br> Automotive PLC 5.50% <br> 7/15/29<br>|  | 212000 | 211949 |

---

LVIP BlackRock Global Allocation Fund-17

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| μLloyds Banking Group PLC  |  |  |  |
| 6.63% 9/27/35 |  | 250000 | $249586 |
| 7.50% 6/27/30 | GBP | 200000 | 280185 |
| Mobico Group PLC 4.88% <br> 9/26/31<br>| EUR | 416000 | 386984 |
| μNationwide Building Society  |  |  |  |
| 5.75% 6/20/27 | GBP | 200000 | 269288 |
| 7.50% 12/20/30 | GBP | 409000 | 573831 |
| μNatWest Group PLC 7.50% <br> 2/28/32<br>| GBP | 200000 | 279679 |
| Ocado Group PLC 11.00% <br> 6/15/30<br>| GBP | 180000 | 244726 |
| OEG Finance PLC 7.25% <br> 9/27/29<br>| EUR | 479000 | 588426 |
| Pinewood Finco PLC 6.00% <br> 3/27/30<br>| GBP | 630000 | 853988 |
| Pinnacle Bidco PLC 10.00% <br> 10/11/28<br>| GBP | 194000 | 275230 |
| Stonegate Pub Co. Financing <br> PLC <br>|  |  |  |
| • 8.69% (3 mo. EURIBOR + <br> 6.63%) 7/31/29<br>| EUR | 139000 | 159216 |
| 10.75% 7/31/29 | GBP | 241000 | 320813 |
| Thames Water Utilities <br> Finance PLC 4.00% 6/19/27<br>| GBP | 400000 | 387458 |
| Trident Energy Finance PLC <br> 12.50% 11/30/29<br>|  | 200000 | 203000 |
| Unique Pub Finance Co. PLC <br> 6.46% 3/30/32<br>| GBP | 339205 | 502365 |
| Vedanta Resources Finance II <br> PLC <br>|  |  |  |
| 10.88% 9/17/29 |  | 200000 | 211039 |
| 10.88% 9/17/29 |  | 200000 | 211039 |
| Virgin Media Secured <br> Finance PLC <br>|  |  |  |
| 4.13% 8/15/30 | GBP | 571000 | 689696 |
| 4.25% 1/15/30 | GBP | 340000 | 419994 |
| 5.50% 5/15/29 |  | 200000 | 197031 |
| Virgin Media Vendor <br> Financing Notes III DAC <br> 4.88% 7/15/28<br>| GBP | 941000 | 1234868 |
| Vmed O2 U.K. Financing I <br> PLC <br>|  |  |  |
| 4.50% 7/15/31 | GBP | 238000 | 284259 |
| 5.63% 4/15/32 | EUR | 197000 | 232772 |
| 6.75% 1/15/33 |  | 200000 | 198207 |
| μVodafone Group PLC  |  |  |  |
| 4.13% 6/4/81 |  | 67000 | 62558 |
| 7.00% 4/4/79 |  | 195000 | 206566 |
| 8.00% 8/30/86 | GBP | 147000 | 216511 |
| Zegona Finance PLC 6.75% <br> 7/15/29<br>| EUR | 653300 | 806806 |
|  |  |  | **22092981** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States–3.76%** | **United States–3.76%** | **United States–3.76%** | **United States–3.76%** |
| Acadia Healthcare Co., Inc.  |  |  |  |
| 5.00% 4/15/29 |  | 14000 | $13480 |
| 5.50% 7/1/28 |  | 87000 | 86470 |
| 7.38% 3/15/33 |  | 100000 | 101000 |
| Acrisure LLC/Acrisure <br> Finance, Inc. <br>|  |  |  |
| 4.25% 2/15/29 |  | 152000 | 148230 |
| 6.75% 7/1/32 |  | 100000 | 103011 |
| Adient Global Holdings Ltd. <br> 7.00% 4/15/28<br>|  | 100000 | 102768 |
| Advance Auto Parts, Inc. <br> 7.00% 8/1/30<br>|  | 100000 | 100530 |
| μAES Corp. 6.95% 7/15/55 |  | 200000 | 197464 |
| Aethon United BR LP/Aethon <br> United Finance Corp. 7.50% <br> 10/1/29<br>|  | 250000 | 261919 |
| Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC <br> 6.50% 2/15/28<br>|  | 130000 | 132784 |
| Alexander Funding Trust II <br> 7.47% 7/31/28<br>|  | 145000 | 154483 |
| Allegiant Travel Co. 7.25% <br> 8/15/27<br>|  | 194000 | 196709 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer <br>|  |  |  |
| 6.50% 10/1/31 |  | 172000 | 177278 |
| 7.00% 1/15/31 |  | 100000 | 103748 |
| 7.38% 10/1/32 |  | 200000 | 207374 |
| Allied Universal <br> Holdco LLC/Allied Universal <br> Finance Corp. 6.00% 6/1/29<br>|  | 300000 | 296896 |
| Allied Universal <br> Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 <br> SARL 4.88% 6/1/28<br>| GBP | 1224000 | 1606267 |
| AMC Networks, Inc.  |  |  |  |
| 4.25% 2/15/29 |  | 595000 | 528764 |
| 10.25% 1/15/29 |  | 579000 | 607146 |
| 10.50% 7/15/32 |  | 100000 | 110474 |
| ♦American Airlines <br> Pass-Through Trust 5.65% <br> 5/11/36<br>|  | 221000 | 222743 |
| American Airlines, Inc. 8.50% <br> 5/15/29<br>|  | 200000 | 209178 |
| American Axle & <br> Manufacturing, Inc. 6.38% <br> 10/15/32<br>|  | 100000 | 101846 |
| μAmerican National Group, <br> Inc. 7.00% 12/1/55<br>|  | 100000 | 100108 |
| AmeriGas <br> Partners LP/AmeriGas <br> Finance Corp. 9.38% 6/1/28<br>|  | 200000 | 207350 |
| AmWINS Group, Inc. 6.38% <br> 2/15/29<br>|  | 86000 | 88443 |

---

LVIP BlackRock Global Allocation Fund-18

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| APLD ComputeCo LLC 9.25% <br> 12/15/30<br>|  | 100000 | $98090 |
| Arches Buyer, Inc. 4.25% <br> 6/1/28<br>|  | 77000 | 75569 |
| Arcosa, Inc. 6.88% 8/15/32 |  | 110000 | 115954 |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC <br>|  |  |  |
| 3.25% 9/1/28 |  | 200000 | 192297 |
| 5.00% 1/30/31 | EUR | 154000 | 182978 |
| Aretec Group, Inc. 10.00% <br> 8/15/30<br>|  | 203000 | 219066 |
| Arsenal AIC Parent LLC <br> 11.50% 10/1/31<br>|  | 214000 | 235518 |
| Asbury Automotive Group, <br> Inc. 4.75% 3/1/30<br>|  | 126000 | 124210 |
| Ascent Resources Utica <br> Holdings LLC/ARU Finance <br> Corp. 5.88% 6/30/29<br>|  | 100000 | 100262 |
| Ashton Woods <br> USA LLC/Ashton Woods <br> Finance Co. 6.88% 8/1/33<br>|  | 248000 | 248197 |
| AT&T, Inc. 2.90% 12/4/26 | GBP | 52000 | 69392 |
| ATI, Inc. 7.25% 8/15/30 |  | 180000 | 190166 |
| Aviation Capital Group LLC <br> 1.95% 9/20/26<br>|  | 18000 | 17707 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc. 8.38% 6/15/32<br>|  | 200000 | 206519 |
| Ball Corp.  |  |  |  |
| 4.25% 7/1/32 | EUR | 231000 | 277813 |
| 6.00% 6/15/29 |  | 100000 | 102789 |
| μBank of America Corp. 6.25% <br> 7/26/30<br>|  | 53000 | 53832 |
| μBank of New York Mellon <br> Corp. 6.30% 3/20/30<br>|  | 49000 | 50669 |
| Bath & Body Works, Inc. <br> 6.63% 10/1/30<br>|  | 100000 | 102240 |
| BCPE Flavor Debt Merger <br> Sub LLC & BCPE Flavor <br> Issuer, Inc. 9.50% 7/1/32<br>|  | 183000 | 174884 |
| Beach Acquisition Bidco LLC <br> 5.25% 7/15/32<br>| EUR | 177000 | 211766 |
| Beignet Investor LLC 6.58% <br> 5/30/49<br>|  | 3598000 | 3801269 |
| Block, Inc. 5.63% 8/15/30 |  | 200000 | 204064 |
| Boyd Gaming Corp. 4.75% <br> 6/15/31<br>|  | 270000 | 263787 |
| Bracelet Holdings, Inc. 9.25% <br> 7/2/28<br>|  | 1170000 | 1144506 |
| Buckeye Partners LP 6.75% <br> 2/1/30<br>|  | 118000 | 123871 |
| Builders FirstSource, Inc. <br> 6.38% 3/1/34<br>|  | 140000 | 144750 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Caesars Entertainment, Inc. <br> 7.00% 2/15/30<br>|  | 200000 | $207131 |
| California Resources Corp.  |  |  |  |
| 7.00% 1/15/34 |  | 396000 | 390079 |
| 8.25% 6/15/29 |  | 266000 | 278231 |
| Calpine Corp. 4.63% 2/1/29 |  | 79000 | 78704 |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp. <br>|  |  |  |
| 4.50% 8/15/30 |  | 300000 | 282454 |
| 4.50% 6/1/33 |  | 306000 | 267860 |
| 4.75% 2/1/32 |  | 135000 | 123382 |
| 6.38% 9/1/29 |  | 300000 | 304124 |
| 7.38% 3/1/31 |  | 100000 | 102049 |
| Celanese U.S. Holdings LLC  |  |  |  |
| 6.75% 4/15/33 |  | 100000 | 99475 |
| 7.05% 11/15/30 |  | 178000 | 187554 |
| Centene Corp. 4.25% <br> 12/15/27<br>|  | 800000 | 795290 |
| Charles River Laboratories <br> International, Inc. 3.75% <br> 3/15/29<br>|  | 123000 | 118760 |
| Chemours Co.  |  |  |  |
| 4.63% 11/15/29 |  | 198000 | 179037 |
| 5.75% 11/15/28 |  | 31000 | 30148 |
| CHS/Community Health <br> Systems, Inc. <br>|  |  |  |
| 4.75% 2/15/31 |  | 281000 | 250339 |
| 5.25% 5/15/30 |  | 78000 | 73257 |
| Churchill Downs, Inc.  |  |  |  |
| 5.50% 4/1/27 |  | 45000 | 45000 |
| 5.75% 4/1/30 |  | 97000 | 97945 |
| Cinemark USA, Inc. 7.00% <br> 8/1/32<br>|  | 126000 | 130750 |
| Cipher Compute LLC 7.13% <br> 11/15/30<br>|  | 61000 | 62127 |
| Citigroup, Inc.  |  |  |  |
| =• 5.92% 12/11/30 |  | 1080000 | 1080000 |
| μ 6.88% 8/15/30 |  | 54000 | 56112 |
| μ 6.95% 2/15/30 |  | 54000 | 55673 |
| Civitas Resources, Inc.  |  |  |  |
| 5.00% 10/15/26 |  | 328000 | 327036 |
| 8.38% 7/1/28 |  | 296000 | 304996 |
| 8.63% 11/1/30 |  | 263000 | 275640 |
| Clarios Global LP/Clarios <br> U.S. Finance Co. <br>|  |  |  |
| 4.75% 6/15/31 | EUR | 296000 | 352812 |
| 6.75% 9/15/32 |  | 252000 | 261322 |
| Clear Channel Outdoor <br> Holdings, Inc. 7.13% 2/15/31<br>|  | 124000 | 129846 |
| Cleveland-Cliffs, Inc.  |  |  |  |
| 7.00% 3/15/32 |  | 210000 | 215250 |
| 7.50% 9/15/31 |  | 100000 | 105484 |
| Cloud Software Group, Inc.  |  |  |  |
| 6.50% 3/31/29 |  | 890000 | 901648 |
| 8.25% 6/30/32 |  | 342000 | 357404 |

---

LVIP BlackRock Global Allocation Fund-19

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cloud Software Group, <br> Inc. (continued) <br>|  |  |
| 9.00% 9/30/29 | 188000 | $195804 |
| Clydesdale Acquisition <br> Holdings, Inc. 8.75% 4/15/30<br>| 248000 | 252136 |
| Cogent Communications <br> Group LLC/Cogent Finance, <br> Inc. 7.00% 6/15/27<br>| 169000 | 168938 |
| CommScope LLC 9.50% <br> 12/15/31<br>| 90000 | 90904 |
| Compass Minerals <br> International, Inc. 8.00% <br> 7/1/30<br>| 115000 | 120329 |
| Comstock Resources, Inc. <br> 6.75% 3/1/29<br>| 100000 | 99799 |
| CoreWeave, Inc.  |  |  |
| 9.00% 2/1/31 | 109000 | 99901 |
| 9.25% 6/1/30 | 167000 | 155272 |
| Crescent Energy Finance LLC  |  |  |
| 7.38% 1/15/33 | 363000 | 344470 |
| 8.38% 1/15/34 | 100000 | 99334 |
| CSC Holdings LLC  |  |  |
| 5.50% 4/15/27 | 400000 | 342968 |
| 11.25% 5/15/28 | 200000 | 159133 |
| 11.75% 1/31/29 | 363000 | 269690 |
| μCVS Health Corp. 7.00% <br> 3/10/55<br>| 100000 | 104905 |
| DaVita, Inc. 4.63% 6/1/30 | 300000 | 291717 |
| Delek Logistics <br> Partners LP/Delek Logistics <br> Finance Corp. 8.63% 3/15/29<br>| 100000 | 104816 |
| μDentsply Sirona, Inc. 8.38% <br> 9/12/55<br>| 100000 | 93613 |
| Directv Financing LLC  |  |  |
| 8.88% 2/1/30 | 100000 | 101344 |
| 8.88% 2/1/30 | 76000 | 76896 |
| Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc. <br> 10.00% 2/15/31<br>| 186000 | 190102 |
| EchoStar Corp.  |  |  |
| @ 6.75% 11/30/30 | 40000 | 40979 |
| 10.75% 11/30/29 | 40000 | 44232 |
| EMRLD <br> Borrower LP/Emerald <br> Co-Issuer, Inc. 6.63% <br> 12/15/30<br>| 100000 | 104151 |
| Endo Finance Holdings, Inc. <br> 8.50% 4/15/31<br>| 262000 | 276919 |
| Energizer Holdings, Inc. <br> 4.38% 3/31/29<br>| 158000 | 150970 |
| μEnergy Transfer LP 6.75% <br> 2/15/56<br>| 131000 | 131500 |
| Entegris, Inc. 5.95% 6/15/30 | 100000 | 102001 |
| EQT Corp. 7.50% 6/1/30 | 95000 | 104497 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| EquipmentShare.com, Inc. <br> 8.63% 5/15/32<br>| 100000 | $105627 |
| Fair Isaac Corp. 4.00% <br> 6/15/28<br>| 123000 | 121309 |
| Fertitta <br> Entertainment LLC/Fertitta <br> Entertainment Finance Co., <br> Inc. 6.75% 1/15/30<br>| 200000 | 190155 |
| μFirst Citizens BancShares, <br> Inc. 6.25% 3/12/40<br>| 1735000 | 1769471 |
| FirstCash, Inc. 6.88% 3/1/32 | 100000 | 104020 |
| Five Point Operating Co. LP <br> 8.00% 10/1/30<br>| 60000 | 62687 |
| μFMC Corp. 8.45% 11/1/55 | 101000 | 79942 |
| Ford Motor Credit Co. LLC  |  |  |
| 4.27% 1/9/27 | 259000 | 257653 |
| 4.54% 8/1/26 | 200000 | 199728 |
| 5.13% 11/5/26 | 278000 | 279510 |
| 6.95% 3/6/26 | 200000 | 200451 |
| 6.95% 6/10/26 | 363000 | 366161 |
| Freedom Mortgage <br> Holdings LLC 8.38% 4/1/32<br>| 182000 | 191585 |
| Frontier Communications <br> Holdings LLC <br>|  |  |
| 5.00% 5/1/28 | 286000 | 286492 |
| 5.88% 10/15/27 | 87000 | 87281 |
| 6.00% 1/15/30 | 80000 | 81357 |
| 6.75% 5/1/29 | 430000 | 433256 |
| 8.63% 3/15/31 | 785000 | 825964 |
| 8.75% 5/15/30 | 976000 | 1019198 |
| Frontier Florida LLC 6.86% <br> 2/1/28<br>| 874000 | 905342 |
| Frontier North, Inc. 6.73% <br> 2/15/28<br>| 354000 | 365284 |
| FTAI Aviation Investors LLC <br> 5.50% 5/1/28<br>| 129000 | 129113 |
| Full House Resorts, Inc. 8.25% <br> 2/15/28<br>| 27000 | 23456 |
| Gen Digital, Inc. 7.13% <br> 9/30/30<br>| 100000 | 103264 |
| Genesis Energy LP/Genesis <br> Energy Finance Corp. 7.75% <br> 2/1/28<br>| 115000 | 115473 |
| Goodyear Tire & Rubber Co. <br> 5.63% 4/30/33<br>| 142000 | 134502 |
| GoTo Group, Inc.  |  |  |
| 5.50% 5/1/28 | 132700 | 111468 |
| 5.50% 5/1/28 | 202700 | 76013 |
| Gray Media, Inc.  |  |  |
| 9.63% 7/15/32 | 200000 | 207554 |
| 10.50% 7/15/29 | 33000 | 35486 |
| •GS Finance Corp. 8.75% <br> 2/14/30<br>| 3100000 | 3091729 |
| Harvest Midstream I LP 7.50% <br> 9/1/28<br>| 100000 | 101495 |

---

LVIP BlackRock Global Allocation Fund-20

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| HCA, Inc.  |  |  |  |
| 4.90% 11/15/35 |  | 101000 | $99619 |
| 5.70% 11/15/55 |  | 120000 | 114352 |
| Herc Holdings, Inc. 7.00% <br> 6/15/30<br>|  | 190000 | 199961 |
| Hess Midstream <br> Operations LP 5.88% 3/1/28<br>|  | 200000 | 203755 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co. <br>|  |  |  |
| 7.25% 2/15/35 |  | 100000 | 95037 |
| 8.38% 11/1/33 |  | 100000 | 102106 |
| Hilton Domestic Operating <br> Co., Inc. 5.88% 3/15/33<br>|  | 159000 | 163577 |
| Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc. <br> 4.88% 7/1/31<br>|  | 100000 | 93352 |
| HLF Financing <br> SARL LLC/Herbalife <br> International, Inc. 12.25% <br> 4/15/29<br>|  | 100000 | 107974 |
| Howard Hughes Corp. 5.38% <br> 8/1/28<br>|  | 194000 | 194723 |
| Howard Midstream Energy <br> Partners LLC 7.38% 7/15/32<br>|  | 97000 | 102352 |
| HUB International Ltd. 7.25% <br> 6/15/30<br>|  | 189000 | 198436 |
| iHeartCommunications, Inc. <br> 7.75% 8/15/30<br>|  | 200000 | 175000 |
| Imola Merger Corp. 4.75% <br> 5/15/29<br>|  | 156000 | 153975 |
| ION Platform Finance U.S., <br> Inc./ION Platform Finance <br> SARL 5.75% 5/15/28<br>|  | 500000 | 471488 |
| IQVIA, Inc. 6.50% 5/15/30 |  | 200000 | 207478 |
| Iron Mountain, Inc.  |  |  |  |
| 4.50% 2/15/31 |  | 200000 | 190651 |
| 4.75% 1/15/34 | EUR | 361000 | 412548 |
| 5.00% 7/15/28 |  | 110000 | 109860 |
| 5.63% 7/15/32 |  | 100000 | 98427 |
| ITT Holdings LLC 6.50% <br> 8/1/29<br>|  | 100000 | 95965 |
| Jane Street Group/JSG <br> Finance, Inc. 7.13% 4/30/31<br>|  | 200000 | 210153 |
| JetBlue Airways <br> Corp./JetBlue Loyalty LP <br> 9.88% 9/20/31<br>|  | 157000 | 158171 |
| ♦JetBlue Pass-Through Trust <br> 2.75% 11/15/33<br>|  | 115130 | 103282 |
| μJPMorgan Chase & Co. 6.50% <br> 4/1/30<br>|  | 49000 | 50916 |
| KeHE Distributors LLC/KeHE <br> Finance Corp./NextWave <br> Distribution, Inc. 9.00% <br> 2/15/29<br>|  | 198000 | 207840 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •King U.S. Bidco, Inc. 5.31% (3 <br> mo. EURIBOR + 3.25%) <br> 12/1/32<br>| EUR | 261000 | $309621 |
| Kohl's Corp. 5.13% 5/1/31 |  | 100000 | 87963 |
| Kronos International, Inc. <br> 9.50% 3/15/29<br>| EUR | 200000 | 218196 |
| Ladder Capital Finance <br> Holdings LLLP/Ladder <br> Capital Finance Corp. 7.00% <br> 7/15/31<br>|  | 100000 | 106025 |
| LCM Investments Holdings <br> II LLC 8.25% 8/1/31<br>|  | 112000 | 118462 |
| Level 3 Financing, Inc.  |  |  |  |
| 6.88% 6/30/33 |  | 173000 | 177027 |
| 7.00% 3/31/34 |  | 132000 | 136036 |
| LGI Homes, Inc. 7.00% <br> 11/15/32<br>|  | 520000 | 497054 |
| Light & Wonder <br> International, Inc. 7.50% <br> 9/1/31<br>|  | 51000 | 53210 |
| Lithia Motors, Inc. 4.63% <br> 12/15/27<br>|  | 100000 | 99848 |
| Live Nation Entertainment, <br> Inc. 4.75% 10/15/27<br>|  | 280000 | 280570 |
| Magnera Corp. 7.25% <br> 11/15/31<br>|  | 207000 | 203204 |
| Matador Resources Co. 6.25% <br> 4/15/33<br>|  | 100000 | 100133 |
| Mauser Packaging Solutions <br> Holding Co. <br>|  |  |  |
| 7.88% 4/15/30 |  | 252000 | 250012 |
| 9.25% 4/15/30 |  | 460000 | 441600 |
| McAfee Corp. 7.38% 2/15/30 |  | 200000 | 174416 |
| McGraw-Hill Education, Inc. <br> 7.38% 9/1/31<br>|  | 25000 | 26376 |
| Medline Borrower LP 3.88% <br> 4/1/29<br>|  | 300000 | 292893 |
| MGM Resorts International  |  |  |  |
| 5.50% 4/15/27 |  | 156000 | 157389 |
| 6.50% 4/15/32 |  | 40000 | 41212 |
| Millrose Properties, Inc. <br> 6.38% 8/1/30<br>|  | 100000 | 102322 |
| Mohegan Tribal Gaming <br> Authority/MS Digital <br> Entertainment <br> Holdings LLC 11.88% <br> 4/15/31<br>|  | 154000 | 162731 |
| Molina Healthcare, Inc. 3.88% <br> 5/15/32<br>|  | 122000 | 110798 |
| MPT Operating <br> Partnership LP/MPT <br> Finance Corp. 7.00% 2/15/32<br>| EUR | 220000 | 268664 |
| NCL Corp. Ltd. 6.75% 2/1/32 |  | 136000 | 139253 |
| NCR Atleos Corp. 9.50% <br> 4/1/29<br>|  | 470000 | 510127 |

---

LVIP BlackRock Global Allocation Fund-21

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| NCR Voyix Corp.  |  |  |  |
| 5.00% 10/1/28 |  | 36000 | $35743 |
| 5.13% 4/15/29 |  | 280000 | 278029 |
| Newell Brands, Inc. 6.63% <br> 5/15/32<br>|  | 68000 | 65971 |
| Nexstar Media, Inc. 5.63% <br> 7/15/27<br>|  | 280000 | 280753 |
| Nissan Motor Acceptance Co. <br> LLC 5.63% 9/29/28<br>|  | 171000 | 171482 |
| Noble Finance II LLC 8.00% <br> 4/15/30<br>|  | 100000 | 103891 |
| Northern Oil & Gas, Inc. <br> 7.88% 10/15/33<br>|  | 167000 | 162600 |
| Novelis Corp. 6.88% 1/30/30 |  | 100000 | 103835 |
| NRG Energy, Inc.  |  |  |  |
| 3.38% 2/15/29 |  | 100000 | 95679 |
| 5.25% 6/15/29 |  | 100000 | 100269 |
| 5.75% 1/15/34 |  | 100000 | 101017 |
| 6.00% 1/15/36 |  | 100000 | 101324 |
| Occidental Petroleum Corp. <br> 5.20% 8/1/29<br>|  | 190000 | 194748 |
| Olympus Water U.S. Holding <br> Corp. <br>|  |  |  |
| 6.13% 2/15/33 | EUR | 313000 | 364942 |
| 6.25% 10/1/29 |  | 224000 | 217970 |
| OneMain Finance Corp. 7.13% <br> 11/15/31<br>|  | 50000 | 52192 |
| OT Midco, Inc. 10.00% <br> 2/15/30<br>|  | 301000 | 119763 |
| Outfront Media <br> Capital LLC/Outfront Media <br> Capital Corp. <br>|  |  |  |
| 4.63% 3/15/30 |  | 60000 | 58569 |
| 5.00% 8/15/27 |  | 127000 | 127184 |
| Owens-Brockway Glass <br> Container, Inc. 6.63% <br> 5/13/27<br>|  | 15000 | 15053 |
| μPacifiCorp 7.38% 9/15/55 |  | 100000 | 101925 |
| Panther Escrow Issuer LLC <br> 7.13% 6/1/31<br>|  | 170000 | 176162 |
| μParamount Global 6.25% <br> 2/28/57<br>|  | 200000 | 179382 |
| Park River Holdings, Inc. <br> 8.75% 12/31/30<br>|  | 100000 | 98375 |
| PennyMac Financial Services, <br> Inc. 6.75% 2/15/34<br>|  | 200000 | 206745 |
| Permian Resources <br> Operating LLC <br>|  |  |  |
| 5.88% 7/1/29 |  | 186000 | 187090 |
| 8.00% 4/15/27 |  | 215000 | 217808 |
| PetSmart LLC/PetSmart <br> Finance Corp. 10.00% <br> 9/15/33<br>|  | 300000 | 308903 |
| PG&E Corp. 5.25% 7/1/30 |  | 100000 | 99292 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Pitney Bowes, Inc. 6.88% <br> 3/15/27<br>|  | 639000 | $639416 |
| Post Holdings, Inc.  |  |  |  |
| 6.25% 2/15/32 |  | 192000 | 197275 |
| 6.25% 10/15/34 |  | 15000 | 15083 |
| Prestige Brands, Inc. 3.75% <br> 4/1/31<br>|  | 201000 | 187682 |
| Quikrete Holdings, Inc. 6.38% <br> 3/1/32<br>|  | 200000 | 208176 |
| Resorts World Las <br> Vegas LLC/RWLV Capital, <br> Inc. 4.63% 4/16/29<br>|  | 200000 | 178254 |
| Reworld Holding Corp. 4.88% <br> 12/1/29<br>|  | 45000 | 43253 |
| RHP Hotel <br> Properties LP/RHP Finance <br> Corp. <br>|  |  |  |
| 4.75% 10/15/27 |  | 100000 | 99586 |
| 7.25% 7/15/28 |  | 100000 | 103122 |
| RingCentral, Inc. 8.50% <br> 8/15/30<br>|  | 970000 | 1028281 |
| Rocket Cos., Inc.  |  |  |  |
| 6.38% 8/1/33 |  | 100000 | 104262 |
| 7.13% 2/1/32 |  | 266000 | 279832 |
| Sabre Financial <br> Borrower LLC 11.13% <br> 6/15/29<br>|  | 365000 | 369868 |
| Sabre GLBL, Inc.  |  |  |  |
| 10.75% 11/15/29 |  | 292000 | 248296 |
| 10.75% 3/15/30 |  | 436000 | 358536 |
| 11.13% 7/15/30 |  | 120000 | 99488 |
| SBA Communications Corp. <br> 3.88% 2/15/27<br>|  | 200000 | 198493 |
| SCIH Salt Holdings, Inc. <br> 4.88% 5/1/28<br>|  | 50000 | 50012 |
| Select Medical Corp. 6.25% <br> 12/1/32<br>|  | 163000 | 159374 |
| Service Properties Trust  |  |  |  |
| 0.01% 9/30/28 |  | 489000 | 441888 |
| 8.38% 6/15/29 |  | 1438000 | 1445758 |
| 8.63% 11/15/31 |  | 180000 | 189066 |
| 8.88% 6/15/32 |  | 1170000 | 1154150 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br>|  |  |  |
| 5.50% 5/15/33 | EUR | 177000 | 213019 |
| 5.50% 5/15/33 | EUR | 386000 | 464550 |
| 6.75% 8/15/32 |  | 100000 | 103249 |
| Sirius XM Radio LLC  |  |  |  |
| 3.88% 9/1/31 |  | 100000 | 92093 |
| 5.00% 8/1/27 |  | 100000 | 100244 |
| 5.50% 7/1/29 |  | 100000 | 100818 |
| Six Flags Entertainment <br> Corp. 5.50% 4/15/27<br>|  | 250000 | 248441 |
| SLM Corp. 6.50% 1/31/30 |  | 114000 | 117997 |

---

LVIP BlackRock Global Allocation Fund-22

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| SM Energy Co.  |  |  |
| 6.75% 8/1/29 | 175000 | $176285 |
| 7.00% 8/1/32 | 100000 | 98307 |
| Smyrna Ready Mix <br> Concrete LLC 8.88% <br> 11/15/31<br>| 100000 | 106963 |
| Snap, Inc. 6.88% 3/1/33 | 71000 | 73573 |
| =^Sonder Holdings, Inc. 0.00% <br> 12/10/27<br>| 1410276 | 0 |
| ♦Spirit Airlines Pass-Through <br> Trust <br>|  |  |
| 3.38% 8/15/31 | 193298 | 181849 |
| 3.65% 8/15/31 | 506056 | 465075 |
| 4.10% 10/1/29 | 16333 | 15667 |
| Stagwell Global LLC 5.63% <br> 8/15/29<br>| 44000 | 42907 |
| Standard Building Solutions, <br> Inc. 6.25% 8/1/33<br>| 102000 | 104197 |
| Standard Industries, Inc. <br> 3.38% 1/15/31<br>| 100000 | 91618 |
| Star Parent, Inc. 9.00% <br> 10/1/30<br>| 179000 | 191030 |
| Starwood Property Trust, Inc. <br> 4.38% 1/15/27<br>| 156000 | 155031 |
| Starz Capital Holdings 1, Inc. <br> 6.00% 4/15/30<br>| 1881000 | 1796355 |
| Starz Capital Holdings LLC <br> 5.50% 4/15/29<br>| 126000 | 101824 |
| Stillwater Mining Co. 4.50% <br> 11/16/29<br>| 200000 | 188947 |
| STL Holding Co. LLC 8.75% <br> 2/15/29<br>| 156000 | 163858 |
| Sunoco LP  |  |  |
| 5.63% 3/15/31 | 300000 | 302198 |
| μ 7.88% 9/18/30 | 298000 | 306128 |
| Talen Energy Supply LLC <br> 8.63% 6/1/30<br>| 450000 | 476439 |
| Tallgrass Energy <br> Partners LP/Tallgrass <br> Energy Finance Corp. <br>|  |  |
| 5.50% 1/15/28 | 58000 | 58031 |
| 6.00% 9/1/31 | 172000 | 171196 |
| Teleflex, Inc. 4.63% 11/15/27 | 100000 | 99848 |
| Tenet Healthcare Corp.  |  |  |
| 4.63% 6/15/28 | 240000 | 240446 |
| 6.13% 6/15/30 | 200000 | 204659 |
| Tenneco, Inc. 8.00% 11/17/28 | 103000 | 103330 |
| μTexas Capital Bancshares, <br> Inc. 4.00% 5/6/31<br>| 879000 | 868517 |
| TransDigm, Inc.  |  |  |
| 6.38% 3/1/29 | 500000 | 515634 |
| 6.38% 5/31/33 | 100000 | 102613 |
| 6.75% 8/15/28 | 100000 | 101762 |
| Transocean International Ltd. <br> 8.25% 5/15/29<br>| 364000 | 366859 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Transocean Titan Financing <br> Ltd. 8.38% 2/1/28<br>| 163524 | $167004 |
| Tronox, Inc. 4.63% 3/15/29 | 105000 | 73506 |
| U.S. Foods, Inc. 4.63% 6/1/30 | 143000 | 141085 |
| ♦United Airlines Pass-Through <br> Trust 2.90% 11/1/29<br>| 79056 | 75715 |
| United Rentals North <br> America, Inc. 5.25% 1/15/30<br>| 169000 | 171318 |
| United Wholesale <br> Mortgage LLC 5.50% 4/15/29<br>| 287000 | 284943 |
| Uniti Group LP/Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC 4.75% 4/15/28<br>| 153000 | 152059 |
| Univision Communications, <br> Inc. <br>|  |  |
| 8.50% 7/31/31 | 270000 | 282050 |
| 9.38% 8/1/32 | 21000 | 22571 |
| USA Compression <br> Partners LP/USA <br> Compression Finance Corp. <br>|  |  |
| 6.25% 10/1/33 | 26000 | 26312 |
| 7.13% 3/15/29 | 126000 | 130424 |
| UWM Holdings LLC  |  |  |
| 6.25% 3/15/31 | 76000 | 75879 |
| 6.63% 2/1/30 | 77000 | 77969 |
| Valaris Ltd. 8.38% 4/30/30 | 100000 | 104046 |
| Venture Global Calcasieu <br> Pass LLC <br>|  |  |
| 4.13% 8/15/31 | 100000 | 90997 |
| 6.25% 1/15/30 | 100000 | 101242 |
| Venture Global LNG, Inc.  |  |  |
| 7.00% 1/15/30 | 184000 | 177087 |
| 8.13% 6/1/28 | 55000 | 55710 |
| 8.38% 6/1/31 | 300000 | 298328 |
| μ 9.00% 9/30/29 | 345000 | 272457 |
| 9.88% 2/1/32 | 200000 | 206614 |
| Venture Global Plaquemines <br> LNG LLC <br>|  |  |
| 6.75% 1/15/36 | 118000 | 120866 |
| 7.50% 5/1/33 | 100000 | 108050 |
| Versant Media Group, Inc. <br> 7.25% 1/30/31<br>| 32000 | 33014 |
| Viasat, Inc. 5.63% 4/15/27 | 100000 | 99856 |
| Viking Cruises Ltd. 9.13% <br> 7/15/31<br>| 200000 | 214168 |
| Vistra Operations Co. LLC  |  |  |
| 5.63% 2/15/27 | 1041000 | 1041452 |
| 7.75% 10/15/31 | 200000 | 211835 |
| Vital Energy, Inc. 7.88% <br> 4/15/32<br>| 171000 | 168484 |
| VoltaGrid LLC 7.38% 11/1/30 | 529000 | 524104 |
| Voyager Parent LLC 9.25% <br> 7/1/32<br>| 20000 | 21222 |
| Warnermedia Holdings, Inc.  |  |  |
| 3.76% 3/15/27 | 1064000 | 1056841 |

---

LVIP BlackRock Global Allocation Fund-23

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** | **ΔCORPORATE BONDS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Warnermedia Holdings, <br> Inc. (continued) <br>|  |  |  |
| 4.05% 3/15/29 |  | 100000 | $96780 |
| 4.28% 3/15/32 |  | 162000 | 142207 |
| Wayfair LLC 6.75% 11/15/32 |  | 100000 | 102808 |
| Weekley Homes LLC/Weekley <br> Finance Corp. 4.88% 9/15/28<br>|  | 7000 | 6903 |
| Whirlpool Corp. 6.50% <br> 6/15/33<br>|  | 100000 | 96971 |
| Windstream Services LLC <br> 7.50% 10/15/33<br>|  | 105000 | 107636 |
| @Wolfspeed, Inc. 7.00% 6/15/31 |  | 14400 | 11520 |
| WR Grace Holdings LLC <br> 4.88% 6/15/27<br>|  | 122000 | 121624 |
| WULF Compute LLC 7.75% <br> 10/15/30<br>|  | 100000 | 103025 |
| Wynn Resorts <br> Finance LLC/Wynn Resorts <br> Capital Corp. 7.13% 2/15/31<br>|  | 100000 | 108209 |
| Xerox Corp.  |  |  |  |
| 10.25% 10/15/30 |  | 866000 | 828544 |
| 13.50% 4/15/31 |  | 491000 | 399858 |
| XPLR Infrastructure <br> Operating Partners LP 8.63% <br> 3/15/33<br>|  | 200000 | 210403 |
| Yum! Brands, Inc. 5.38% <br> 4/1/32<br>|  | 100000 | 101251 |
| Zayo Group Holdings, Inc. <br> 9.25% 3/9/30<br>|  | 67160 | 63802 |
| ZF North America Capital, <br> Inc. 6.88% 4/23/32<br>|  | 200000 | 195587 |
|  |  |  | **79912773** |
| **Uzbekistan–0.01%** | **Uzbekistan–0.01%** | **Uzbekistan–0.01%** | **Uzbekistan–0.01%** |
| Navoi Mining & Metallurgical <br> Combinat 6.95% 10/17/31<br>|  | 200000 | 212978 |
|  |  |  | **212978** |
| **Vietnam–0.01%** | **Vietnam–0.01%** | **Vietnam–0.01%** | **Vietnam–0.01%** |
| Mong Duong Finance <br> Holdings BV 5.13% 5/7/29<br>|  | 144845 | 143286 |
|  |  |  | **143286** |
| **Total Corporate Bonds** <br>**(Cost $204,089,097)** | **Total Corporate Bonds** <br>**(Cost $204,089,097)** | **Total Corporate Bonds** <br>**(Cost $204,089,097)** | **196457362** |
| **ΔLOAN AGREEMENTS–3.12%** | **ΔLOAN AGREEMENTS–3.12%** | **ΔLOAN AGREEMENTS–3.12%** | **ΔLOAN AGREEMENTS–3.12%** |
| **Belgium–0.07%** | **Belgium–0.07%** | **Belgium–0.07%** | **Belgium–0.07%** |
| •United Petfood Finance BV <br> 4.58% (6 mo. EURIBOR + <br> 2.50%) 2/26/32<br>| EUR | 1280899 | 1515534 |
|  |  |  | **1515534** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **Canada–0.01%** | **Canada–0.01%** | **Canada–0.01%** | **Canada–0.01%** |
| •Garda World Security Corp. <br> 6.75% (1 mo. USD Term <br> SOFR + 3.00%) 2/1/29<br>|  | 212842 | $213374 |
|  |  |  | **213374** |
| **Finland–0.10%** | **Finland–0.10%** | **Finland–0.10%** | **Finland–0.10%** |
| •Mehilainen Yhtiot OYJ 5.52% <br> (3 mo. EURIBOR + 3.50%) <br> 8/5/31<br>| EUR | 1682441 | 1996799 |
|  |  |  | **1996799** |
| **France–0.14%** | **France–0.14%** | **France–0.14%** | **France–0.14%** |
| •Parts Europe SA 5.00% (3 mo. <br> EURIBOR + 3.00%) 2/3/31<br>| EUR | 1584700 | 1883291 |
| •Ramsay Generale de Sante SA <br> 5.27% (3 mo. EURIBOR + <br> 3.25%) 8/13/31<br>| EUR | 900000 | 1058230 |
|  |  |  | **2941521** |
| **Germany–0.17%** | **Germany–0.17%** | **Germany–0.17%** | **Germany–0.17%** |
| •Nidda Healthcare Holding <br> GmbH 5.54% (3 mo. <br> EURIBOR + 3.50%) 12/9/32<br>| EUR | 2439394 | 2884091 |
| •Schoen Klinik SE 5.02% (3 <br> mo. EURIBOR + 3.00%) <br> 1/12/31<br>| EUR | 666667 | 789993 |
|  |  |  | **3674084** |
| **Jersey–0.05%** | **Jersey–0.05%** | **Jersey–0.05%** | **Jersey–0.05%** |
| =π•Vita Global FinCo Ltd.  |  |  |  |
| 10.17% (6 mo. EURIBOR + <br> 8.00%) 6/8/29<br>| EUR | 683848 | 623880 |
| 11.97% (SONIA + 8.00%) <br> 6/8/29<br>| GBP | 402192 | 416793 |
|  |  |  | **1040673** |
| **Luxembourg–0.24%** | **Luxembourg–0.24%** | **Luxembourg–0.24%** | **Luxembourg–0.24%** |
| •INEOS Finance PLC 5.40% (1 <br> mo. EURIBOR + 3.50%) <br> 6/23/31<br>| EUR | 1000000 | 963135 |
| •ION Platform Finance SARL <br> 6.02% (3 mo. EURIBOR + <br> 4.00%) 10/7/32<br>| EUR | 1423530 | 1595292 |
| •Speed Midco 3 SARL 4.85% (6 <br> mo. EURIBOR + 2.75%) <br> 10/7/32<br>| EUR | 1000000 | 1182298 |
| •Tackle SARL 5.32% (3 mo. <br> EURIBOR + 3.25%) 5/22/28<br>| EUR | 1226093 | 1442432 |
|  |  |  | **5183157** |
| **Netherlands–0.41%** | **Netherlands–0.41%** | **Netherlands–0.41%** | **Netherlands–0.41%** |
| •Median BV 6.94% (3 mo. <br> EURIBOR + 4.93%) <br> 10/14/27<br>| EUR | 981818 | 1141579 |

---

LVIP BlackRock Global Allocation Fund-24

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| •Pegasus Bidco BV 5.06% (3 <br> mo. EURIBOR + 3.00%) <br> 7/12/29<br>| EUR | 1333333 | $1582414 |
| •Stage Entertainment BV <br> 6.03% (3 mo. EURIBOR + <br> 4.00%) 6/2/29<br>| EUR | 1000000 | 1140920 |
| •Ziggo BV 4.94% (1 mo. <br> EURIBOR + 3.00%) 1/31/29<br>| EUR | 4186717 | 4889478 |
|  |  |  | **8754391** |
| **New Zealand–0.05%** | **New Zealand–0.05%** | **New Zealand–0.05%** | **New Zealand–0.05%** |
| •FNZ Group Services Ltd. <br> 9.97% (SONIA + 6.00%) <br> 11/5/31<br>| GBP | 1000000 | 1085100 |
|  |  |  | **1085100** |
| **Norway–0.02%** | **Norway–0.02%** | **Norway–0.02%** | **Norway–0.02%** |
| •Sector Alarm Holding AS <br> 5.57% (3 mo. EURIBOR + <br> 3.50%) 6/14/29<br>| EUR | 406916 | 482067 |
|  |  |  | **482067** |
| **Spain–0.11%** | **Spain–0.11%** | **Spain–0.11%** | **Spain–0.11%** |
| •Aernnova Aerospace SAU <br> 6.03% (3 mo. EURIBOR + <br> 4.00%) 2/27/30<br>| EUR | 1302917 | 1510134 |
| •Europa University Education <br> Group SL 5.36% (6 mo. <br> EURIBOR + 3.25%) <br> 10/30/31<br>| EUR | 741599 | 877218 |
|  |  |  | **2387352** |
| **Sweden–0.11%** | **Sweden–0.11%** | **Sweden–0.11%** | **Sweden–0.11%** |
| •Quimper AB 5.86% (6 mo. <br> EURIBOR + 3.75%) 3/29/30<br>| EUR | 1008696 | 1198091 |
| •Verisure Holding AB 4.30% (3 <br> mo. EURIBOR + 2.25%) <br> 11/3/32<br>| EUR | 1000000 | 1181605 |
|  |  |  | **2379696** |
| **United Kingdom–0.42%** | **United Kingdom–0.42%** | **United Kingdom–0.42%** | **United Kingdom–0.42%** |
| •Bellis Acquisition Co. PLC <br> 6.08% (6 mo. EURIBOR + <br> 4.00%) 5/14/31<br>| EUR | 1237872 | 1314466 |
| •Boots Group Bidco Ltd. 8.48% <br> (SONIA + 4.75%) 8/30/32<br>| GBP | 1449275 | 1968203 |
| •CD&R Firefly Bidco Ltd. <br> 8.72% (SONIA + 4.75%) <br> 4/29/29<br>| GBP | 478700 | 649297 |
| •INEOS Quattro Holdings U.K. <br> Ltd. 6.40% (1 mo. EURIBOR <br> + 4.50%) 4/2/29<br>| EUR | 902737 | 738914 |
| •Market Bidco Ltd. 6.55% (3 <br> mo. EURIBOR + 4.50%) <br> 11/4/30<br>| EUR | 319950 | 372245 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| =π•Mercia  |  |  |  |
| 6.37% (SONIA + 2.40%) <br> 4/9/26<br>| GBP | 80087 | $107953 |
| 6.37% (SONIA + 2.40%) <br> 4/9/26<br>| GBP | 1380399 | 1860710 |
| 6.37% (SONIA + 2.40%) <br> 4/9/26<br>| GBP | 349232 | 470747 |
| +OCS Group Holdings Ltd. <br> 0.00% 11/28/31<br>| GBP | 1000000 | 1346265 |
|  |  |  | **8828800** |
| **United States–1.22%** | **United States–1.22%** | **United States–1.22%** | **United States–1.22%** |
| •Allied Universal Holdco LLC <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 8/20/32<br>|  | 493621 | 495867 |
| •Altar Bidco, Inc. 9.28% (12 <br> mo. SOFR CME + 5.60%) <br> 2/1/30<br>|  | 1680278 | 1578756 |
| •Amentum Government <br> Services Holdings LLC 5.72% <br> (1 mo. USD Term SOFR + <br> 2.00%) 9/29/31<br>|  | 545490 | 546341 |
| @•Avaya, Inc. 11.22% (1 mo. USD <br> Term SOFR + 7.50%) 8/1/28<br>|  | 3884 | 3473 |
| •Bally's Corp. 7.37% (3 mo. <br> USD Term SOFR + 3.25%) <br> 10/2/28<br>|  | 389818 | 383928 |
| •Bausch & Lomb Corp. 7.97% <br> (1 mo. USD Term SOFR + <br> 4.25%) 1/15/31<br>|  | 506903 | 511465 |
| •Boost Newco Borrower LLC <br> 5.67% (3 mo. USD Term <br> SOFR + 2.00%) 1/31/31<br>|  | 653081 | 653492 |
| •Caesars Entertainment, Inc. <br> 5.97% (1 mo. USD Term <br> SOFR + 2.25%) 2/6/31<br>|  | 1011556 | 1001441 |
| •Charter Communications <br> Operating LLC 6.24% (3 mo. <br> USD Term SOFR + 2.25%) <br> 12/15/31<br>|  | 272 | 272 |
| •Cloud Software Group, Inc. <br> 6.92% (3 mo. USD Term <br> SOFR + 3.25%) 8/13/32<br>|  | 379932 | 380172 |
| •Clydesdale Acquisition <br> Holdings, Inc. 6.89% (1 mo. <br> USD Term SOFR + 3.18%) <br> 4/13/29<br>|  | 648177 | 648287 |
| •ConnectWise LLC 7.43% (3 <br> mo. USD Term SOFR + <br> 3.50%) 9/29/28<br>|  | 425354 | 417115 |
| •CPV Fairview LLC 6.17% (3 <br> mo. USD Term SOFR + <br> 2.50%) 8/14/31<br>|  | 533663 | 535498 |
| •CSC Holdings LLC 8.25% (3 <br> mo. Prime Rate + 1.50%) <br> 4/15/27<br>|  | 206592 | 180177 |

---

LVIP BlackRock Global Allocation Fund-25

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •CVR Energy, Inc. 7.67% (3 mo. <br> USD Term SOFR + 4.00%) <br> 12/30/27<br>|  | 356908 | $357204 |
| •Digital Room Holdings, Inc. <br> 9.07% (1 mo. USD Term <br> SOFR + 5.25%) 12/21/28<br>|  | 349101 | 342119 |
| •DirecTV Financing LLC  |  |  |  |
| 9.10% (3 mo. USD Term <br> SOFR + 5.00%) 8/2/27<br>|  | 24822 | 24829 |
| 9.34% (3 mo. USD Term <br> SOFR + 5.50%) 2/17/31<br>|  | 739200 | 737101 |
| •ECL Entertainment LLC <br> 6.72% (1 mo. USD Term <br> SOFR + 3.00%) 8/30/30<br>|  | 1242904 | 1238243 |
| •Fertitta Entertainment LLC <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 1/27/29<br>|  | 729100 | 728728 |
| =•Galaxy Universal LLC 9.96% <br> (3 mo. USD Term SOFR + <br> 6.25%) 5/16/28<br>|  | 1316508 | 1245811 |
| •GoTo Group, Inc.  |  |  |  |
| 8.79% (3 mo. USD Term <br> SOFR + 4.75%) 4/28/28<br>|  | 78965 | 30458 |
| 8.79% (3 mo. USD Term <br> SOFR + 4.75%) 4/28/28<br>|  | 90909 | 80455 |
| •Highspring Holdings LLC <br> 8.82% (3 mo. USD Term <br> SOFR + 5.00%) 1/22/29<br>|  | 418666 | 340083 |
| •Hydrofarm Holdings LLC <br> 9.60% (3 mo. USD Term <br> SOFR + 5.50%) 10/25/28<br>|  | 248257 | 203571 |
| •Indy U.S. Bidco LLC 4.65% (1 <br> mo. EURIBOR + 2.75%) <br> 10/31/30<br>| EUR | 883922 | 1044374 |
| •Instructure Holdings, Inc. <br> 6.44% (3 mo. USD Term <br> SOFR + 2.75%) 11/13/31<br>|  | 1402959 | 1404544 |
| •ITG Communications LLC <br> 8.95% (3 mo. SOFR CME + <br> 4.75%) 7/9/31<br>|  | 1024000 | 988160 |
| •J&J Ventures Gaming LLC <br> 7.22% (1 mo. USD Term <br> SOFR + 3.50%) 4/26/30<br>|  | 397159 | 393871 |
| •Jack Ohio Finance LLC 7.72% <br> (1 mo. USD Term SOFR + <br> 4.00%) 2/2/32<br>|  | 162770 | 161834 |
| •Kestrel Acquisition LLC <br> 6.67% (3 mo. USD Term <br> SOFR + 3.00%) 11/6/31<br>|  | 456855 | 456855 |
| +Maverick Gaming LLC 0.00% <br> 6/5/28<br>|  | 334301 | 183865 |
| •McAfee LLC 6.72% (1 mo. <br> USD Term SOFR + 3.00%) <br> 3/1/29<br>|  | 875935 | 805588 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** | **ΔLOAN AGREEMENTS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •Ohio Power Partners LLC <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 11/12/32<br>|  | 422940 | $421883 |
| Peninsula Pacific <br> Entertainment LLC <br>|  |  |  |
| ✠ 0.00% 10/1/32 |  | 173577 | 174011 |
| • 8.42% (3 mo. USD Term <br> SOFR + 4.75%) 10/1/32<br>|  | 740597 | 742448 |
| •Pitney Bowes, Inc. 7.42% (1 <br> mo. USD Term SOFR + <br> 3.75%) 3/19/32<br>|  | 81587 | 80975 |
| •Polaris Newco LLC 5.82% (3 <br> mo. EURIBOR + 3.75%) <br> 6/2/28<br>| EUR | 989664 | 1101784 |
| •Rain Carbon GmbH 7.04% (3 <br> mo. EURIBOR + 5.00%) <br> 10/31/28<br>| EUR | 1000000 | 1171157 |
| •Redstone Holdco 2 LP  |  |  |  |
| 8.85% (3 mo. USD Term <br> SOFR + 4.75%) 4/27/28<br>|  | 1148446 | 464546 |
| 11.85% (3 mo. USD Term <br> SOFR + 7.75%) 4/27/29<br>|  | 742791 | 135411 |
| RunItOneTime LLC  |  |  |  |
| =@• 4.72% (1 mo. USD Term <br> SOFR + 1.00%) 4/16/26<br>|  | 9622 | 9406 |
| =@• 4.72% (1 mo. USD Term <br> SOFR + 1.00%) 4/16/26<br>|  | 197037 | 192603 |
| =• 16.22% (1 mo. USD Term <br> SOFR + 12.50%) 4/16/26<br>|  | 117016 | 117016 |
| •Stakeholder Midstream LLC <br> 8.04% (6 mo. USD Term <br> SOFR + 4.00%) 1/1/31<br>|  | 1010467 | 1013630 |
| •Verifone Systems, Inc. 9.35% <br> (3 mo. USD Term SOFR + <br> 5.25%) 8/18/28<br>|  | 1089572 | 1029646 |
| •West Deptford Energy <br> Holdings LLC 7.72% (1 mo. <br> USD Term SOFR + 4.00%) <br> 12/30/31<br>|  | 406955 | 403480 |
| •X Corp.  |  |  |  |
| 9.50% (6 mo. USD Term <br> SOFR + 9.50%) 10/26/29<br>|  | 200000 | 199142 |
| 10.45% (3 mo. USD Term <br> SOFR + 6.50%) 10/26/29<br>|  | 93523 | 91786 |
| •Xerox Holdings Corp. 7.67% (6 <br> mo. USD Term SOFR + <br> 4.00%) 11/19/29<br>|  | 431832 | 368137 |
|  |  |  | **25821038** |
| **Total Loan Agreements** <br>**(Cost $66,522,417)** | **Total Loan Agreements** <br>**(Cost $66,522,417)** | **Total Loan Agreements** <br>**(Cost $66,522,417)** | **66303586** |

---

LVIP BlackRock Global Allocation Fund-26

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔMUNICIPAL BONDS–0.05%** | **ΔMUNICIPAL BONDS–0.05%** | **ΔMUNICIPAL BONDS–0.05%** |
| **United States–0.05%** | **United States–0.05%** | **United States–0.05%** |
| Maricopa County Industrial <br> Development Authority <br> (Grand Canyon University <br> Obligated Group) 7.38% <br> 10/1/29<br>| 395000 | $414365 |
| Port of Beaumont Navigation <br> District 10.00% 7/1/26<br>| 585000 | 587279 |
| **Total Municipal Bonds** <br>**(Cost $980,000)** | **Total Municipal Bonds** <br>**(Cost $980,000)** | **1001644** |
| **ΔNON-AGENCY ASSET-BACKED SECURITIES–3.50%** | **ΔNON-AGENCY ASSET-BACKED SECURITIES–3.50%** | **ΔNON-AGENCY ASSET-BACKED SECURITIES–3.50%** |
| **Cayman Islands–1.16%** | **Cayman Islands–1.16%** | **Cayman Islands–1.16%** |
| •720 East CLO VII Ltd. 4.94% <br> (3 mo. USD Term SOFR + <br> 1.06%) 4/20/37<br>| 320000 | 319607 |
| •AGL Core CLO 31 Ltd. 5.28% <br> (3 mo. USD Term SOFR + <br> 1.40%) 7/20/37<br>| 750000 | 751787 |
| •Ballyrock CLO 14 Ltd. 5.26% <br> (3 mo. USD Term SOFR + <br> 1.38%) 7/20/37<br>| 2500000 | 2505625 |
| •CIFC Funding Ltd.  |  |  |
| Class A1R 5.08% (3 mo. <br> USD Term SOFR + 1.18%) <br> 3/31/38<br>| 950000 | 949901 |
| Class A1R 5.16% (3 mo. <br> USD Term SOFR + 1.26%) <br> 1/15/38<br>| 700000 | 700853 |
| Class A1R2 5.20% (3 mo. <br> USD Term SOFR + 1.30%) <br> 7/15/38<br>| 2000000 | 2006400 |
| Class BR2 5.75% (3 mo. <br> USD Term SOFR + 1.85%) <br> 7/15/38<br>| 700000 | 699496 |
| •Flatiron CLO 28 Ltd. 4.98% (3 <br> mo. USD Term SOFR + <br> 1.08%) 7/15/36<br>| 250000 | 250399 |
| •Greystone CRE Notes Ltd. <br> 4.88% (1 mo. USD Term <br> SOFR + 1.13%) 7/15/39<br>| 28547 | 28530 |
| •Madison Park Funding XL-R <br> Ltd. 5.25% (3 mo. USD Term <br> SOFR + 1.29%) 10/16/38<br>| 250000 | 250650 |
| •Neuberger Berman CLO XXI <br> Ltd. 5.20% (3 mo. USD Term <br> SOFR + 1.32%) 1/20/39<br>| 3400000 | 3407776 |
| •OCP CLO Ltd. 5.21% (3 mo. <br> USD Term SOFR + 1.34%) <br> 11/26/37<br>| 300000 | 300732 |
| •Octagon Investment Partners <br> XVI Ltd. 5.74% (3 mo. USD <br> Term SOFR + 1.86%) <br> 7/17/30<br>| 1000000 | 1000790 |
| •OHA Credit Funding 15-R Ltd. <br> 5.17% (3 mo. USD Term <br> SOFR + 1.29%) 7/20/38<br>| 700000 | 701699 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |
| •Regatta 31 Funding Ltd. <br> 5.03% (3 mo. USD Term <br> SOFR + 1.17%) 3/25/38<br>|  | 1000000 | $999696 |
| •RR 28 Ltd. 5.45% (3 mo. USD <br> Term SOFR + 1.55%) <br> 4/15/37<br>|  | 388191 | 388877 |
| •Silver Point CLO 7 Ltd. 5.26% <br> (3 mo. USD Term SOFR + <br> 1.36%) 1/15/38<br>|  | 250000 | 250561 |
| •Sixth Street CLO XX Ltd.  |  |  |  |
| Class A1R 5.20% (3 mo. <br> USD Term SOFR + 1.32%) <br> 7/17/38<br>|  | 2000000 | 2004718 |
| Class A2R 5.45% (3 mo. <br> USD Term SOFR + 1.57%) <br> 7/17/38<br>|  | 2000000 | 2004700 |
| •TCW CLO Ltd. 5.25% (3 mo. <br> USD Term SOFR + 1.38%) <br> 3/31/38<br>|  | 1000000 | 1002591 |
| •Texas Debt Capital CLO Ltd. <br> 6.63% (3 mo. USD Term <br> SOFR + 2.75%) 7/20/38<br>|  | 700000 | 703348 |
| •Trestles CLO III Ltd. 5.27% (3 <br> mo. USD Term SOFR + <br> 1.39%) 10/20/37<br>|  | 750000 | 752711 |
| •Voya CLO Ltd. 6.02% (3 mo. <br> USD Term SOFR + 2.11%) <br> 7/15/31<br>|  | 300000 | 300634 |
| •Whitebox CLO V Ltd.  |  |  |  |
| Class A1 5.61% (3 mo. USD <br> Term SOFR + 1.36%) <br> 7/20/38<br>|  | 2000000 | 2003946 |
| Class B 5.95% (3 mo. USD <br> Term SOFR + 1.70%) <br> 7/20/38<br>|  | 300000 | 301098 |
|  |  |  | **24587125** |
| **Ireland–0.56%** | **Ireland–0.56%** | **Ireland–0.56%** | **Ireland–0.56%** |
| •AB Carval Euro CLO II-C DAC <br> 5.81% (3 mo. EURIBOR + <br> 3.75%) 2/15/37<br>| EUR | 290000 | 341608 |
| •Arbour CLO VI DAC 5.26% (3 <br> mo. EURIBOR + 3.20%) <br> 11/15/37<br>| EUR | 330000 | 384881 |
| •Arcano Euro CLO I DAC <br> 5.47% (3 mo. EURIBOR + <br> 3.40%) 4/25/39<br>| EUR | 390000 | 461760 |
| •Arcano Euro CLO II DAC <br> 5.37% (3 mo. EURIBOR + <br> 3.30%) 7/25/39<br>| EUR | 170000 | 199881 |
| •Arini European CLO IV DAC <br> 5.53% (3 mo. EURIBOR + <br> 3.50%) 1/15/38<br>| EUR | 470000 | 554356 |
| •Arini European CLO V DAC <br> 4.83% (3 mo. EURIBOR + <br> 2.80%) 1/15/39<br>| EUR | 250000 | 293401 |

---

LVIP BlackRock Global Allocation Fund-27

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| •Aurium CLO VII DAC 5.28% (3 <br> mo. EURIBOR + 3.15%) <br> 10/15/38<br>| EUR | 120000 | $140990 |
| •Aurium CLO XIII DAC 4.81% <br> (3 mo. EURIBOR + 2.80%) <br> 4/15/38<br>| EUR | 170000 | 198324 |
| •Avoca CLO XVIII DAC 5.08% <br> (3 mo. EURIBOR + 3.05%) <br> 1/15/38<br>| EUR | 180000 | 210136 |
| •Avoca Static CLO I DAC 4.93% <br> (3 mo. EURIBOR + 2.90%) <br> 1/15/35<br>| EUR | 160000 | 188032 |
| •Capital Four CLO VIII DAC <br> 5.32% (3 mo. EURIBOR + <br> 3.25%) 10/25/37<br>| EUR | 390000 | 460573 |
| •CIFC European Funding CLO <br> II DAC 5.03% (3 mo. <br> EURIBOR + 3.00%) <br> 10/15/39<br>| EUR | 230000 | 269331 |
| •Contego CLO V DAC 5.13% (3 <br> mo. EURIBOR + 3.10%) <br> 10/15/37<br>| EUR | 250000 | 288844 |
| •Contego CLO VII DAC 5.49% <br> (3 mo. EURIBOR + 3.45%) <br> 1/23/38<br>| EUR | 320000 | 373468 |
| •Contego CLO XI DAC 5.25% (3 <br> mo. EURIBOR + 3.20%) <br> 11/20/38<br>| EUR | 240000 | 278693 |
| •CVC Cordatus Opportunity <br> Loan Fund-R DAC 4.86% (3 <br> mo. EURIBOR + 2.80%) <br> 8/15/33<br>| EUR | 780000 | 909421 |
| •Elm Park CLO DAC 5.32% (3 <br> mo. EURIBOR + 3.20%) <br> 1/15/38<br>| EUR | 120000 | 141131 |
| •Fidelity Grand Harbour CLO <br> DAC 4.76% (3 mo. EURIBOR <br> + 2.70%) 2/15/38<br>| EUR | 330000 | 383837 |
| •Hambridge Euro CLO 1 DAC <br> 5.34% (3 mo. EURIBOR + <br> 3.30%) 10/20/38<br>| EUR | 230000 | 272181 |
| •Henley CLO XI DAC 4.67% (3 <br> mo. EURIBOR + 2.60%) <br> 4/25/39<br>| EUR | 370000 | 430191 |
| •Henley CLO XII DAC 5.11% (3 <br> mo. EURIBOR + 3.10%) <br> 1/15/38<br>| EUR | 240000 | 282476 |
| •Jubilee CLO DAC 5.21% (3 <br> mo. EURIBOR + 3.20%) <br> 1/15/39<br>| EUR | 410000 | 478110 |
| •Palmer Square European <br> Loan Funding DAC <br>|  |  |  |
| Class D 5.11% (3 mo. <br> EURIBOR + 3.05%) <br> 5/15/34<br>| EUR | 240000 | 281806 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| •Palmer Square European <br> Loan Funding <br> DAC (continued) <br>|  |  |  |
| Class D 5.21% (3 mo. <br> EURIBOR + 3.15%) <br> 5/15/34<br>| EUR | 290000 | $340088 |
| •Penta CLO 17 DAC 5.31% (3 <br> mo. EURIBOR + 3.25%) <br> 8/15/38<br>| EUR | 274000 | 322084 |
| •Providus CLO II DAC 5.21% (3 <br> mo. EURIBOR + 3.20%) <br> 10/15/38<br>| EUR | 260000 | 304635 |
| •Rockford Tower Europe CLO <br> DAC <br>|  |  |  |
| Class D 5.07% (3 mo. <br> EURIBOR + 3.00%) <br> 10/25/37<br>| EUR | 320000 | 373627 |
| Class D 5.18% (3 mo. <br> EURIBOR + 3.10%) <br> 1/15/40<br>| EUR | 170000 | 199131 |
| •Signal Harmonic CLO I DAC <br> 5.42% (3 mo. EURIBOR + <br> 3.50%) 7/15/38<br>| EUR | 110000 | 129743 |
| •Sona Fios CLO III DAC 5.25% <br> (3 mo. EURIBOR + 3.25%) <br> 4/20/37<br>| EUR | 510000 | 599337 |
| •Sona Fios CLO V DAC 5.33% <br> (3 mo. EURIBOR + 3.30%) <br> 8/25/38<br>| EUR | 190000 | 223794 |
| •Texas Debt Capital Euro CLO <br> DAC 5.02% (3 mo. EURIBOR <br> + 3.00%) 4/16/39<br>| EUR | 390000 | 457057 |
| •Tikehau CLO XII DAC 5.25% <br> (3 mo. EURIBOR + 3.25%) <br> 10/20/38<br>| EUR | 420000 | 496031 |
| •Victory Street CLO I DAC <br> 5.48% (3 mo. EURIBOR + <br> 3.45%) 1/15/38<br>| EUR | 360000 | 425763 |
| •Victory Street CLO II DAC <br> 5.20% (3 mo. EURIBOR + <br> 3.10%) 1/15/39<br>| EUR | 270000 | 317284 |
|  |  |  | **12012005** |
| **United States–1.78%** | **United States–1.78%** | **United States–1.78%** | **United States–1.78%** |
| Affirm Asset Securitization <br> Trust <br>|  |  |  |
| Class A 4.45% 10/15/30 |  | 857451 | 858268 |
| Class B 4.56% 10/15/30 |  | 128000 | 128212 |
| Compass Datacenters Issuer <br> II LLC 4.93% 11/25/50<br>|  | 976000 | 974150 |
| Concord Music Royalties LLC <br> 5.64% 10/20/74<br>|  | 315000 | 317822 |
| DB Master Finance LLC <br> 4.89% 8/20/55<br>|  | 851000 | 852742 |
| •FNA 8 LLC 5.62% 3/15/45 |  | 767841 | 773194 |

---

LVIP BlackRock Global Allocation Fund-28

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Foundation Finance Trust <br> 4.56% 8/15/52<br>| 1075783 | $1078645 |
| GoodLeap Home <br> Improvement Solutions <br> Trust 5.35% 10/20/46<br>| 1137124 | 1151755 |
| GoodLeap Sustainable Home <br> Solutions Trust 2.10% <br> 5/20/48<br>| 298151 | 242417 |
| GreenSky Home Improvement <br> Trust <br>|  |  |
| Class A4 5.67% 6/25/59 | 624240 | 639773 |
| Class B 5.87% 6/25/59 | 100071 | 102307 |
| •Huntington Bank Auto <br> Credit-Linked Notes <br>|  |  |
| Class B2 5.12% (30 day USD <br> SOFR Average + 1.20%) <br> 9/20/33<br>| 238401 | 238738 |
| Class B2 5.32% (30 day USD <br> SOFR Average + 1.40%) <br> 5/20/32<br>| 354383 | 355357 |
| Lendmark Funding Trust <br> 4.51% 5/21/35<br>| 994000 | 993702 |
| Lyra Music Assets <br> Delaware LP 5.76% 12/22/64<br>| 897091 | 907731 |
| Mariner Finance Issuance <br> Trust <br>|  |  |
| Class A 4.59% 11/22/38 | 848000 | 850716 |
| Class A 5.13% 9/22/36 | 632000 | 640416 |
| Class D 6.77% 9/22/36 | 105000 | 107563 |
| •MF1 LLC 5.18% (1 mo. USD <br> Term SOFR + 1.45%) <br> 2/18/43<br>| 770000 | 771442 |
| Navient Private Education <br> Refi Loan Trust <br>|  |  |
| Class B 2.61% 4/15/60 | 151947 | 136861 |
| Class C 3.48% 4/15/60 | 398785 | 374391 |
| • Class A 4.76% (U.S. (Fed) <br> Prime Rate + 1.99%) <br> 4/15/60<br>| 503662 | 498530 |
| Class A 5.66% 10/15/72 | 1235025 | 1265542 |
| Navient Refinance Loan Trust  |  |  |
| Class A 4.72% 9/15/55 | 818397 | 819017 |
| Class A 4.80% 10/15/55 | 563325 | 564423 |
| Nelnet Student Loan Trust  |  |  |
| Class B1 2.85% 4/20/62 | 762000 | 684340 |
| Class C 3.57% 4/20/62 | 690108 | 612290 |
| Class D 4.93% 4/20/62 | 655600 | 602566 |
| • Class A1B 5.08% (30 day <br> USD SOFR Average + <br> 1.10%) 3/15/57<br>| 1324272 | 1319336 |
| • Class A1B 5.27% (30 day <br> USD SOFR Average + <br> 1.35%) 6/22/65<br>| 881112 | 887265 |
| Class D 5.82% 6/22/65 | 524000 | 516866 |
| Planet Fitness Master <br> Issuer LLC 5.65% 12/6/55<br>| 727000 | 726727 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Progress Residential Trust <br> 3.44% 5/17/26<br>|  | 300515 | $298115 |
| QTS Issuer ABS II LLC 5.04% <br> 10/5/55<br>|  | 914000 | 905936 |
| Regional Management <br> Issuance Trust <br>|  |  |  |
| = 3.88% 10/17/33 |  | 1711000 | 1672502 |
| Class A 4.59% 11/16/37 |  | 1191000 | 1189025 |
| Republic Finance Issuance <br> Trust <br>|  |  |  |
| Class A 4.59% 11/20/34 |  | 1091000 | 1094517 |
| Class A 5.91% 8/20/32 |  | 977000 | 986895 |
| Retained Vantage Data <br> Centers Issuer LLC 5.09% <br> 8/15/50<br>|  | 777000 | 769838 |
| •Silver Point Euro CLO 1 DAC <br> 5.10% (3 mo. EURIBOR + <br> 3.00%) 1/15/39<br>| EUR | 130000 | 151954 |
| •SLM Private Education Loan <br> Trust 8.61% (1 mo. USD <br> Term SOFR + 4.86%) <br> 10/15/41<br>|  | 323080 | 339635 |
| SMB Private Education Loan <br> Trust <br>|  |  |  |
| Class B 2.30% 1/15/53 |  | 108637 | 106090 |
| Class B 2.31% 1/15/53 |  | 131490 | 128726 |
| Class C 2.99% 1/15/53 |  | 1228851 | 1086971 |
| Class C 3.00% 1/15/53 |  | 56928 | 50671 |
| Class D2 3.86% 1/15/53 |  | 157236 | 143137 |
| • Class A1B 5.07% (30 day <br> USD SOFR Average + <br> 1.10%) 7/15/53<br>|  | 816366 | 809734 |
| SoFi Personal Loan Trust  |  |  |  |
| Class R1 1.00% 11/12/30 |  | 19306 | 396511 |
| Class A 1.75% 2/12/31 |  | 15000 | 255813 |
| Class A 6.00% 11/12/30 |  | 603816 | 610590 |
| Class A 6.06% 2/12/31 |  | 313048 | 310848 |
| Subway Funding LLC 6.27% <br> 7/30/54<br>|  | 620730 | 633786 |
| Summit Issuer LLC 5.21% <br> 11/20/55<br>|  | 995000 | 997150 |
| Taco Bell Funding LLC 4.82% <br> 8/25/55<br>|  | 995000 | 989420 |
| Truist Bank Auto <br> Credit-Linked Notes 4.73% <br> 9/26/33<br>|  | 686020 | 687128 |
| ♦Upgrade Master Pass-Through <br> Trust 4.61% 10/15/32<br>|  | 276346 | 276836 |
| Upgrade Master Pass-Thru <br> Trust <br>|  |  |  |
| Class A 4.55% 11/15/32 |  | 727171 | 726849 |
| Class B 4.98% 11/15/32 |  | 293000 | 293391 |

---

LVIP BlackRock Global Allocation Fund-29

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** | **ΔNON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| UPX HIL Issuer Trust 5.16% <br> 1/25/47<br>| 958335 | $965737 |
|  |  | **37870909** |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $74,841,176)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $74,841,176)** | **74470039** |
| **ΔNON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.36%** | **ΔNON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.36%** | **ΔNON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.36%** |
| **United States–0.36%** | **United States–0.36%** | **United States–0.36%** |
| •Ajax Mortgage Loan Trust  |  |  |
| Class A1 1.74% 12/25/60 | 1099613 | 984035 |
| Class A2 2.69% 12/25/60 | 208229 | 161043 |
| Class B1 3.73% 12/25/60 | 137618 | 93989 |
| •CSMC Trust 7.19% (1 mo. USD <br> Term SOFR + 3.44%) <br> 2/15/27<br>| 802080 | 791483 |
| •JP Morgan Mortgage Trust  |  |  |
| Class A2A 2.50% 12/25/51 | 898314 | 751917 |
| Class A3A 2.50% 2/25/52 | 1317956 | 1190441 |
| Class A4A 2.50% 2/25/52 | 672085 | 463166 |
| =•MCM TR VFN1 2.50% 1/1/59 | 876048 | 840001 |
| =π^MCM Trust 0.00% 8/25/28 | 702652 | 566344 |
| MCR Mortgage Trust 8.73% <br> 6/12/39<br>| 244000 | 247722 |
| TVC DSCR  |  |  |
| =π^ 0.00% 2/1/51 | 472941 | 399185 |
| = 2.38% 2/1/51 | 833999 | 788201 |
| •Wells Fargo Commercial <br> Mortgage Trust 5.31% <br> 7/15/35<br>| 316000 | 318909 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $8,016,529)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $8,016,529)** | **7596436** |
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.30%** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.30%** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.30%** |
| **Cayman Islands–0.05%** | **Cayman Islands–0.05%** | **Cayman Islands–0.05%** |
| •AREIT Ltd. 5.35% (1 mo. USD <br> Term SOFR + 1.39%) <br> 12/17/29<br>| 790000 | 789260 |
| •MF1 Trust 7.12% (1 mo. USD <br> Term SOFR + 3.37%) <br> 12/15/34<br>| 371266 | 371145 |
|  |  | **1160405** |
| **United States–1.25%** | **United States–1.25%** | **United States–1.25%** |
| •1211 Avenue of the Americas <br> Trust 4.14% 8/10/35<br>| 508000 | 461934 |
| •1301 Trust 5.06% 8/11/42 | 400000 | 403728 |
| Arbor Multifamily Mortgage <br> Securities Trust 1.75% <br> 5/15/53<br>| 224482 | 185087 |
| •Atrium Hotel Portfolio Trust <br> 5.40% (1 mo. USD Term <br> SOFR + 1.65%) 8/15/42<br>| 200000 | 200180 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •BAHA Trust 7.52% 12/10/41 | 610000 | $639257 |
| •BAMLL Trust 9.00% (1 mo. <br> USD Term SOFR + 5.25%) <br> 2/15/42<br>| 968000 | 971466 |
| •BAY Mortgage Trust 5.55% (1 <br> mo. USD Term SOFR + <br> 1.80%) 5/15/35<br>| 190000 | 190660 |
| •Bayview Commercial Asset <br> Trust <br>|  |  |
| Class M1 4.36% (1 mo. USD <br> Term SOFR + 0.62%) <br> 10/25/36<br>| 7075 | 6848 |
| Class M6 5.12% (1 mo. USD <br> Term SOFR + 1.16%) <br> 11/25/35<br>| 7963 | 8711 |
| •BBCMS Mortgage Trust 5.07% <br> (1 mo. USD Term SOFR + <br> 1.32%) 3/15/37<br>| 188000 | 167672 |
| \*•Benchmark Mortgage Trust <br> 1.25% 2/15/54<br>| 6097760 | 284736 |
| •BFLD Commercial Mortgage <br> Trust 7.91% 10/10/42<br>| 888000 | 910049 |
| •BHMS Commercial Mortgage <br> Trust 5.60% (1 mo. USD <br> Term SOFR + 1.85%) <br> 8/15/42<br>| 450000 | 451126 |
| •BMP Trust 7.14% (1 mo. USD <br> Term SOFR + 3.39%) <br> 6/15/41<br>| 282000 | 282352 |
| BWAY Mortgage Trust 3.63% <br> 3/10/33<br>| 487544 | 444615 |
| BX Commercial Mortgage <br> Trust <br>|  |  |
| Class A 2.84% 3/9/44 | 100708 | 93355 |
| • Class A 4.55% (1 mo. USD <br> Term SOFR + 0.80%) <br> 10/15/38<br>| 80054 | 79654 |
| • Class A 5.14% (1 mo. USD <br> Term SOFR + 1.39%) <br> 3/15/41<br>| 477167 | 477438 |
| • Class A 5.29% (1 mo. USD <br> Term SOFR + 1.54%) <br> 5/15/34<br>| 355322 | 355322 |
| • Class B 5.39% (1 mo. USD <br> Term SOFR + 1.64%) <br> 12/15/39<br>| 1006534 | 1008728 |
| • Class A 5.39% (1 mo. USD <br> Term SOFR + 1.64%) <br> 5/15/41<br>| 238914 | 239285 |
| • Class F 6.11% (1 mo. USD <br> Term SOFR + 2.36%) <br> 10/15/38<br>| 1134729 | 1129055 |
| •BX Trust  |  |  |
| Class D 3.94% 12/9/41 | 317000 | 301756 |
| Class E 3.94% 12/9/41 | 1319000 | 1216938 |

---

LVIP BlackRock Global Allocation Fund-30

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •BX Trust (continued)  |  |  |
| Class A 5.19% (1 mo. USD <br> Term SOFR + 1.44%) <br> 4/15/41<br>| 550284 | $549609 |
| Class A 5.88% 6/13/47 | 145000 | 147259 |
| Class E 6.64% (1 mo. USD <br> Term SOFR + 2.89%) <br> 6/15/41<br>| 308000 | 307233 |
| Class E 6.69% (1 mo. USD <br> Term SOFR + 2.94%) <br> 3/15/30<br>| 569778 | 566221 |
| Class F 7.69% (1 mo. USD <br> Term SOFR + 3.94%) <br> 6/15/41<br>| 771000 | 774129 |
| •CD Mortgage Trust 3.91% <br> 11/13/50<br>| 33602 | 32209 |
| CFSP Mortgage Trust 6.50% <br> 4/15/37<br>| 633369 | 618259 |
| •CONE Trust 7.64% (1 mo. USD <br> Term SOFR + 3.89%) <br> 8/15/41<br>| 360000 | 361754 |
| •CSAIL Commercial Mortgage <br> Trust 4.40% 11/15/48<br>| 11417 | 11328 |
| •DBSG Mortgage Trust 5.63% <br> (1 mo. USD Term SOFR + <br> 1.88%) 8/15/34<br>| 160000 | 160000 |
| •DGWD Trust 5.35% (1 mo. <br> USD Term SOFR + 1.60%) <br> 8/15/35<br>| 648000 | 648882 |
| •ELM Trust 7.79% 6/10/39 | 686000 | 691930 |
| •FS Rialto Issuer LLC 5.12% (1 <br> mo. USD Term SOFR + <br> 1.39%) 8/19/42<br>| 630000 | 629606 |
| •GS Mortgage Securities Corp. <br> Trust <br>|  |  |
| Class A 5.17% (1 mo. USD <br> Term SOFR + 1.41%) <br> 5/15/26<br>| 209172 | 198720 |
| Class A 6.38% (1 mo. USD <br> Term SOFR + 2.65%) <br> 11/25/41<br>| 887000 | 888150 |
| GS Mortgage Securities Trust <br> 2.73% 5/12/53<br>| 515232 | 468416 |
| •HILT Commercial Mortgage <br> Trust <br>|  |  |
| Class A 5.29% (1 mo. USD <br> Term SOFR + 1.54%) <br> 5/15/37<br>| 616000 | 615808 |
| Class D 6.94% (1 mo. USD <br> Term SOFR + 3.19%) <br> 5/15/37<br>| 726000 | 729613 |
| •JP Morgan Chase Commercial <br> Mortgage Securities Trust <br>|  |  |
| Class C 3.45% 1/5/39 | 310000 | 258472 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •JP Morgan Chase Commercial <br> Mortgage Securities <br> Trust (continued) <br>|  |  |
| Class E 6.57% (1 mo. USD <br> Term SOFR + 2.81%) <br> 4/15/38<br>| 778000 | $777999 |
| Class F 7.07% (1 mo. USD <br> Term SOFR + 3.31%) <br> 4/15/38<br>| 364000 | 364000 |
| •JW Commercial Mortgage <br> Trust 6.94% (1 mo. USD <br> Term SOFR + 3.19%) <br> 6/15/39<br>| 260000 | 260648 |
| •KSL Commercial Mortgage <br> Trust 5.29% (1 mo. USD <br> Term SOFR + 1.54%) <br> 12/15/39<br>| 472832 | 472685 |
| •LoanCore Issuer LLC 5.12% <br> (1 mo. USD Term SOFR + <br> 1.39%) 8/17/42<br>| 640000 | 640000 |
| •MHC Commercial Mortgage <br> Trust <br>|  |  |
| Class E 5.97% (1 mo. USD <br> Term SOFR + 2.22%) <br> 4/15/38<br>| 14407 | 14371 |
| Class F 6.47% (1 mo. USD <br> Term SOFR + 2.72%) <br> 4/15/38<br>| 99425 | 99544 |
| •MHP Trust 6.62% (1 mo. USD <br> Term SOFR + 2.86%) <br> 7/15/38<br>| 387313 | 386144 |
| •Morgan Stanley Capital I <br> Trust 4.28% 7/11/40<br>| 234000 | 217423 |
| •NYC Commercial Mortgage <br> Trust 4.96% (1 mo. USD <br> Term SOFR + 1.21%) <br> 2/15/42<br>| 325000 | 322362 |
| •ONNI Commerical Mortgage <br> Trust 5.57% 7/15/39<br>| 320000 | 324782 |
| •PENN Commercial Mortgage <br> Trust 5.34% 8/10/42<br>| 343000 | 351517 |
| •PKHL Commercial Mortgage <br> Trust 7.22% (1 mo. USD <br> Term SOFR + 3.46%) <br> 7/15/38<br>| 108752 | 42116 |
| •PRM5 Trust 5.62% 3/10/33 | 700000 | 700461 |
| •SCG Commercial Mortgage <br> Trust 6.70% (1 mo. USD <br> Term SOFR + 2.95%) <br> 3/15/35<br>| 410000 | 407443 |
| •SREIT Trust  |  |  |
| Class F 6.48% (1 mo. USD <br> Term SOFR + 2.73%) <br> 11/15/36<br>| 220754 | 220686 |

---

LVIP BlackRock Global Allocation Fund-31

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **ΔNON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| •SREIT Trust (continued)  |  |  |  |
| Class F 6.49% (1 mo. USD <br> Term SOFR + 2.74%) <br> 11/15/38<br>|  | 811677 | $811180 |
| UBS Commercial Mortgage <br> Trust 2.92% 10/15/52<br>|  | 137681 | 130557 |
| •VNDO Trust 3.90% 1/10/35 |  | 267100 | 263212 |
| Wells Fargo Commercial <br> Mortgage Trust <br>|  |  |  |
| \*• Class XA 1.48% 4/15/54 |  | 2761406 | 154328 |
| \*• Class XA 1.79% 7/15/53 |  | 3294270 | 212843 |
| • Class A 3.75% 6/15/36 |  | 169000 | 158721 |
|  |  |  | **26500572** |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $27,606,481)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $27,606,481)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $27,606,481)** | **27660977** |
| **ΔSOVEREIGN BONDS–3.28%** | **ΔSOVEREIGN BONDS–3.28%** | **ΔSOVEREIGN BONDS–3.28%** | **ΔSOVEREIGN BONDS–3.28%** |
| **Argentina–0.00%** | **Argentina–0.00%** | **Argentina–0.00%** | **Argentina–0.00%** |
| φArgentina Republic <br> Government International <br> Bonds 0.75% 7/9/30<br>|  | 97600 | 82960 |
|  |  |  | **82960** |
| **Barbados–0.01%** | **Barbados–0.01%** | **Barbados–0.01%** | **Barbados–0.01%** |
| Barbados Government <br> International Bonds 8.00% <br> 6/26/35<br>|  | 165000 | 173415 |
|  |  |  | **173415** |
| **Benin–0.01%** | **Benin–0.01%** | **Benin–0.01%** | **Benin–0.01%** |
| Benin Government <br> International Bonds 7.96% <br> 2/13/38<br>|  | 200000 | 207330 |
|  |  |  | **207330** |
| **Brazil–0.25%** | **Brazil–0.25%** | **Brazil–0.25%** | **Brazil–0.25%** |
| ^Brazil Letras do Tesouro <br> Nacional <br>|  |  |  |
| 0.00% 4/1/26 | BRL | 10738000 | 1895451 |
| 0.00% 7/1/26 | BRL | 2870000 | 490525 |
| Brazil Notas do Tesouro <br> Nacional <br>|  |  |  |
| 6.00% 8/15/30 | BRL | 1306000 | 1022804 |
| 10.00% 1/1/27 | BRL | 10608000 | 1875276 |
|  |  |  | **5284056** |
| **Canada–0.18%** | **Canada–0.18%** | **Canada–0.18%** | **Canada–0.18%** |
| Canada Government Bonds <br> 2.75% 3/1/30<br>| CAD | 5194000 | 3761189 |
|  |  |  | **3761189** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Chile–0.01%** | **Chile–0.01%** | **Chile–0.01%** | **Chile–0.01%** |
| Chile Government <br> International Bonds 4.34% <br> 3/7/42<br>|  | 252000 | $223877 |
|  |  |  | **223877** |
| **China–0.03%** | **China–0.03%** | **China–0.03%** | **China–0.03%** |
| China Government Bonds  |  |  |  |
| 1.92% 7/15/45 | CNY | 1840000 | 245810 |
| 2.11% 8/25/34 | CNY | 2940000 | 429525 |
|  |  |  | **675335** |
| **Colombia–0.11%** | **Colombia–0.11%** | **Colombia–0.11%** | **Colombia–0.11%** |
| Colombia Government <br> International Bonds 8.00% <br> 4/20/33<br>|  | 234000 | 251550 |
| Colombia TES  |  |  |  |
| 5.75% 11/3/27 | COP | 4815500000 | 1153368 |
| 7.75% 9/18/30 | COP | 4172200000 | 904926 |
|  |  |  | **2309844** |
| **Costa Rica–0.01%** | **Costa Rica–0.01%** | **Costa Rica–0.01%** | **Costa Rica–0.01%** |
| Costa Rica Government <br> International Bonds 7.30% <br> 11/13/54<br>|  | 200000 | 224500 |
|  |  |  | **224500** |
| **Czech Republic–0.03%** | **Czech Republic–0.03%** | **Czech Republic–0.03%** | **Czech Republic–0.03%** |
| Czech Republic Government <br> Bonds 4.50% 11/11/32<br>| CZK | 13000000 | 638132 |
|  |  |  | **638132** |
| **Dominican Republic–0.03%** | **Dominican Republic–0.03%** | **Dominican Republic–0.03%** | **Dominican Republic–0.03%** |
| Dominican Republic <br> International Bonds <br>|  |  |  |
| 4.50% 1/30/30 |  | 263000 | 256491 |
| 7.05% 2/3/31 |  | 151000 | 162023 |
| 10.75% 6/1/36 | DOP | 17350000 | 298796 |
|  |  |  | **717310** |
| **Ecuador–0.00%** | **Ecuador–0.00%** | **Ecuador–0.00%** | **Ecuador–0.00%** |
| Ecuador Government <br> International Bonds 6.90% <br> 7/31/30<br>|  | 90343 | 89057 |
|  |  |  | **89057** |
| **Egypt–0.06%** | **Egypt–0.06%** | **Egypt–0.06%** | **Egypt–0.06%** |
| Egypt Government Bonds  |  |  |  |
| 21.38% 2/4/28 | EGP | 5931000 | 122470 |
| 23.44% 7/1/28 | EGP | 5470000 | 116974 |
| 24.14% 12/3/27 | EGP | 579000 | 12404 |
| 24.46% 10/1/27 | EGP | 4833000 | 102895 |
| Egypt Government <br> International Bonds <br>|  |  |  |
| 5.63% 4/16/30 | EUR | 144000 | 168488 |
| 7.63% 5/29/32 |  | 200000 | 212530 |
| 8.50% 1/31/47 |  | 220000 | 215816 |

---

LVIP BlackRock Global Allocation Fund-32

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** |
| ^Egypt Treasury Bills 0.00% <br> 6/23/26<br>| EGP | 17975000 | $337168 |
|  |  |  | **1288745** |
| **France–0.05%** | **France–0.05%** | **France–0.05%** | **France–0.05%** |
| French Republic Government <br> Bonds O.A.T. 3.20% 5/25/35<br>| EUR | 877000 | 1006984 |
|  |  |  | **1006984** |
| **Gabon–0.01%** | **Gabon–0.01%** | **Gabon–0.01%** | **Gabon–0.01%** |
| Gabon Government <br> International Bonds 9.50% <br> 2/18/29<br>|  | 200000 | 173040 |
|  |  |  | **173040** |
| **Guatemala–0.02%** | **Guatemala–0.02%** | **Guatemala–0.02%** | **Guatemala–0.02%** |
| Guatemala Government <br> Bonds <br>|  |  |  |
| 6.25% 8/15/36 |  | 200000 | 209000 |
| 7.05% 10/4/32 |  | 200000 | 219400 |
|  |  |  | **428400** |
| **Hungary–0.04%** | **Hungary–0.04%** | **Hungary–0.04%** | **Hungary–0.04%** |
| Hungary Government Bonds <br> 7.00% 10/24/35<br>| HUF | 141350000 | 437850 |
| Hungary Government <br> International Bonds 5.25% <br> 6/16/29<br>|  | 244000 | 248840 |
| Magyar Export-Import Bank <br> Zrt 6.00% 5/16/29<br>| EUR | 128000 | 161094 |
|  |  |  | **847784** |
| **Indonesia–0.10%** | **Indonesia–0.10%** | **Indonesia–0.10%** | **Indonesia–0.10%** |
| Indonesia Government <br> International Bonds 4.65% <br> 9/20/32<br>|  | 200000 | 201292 |
| Indonesia Treasury Bonds  |  |  |  |
| 6.63% 5/15/33 | IDR | 2937000000 | 181155 |
| 7.00% 5/15/27 | IDR | 13392000000 | 821428 |
| 7.00% 2/15/33 | IDR | 4445000000 | 280167 |
| 7.13% 6/15/38 | IDR | 9577000000 | 611101 |
| 8.25% 6/15/32 | IDR | 487000000 | 32784 |
|  |  |  | **2127927** |
| **Ireland–0.35%** | **Ireland–0.35%** | **Ireland–0.35%** | **Ireland–0.35%** |
| Ireland Government Bonds <br> 2.60% 10/18/34<br>| EUR | 6638716 | 7556748 |
|  |  |  | **7556748** |
| **Italy–0.16%** | **Italy–0.16%** | **Italy–0.16%** | **Italy–0.16%** |
| Italy Buoni Poliennali Del <br> Tesoro 2.95% 7/1/30<br>| EUR | 2880000 | 3417149 |
|  |  |  | **3417149** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Ivory Coast–0.02%** | **Ivory Coast–0.02%** | **Ivory Coast–0.02%** | **Ivory Coast–0.02%** |
| Ivory Coast Government <br> International Bonds <br>|  |  |  |
| 5.88% 10/17/31 | EUR | 176000 | $208245 |
| 8.08% 4/1/36 |  | 200000 | 215660 |
|  |  |  | **423905** |
| **Japan–0.02%** | **Japan–0.02%** | **Japan–0.02%** | **Japan–0.02%** |
| Japan Government Thirty <br> Year Bonds 3.20% 9/20/55<br>| JPY | 83200000 | 515156 |
|  |  |  | **515156** |
| **Kazakhstan–0.01%** | **Kazakhstan–0.01%** | **Kazakhstan–0.01%** | **Kazakhstan–0.01%** |
| Development Bank of <br> Kazakhstan JSC 13.49% <br> 5/23/28<br>| KZT | 101000000 | 185803 |
|  |  |  | **185803** |
| **Kenya–0.01%** | **Kenya–0.01%** | **Kenya–0.01%** | **Kenya–0.01%** |
| Republic of Kenya <br> Government International <br> Bonds 9.75% 2/16/31<br>|  | 200000 | 218760 |
|  |  |  | **218760** |
| **Latvia–0.01%** | **Latvia–0.01%** | **Latvia–0.01%** | **Latvia–0.01%** |
| Latvia Government <br> International Bonds 5.13% <br> 7/30/34<br>|  | 200000 | 205053 |
|  |  |  | **205053** |
| **Luxembourg–0.03%** | **Luxembourg–0.03%** | **Luxembourg–0.03%** | **Luxembourg–0.03%** |
| Eagle Funding Luxco SARL <br> 5.50% 8/17/30<br>|  | 635000 | 646805 |
|  |  |  | **646805** |
| **Mexico–0.25%** | **Mexico–0.25%** | **Mexico–0.25%** | **Mexico–0.25%** |
| Mexico Bonos  |  |  |  |
| 7.00% 9/3/26 | MXN | 30965100 | 1715423 |
| 7.50% 5/26/33 | MXN | 38195400 | 1972756 |
| 8.50% 3/1/29 | MXN | 11412100 | 639204 |
| Mexico Government <br> International Bonds <br>|  |  |  |
| 5.38% 3/22/33 |  | 200000 | 198200 |
| 6.63% 1/29/38 |  | 200000 | 208700 |
| 7.38% 5/13/55 |  | 515000 | 554655 |
|  |  |  | **5288938** |
| **Morocco–0.01%** | **Morocco–0.01%** | **Morocco–0.01%** | **Morocco–0.01%** |
| Morocco Government <br> International Bonds 5.95% <br> 3/8/28<br>|  | 200000 | 205715 |
|  |  |  | **205715** |

---

LVIP BlackRock Global Allocation Fund-33

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Nigeria–0.01%** | **Nigeria–0.01%** | **Nigeria–0.01%** | **Nigeria–0.01%** |
| Nigeria Government <br> International Bonds 7.63% <br> 11/28/47<br>|  | 223000 | $210708 |
|  |  |  | **210708** |
| **Oman–0.01%** | **Oman–0.01%** | **Oman–0.01%** | **Oman–0.01%** |
| Oman Government <br> International Bonds 6.75% <br> 1/17/48<br>|  | 200000 | 219955 |
|  |  |  | **219955** |
| **Panama–0.01%** | **Panama–0.01%** | **Panama–0.01%** | **Panama–0.01%** |
| Panama Government <br> International Bonds 7.50% <br> 3/1/31<br>|  | 200000 | 221720 |
|  |  |  | **221720** |
| **Paraguay–0.01%** | **Paraguay–0.01%** | **Paraguay–0.01%** | **Paraguay–0.01%** |
| Paraguay Government <br> International Bonds 2.74% <br> 1/29/33<br>|  | 200000 | 178352 |
|  |  |  | **178352** |
| **Peru–0.04%** | **Peru–0.04%** | **Peru–0.04%** | **Peru–0.04%** |
| Peru Government <br> International Bonds <br>|  |  |  |
| 2.78% 1/23/31 |  | 162000 | 149372 |
| 6.85% 8/12/35 | PEN | 1364000 | 436489 |
| 7.60% 8/12/39 | PEN | 466000 | 151215 |
| Peruvian Government <br> International Bonds 1.86% <br> 12/1/32<br>|  | 106000 | 87418 |
|  |  |  | **824494** |
| **Philippines–0.16%** | **Philippines–0.16%** | **Philippines–0.16%** | **Philippines–0.16%** |
| Philippines Government <br> Bonds <br>|  |  |  |
| 6.00% 8/20/30 | PHP | 60595000 | 1036164 |
| 6.25% 2/28/29 | PHP | 24620000 | 426290 |
| 6.38% 7/27/30 | PHP | 35850000 | 622089 |
| 6.38% 4/28/35 | PHP | 62250000 | 1082210 |
| Philippines Government <br> International Bonds 6.38% <br> 1/15/32<br>|  | 133000 | 147031 |
|  |  |  | **3313784** |
| **Poland–0.14%** | **Poland–0.14%** | **Poland–0.14%** | **Poland–0.14%** |
| Republic of Poland <br> Government Bonds <br>|  |  |  |
| 2.00% 8/25/36 | PLN | 710820 | 180056 |
| 4.75% 7/25/29 | PLN | 1986000 | 563099 |
| 5.00% 10/25/34 | PLN | 2177000 | 603655 |
| 5.00% 10/25/35 | PLN | 2162000 | 594515 |
| 5.75% 4/25/29 | PLN | 3379000 | 986861 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| Republic of Poland <br> Government International <br> Bonds <br>|  |  |  |
| 4.88% 10/4/33 |  | 40000 | $40677 |
| 5.50% 4/4/53 |  | 127000 | 121871 |
|  |  |  | **3090734** |
| **Romania–0.03%** | **Romania–0.03%** | **Romania–0.03%** | **Romania–0.03%** |
| Romania Government <br> International Bonds <br>|  |  |  |
| 2.12% 7/16/31 | EUR | 97000 | 100044 |
| 5.25% 11/25/27 |  | 80000 | 81230 |
| 6.25% 9/10/34 | EUR | 153000 | 188798 |
| 6.50% 10/7/45 | EUR | 91000 | 106542 |
| 6.75% 7/11/39 | EUR | 65000 | 79741 |
|  |  |  | **556355** |
| **Serbia–0.01%** | **Serbia–0.01%** | **Serbia–0.01%** | **Serbia–0.01%** |
| Serbia International Bonds <br> 6.00% 6/12/34<br>|  | 200000 | 206767 |
|  |  |  | **206767** |
| **South Africa–0.26%** | **South Africa–0.26%** | **South Africa–0.26%** | **South Africa–0.26%** |
| Republic of South Africa <br> Government Bonds <br>|  |  |  |
| 7.00% 2/28/31 | ZAR | 29072067 | 1713620 |
| 8.00% 1/31/30 | ZAR | 36862398 | 2271747 |
| 8.50% 1/31/37 | ZAR | 16834000 | 1006752 |
| Republic of South Africa <br> Government International <br> Bonds <br>|  |  |  |
| 5.00% 10/12/46 |  | 300000 | 234847 |
| 5.75% 9/30/49 |  | 251000 | 211591 |
|  |  |  | **5438557** |
| **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** | **Spain–0.22%** |
| Spain Government Bonds  |  |  |  |
| 2.70% 1/31/30 | EUR | 3309000 | 3911330 |
| 3.15% 4/30/35 | EUR | 748000 | 873130 |
|  |  |  | **4784460** |
| **Thailand–0.12%** | **Thailand–0.12%** | **Thailand–0.12%** | **Thailand–0.12%** |
| Thailand Government Bonds  |  |  |  |
| 2.41% 3/17/35 | THB | 19524000 | 662514 |
| 2.50% 11/17/29 | THB | 55249000 | 1838525 |
| 4.00% 6/17/55 | THB | 461000 | 19298 |
|  |  |  | **2520337** |
| **Trinidad And Tobago–0.01%** | **Trinidad And Tobago–0.01%** | **Trinidad And Tobago–0.01%** | **Trinidad And Tobago–0.01%** |
| Trinidad & Tobago <br> Government International <br> Bonds 6.40% 6/26/34<br>|  | 200000 | 201500 |
|  |  |  | **201500** |

---

LVIP BlackRock Global Allocation Fund-34

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Turkey–0.02%** | **Turkey–0.02%** | **Turkey–0.02%** | **Turkey–0.02%** |
| Turkiye Government Bonds  |  |  |  |
| 30.00% 9/12/29 | TRY | 2820000 | $63932 |
| 31.08% 11/8/28 | TRY | 4970000 | 114601 |
| Turkiye Government <br> International Bonds 7.13% <br> 2/12/32<br>|  | 200000 | 212120 |
|  |  |  | **390653** |
| **Ukraine–0.00%** | **Ukraine–0.00%** | **Ukraine–0.00%** | **Ukraine–0.00%** |
| Ukraine Government <br> International Bonds <br>|  |  |  |
| φ^ 0.00% 2/1/30 |  | 5252 | 3112 |
| φ^ 0.00% 2/1/34 |  | 19626 | 9309 |
| φ^ 0.00% 2/1/35 |  | 16585 | 9372 |
| φ^ 0.00% 2/1/36 |  | 13821 | 7843 |
| φ 4.50% 2/1/29 |  | 57688 | 42990 |
| φ 4.50% 2/1/34 |  | 38458 | 23438 |
|  |  |  | **96064** |
| **United Kingdom–0.38%** | **United Kingdom–0.38%** | **United Kingdom–0.38%** | **United Kingdom–0.38%** |
| U.K. Gilts 4.38% 3/7/30 | GBP | 5912000 | 8104000 |
|  |  |  | **8104000** |
| **Uruguay–0.02%** | **Uruguay–0.02%** | **Uruguay–0.02%** | **Uruguay–0.02%** |
| Oriental Republic of Uruguay <br> 5.25% 9/10/60<br>|  | 135369 | 126367 |
| Uruguay Government <br> International Bonds <br>|  |  |  |
| 8.00% 10/29/35 | UYU | 6132000 | 161421 |
| 9.75% 7/20/33 | UYU | 4102188 | 117431 |
|  |  |  | **405219** |
| **Uzbekistan–0.01%** | **Uzbekistan–0.01%** | **Uzbekistan–0.01%** | **Uzbekistan–0.01%** |
| Republic of Uzbekistan <br> International Bonds 5.38% <br> 5/29/27<br>| EUR | 135000 | 162163 |
|  |  |  | **162163** |
| **Total Sovereign Bonds** <br>**(Cost $66,782,809)** | **Total Sovereign Bonds** <br>**(Cost $66,782,809)** | **Total Sovereign Bonds** <br>**(Cost $66,782,809)** | **69849739** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **EXCHANGE-TRADED FUNDS–2.92%** | **EXCHANGE-TRADED FUNDS–2.92%** | **EXCHANGE-TRADED FUNDS–2.92%** |
| iShares Broad USD High <br> Yield Corporate Bond ETF <br>| 56993 | 2131253 |
| iShares China Large-Cap <br> ETF <br>| 116064 | 4444091 |
| iShares MSCI Brazil ETF  | 26620 | 845717 |
| iShares MSCI China ETF  | 16664 | 1001006 |
| KraneShares CSI China <br> Internet ETF <br>| 57160 | 1946298 |
| ∞SPDR<sup>®</sup> Gold Shares  | 120609 | 47798553 |
| State Street Blackstone <br> Senior Loan ETF <br>| 24781 | 1022712 |
| State Street SPDR S&P <br> Regional Banking ETF <br>| 22354 | 1448763 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| VanEck Semiconductor ETF  | 3929 | $1414951 |
| **Total Exchange-Traded Funds** <br>**(Cost $49,349,707)** | **Total Exchange-Traded Funds** <br>**(Cost $49,349,707)** | **62053344** |
| **MONEY MARKET FUND–2.67%** | **MONEY MARKET FUND–2.67%** | **MONEY MARKET FUND–2.67%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 56755914 | 56755914 |
| **Total Money Market Fund** <br>**(Cost $56,755,914)** | **Total Money Market Fund** <br>**(Cost $56,755,914)** | **56755914** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENTS–6.81%** | **SHORT-TERM INVESTMENTS–6.81%** | **SHORT-TERM INVESTMENTS–6.81%** |
| **U.S. TREASURY OBLIGATIONS–6.81%** | **U.S. TREASURY OBLIGATIONS–6.81%** | **U.S. TREASURY OBLIGATIONS–6.81%** |
| ≠U.S. Treasury Bills | ≠U.S. Treasury Bills | ≠U.S. Treasury Bills |
| 3.60% 3/17/26 | 4700000 | 4666195 |
| 3.61% 1/13/26 | 1000000 | 998817 |
| 3.61% 3/19/26 | 6000000 | 5955329 |
| 3.63% 1/20/26 | 754000 | 752581 |
| 3.64% 2/12/26 | 7200000 | 7170567 |
| 3.64% 2/12/26 | 600000 | 597547 |
| 3.64% 3/19/26 | 235000 | 233250 |
| 3.65% 2/12/26 | 500000 | 497956 |
| 3.66% 3/12/26 | 6165000 | 6123095 |
| 3.67% 2/10/26 | 645000 | 642420 |
| 3.67% 2/10/26 | 5500000 | 5478000 |
| 3.69% 3/5/26 | 7000000 | 6957388 |
| 3.69% 3/10/26 | 6700000 | 6656630 |
| 3.71% 1/22/26 | 170000 | 169639 |
| 3.72% 3/5/26 | 114000 | 113306 |
| 3.73% 1/6/26 | 198000 | 197899 |
| 3.79% 2/17/26 | 4200000 | 4179712 |
| 3.81% 2/24/26 | 6962000 | 6923230 |
| 3.82% 2/19/26 | 5086000 | 5060179 |
| 3.86% 1/8/26 | 8300000 | 8293877 |
| 3.86% 1/27/26 | 3700000 | 3689923 |
| 3.86% 2/3/26 | 7872000 | 7844832 |
| 3.86% 2/19/26 | 342000 | 340245 |
| 3.87% 2/5/26 | 5966000 | 5944087 |
| 3.89% 1/20/26 | 5555000 | 5543874 |
| 3.89% 1/27/26 | 4300000 | 4288246 |
| 3.89% 2/12/26 | 5780000 | 5756372 |
| 3.90% 1/20/26 | 162000 | 161673 |
| 3.91% 1/13/26 | 58000 | 57926 |
| 3.91% 1/13/26 | 6861000 | 6852227 |
| 3.91% 1/20/26 | 315000 | 314362 |
| 3.92% 1/6/26 | 8000000 | 7995750 |
| 3.92% 1/13/26 | 8700000 | 8688915 |
| 3.93% 1/2/26 | 89000 | 88990 |
| 3.94% 1/2/26 | 6000000 | 5999359 |
| 3.94% 1/8/26 | 7535000 | 7529363 |
| 3.94% 1/15/26 | 148000 | 147778 |

---

LVIP BlackRock Global Allocation Fund-35

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| ≠U.S. Treasury Bills (continued) | ≠U.S. Treasury Bills (continued) | ≠U.S. Treasury Bills (continued) |
| 4.09% 4/16/26 | 2000000 | $1979639 |
|  |  | **144891178** |
| **Total Short-Term Investments** <br>**(Cost $144,880,237)** | **Total Short-Term Investments** <br>**(Cost $144,880,237)** | **144891178** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>|  |
| **OPTIONS PURCHASED–0.31%** | **OPTIONS PURCHASED–0.31%** | **OPTIONS PURCHASED–0.31%** |
| **Over-The-Counter–0.01%** | **Over-The-Counter–0.01%** | **Over-The-Counter–0.01%** |
| **Call Swaptions–0.01%** | **Call Swaptions–0.01%** | **Call Swaptions–0.01%** |
| 1 Year Interest Rate Swap, <br> expiration date 6/10/27, <br> notional amount $81,661,259 <br> GS<br>| 81661259 | $85251 |
| 10 Year Interest Rate Swap, <br> expiration date 2/10/36, <br> notional amount $4,757,210 <br> JPM<br>| 4757210 | 2291 |
| 10 Year Interest Rate Swap, <br> expiration date 2/5/26, <br> notional amount $6,526,120 <br> DB<br>| 6526120 | 7728 |
| 30 Year Interest Rate Swap, <br> expiration date 4/30/26, <br> notional amount $16,649,000 <br> BOA<br>| 16649000 | 37631 |
| 30 Year Interest Rate Swap, <br> expiration date 2/5/26, <br> notional amount $4,345,800 <br> DB<br>| 4345800 | 2510 |
| 5 Year Interest Rate Swap, <br> expiration date 2/10/31, <br> notional amount $7,576,000 <br> JPM<br>| 7576000 | 4020 |
|  |  | **139431** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>|  |
| **Barrier Options–0.00%** | **Barrier Options–0.00%** | **Barrier Options–0.00%** |
| EUR vs CZK, one touch, <br> barrier price CZK23.85, <br> Strike price CZK23.85, <br> expiration date 2/5/26, <br> notional amount <br> CZK691,054 BOA<br>| 28975 | 2249 |
| USD vs CAD, one touch, <br> barrier price CAD1.36, <br> Strike price CAD1.36, <br> expiration date 1/27/26, <br> notional amount CAD54,264 <br> MSC<br>| 39900 | 9103 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Over-The-Counter (continued)** | **Over-The-Counter (continued)** | **Over-The-Counter (continued)** |
| **Barrier Options (continued)** | **Barrier Options (continued)** | **Barrier Options (continued)** |
| USD vs CZK, one touch, <br> barrier price CZK20.00, <br> Strike price CZK20, <br> expiration date 2/5/26, <br> notional amount <br> CZK507,360 BOA<br>| 25368 | $2354 |
| USD vs INR, one touch, <br> barrier price INR88.15, <br> Strike price INR88.15, <br> expiration date 2/27/26, <br> notional amount <br> INR3,699,126 BOA<br>| 41964 | 3025 |
| USD vs JPY, up and in, barrier <br> price JPY160.25, Strike <br> price JPY158, expiration <br> date 1/21/26, notional <br> amount JPY597,603,400 <br> MSC<br>| 3782300 | 999 |
|  |  | **17730** |
| **Put Options–0.00%** | **Put Options–0.00%** | **Put Options–0.00%** |
| EUR vs USD Strike price <br> EUR1.13, expiration date <br> 1/12/26, notional amount <br> EUR4,212,923 BNP<br>| 3728250 | 22 |
| USD vs BRL Strike price <br> BRL5.25, expiration date <br> 2/26/26, notional amount <br> BRL27,293,175 BRC<br>| 5198700 | 11229 |
|  |  | **11251** |
| **Call Options–0.00%** | **Call Options–0.00%** | **Call Options–0.00%** |
| EUR vs USD Strike price <br> EUR1.18, expiration date <br> 1/16/26, notional amount <br> EUR422,440 DB<br>| 358000 | 1304 |
| USD vs AUD Strike price <br> AUD1.49, expiration date <br> 1/8/26, notional amount <br> AUD427,745 DB<br>| 637000 | 723 |
| USD vs BRL Strike price <br> BRL5.55, expiration date <br> 2/6/26, notional amount <br> BRL2,813,850 BRC<br>| 507000 | 8246 |
| USD vs COP Strike price <br> COP3,920, expiration date <br> 5/27/26, notional amount <br> COP1,960,000,000 UBS<br>| 500000 | 19095 |
|  |  | **29368** |
|  |  | **197780** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Global Allocation Fund-36

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared–0.30%** | **Centrally Cleared–0.30%** | **Centrally Cleared–0.30%** |
| **Call Options–0.30%** | **Call Options–0.30%** | **Call Options–0.30%** |
| Alphabet, Inc. Strike price <br> $340, expiration date <br> 1/16/26, notional amount <br> $9,928,000<br>| 292 | $14016 |
| Alphabet, Inc. Strike price <br> $340, expiration date <br> 2/20/26, notional amount <br> $7,956,000<br>| 234 | 159120 |
| Amazon.com, Inc. Strike <br> price $240, expiration date <br> 2/20/26, notional amount <br> $7,032,000<br>| 293 | 243190 |
| Amazon.com, Inc. Strike <br> price $255, expiration date <br> 2/20/26, notional amount <br> $2,754,000<br>| 108 | 41580 |
| Apple, Inc. Strike price $280, <br> expiration date 1/16/26, <br> notional amount $2,436,000<br>| 87 | 10527 |
| Apple, Inc. Strike price $285, <br> expiration date 1/16/26, <br> notional amount $9,177,000<br>| 322 | 14490 |
| Apple, Inc. Strike price $290, <br> expiration date 2/20/26, <br> notional amount $5,191,000<br>| 179 | 51015 |
| Bank of America Corp. Strike <br> price $55, expiration date <br> 1/16/26, notional amount <br> $2,629,000<br>| 478 | 65964 |
| Boeing Co. Strike price $235, <br> expiration date 1/16/26, <br> notional amount $799,000<br>| 34 | 1088 |
| Broadcom, Inc. Strike price <br> $430, expiration date <br> 3/20/26, notional amount <br> $4,644,000<br>| 108 | 85860 |
| Carrier Global Corp. Strike <br> price $65, expiration date <br> 1/16/26, notional amount <br> $2,255,500<br>| 347 | 1041 |
| Citigroup, Inc. Strike price <br> $110, expiration date <br> 3/20/26, notional amount <br> $1,617,000<br>| 147 | 161700 |
| Citigroup, Inc. Strike price <br> $120, expiration date <br> 2/20/26, notional amount <br> $3,624,000<br>| 302 | 105700 |
| Delta Air Lines, Inc. Strike <br> price $70, expiration date <br> 1/16/26, notional amount <br> $4,914,000<br>| 702 | 179010 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Delta Air Lines, Inc. Strike <br> price $75, expiration date <br> 3/20/26, notional amount <br> $787,500<br>| 105 | $29715 |
| EURO STOXX Banks Index <br> Strike price EUR260, <br> expiration date 1/16/26, <br> notional amount <br> EUR5,746,000<br>| 442 | 190894 |
| Fifth Third Bancorp Strike <br> price $50, expiration date <br> 2/20/26, notional amount <br> $2,820,000<br>| 564 | 36660 |
| Freeport-McMoRan, Inc. <br> Strike price $55, expiration <br> date 1/16/26, notional <br> amount $544,500<br>| 99 | 3267 |
| Goldman Sachs Group, Inc. <br> Strike price $865, expiration <br> date 2/20/26, notional <br> amount $1,643,500<br>| 19 | 95380 |
| Goldman Sachs Group, Inc. <br> Strike price $870, expiration <br> date 1/16/26, notional <br> amount $1,131,000<br>| 13 | 36660 |
| Invesco QQQ Trust Strike <br> price $609, expiration date <br> 1/2/26, notional amount <br> $32,337,900<br>| 531 | 321786 |
| iShares Russell <br> 2000 ETF Strike price $250, <br> expiration date 1/16/26, <br> notional amount $8,300,000<br>| 332 | 70052 |
| JPMorgan Chase & Co. Strike <br> price $325, expiration date <br> 2/20/26, notional amount <br> $3,867,500<br>| 119 | 119000 |
| Lionsgate Studios Corp. <br> Strike price $9, expiration <br> date 1/16/26, notional <br> amount $31,500<br>| 35 | 1750 |
| Lionsgate Studios Corp. <br> Strike price $10, expiration <br> date 3/20/26, notional <br> amount $22,000<br>| 22 | 1870 |
| Lionsgate Studios Corp. <br> Strike price $12, expiration <br> date 6/18/26, notional <br> amount $57,600<br>| 48 | 3792 |
| Meta Platforms, Inc. Strike <br> price $670, expiration date <br> 2/20/26, notional amount <br> $4,221,000<br>| 63 | 201222 |

---

LVIP BlackRock Global Allocation Fund-37

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Microsoft Corp. Strike price <br> $510, expiration date <br> 2/20/26, notional amount <br> $5,049,000<br>| 99 | $89694 |
| Netflix, Inc. Strike price $122, <br> expiration date 1/16/26, <br> notional amount $1,183,400<br>| 97 | 97 |
| NVIDIA Corp. Strike price <br> $195, expiration date <br> 1/16/26, notional amount <br> $5,850,000<br>| 300 | 64200 |
| NVIDIA Corp. Strike price <br> $200, expiration date <br> 3/20/26, notional amount <br> $4,100,000<br>| 205 | 203975 |
| Paramount Skydance Corp. <br> Strike price $16, expiration <br> date 1/16/26, notional <br> amount $153,600<br>| 96 | 480 |
| Rockwell Automation, Inc. <br> Strike price $410, expiration <br> date 2/20/26, notional <br> amount $2,255,000<br>| 55 | 60995 |
| Sabre Corp. Strike price $2, <br> expiration date 1/16/26, <br> notional amount $15,800<br>| 79 | 316 |
| Sabre Corp. Strike price $2, <br> expiration date 4/17/26, <br> notional amount $35,200<br>| 176 | 2640 |
| †Sabre Corp. Strike price <br> $2.5, expiration date <br> 1/16/26, notional amount <br> $51,250<br>| 205 | 1025 |
| SPDR Gold Shares Strike <br> price $390, expiration date <br> 1/16/26, notional amount <br> $31,200,000<br>| 800 | 940000 |
| SPDR Gold Shares Strike <br> price $390, expiration date <br> 2/20/26, notional amount <br> $36,348,000<br>| 932 | 1621681 |
| SPDR Gold Shares Strike <br> price $405, expiration date <br> 1/16/26, notional amount <br> $18,913,500<br>| 467 | 203145 |
| SPDR Gold Shares Strike <br> price $420, expiration date <br> 3/20/26, notional amount <br> $10,164,000<br>| 242 | 212960 |
| SPDR S&P 500 ETF Trust <br> Strike price $690, expiration <br> date 1/2/26, notional amount <br> $45,609,000<br>| 661 | 3305 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| SPDR S&P 500 ETF Trust <br> Strike price $693, expiration <br> date 1/9/26, notional amount <br> $91,614,600<br>| 1322 | $111048 |
| State Street SPDR S&P <br> Regional Banking ETF <br> Strike price $70, expiration <br> date 1/16/26, notional <br> amount $3,654,000<br>| 522 | 5220 |
| Tesla, Inc. Strike price $450, <br> expiration date 2/20/26, <br> notional amount $3,645,000<br>| 81 | 266490 |
| Tesla, Inc. Strike price $480, <br> expiration date 2/20/26, <br> notional amount $3,696,000<br>| 77 | 162855 |
| Tesla, Inc. Strike price $540, <br> expiration date 2/20/26, <br> notional amount $216,000<br>| 4 | 3420 |
| United Airlines Holdings, Inc. <br> Strike price $120, expiration <br> date 3/20/26, notional <br> amount $900,000<br>| 75 | 48750 |
| Valero Energy Corp. Strike <br> price $175, expiration date <br> 2/20/26, notional amount <br> $2,117,500<br>| 121 | 36300 |
| Vertiv Holdings Co. Strike <br> price $200, expiration date <br> 2/20/26, notional amount <br> $4,960,000<br>| 248 | 81840 |
| Vistra Corp. Strike price $210, <br> expiration date 1/16/26, <br> notional amount $2,625,000<br>| 125 | 750 |
| Walmart, Inc. Strike price <br> $115, expiration date <br> 1/16/26, notional amount <br> $2,208,000<br>| 192 | 10752 |
| Walt Disney Co. Strike price <br> $110, expiration date <br> 1/16/26, notional amount <br> $781,000<br>| 71 | 32447 |
|  |  | **6410734** |
| **Put Options–0.00%** | **Put Options–0.00%** | **Put Options–0.00%** |
| iShares iBoxx $ High Yield <br> Corporate Bond ETF Strike <br> price $80, expiration date <br> 1/16/26, notional amount <br> $856,000<br>| 107 | 749 |

---

LVIP BlackRock Global Allocation Fund-38

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Put Options (continued)** | **Put Options (continued)** | **Put Options (continued)** |
| iShares iBoxx $ High Yield <br> Corporate Bond ETF Strike <br> price $80, expiration date <br> 1/30/26, notional amount <br> $720,000<br>| 90 | $1909 |
| iShares Russell <br> 2000 ETF Strike price $245, <br> expiration date 1/16/26, <br> notional amount $1,347,500<br>| 55 | 16005 |
|  |  | **18663** |
|  |  | **6429397** |
| **Total Options Purchased** <br>**(Cost $9,200,333)** | **Total Options Purchased** <br>**(Cost $9,200,333)** | **6627177** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–97.40% (Cost $1,631,046,401)** | **$2071429520** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(0.25)%** | **OPTIONS WRITTEN–(0.25)%** | **OPTIONS WRITTEN–(0.25)%** |
| **Over-The-Counter–(0.07)%** | **Over-The-Counter–(0.07)%** | **Over-The-Counter–(0.07)%** |
| **Call Swaptions–(0.01)%** | **Call Swaptions–(0.01)%** | **Call Swaptions–(0.01)%** |
| 1 Year Interest Rate Swap, expiration date 6/10/26, notional amount $(81661259) GS | (81661259)<br>| $(26813)<br>|
| 10 Year Interest Rate Swap, expiration date 12/16/26, notional amount $(6415000) CBK | (6415000)<br>| (38258)<br>|
| 10 Year Interest Rate Swap, expiration date 2/27/36, notional amount $(6770000) GS | (6770000)<br>| (2290)<br>|
| 10 Year Interest Rate Swap, expiration date 2/18/26, notional amount $(12880000) CBK | (12880000)<br>| (8095)<br>|
| 10 Year Interest Rate Swap, expiration date 3/11/26, notional amount $(13277000) CBK | (13277000)<br>| (27995)<br>|
| 10 Year Interest Rate Swap, expiration date 2/19/36, notional amount $(8529000) JPM | (8529000)<br>| (19110)<br>|
| 2 Year Interest Rate Swap, expiration date 1/2/26, notional amount $(5017388) BRC | (5017388)<br>| (0)<br>|
| 30 Year Interest Rate Swap, expiration date 4/30/26, notional amount $(16649000) BOA | (16649000)<br>| (11216)<br>|
| 30 Year Interest Rate Swap, expiration date 3/4/56, notional amount GBP(2686100) GSI | (2686100)<br>| (23178)<br>|
| 5 Year Interest Rate Swap, expiration date 2/27/31, notional amount $(12604000) GS | (12604000)<br>| (3722)<br>|
| CDX.NA.IG.S45, expiration date 12/20/30, notional amount $(3853383) GS | (3853383)<br>| (16516)<br>|
|  |  | **(177193)**<br>|
| **Put Swaptions–(0.05)%** | **Put Swaptions–(0.05)%** | **Put Swaptions–(0.05)%** |
| 1 Year Interest Rate Swap, expiration date 6/10/27, notional amount $(81661259) GS | (81661259)<br>| (52648)<br>|
| 10 Year Interest Rate Swap, expiration date 4/27/26, notional amount EUR(16166000) JPM | (16166000)<br>| (243257)<br>|
| 10 Year Interest Rate Swap, expiration date 2/2/26, notional amount $(11583000) BOA | (11583000)<br>| (22167)<br>|
| 10 Year Interest Rate Swap, expiration date 2/19/36, notional amount $(8529000) JPM | (8529000)<br>| (20233)<br>|
| 10 Year Interest Rate Swap, expiration date 4/27/36, notional amount $(15231000) JPM | (15231000)<br>| (106682)<br>|
| 10 Year Interest Rate Swap, expiration date 12/16/26, notional amount $(6415000) CBK | (6415000)<br>| (47627)<br>|
| 2 Year Interest Rate Swap, expiration date 2/20/26, notional amount $(29236000) BOA | (29236000)<br>| (5833)<br>|
| 2 Year Interest Rate Swap, expiration date 12/8/27, notional amount $(34383688) DB | (34383688)<br>| (161122)<br>|
| 2 Year Interest Rate Swap, expiration date 9/22/29, notional amount $(90005000) GS | (90005000)<br>| (243975)<br>|
| 2 Year Interest Rate Swap, expiration date 12/16/27, notional amount $(51747000) DB | (51747000)<br>| (138513)<br>|
| 30 Year Interest Rate Swap, expiration date 2/4/56, notional amount $(5122000) GS | (5122000)<br>| (23057)<br>|
| 5 Year Interest Rate Swap, expiration date 2/12/31, notional amount $(3334530) JPM | (3334530)<br>| (1468)<br>|
| CDX.NA.IG.S45, expiration date 12/20/30, notional amount $(3853383) GS | (3853383)<br>| (1906)<br>|
|  |  | **(1068488)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Global Allocation Fund-39

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **Over-The-Counter (continued)** | **Over-The-Counter (continued)** | **Over-The-Counter (continued)** |
| **Put Options–(0.01)%** | **Put Options–(0.01)%** | **Put Options–(0.01)%** |
| EUR vs USD Strike price EUR1.13, expiration date 1/12/26, notional amount EUR(4212923) BOA | (3728250)<br>| $(22)<br>|
| USD vs BRL Strike price BRL5.25, expiration date 2/26/26, notional amount BRL(27293175) MSC | (5198700)<br>| (11229)<br>|
| USD vs BRL Strike price BRL5.25, expiration date 3/12/26, notional amount BRL(27088661) BOA | (5159745)<br>| (15288)<br>|
| USD vs CLP Strike price CLP920, expiration date 1/21/26, notional amount CLP(155480000) CBK | (169000)<br>| (4187)<br>|
| USD vs IDR Strike price IDR16,250, expiration date 2/25/26, notional amount IDR(84305000000) SCB | (5188000)<br>| (4161)<br>|
| USD vs IDR Strike price IDR16,325, expiration date 3/12/26, notional amount IDR(84232837125) BOA | (5159745)<br>| (8937)<br>|
| USD vs MXN Strike price MXN17.65, expiration date 3/12/26, notional amount MXN(91069499) BOA | (5159745)<br>| (17801)<br>|
| USD vs MXN Strike price MXN17.95, expiration date 2/26/26, notional amount MXN(93316665) BOA | (5198700)<br>| (38574)<br>|
| USD vs ZAR Strike price ZAR16.35, expiration date 3/12/26, notional amount ZAR(84556249) BOA | (5171636)<br>| (39294)<br>|
| USD vs ZAR Strike price ZAR16.7, expiration date 2/26/26, notional amount ZAR(86639600) BOA | (5188000)<br>| (84015)<br>|
|  |  | **(223508)**<br>|
| **Call Options–(0.00)%** | **Call Options–(0.00)%** | **Call Options–(0.00)%** |
| USD vs BRL Strike price BRL5.75, expiration date 2/06/26, notional amount BRL(4375750) BRC | (761000)<br>| (4984)<br>|
| USD vs CLP Strike price CLP940, expiration date 1/21/26, notional amount CLP(158860000) CBK | (169000)<br>| (121)<br>|
| USD vs COP Strike price COP4,200, expiration date 5/27/26, notional amount COP(3150000000) UBS | (750000)<br>| (11956)<br>|
|  |  | **(17061)**<br>|
|  |  | **(1486250)**<br>|
| **Centrally Cleared–(0.18)%** | **Centrally Cleared–(0.18)%** | **Centrally Cleared–(0.18)%** |
| **Call Options–(0.11)%** | **Call Options–(0.11)%** | **Call Options–(0.11)%** |
| Alphabet, Inc. Strike price $330, expiration date 1/16/26, notional amount $(1122000) | (34)<br>| (4862)<br>|
| Alphabet, Inc. Strike price $345, expiration date 2/20/26, notional amount $(2656500) | (77)<br>| (43890)<br>|
| Alphabet, Inc. Strike price $370, expiration date 2/20/26, notional amount $(11655000) | (315)<br>| (63315)<br>|
| Apollo Global Management, Inc. Strike price $145, expiration date 1/16/26, notional amount $(319000) | (22)<br>| (7040)<br>|
| Apple, Inc. Strike price $270, expiration date 1/16/26, notional amount $(1593000) | (59)<br>| (32450)<br>|
| Bank of America Corp. Strike price $60, expiration date 1/16/26, notional amount $(2868000) | (478)<br>| (4780)<br>|
| Broadcom, Inc. Strike price $380, expiration date 1/16/26, notional amount $(1216000) | (32)<br>| (5216)<br>|
| Cameco Corp. Strike price $95, expiration date 1/16/26, notional amount $(342000) | (36)<br>| (7272)<br>|
| Cisco Systems, Inc. Strike price $80, expiration date 1/16/26, notional amount $(560000) | (70)<br>| (1400)<br>|
| Citigroup, Inc. Strike price $110, expiration date 1/16/26, notional amount $(968000) | (88)<br>| (69256)<br>|
| Citigroup, Inc. Strike price $130, expiration date 2/20/26, notional amount $(3926000) | (302)<br>| (29898)<br>|
| CRH PLC Strike price $135, expiration date 1/16/26, notional amount $(405000) | (30)<br>| (1440)<br>|
| Delta Air Lines, Inc. Strike price $80, expiration date 1/16/26, notional amount $(5616000) | (702)<br>| (19656)<br>|
| Delta Air Lines, Inc. Strike price $80, expiration date 2/20/26, notional amount $(2840000) | (355)<br>| (31595)<br>|
| Eli Lilly & Co. Strike price $900, expiration date 1/16/26, notional amount $(900000) | (10)<br>| (181450)<br>|
| EURO STOXX Banks Index Strike price EUR270, expiration date 2/20/26, notional amount EUR(1903500) | (141)<br>| (53439)<br>|
| Freeport-McMoRan, Inc. Strike price $50, expiration date 1/16/26, notional amount $(605000) | (121)<br>| (23595)<br>|
| Freeport-McMoRan, Inc. Strike price $60, expiration date 1/16/26, notional amount $(594000) | (99)<br>| (594)<br>|
| Hilton Worldwide Holdings, Inc. Strike price $300, expiration date 1/16/26, notional amount $(540000) | (18)<br>| (2106)<br>|
| Intuitive Surgical, Inc. Strike price $575, expiration date 1/16/26, notional amount $(287500) | (5)<br>| (7900)<br>|
| Invesco QQQ Trust Strike price $621, expiration date 1/02/26, notional amount $(32975100) | (531)<br>| (9558)<br>|
| iShares Russell 2000 ETF Strike price $270, expiration date 1/16/26, notional amount $(8964000) | (332)<br>| (1328)<br>|
| JPMorgan Chase & Co. Strike price $355, expiration date 2/20/26, notional amount $(4224500) | (119)<br>| (18326)<br>|
| McKesson Corp. Strike price $840, expiration date 1/16/26, notional amount $(504000) | (6)<br>| (4920)<br>|
| McKesson Corp. Strike price $940, expiration date 1/16/26, notional amount $(564000) | (6)<br>| (2880)<br>|
| Medtronic PLC Strike price $105, expiration date 1/16/26, notional amount $(546000) | (52)<br>| (208)<br>|
| Meta Platforms, Inc. Strike price $750, expiration date 2/20/26, notional amount $(4725000) | (63)<br>| (52101)<br>|
| Micron Technology, Inc. Strike price $155, expiration date 1/16/26, notional amount $(310000) | (20)<br>| (260800)<br>|
| NVIDIA Corp. Strike price $205, expiration date 1/16/26, notional amount $(4797000) | (234)<br>| (12402)<br>|
| Palantir Technologies, Inc. Strike price $210, expiration date 1/16/26, notional amount $(42000) | (2)<br>| (46)<br>|
| Paramount Skydance Corp. Strike price $20, expiration date 1/16/26, notional amount $(192000) | (96)<br>| (192)<br>|
| SPDR Gold Shares Strike price $395, expiration date 1/16/26, notional amount $(9203500) | (233)<br>| (202244)<br>|
| SPDR Gold Shares Strike price $420, expiration date 2/20/26, notional amount $(78288000) | (1864)<br>| (1062480)<br>|

---

LVIP BlackRock Global Allocation Fund-40

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| SPDR Gold Shares Strike price $430, expiration date 1/16/26, notional amount $(23392000) | (544)<br>| $(27744)<br>|
| SPDR S&P 500 ETF Trust Strike price $698, expiration date 1/02/26, notional amount $(46137800) | (661)<br>| (661)<br>|
| SPDR S&P 500 ETF Trust Strike price $701, expiration date 1/09/26, notional amount $(92672200) | (1322)<br>| (10576)<br>|
| State Street SPDR S&P Regional Banking ETF Strike price $77, expiration date 1/16/26, notional amount <br> $(4019400)<br>| (522)<br>| (28710)<br>|
| Tesla, Inc. Strike price $480, expiration date 1/16/26, notional amount $(576000) | (12)<br>| (6540)<br>|
| Tesla, Inc. Strike price $500, expiration date 1/16/26, notional amount $(350000) | (7)<br>| (1848)<br>|
| Tesla, Inc. Strike price $550, expiration date 2/20/26, notional amount $(4455000) | (81)<br>| (59292)<br>|
| Tesla, Inc. Strike price $560, expiration date 2/20/26, notional amount $(4312000) | (77)<br>| (48818)<br>|
| Tesla, Inc. Strike price $620, expiration date 2/20/26, notional amount $(248000) | (4)<br>| (1220)<br>|
| Trane Technologies PLC Strike price $480, expiration date 1/16/26, notional amount $(576000) | (12)<br>| (2580)<br>|
| Valero Energy Corp. Strike price $170, expiration date 1/16/26, notional amount $(187000) | (11)<br>| (1320)<br>|
| Vertiv Holdings Co. Strike price $250, expiration date 2/20/26, notional amount $(6200000) | (248)<br>| (13392)<br>|
| Vistra Corp. Strike price $250, expiration date 1/16/26, notional amount $(3125000) | (125)<br>| (125)<br>|
|  |  | **(2421465)**<br>|
| **Put Options–(0.07)%** | **Put Options–(0.07)%** | **Put Options–(0.07)%** |
| Alphabet, Inc. Strike price $290, expiration date 2/20/26, notional amount $(6786000) | (234)<br>| (148122)<br>|
| Amazon.com, Inc. Strike price $205, expiration date 2/20/26, notional amount $(6006500) | (293)<br>| (83798)<br>|
| Amazon.com, Inc. Strike price $215, expiration date 2/20/26, notional amount $(2322000) | (108)<br>| (54756)<br>|
| Apple, Inc. Strike price $245, expiration date 2/20/26, notional amount $(4385500) | (179)<br>| (33115)<br>|
| Boeing Co. Strike price $185, expiration date 1/16/26, notional amount $(629000) | (34)<br>| (578)<br>|
| Boston Scientific Corp. Strike price $90, expiration date 1/16/26, notional amount $(450000) | (50)<br>| (1650)<br>|
| Broadcom, Inc. Strike price $280, expiration date 9/18/26, notional amount $(1680000) | (60)<br>| (139950)<br>|
| Broadcom, Inc. Strike price $310, expiration date 3/20/26, notional amount $(3348000) | (108)<br>| (154440)<br>|
| Carrier Global Corp. Strike price $50, expiration date 1/16/26, notional amount $(1735000) | (347)<br>| (11104)<br>|
| Citigroup, Inc. Strike price $95, expiration date 3/20/26, notional amount $(1396500) | (147)<br>| (13965)<br>|
| Costco Wholesale Corp. Strike price $840, expiration date 1/16/26, notional amount $(504000) | (6)<br>| (2640)<br>|
| Delta Air Lines, Inc. Strike price $57.5, expiration date 1/16/26, notional amount $(2334500) | (406)<br>| (9338)<br>|
| Delta Air Lines, Inc. Strike price $60, expiration date 3/20/26, notional amount $(630000) | (105)<br>| (16695)<br>|
| Fifth Third Bancorp Strike price $43, expiration date 2/20/26, notional amount $(2425200) | (564)<br>| (28200)<br>|
| Goldman Sachs Group, Inc. Strike price $770, expiration date 2/20/26, notional amount $(1463000) | (19)<br>| (10393)<br>|
| iShares Russell 2000 ETF Strike price $225, expiration date 1/16/26, notional amount $(1237500) | (55)<br>| (715)<br>|
| Microsoft Corp. Strike price $440, expiration date 2/20/26, notional amount $(4356000) | (99)<br>| (46035)<br>|
| NVIDIA Corp. Strike price $145, expiration date 3/20/26, notional amount $(4248500) | (293)<br>| (70320)<br>|
| NVIDIA Corp. Strike price $150, expiration date 9/18/26, notional amount $(1440000) | (96)<br>| (103680)<br>|
| Rockwell Automation, Inc. Strike price $330, expiration date 2/20/26, notional amount $(1815000) | (55)<br>| (9900)<br>|
| SPDR Gold Shares Strike price $370, expiration date 2/20/26, notional amount $(11581000) | (313)<br>| (100786)<br>|
| SPDR Gold Shares Strike price $375, expiration date 3/20/26, notional amount $(9075000) | (242)<br>| (147136)<br>|
| State Street SPDR S&P Regional Banking ETF Strike price $61, expiration date 1/16/26, notional amount <br> $(1769000)<br>| (290)<br>| (6380)<br>|
| Tesla, Inc. Strike price $350, expiration date 2/20/26, notional amount $(2835000) | (81)<br>| (28674)<br>|
| Tesla, Inc. Strike price $360, expiration date 2/20/26, notional amount $(2772000) | (77)<br>| (34650)<br>|
| Tesla, Inc. Strike price $380, expiration date 1/16/26, notional amount $(152000) | (4)<br>| (396)<br>|
| United Airlines Holdings, Inc. Strike price $85, expiration date 3/20/26, notional amount $(637500) | (75)<br>| (9825)<br>|
| Valero Energy Corp. Strike price $145, expiration date 2/20/26, notional amount $(2639000) | (182)<br>| (40404)<br>|
| Vertiv Holdings Co. Strike price $140, expiration date 2/20/26, notional amount $(3472000) | (248)<br>| (124000)<br>|
| Vistra Corp. Strike price $150, expiration date 1/16/26, notional amount $(1875000) | (125)<br>| (19625)<br>|
| Walt Disney Co. Strike price $100, expiration date 1/16/26, notional amount $(710000) | (71)<br>| (142)<br>|
|  |  | **(1451412)**<br>|
|  |  | **(3872877)**<br>|
| **Total Options Written** <br>**(Premiums received $(6014314))** | **Total Options Written** <br>**(Premiums received $(6014314))** | **(5359127)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Global Allocation Fund-41

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–2.85%** | **60569744** |
| **NET ASSETS APPLICABLE TO 156,831,171 SHARES OUTSTANDING–100.00%** | **$2126640137** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL ALLOCATION FUND STANDARD CLASS** <br>**($1,259,204,744 / 92,843,429 Shares)** | **$13.563** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL ALLOCATION FUND SERVICE CLASS** <br>**($867,435,393 / 63,987,742 Shares)** | **$13.556** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1664724376** |
| Distributable earnings/(accumulated loss) | **461915761** |
| **TOTAL NET ASSETS** | **$2126640137** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| +Delayed settlement. Interest rate to be determined upon settlement date. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at December 31, 2025. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. |
| ^Zero coupon security. |
| ✠All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the <br> time of funding. |
| ‡Non-income producing security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |
| ∞Partially pledged as collateral for options. |
| †Non-income producing. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 4 in "Notes to Consolidated Financial Statements." |
| @PIK. 100% of the income received was in the form of additional par. |
| ≠The rate shown is the effective yield at the time of purchase. |
| πRestricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, or have certain <br> restrictions on resale which may limit their liquidity. At December 31, 2025, the aggregate value of restricted securities was $39,511,248, <br> which represented 1.86% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) <br> with respect to these securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Global Allocation Fund-42

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition/In-kind Transfer** | **Cost** | **Value** |
| 10X Future Technologies Services Ltd. Series D | 6/6/2022 | &nbsp;&nbsp; $966416 | &nbsp;&nbsp; $467874 |
| Breeze Aviation Group, Inc. Series B | 6/6/2022 | &nbsp;&nbsp; 814265 | &nbsp;&nbsp; 310789 |
| Bytedance Ltd. Series E1 | 6/6/2022 | &nbsp;&nbsp; 3886481 | &nbsp;&nbsp; 6073830 |
| Crown PropTech Acquisitions | 2/6/2023 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Databricks, Inc. Series F | 6/6/2022 | &nbsp;&nbsp; 3699435 | &nbsp;&nbsp; 11495190 |
| Databricks, Inc. Series G | 6/6/2022 | &nbsp;&nbsp; 1010938 | &nbsp;&nbsp; 3141270 |
| Dream Finders Homes, Inc. | 6/6/2022 | &nbsp;&nbsp; 2327696 | &nbsp;&nbsp; 2387921 |
| Epic Games, Inc. | 6/6/2022 | &nbsp;&nbsp; 2952750 | &nbsp;&nbsp; 1998250 |
| Exo, Inc. | 5/22/2025 | &nbsp;&nbsp; 407022 | &nbsp;&nbsp; 383 |
| Exo, Inc. Series D | 5/22/2025 | &nbsp;&nbsp; 31327 | &nbsp;&nbsp; 35624 |
| Fanatics Holdings, Inc. | 6/6/2022 | &nbsp;&nbsp; 2573239 | &nbsp;&nbsp; 3034480 |
| Farmers Business Network, Inc. | 6/6/2022 | &nbsp;&nbsp; 1258125 | &nbsp;&nbsp; 24863 |
| Grand Rounds, Inc. | 4/29/2019 | &nbsp;&nbsp; 1804027 | &nbsp;&nbsp; 828038 |
| Jawbone, Inc. | 4/29/2019 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Jumpcloud, Inc. Series E-1 Series E1 | 6/6/2022 | &nbsp;&nbsp; 2531915 | &nbsp;&nbsp; 1091428 |
| Jumpcloud, Inc. Series F Series F | 6/6/2022 | &nbsp;&nbsp; 166530 | &nbsp;&nbsp; 71786 |
| Loadsmart, Inc. Series C Series C | 6/6/2022 | &nbsp;&nbsp; 1759432 | &nbsp;&nbsp; 649681 |
| Loadsmart, Inc. Series D Series D | 6/6/2022 | &nbsp;&nbsp; 155855 | &nbsp;&nbsp; 87647 |
| MCM Trust Class A2B | 6/6/2022 | &nbsp;&nbsp; 634075 | &nbsp;&nbsp; 566344 |
| Mercia | 6/6/2022 | &nbsp;&nbsp; 100093 | &nbsp;&nbsp; 107953 |
| Mercia | 6/6/2022 | &nbsp;&nbsp; 1725223 | &nbsp;&nbsp; 1860710 |
| Mercia | 6/6/2022 | &nbsp;&nbsp; 436469 | &nbsp;&nbsp; 470747 |
| Mythic AI, Inc. | 6/6/2022 | &nbsp;&nbsp; 391278 | &nbsp;&nbsp; 0 |
| Neon Pagamentos SA | 6/6/2022 | &nbsp;&nbsp; 1403856 | &nbsp;&nbsp; 1274971 |
| Noodle Partners, Inc. Series C | 6/6/2022 | &nbsp;&nbsp; 424114 | &nbsp;&nbsp; 45813 |
| PsiQuantum Corp. Series D | 6/6/2022 | &nbsp;&nbsp; 379300 | &nbsp;&nbsp; 636550 |
| Quintis Australia Pty. Ltd. | 4/29/2019 | &nbsp;&nbsp; 967514 | &nbsp;&nbsp; 0 |
| Relativity Space, Inc. | 3/10/2025 | &nbsp;&nbsp; 555650 | &nbsp;&nbsp; 418 |
| SambaNova Systems, Inc. Series C Series C | 6/6/2022 | &nbsp;&nbsp; 1364826 | &nbsp;&nbsp; 416567 |
| SambaNova Systems, Inc. Series D Series D | 6/6/2022 | &nbsp;&nbsp; 434237 | &nbsp;&nbsp; 270053 |
| Snorkel AI, Inc. Series B | 6/6/2022 | &nbsp;&nbsp; 41487 | &nbsp;&nbsp; 27301 |
| Snorkel AI, Inc. Series C | 6/6/2022 | &nbsp;&nbsp; 148614 | &nbsp;&nbsp; 122087 |
| Sonder Holdings, Inc. | 12/30/2024 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Sonder Holdings, Inc. | 4/11/2025 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Teya Holdings Ltd. Series C | 6/6/2022 | &nbsp;&nbsp; 465535 | &nbsp;&nbsp; 103444 |
| TVC DSCR | 6/6/2022 | &nbsp;&nbsp; 578502 | &nbsp;&nbsp; 399185 |
| Ursa Major Technologies, Inc. | 6/6/2022 | &nbsp;&nbsp; 470678 | &nbsp;&nbsp; 453169 |
| Verger Capital Fund LLC | 7/11/2025 | &nbsp;&nbsp; 513271 | &nbsp;&nbsp; 16209 |
| Vita Global FinCo Ltd. | 6/6/2022 | &nbsp;&nbsp; 733932 | &nbsp;&nbsp; 623880 |
| Vita Global FinCo Ltd. | 6/6/2022 | &nbsp;&nbsp; 502332 | &nbsp;&nbsp; 416793 |
| Voltage, Inc. Series C | 6/6/2022 | &nbsp;&nbsp; 174273 | &nbsp;&nbsp; 0 |
| **Total** |  | &nbsp;&nbsp; $38790712 | &nbsp;&nbsp; $39511248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $13,069,000 cash collateral held at broker for futures contracts, $2,300,000 cash collateral held at broker for centrally cleared <br> option contracts, $21,038,993 cash collateral held at brokers for centrally cleared swap contracts, $5,421,000 cash collateral pledged to <br> brokers for certain open bilateral derivatives, $8,678 expense reimbursement receivable from Lincoln Financial Investments Corporation, <br> $3,174,356 variation margin due from broker on futures contracts, $46,724 variation margin due from brokers on centrally cleared swap <br> contracts, $19,562,364 payable for securities purchased, $3,096,119 payable for fund shares redeemed, $160,000 cash collateral due to <br> brokers for certain open bilateral derivatives, $310,169 other accrued expenses payable, $173,577 payable for unfunded loan commitments, <br> $1,371,974 due to manager and affiliates, $5,533 foreign capital gain taxes payable, $53,986 payable for audit fee and $56,795 payable for <br> fund accounting fee as of December 31, 2025.<br>

LVIP BlackRock Global Allocation Fund-43

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BNP | BRL | &nbsp;&nbsp; 1379862 | USD | &nbsp;&nbsp; (253000)<br>| 1/5/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1515)<br>|
| BNP | BRL | &nbsp;&nbsp; (1379862)<br>| USD | &nbsp;&nbsp; 250775 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (710)<br>|
| BNP | BRL | &nbsp;&nbsp; (4813862)<br>| USD | &nbsp;&nbsp; 861981 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (420)<br>|
| BNP | DKK | &nbsp;&nbsp; 9469898 | USD | &nbsp;&nbsp; (1485587)<br>| 3/18/26 | &nbsp;&nbsp; 11250 | &nbsp;&nbsp; — |
| BNP | IDR | &nbsp;&nbsp; 343036911 | USD | &nbsp;&nbsp; (20520)<br>| 3/25/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25)<br>|
| BNP | NZD | &nbsp;&nbsp; 1752447 | USD | &nbsp;&nbsp; (1016967)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5008)<br>|
| BNY | EUR | &nbsp;&nbsp; 1446462 | USD | &nbsp;&nbsp; (1706392)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (254)<br>|
| BNY | SEK | &nbsp;&nbsp; 69439192 | USD | &nbsp;&nbsp; (7500070)<br>| 3/18/26 | &nbsp;&nbsp; 73572 | &nbsp;&nbsp; — |
| BOA | AUD | &nbsp;&nbsp; 1108000 | USD | &nbsp;&nbsp; (731984)<br>| 1/15/26 | &nbsp;&nbsp; 7513 | &nbsp;&nbsp; — |
| BOA | CLP | &nbsp;&nbsp; 229945600 | USD | &nbsp;&nbsp; (248000)<br>| 1/15/26 | &nbsp;&nbsp; 7445 | &nbsp;&nbsp; — |
| BOA | CZK | &nbsp;&nbsp; 36371295 | USD | &nbsp;&nbsp; (1744812)<br>| 1/15/26 | &nbsp;&nbsp; 24879 | &nbsp;&nbsp; — |
| BOA | EUR | &nbsp;&nbsp; 893000 | USD | &nbsp;&nbsp; (1044988)<br>| 1/15/26 | &nbsp;&nbsp; 5229 | &nbsp;&nbsp; — |
| BOA | HUF | &nbsp;&nbsp; (79185329)<br>| USD | &nbsp;&nbsp; 237446 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4427)<br>|
| BOA | MXN | &nbsp;&nbsp; 50649581 | USD | &nbsp;&nbsp; (2748665)<br>| 1/15/26 | &nbsp;&nbsp; 59935 | &nbsp;&nbsp; — |
| BOA | PHP | &nbsp;&nbsp; (61951913)<br>| USD | &nbsp;&nbsp; 1045567 | 1/26/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3236)<br>|
| BOA | ZAR | &nbsp;&nbsp; (4295148)<br>| USD | &nbsp;&nbsp; 246000 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13101)<br>|
| BRC | AUD | &nbsp;&nbsp; (384000)<br>| USD | &nbsp;&nbsp; 254786 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1502)<br>|
| BRC | BRL | &nbsp;&nbsp; 12408470 | USD | &nbsp;&nbsp; (2291068)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29578)<br>|
| BRC | BRL | &nbsp;&nbsp; (12785995)<br>| USD | &nbsp;&nbsp; 2360773 | 1/5/26 | &nbsp;&nbsp; 30478 | &nbsp;&nbsp; — |
| BRC | BRL | &nbsp;&nbsp; 12785995 | USD | &nbsp;&nbsp; (2323712)<br>| 1/5/26 | &nbsp;&nbsp; 6582 | &nbsp;&nbsp; — |
| BRC | BRL | &nbsp;&nbsp; (12408470)<br>| USD | &nbsp;&nbsp; 2255101 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6388)<br>|
| BRC | CHF | &nbsp;&nbsp; (201657)<br>| USD | &nbsp;&nbsp; 254000 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1008)<br>|
| BRC | CHF | &nbsp;&nbsp; 794 | USD | &nbsp;&nbsp; (1000)<br>| 1/15/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; (89500)<br>| USD | &nbsp;&nbsp; 105616 | 1/15/26 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — |
| BRC | HUF | &nbsp;&nbsp; (110325600)<br>| USD | &nbsp;&nbsp; 336000 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (992)<br>|
| BRC | INR | &nbsp;&nbsp; (28225098)<br>| USD | &nbsp;&nbsp; 311738 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (41)<br>|
| BRC | JPY | &nbsp;&nbsp; (65360551)<br>| USD | &nbsp;&nbsp; 420000 | 1/15/26 | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; — |
| BRC | MYR | &nbsp;&nbsp; 12256382 | USD | &nbsp;&nbsp; (2956836)<br>| 1/15/26 | &nbsp;&nbsp; 66996 | &nbsp;&nbsp; — |
| BRC | MYR | &nbsp;&nbsp; (1176928)<br>| USD | &nbsp;&nbsp; 283905 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6648)<br>|
| BRC | PLN | &nbsp;&nbsp; 2714701 | USD | &nbsp;&nbsp; (757000)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (883)<br>|
| BRC | TRY | &nbsp;&nbsp; 25892509 | USD | &nbsp;&nbsp; (590466)<br>| 1/26/26 | &nbsp;&nbsp; 509 | &nbsp;&nbsp; — |
| BRC | ZAR | &nbsp;&nbsp; 4323150 | USD | &nbsp;&nbsp; (253000)<br>| 1/15/26 | &nbsp;&nbsp; 7790 | &nbsp;&nbsp; — |
| CBK | ARS | &nbsp;&nbsp; 193744034 | USD | &nbsp;&nbsp; (131441)<br>| 1/26/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2748)<br>|
| CBK | ARS | &nbsp;&nbsp; (171600000)<br>| USD | &nbsp;&nbsp; 110000 | 1/26/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3984)<br>|
| CBK | AUD | &nbsp;&nbsp; (78089)<br>| USD | &nbsp;&nbsp; 50668 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1450)<br>|
| CBK | BRL | &nbsp;&nbsp; 32734035 | USD | &nbsp;&nbsp; (5900707)<br>| 1/5/26 | &nbsp;&nbsp; 65192 | &nbsp;&nbsp; — |
| CBK | BRL | &nbsp;&nbsp; (32734035)<br>| USD | &nbsp;&nbsp; 5912027 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (53872)<br>|
| CBK | BRL | &nbsp;&nbsp; (18537358)<br>| USD | &nbsp;&nbsp; 3296292 | 2/3/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (57526)<br>|
| CBK | BRL | &nbsp;&nbsp; 14301452 | USD | &nbsp;&nbsp; (2543068)<br>| 2/3/26 | &nbsp;&nbsp; 44381 | &nbsp;&nbsp; — |
| CBK | CAD | &nbsp;&nbsp; 53116836 | USD | &nbsp;&nbsp; (38572470)<br>| 3/18/26 | &nbsp;&nbsp; 257103 | &nbsp;&nbsp; — |
| CBK | COP | &nbsp;&nbsp; (8735934092)<br>| USD | &nbsp;&nbsp; 2329893 | 1/27/26 | &nbsp;&nbsp; 52346 | &nbsp;&nbsp; — |
| CBK | COP | &nbsp;&nbsp; 651880000 | USD | &nbsp;&nbsp; (172000)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2346)<br>|
| CBK | DKK | &nbsp;&nbsp; 52490575 | USD | &nbsp;&nbsp; (8236844)<br>| 3/18/26 | &nbsp;&nbsp; 59952 | &nbsp;&nbsp; — |
| CBK | EGP | &nbsp;&nbsp; (5521587)<br>| USD | &nbsp;&nbsp; 110014 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5547)<br>|
| CBK | EGP | &nbsp;&nbsp; 11043174 | USD | &nbsp;&nbsp; (231266)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (144)<br>|
| CBK | EGP | &nbsp;&nbsp; (5521587)<br>| USD | &nbsp;&nbsp; 115606 | 1/5/26 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; — |
| CBK | EGP | &nbsp;&nbsp; 11617134 | USD | &nbsp;&nbsp; (239798)<br>| 1/20/26 | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; — |
| CBK | EGP | &nbsp;&nbsp; (5521587)<br>| USD | &nbsp;&nbsp; 112250 | 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (126)<br>|
| CBK | GBP | &nbsp;&nbsp; 4945806 | USD | &nbsp;&nbsp; (6596884)<br>| 3/18/26 | &nbsp;&nbsp; 68423 | &nbsp;&nbsp; — |
| CBK | IDR | &nbsp;&nbsp; 44574101355 | USD | &nbsp;&nbsp; (2659551)<br>| 1/15/26 | &nbsp;&nbsp; 9925 | &nbsp;&nbsp; — |
| CBK | IDR | &nbsp;&nbsp; (31351883702)<br>| USD | &nbsp;&nbsp; 1870816 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6010)<br>|
| CBK | INR | &nbsp;&nbsp; 268641933 | USD | &nbsp;&nbsp; (3026781)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (42467)<br>|
| CBK | MXN | &nbsp;&nbsp; 4582842 | USD | &nbsp;&nbsp; (253000)<br>| 1/15/26 | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; — |
| CBK | PEN | &nbsp;&nbsp; (2292711)<br>| USD | &nbsp;&nbsp; 679000 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2690)<br>|
| CBK | PEN | &nbsp;&nbsp; 1144964 | USD | &nbsp;&nbsp; (339500)<br>| 1/15/26 | &nbsp;&nbsp; 931 | &nbsp;&nbsp; — |
| CBK | PEN | &nbsp;&nbsp; (520727)<br>| USD | &nbsp;&nbsp; 154702 | 1/26/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (64)<br>|
| CBK | PHP | &nbsp;&nbsp; (6261826)<br>| USD | &nbsp;&nbsp; 105667 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (493)<br>|
| CBK | THB | &nbsp;&nbsp; 8047930 | USD | &nbsp;&nbsp; (253000)<br>| 1/15/26 | &nbsp;&nbsp; 2693 | &nbsp;&nbsp; — |

---

LVIP BlackRock Global Allocation Fund-44

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| CBK | ZAR | &nbsp;&nbsp; (5778245)<br>| USD | &nbsp;&nbsp; 338000 | 1/15/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10568)<br>|
| CIBC | AUD | &nbsp;&nbsp; 9635400 | USD | &nbsp;&nbsp; (6404095)<br>| 3/18/26 | &nbsp;&nbsp; 26438 | &nbsp;&nbsp; — |
| CIBC | CNH | &nbsp;&nbsp; 16833090 | USD | &nbsp;&nbsp; (2374462)<br>| 1/15/26 | &nbsp;&nbsp; 40927 | &nbsp;&nbsp; — |
| CIBC | EUR | &nbsp;&nbsp; 137108 | USD | &nbsp;&nbsp; (160541)<br>| 1/16/26 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; — |
| CIBC | GBP | &nbsp;&nbsp; 20670002 | USD | &nbsp;&nbsp; (27553646)<br>| 3/18/26 | &nbsp;&nbsp; 302664 | &nbsp;&nbsp; — |
| CIBC | HUF | &nbsp;&nbsp; 328375843 | USD | &nbsp;&nbsp; (990634)<br>| 1/15/26 | &nbsp;&nbsp; 12397 | &nbsp;&nbsp; — |
| CIBC | JPY | &nbsp;&nbsp; 26132164 | USD | &nbsp;&nbsp; (168000)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (940)<br>|
| DB | BRL | &nbsp;&nbsp; (5751363)<br>| USD | &nbsp;&nbsp; 1076954 | 1/5/26 | &nbsp;&nbsp; 28746 | &nbsp;&nbsp; — |
| DB | BRL | &nbsp;&nbsp; 5751363 | USD | &nbsp;&nbsp; (1045246)<br>| 1/5/26 | &nbsp;&nbsp; 2961 | &nbsp;&nbsp; — |
| DB | BRL | &nbsp;&nbsp; (6443000)<br>| USD | &nbsp;&nbsp; 1152656 | 4/2/26 | &nbsp;&nbsp; 2774 | &nbsp;&nbsp; — |
| DB | CZK | &nbsp;&nbsp; (14981560)<br>| USD | &nbsp;&nbsp; 718498 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10598)<br>|
| DB | EUR | &nbsp;&nbsp; (46250811)<br>| USD | &nbsp;&nbsp; 54084936 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (469068)<br>|
| DB | EUR | &nbsp;&nbsp; (4402448)<br>| USD | &nbsp;&nbsp; 5215868 | 3/18/26 | &nbsp;&nbsp; 23069 | &nbsp;&nbsp; — |
| DB | GBP | &nbsp;&nbsp; (21196412)<br>| USD | &nbsp;&nbsp; 28257405 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (308332)<br>|
| DB | JPY | &nbsp;&nbsp; 2267079900 | USD | &nbsp;&nbsp; (14538621)<br>| 3/18/26 | &nbsp;&nbsp; 32618 | &nbsp;&nbsp; — |
| DB | JPY | &nbsp;&nbsp; 16380101709 | USD | &nbsp;&nbsp; (106152337)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (872247)<br>|
| DB | NOK | &nbsp;&nbsp; (87192057)<br>| USD | &nbsp;&nbsp; 8596159 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (51294)<br>|
| DB | PLN | &nbsp;&nbsp; 5694509 | USD | &nbsp;&nbsp; (1571676)<br>| 1/26/26 | &nbsp;&nbsp; 14258 | &nbsp;&nbsp; — |
| DB | ZAR | &nbsp;&nbsp; 127241243 | USD | &nbsp;&nbsp; (7494411)<br>| 3/18/26 | &nbsp;&nbsp; 146558 | &nbsp;&nbsp; — |
| GSI | BRL | &nbsp;&nbsp; 42764637 | USD | &nbsp;&nbsp; (7813818)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (152555)<br>|
| GSI | CLP | &nbsp;&nbsp; 537459080 | USD | &nbsp;&nbsp; (578000)<br>| 1/15/26 | &nbsp;&nbsp; 19059 | &nbsp;&nbsp; — |
| GSI | EUR | &nbsp;&nbsp; (6517410)<br>| USD | &nbsp;&nbsp; 7813818 | 3/18/26 | &nbsp;&nbsp; 126368 | &nbsp;&nbsp; — |
| GSI | HUF | &nbsp;&nbsp; 770101997 | USD | &nbsp;&nbsp; (2325918)<br>| 3/18/26 | &nbsp;&nbsp; 16568 | &nbsp;&nbsp; — |
| GSI | KRW | &nbsp;&nbsp; 463571420 | USD | &nbsp;&nbsp; (317000)<br>| 1/15/26 | &nbsp;&nbsp; 4207 | &nbsp;&nbsp; — |
| GSI | MXN | &nbsp;&nbsp; 10875284 | USD | &nbsp;&nbsp; (602089)<br>| 1/26/26 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; — |
| GSI | MXN | &nbsp;&nbsp; (88889555)<br>| USD | &nbsp;&nbsp; 4790041 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (132987)<br>|
| GSI | PEN | &nbsp;&nbsp; 1509436 | USD | &nbsp;&nbsp; (447028)<br>| 1/26/26 | &nbsp;&nbsp; 1593 | &nbsp;&nbsp; — |
| GSI | PLN | &nbsp;&nbsp; (16880658)<br>| USD | &nbsp;&nbsp; 4614236 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (87028)<br>|
| GSI | PLN | &nbsp;&nbsp; 13207782 | USD | &nbsp;&nbsp; (3637087)<br>| 3/18/26 | &nbsp;&nbsp; 40434 | &nbsp;&nbsp; — |
| GSI | SGD | &nbsp;&nbsp; 5198914 | USD | &nbsp;&nbsp; (4041203)<br>| 3/18/26 | &nbsp;&nbsp; 24106 | &nbsp;&nbsp; — |
| GSI | UYU | &nbsp;&nbsp; (6280192)<br>| USD | &nbsp;&nbsp; 156633 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3781)<br>|
| HSBC | CAD | &nbsp;&nbsp; 4835600 | USD | &nbsp;&nbsp; (3511107)<br>| 3/18/26 | &nbsp;&nbsp; 23822 | &nbsp;&nbsp; — |
| HSBC | CNH | &nbsp;&nbsp; (4820496)<br>| USD | &nbsp;&nbsp; 680443 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11781)<br>|
| HSBC | COP | &nbsp;&nbsp; 4329015167 | USD | &nbsp;&nbsp; (1153020)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16408)<br>|
| HSBC | EUR | &nbsp;&nbsp; 142191 | USD | &nbsp;&nbsp; (165045)<br>| 1/16/26 | &nbsp;&nbsp; 2188 | &nbsp;&nbsp; — |
| HSBC | HUF | &nbsp;&nbsp; 82720880 | USD | &nbsp;&nbsp; (253000)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (327)<br>|
| HSBC | PLN | &nbsp;&nbsp; 5358617 | USD | &nbsp;&nbsp; (1466085)<br>| 1/15/26 | &nbsp;&nbsp; 26433 | &nbsp;&nbsp; — |
| HSBC | SGD | &nbsp;&nbsp; (413187)<br>| USD | &nbsp;&nbsp; 318000 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3781)<br>|
| HSBC | THB | &nbsp;&nbsp; (13404090)<br>| USD | &nbsp;&nbsp; 426000 | 1/15/26 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; — |
| JPM | ARS | &nbsp;&nbsp; 131864351 | USD | &nbsp;&nbsp; (88559)<br>| 1/26/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (969)<br>|
| JPM | AUD | &nbsp;&nbsp; (2865071)<br>| USD | &nbsp;&nbsp; 1879819 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (32290)<br>|
| JPM | BRL | &nbsp;&nbsp; (4295000)<br>| USD | &nbsp;&nbsp; 773428 | 4/2/26 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; — |
| JPM | CHF | &nbsp;&nbsp; 1530000 | USD | &nbsp;&nbsp; (1912142)<br>| 3/18/26 | &nbsp;&nbsp; 35588 | &nbsp;&nbsp; — |
| JPM | EUR | &nbsp;&nbsp; 64373 | USD | &nbsp;&nbsp; (75230)<br>| 1/16/26 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; — |
| JPM | EUR | &nbsp;&nbsp; (961316)<br>| USD | &nbsp;&nbsp; 1125604 | 1/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5010)<br>|
| JPM | EUR | &nbsp;&nbsp; (6493449)<br>| USD | &nbsp;&nbsp; 7694864 | 3/18/26 | &nbsp;&nbsp; 35676 | &nbsp;&nbsp; — |
| JPM | EUR | &nbsp;&nbsp; (8840821)<br>| USD | &nbsp;&nbsp; 10352610 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (75362)<br>|
| JPM | EUR | &nbsp;&nbsp; 4710793 | USD | &nbsp;&nbsp; (5552436)<br>| 3/18/26 | &nbsp;&nbsp; 4063 | &nbsp;&nbsp; — |
| JPM | GBP | &nbsp;&nbsp; 3440948 | USD | &nbsp;&nbsp; (4606053)<br>| 3/18/26 | &nbsp;&nbsp; 31203 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; 892220071 | USD | &nbsp;&nbsp; (5714235)<br>| 3/18/26 | &nbsp;&nbsp; 20344 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; (602178480)<br>| USD | &nbsp;&nbsp; 3866958 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3434)<br>|
| JPM | MXN | &nbsp;&nbsp; 139769512 | USD | &nbsp;&nbsp; (7694864)<br>| 3/18/26 | &nbsp;&nbsp; 7141 | &nbsp;&nbsp; — |
| JPM | THB | &nbsp;&nbsp; (78439730)<br>| USD | &nbsp;&nbsp; 2424047 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (69983)<br>|
| MSC | AUD | &nbsp;&nbsp; 78089 | USD | &nbsp;&nbsp; (51287)<br>| 1/15/26 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; — |
| MSC | BRL | &nbsp;&nbsp; 1802310 | USD | &nbsp;&nbsp; (337000)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8522)<br>|
| MSC | BRL | &nbsp;&nbsp; (1841762)<br>| USD | &nbsp;&nbsp; 338000 | 1/5/26 | &nbsp;&nbsp; 2332 | &nbsp;&nbsp; — |
| MSC | BRL | &nbsp;&nbsp; 1841762 | USD | &nbsp;&nbsp; (334720)<br>| 1/5/26 | &nbsp;&nbsp; 948 | &nbsp;&nbsp; — |
| MSC | BRL | &nbsp;&nbsp; (1802310)<br>| USD | &nbsp;&nbsp; 327550 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (928)<br>|
| MSC | CAD | &nbsp;&nbsp; (5011316)<br>| USD | &nbsp;&nbsp; 3638971 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (24410)<br>|
| MSC | CHF | &nbsp;&nbsp; (155185)<br>| USD | &nbsp;&nbsp; 194000 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2241)<br>|
| MSC | CHF | &nbsp;&nbsp; 201511 | USD | &nbsp;&nbsp; (253000)<br>| 1/15/26 | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; — |

---

LVIP BlackRock Global Allocation Fund-45

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| MSC | CHF | &nbsp;&nbsp; (20348045)<br>| USD | &nbsp;&nbsp; 25697160 | 3/18/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(206421)<br>|
| MSC | EUR | &nbsp;&nbsp; (528969)<br>| USD | &nbsp;&nbsp; 613602 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8495)<br>|
| MSC | EUR | &nbsp;&nbsp; 9475938 | USD | &nbsp;&nbsp; (11081167)<br>| 3/18/26 | &nbsp;&nbsp; 95942 | &nbsp;&nbsp; — |
| MSC | GBP | &nbsp;&nbsp; (2376200)<br>| USD | &nbsp;&nbsp; 3187904 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14426)<br>|
| MSC | HUF | &nbsp;&nbsp; (144613342)<br>| USD | &nbsp;&nbsp; 436167 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5180)<br>|
| MSC | JPY | &nbsp;&nbsp; 39319418 | USD | &nbsp;&nbsp; (252000)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (635)<br>|
| MSC | JPY | &nbsp;&nbsp; (254795303)<br>| USD | &nbsp;&nbsp; 1660438 | 3/18/26 | &nbsp;&nbsp; 22788 | &nbsp;&nbsp; — |
| MSC | MXN | &nbsp;&nbsp; (38824000)<br>| USD | &nbsp;&nbsp; 2108500 | 1/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (43253)<br>|
| MSC | MXN | &nbsp;&nbsp; (19584131)<br>| USD | &nbsp;&nbsp; 1065573 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13611)<br>|
| MSC | MXN | &nbsp;&nbsp; 38824000 | USD | &nbsp;&nbsp; (2061751)<br>| 8/18/26 | &nbsp;&nbsp; 42951 | &nbsp;&nbsp; — |
| MSC | MYR | &nbsp;&nbsp; 2572751 | USD | &nbsp;&nbsp; (626903)<br>| 1/27/26 | &nbsp;&nbsp; 8243 | &nbsp;&nbsp; — |
| MSC | MYR | &nbsp;&nbsp; (1395823)<br>| USD | &nbsp;&nbsp; 339204 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5388)<br>|
| MSC | NGN | &nbsp;&nbsp; 207993603 | USD | &nbsp;&nbsp; (140047)<br>| 1/30/26 | &nbsp;&nbsp; 3876 | &nbsp;&nbsp; — |
| MSC | NOK | &nbsp;&nbsp; 107518081 | USD | &nbsp;&nbsp; (10656169)<br>| 3/18/26 | &nbsp;&nbsp; 7160 | &nbsp;&nbsp; — |
| MSC | PLN | &nbsp;&nbsp; 1207405 | USD | &nbsp;&nbsp; (331000)<br>| 1/15/26 | &nbsp;&nbsp; 5295 | &nbsp;&nbsp; — |
| MSC | TWD | &nbsp;&nbsp; 283700111 | USD | &nbsp;&nbsp; (9142091)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (123857)<br>|
| RBC | AUD | &nbsp;&nbsp; 41107126 | USD | &nbsp;&nbsp; (27324902)<br>| 3/18/26 | &nbsp;&nbsp; 109428 | &nbsp;&nbsp; — |
| SCB | HKD | &nbsp;&nbsp; 48431945 | USD | &nbsp;&nbsp; (6241069)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2656)<br>|
| SCB | HKD | &nbsp;&nbsp; (146635780)<br>| USD | &nbsp;&nbsp; 18895876 | 3/18/26 | &nbsp;&nbsp; 8040 | &nbsp;&nbsp; — |
| SCB | THB | &nbsp;&nbsp; 95377208 | USD | &nbsp;&nbsp; (2948291)<br>| 1/15/26 | &nbsp;&nbsp; 81962 | &nbsp;&nbsp; — |
| SCB | ZAR | &nbsp;&nbsp; (78816364)<br>| USD | &nbsp;&nbsp; 4538903 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (211221)<br>|
| SGN | CNH | &nbsp;&nbsp; 241534555 | USD | &nbsp;&nbsp; (34405897)<br>| 3/18/26 | &nbsp;&nbsp; 380662 | &nbsp;&nbsp; — |
| SGN | COP | &nbsp;&nbsp; (983158000)<br>| USD | &nbsp;&nbsp; 253000 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5135)<br>|
| SGN | JPY | &nbsp;&nbsp; 721569990 | USD | &nbsp;&nbsp; (4690735)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (52977)<br>|
| SGN | KRW | &nbsp;&nbsp; 15459599563 | USD | &nbsp;&nbsp; (10598349)<br>| 3/18/26 | &nbsp;&nbsp; 138155 | &nbsp;&nbsp; — |
| SGN | PHP | &nbsp;&nbsp; 18726078 | USD | &nbsp;&nbsp; (317000)<br>| 1/15/26 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; — |
| SGN | PHP | &nbsp;&nbsp; (126925550)<br>| USD | &nbsp;&nbsp; 2147348 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1132)<br>|
| UBS | CHF | &nbsp;&nbsp; 154734 | USD | &nbsp;&nbsp; (194000)<br>| 1/15/26 | &nbsp;&nbsp; 1671 | &nbsp;&nbsp; — |
| UBS | CHF | &nbsp;&nbsp; 39506764 | USD | &nbsp;&nbsp; (49728901)<br>| 3/18/26 | &nbsp;&nbsp; 564220 | &nbsp;&nbsp; — |
| UBS | CLP | &nbsp;&nbsp; 309284000 | USD | &nbsp;&nbsp; (334000)<br>| 1/15/26 | &nbsp;&nbsp; 9581 | &nbsp;&nbsp; — |
| UBS | CNH | &nbsp;&nbsp; 19804700 | USD | &nbsp;&nbsp; (2818228)<br>| 3/18/26 | &nbsp;&nbsp; 34106 | &nbsp;&nbsp; — |
| UBS | DKK | &nbsp;&nbsp; 6836976 | USD | &nbsp;&nbsp; (1072882)<br>| 3/18/26 | &nbsp;&nbsp; 7788 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (271360)<br>| USD | &nbsp;&nbsp; 317136 | 1/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2013)<br>|
| UBS | EUR | &nbsp;&nbsp; 55204036 | USD | &nbsp;&nbsp; (64643811)<br>| 3/18/26 | &nbsp;&nbsp; 470749 | &nbsp;&nbsp; — |
| UBS | JPY | &nbsp;&nbsp; 1498129242 | USD | &nbsp;&nbsp; (9650298)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21348)<br>|
| UBS | PEN | &nbsp;&nbsp; (2729214)<br>| USD | &nbsp;&nbsp; 805981 | 1/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5142)<br>|
| UBS | TRY | &nbsp;&nbsp; 81707035 | USD | &nbsp;&nbsp; (1780470)<br>| 3/18/26 | &nbsp;&nbsp; 14593 | &nbsp;&nbsp; — |
| UBS | ZAR | &nbsp;&nbsp; 36801552 | USD | &nbsp;&nbsp; (2134198)<br>| 1/15/26 | &nbsp;&nbsp; 85823 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $4029080 | &nbsp;&nbsp; $(3332937)<br>|

---

LVIP BlackRock Global Allocation Fund-46

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| (546) | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $(61390875)<br>| &nbsp;&nbsp; $(61622297)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $231422 | &nbsp;&nbsp; $— |
| 264 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 55120312 | &nbsp;&nbsp; 55117195 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 3117 | &nbsp;&nbsp; — |
| 311 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 33993758 | &nbsp;&nbsp; 34092959 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (99201)<br>|
| 102 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 11790563 | &nbsp;&nbsp; 11867387 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (76824)<br>|
| 168 | Eurex 10 Year Euro BUND Futures | &nbsp;&nbsp; 25186604 | &nbsp;&nbsp; 25374986 | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (188382)<br>|
| 51 | Eurex 2 Year Euro SCHATZ Futures | &nbsp;&nbsp; 6400480 | &nbsp;&nbsp; 6408929 | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8449)<br>|
| (8) | Eurex 30 Year Euro BUXL Futures | &nbsp;&nbsp; (1035304)<br>| &nbsp;&nbsp; (1051936)<br>| &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; 16632 | &nbsp;&nbsp; — |
| 438 | Eurex 5 Year Euro BOBL Futures | &nbsp;&nbsp; 59791919 | &nbsp;&nbsp; 60063314 | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (271395)<br>|
| 67 | Euro-BTP Italian Bond Futures | &nbsp;&nbsp; 9462781 | &nbsp;&nbsp; 9490804 | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (28023)<br>|
| 74 | French Government Bond Futures | &nbsp;&nbsp; 10487085 | &nbsp;&nbsp; 10531086 | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (44001)<br>|
| 70 | Long Gilt Futures | &nbsp;&nbsp; 8621357 | &nbsp;&nbsp; 8578475 | &nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp; 42882 | &nbsp;&nbsp; — |
| 53 | SFE 10 Year Australian Bond Futures | &nbsp;&nbsp; 3872402 | &nbsp;&nbsp; 3876298 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3896)<br>|
| 297 | SFE 3 Year Australian Bond Futures | &nbsp;&nbsp; 20810431 | &nbsp;&nbsp; 20820310 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9879)<br>|
| 45 | Three-Month SOFR Futures | &nbsp;&nbsp; 10835156 | &nbsp;&nbsp; 10817937 | &nbsp;&nbsp; 3/17/26 | &nbsp;&nbsp; 17219 | &nbsp;&nbsp; — |
| 8 | Three-Month SOFR Futures | &nbsp;&nbsp; 1933800 | &nbsp;&nbsp; 1932711 | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; — |
| 17 | TSE Japanese 10 Year Bond Futures | &nbsp;&nbsp; 14370340 | &nbsp;&nbsp; 14497613 | &nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (127273)<br>|
| (1620) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (186325313)<br>| &nbsp;&nbsp; (186747910)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 422597 | &nbsp;&nbsp; — |
| 547 | Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp; 64546000 | &nbsp;&nbsp; 65597612 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1051612)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 734958 | &nbsp;&nbsp; (1908935)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| (4) | CBOE Volatility Index Futures | &nbsp;&nbsp; (74136)<br>| &nbsp;&nbsp; (73478)<br>| &nbsp;&nbsp; 2/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (658)<br>|
| 1 | CBOE Volatility Index Futures | &nbsp;&nbsp; 19738 | &nbsp;&nbsp; 22303 | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2565)<br>|
| 3 | CBOE Volatility Index Futures | &nbsp;&nbsp; 63075 | &nbsp;&nbsp; 65899 | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2824)<br>|
| (207) | CME E-mini NASDAQ 100 Index Futures | &nbsp;&nbsp; (105390945)<br>| &nbsp;&nbsp; (104905821)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (485124)<br>|
| 101 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 12614900 | &nbsp;&nbsp; 12898375 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (283475)<br>|
| 183 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 63066375 | &nbsp;&nbsp; 63042505 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 23870 | &nbsp;&nbsp; — |
| 119 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 8168568 | &nbsp;&nbsp; 8080592 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 87976 | &nbsp;&nbsp; — |
| 432 | Eurex EURO STOXX Banks Index Futures | &nbsp;&nbsp; 6754767 | &nbsp;&nbsp; 6597039 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 157728 | &nbsp;&nbsp; — |
| (17) | FTSE 100 Index Futures | &nbsp;&nbsp; (2277996)<br>| &nbsp;&nbsp; (2238662)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (39334)<br>|
| 95 | IFSC NIFTY 50 Index Futures | &nbsp;&nbsp; 4992345 | &nbsp;&nbsp; 4990357 | &nbsp;&nbsp; 1/27/26 | &nbsp;&nbsp; 1988 | &nbsp;&nbsp; — |
| 98 | KFE KOSPI 200 Index Futures | &nbsp;&nbsp; 10340495 | &nbsp;&nbsp; 9923389 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 417106 | &nbsp;&nbsp; — |
| 4 | Montreal Exchange S&P/TSX 60 Index Futures | &nbsp;&nbsp; 1085221 | &nbsp;&nbsp; 1078218 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 7003 | &nbsp;&nbsp; — |
| 115 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 37002043 | &nbsp;&nbsp; 37198405 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (196362)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 695671 | &nbsp;&nbsp; (1010342)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $1430629 | &nbsp;&nbsp; $(2919277)<br>|

---

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** |  |  |  |  |  |  |  |
| **Protection Purchased** |  |  |  |  |  |  |  |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings USA, <br> Inc. 5.25 - 08/15/2027- Quar-<br> terly<br>| EUR 116,097 | (5.00%) | 12/20/29 | $(80290) | $(1643) | $— | $(78647) |
| Ardagh Packaging Finance <br> PLC/Ardagh Holdings USA, <br> Inc. 5.25 - 08/15/2027- Quar-<br> terly<br>| EUR 16,615 | (5.00%) | 6/20/30 | (11490) | (236) |  | (11254) |
| AVIS Budget Group 4.75 - <br> 04/01/2028- Quarterly<br>| 431000 | (5.00%) | 12/20/26 | (17564) | (12033) |  | (5531) |

---

LVIP BlackRock Global Allocation Fund-47

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Purchased**<br> **(continued)** |  |  |  |  |  |  |  |
| CDX.NA.HY.44 - Quarterly<sup>4</sup> <br>| 5633000 | (5.00%) | 6/20/30 | $(454389) | $(367386) | $— | $(87003) |
| CDX.NA.IG.44 - Quarterly<sup>5</sup> <br>| 3022981 | (1.00%) | 6/20/30 | (68637) | (61490) |  | (7147) |
|  |  |  |  |  | (442788) |  | (189582) |
| **Protection Sold** |  |  |  |  |  |  |  |
| CDX.NA.HY.39- Quarterly<sup>4</sup> <br>| 1954835 | (5.00%) | 12/20/27 | 116021 | (11626) | 127647 |  |
| CDX.NA.HY.41- Quarterly<sup>4</sup> <br>| 3773088 | (5.00%) | 12/20/28 | 286250 | 84510 | 201740 |  |
| CDX.NA.HY.45 - Quarterly<sup>4</sup> <br>| 1759000 | (5.00%) | 12/20/30 | (136483) | (115994) |  | (20489) |
| CDX.NA.IG.39- Quarterly<sup>5</sup> <br>| 1578595 | (1.00%) | 12/20/27 | 24153 | 966 | 23187 |  |
| CDX.NA.IG.45 - Quarterly<sup>5</sup> <br>| 6339387 | (1.00%) | 12/20/30 | (145308) | (143418) |  | (1890) |
| ITRAXX Europe.42- Quar-<br> terly<sup>6</sup> <br>| EUR 8,354,706 | (5.00%) | 12/20/29 | 1012773 | 586181 | 426592 |  |
| ITRAXX Europe.42- Quar-<br> terly<sup>6</sup> <br>| EUR 1,212,240 | (5.00%) | 6/20/30 | 163760 | 125505 | 38255 |  |
|  |  |  |  |  | 526124 | 817421 | (22379) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** |  |  |  |  |  |  |  |
| **Protection Purchased** |  |  |  |  |  |  |  |
| JPM Altice France SA 4.75 - <br> 10/15/2030 - Quarterly<br>| EUR 476,000 | (5.00%) | 6/20/27 | $17683 | $11629 | $6054 | $— |
| DB Boeing Co. 2.60 - <br> 10/30/2025 - Quarterly<br>| 900000 | (1.00%) | 12/20/28 | (14079) | (2617) |  | (11462) |
| JPM Boeing Co. 2.60 - <br> 10/30/2025 - Quarterly<br>| 900000 | (1.00%) | 6/20/29 | (14992) | 7494 |  | (22486) |
| BNP BorgWarner, Inc. 3.38 - <br> 03/15/2025 - Quarterly<br>| 45000 | (1.00%) | 12/20/27 | (704) | 246 |  | (950) |
| GS Community Health Sys-<br> tems, Inc. 6.88 - 04/01/2028 - <br> Quarterly<br>| 30000 | (5.00%) | 6/20/26 | (632) | 504 |  | (1136) |
| GS Community Health Sys-<br> tems, Inc. 6.88 - 04/01/2028 - <br> Quarterly<br>| 65000 | (5.00%) | 6/20/26 | (1370) | 1415 |  | (2785) |
| JPM Credit Suisse Group 5.00 <br> - 07/29/2019 - Quarterly<br>| EUR 840,000 | (1.00%) | 6/20/28 | (18060) | 14063 |  | (32123) |
| BNP Deutsche Bank AG 1.75 <br> - 11/19/2030 - Quarterly<br>| EUR 457,382 | (1.00%) | 12/20/29 | (8953) | (2321) |  | (6632) |
| JPM DXC Technology Co. 1.80 <br> - 09/15/2026 - Quarterly<br>| 85000 | (5.00%) | 6/20/29 | (11357) | (6608) |  | (4749) |
| JPM Eutelsat SA 2.25 - <br> 07/13/2027 - Quarterly<br>| EUR 238,907 | (5.00%) | 12/20/30 | 51521 | 32128 | 19393 |  |
| JPM Forvia SE 2.38 - <br> 06/15/2026 - Quarterly<br>| EUR 113,000 | (5.00%) | 12/20/30 | 15426 | 10835 | 4591 |  |
| BNP Intesa Sanpaolo SpA <br> 0.01 - 03/03/2017 - Quarterly<br>| EUR 470,111 | (1.00%) | 6/20/30 | (16052) | (8933) |  | (7119) |
| JPM Intesa Sanpaolo SpA <br> 3.92 - 02/24/2026 - Quarterly<br>| EUR 435,236 | (1.00%) | 12/20/29 | (6819) |  |  | (6819) |

---

LVIP BlackRock Global Allocation Fund-48

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Purchased**<br> **(continued)** |  |  |  |  |  |  |  |
| DB Occidental Petroleum <br> Corp. 5.55 - 03/15/2026 - <br> Quarterly<br>| 160000 | (1.00%) | 6/20/30 | $(1332) | $(380) | $— | $(952) |
| JPM Panama Government <br> International Bonds 8.88 <br> 09/30/2027 - Quarterly<br>| 65000 | (1.00%) | 12/20/30 | 696 | 1285 |  | (589) |
| BRC Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 50000 | (1.00%) | 12/20/27 | (18) | 5117 |  | (5135) |
| GS Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 55000 | (1.00%) | 12/20/27 | (19) | 5632 |  | (5651) |
| CBK Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 30000 | (1.00%) | 12/20/27 | (11) | 3231 |  | (3242) |
| CBK Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 40000 | (1.00%) | 12/20/27 | (14) | 4435 |  | (4449) |
| BOA Pitney Bowes, Inc. 4.63 - <br> 03/15/2024 - Quarterly<br>| 80000 | (1.00%) | 12/20/27 | (28) | 8414 |  | (8442) |
| JPM Simon Property <br> Group LP 2.65 - 07/15/2030 - <br> Quarterly<br>| 460000 | (1.00%) | 6/20/28 | (8188) | 5222 |  | (13410) |
| BNP Simon Property <br> Group LP 2.65 - 07/15/2030 - <br> Quarterly<br>| 125000 | (1.00%) | 6/20/30 | (2931) | (597) |  | (2334) |
| GS Southwest Airlines Co. <br> 5.13 - 06/15/2027 - Quarterly<br>| 655000 | (1.00%) | 12/20/30 | (1140) | 2879 |  | (4019) |
| GSI Telecom Italia SpA 3.00 - <br> 09/30/2025 - Quarterly<br>| EUR 205,000 | (1.00%) | 12/20/29 | (1370) | 7988 |  | (9358) |
| JPM Xerox Corp. 3.80 - <br> 05/15/2024 - Quarterly<br>| 90000 | (1.00%) | 12/20/27 | 40054 | 4149 | 35905 |  |
|  |  |  |  |  | 105210 | 65943 | (153842) |
| **Protection Sold** |  |  |  |  |  |  |  |
| JPM Ally Financial, Inc. 5.54 <br> - 01/17/2031 - Quarterly<br>| 130000 | (5.00%) | 12/20/30 | (21521) | (20146) |  | (1375) |
| GS Ally Financial, Inc. 5.54 - <br> 01/17/2031 - Quarterly<br>| 275000 | (5.00%) | 12/20/30 | (45526) | (41767) |  | (3759) |
| BOA American Airlines <br> Group, Inc. 6.50 - 07/01/2026 <br> - Quarterly<br>| 85000 | (5.00%) | 12/20/30 | (3329) | 1771 |  | (5100) |
| BNP AXA SA 1.125 - <br> 05/15/2028 - Quarterly<br>| EUR 470,111 | (1.00%) | 6/20/30 | 14971 | 8707 | 6264 |  |
| JPM DXC Technology Co. 1.80 <br> - 09/15/2026 - Quarterly<br>| 170000 | (5.00%) | 12/20/30 | (26537) | (24729) |  | (1808) |
| BNP Eutelsat SA 2.25 - <br> 07/13/2027 - Quarterly<br>| EUR 212,000 | (5.00%) | 12/20/30 | 45719 | 27230 | 18489 |  |
| BNP Hannover Rueck SE 1.13 <br> - 10/09/2039 - Quarterly<br>| EUR 228,691 | (1.00%) | 12/20/29 | 4050 | 1127 | 2923 |  |
| BNP ITRAXX.XO.42 - Quar-<br> terly<sup>7</sup> <br>| EUR 743,000 | (5.00%) | 12/20/29 | 116548 | 73877 | 42671 |  |
| BNP ITRAXX.XO.42 - Quar-<br> terly<sup>7</sup> <br>| EUR 425,000 | (5.00%) | 12/20/29 | 25533 | 25270 | 263 |  |
| BNP ITRAXX.XO.42 - Quar-<br> terly<sup>7</sup> <br>| EUR 425,000 | (5.00%) | 12/20/29 | 25533 | 26031 |  | (498) |

---

LVIP BlackRock Global Allocation Fund-49

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Sold**<br> **(continued)** |  |  |  |  |  |  |  |
| BNP Muenchener <br> Rueckversicherungs-<br> Gesellschaft AG 1.25 - <br> 05/26/2041 - Quarterly<br>| EUR 228,691 | (1.00%) | 12/20/29 | $4188 | $1170 | $3018 | $— |
| DB Southwest Airlines Co. <br> 5.13 - 06/15/2027 - Quarterly<br>| 260000 | (1.00%) | 12/20/30 | (452) | 693 |  | (1145) |
| JPM Swedbank AB 3.00 - <br> 12/05/2027 - Quarterly<br>| EUR 435,236 | (1.00%) | 12/20/29 | 5086 | (1029) | 6115 |  |
| JPM Vistra Operations Co. <br> LLC 5.50 - 09/01/2026 - <br> Quarterly<br>| 85000 | (5.00%) | 12/20/30 | 15110 | 15450 |  | (340) |
| JPM Vistra Operations Co. <br> LLC 5.50 - 09/01/2026 - <br> Quarterly<br>| 45000 | (5.00%) | 12/20/30 | 7999 | 8179 |  | (180) |
| DB Whirlpool Corp. 4.75 - <br> 02/26/2029 - Quarterly<br>| 65000 | (1.00%) | 12/20/30 | 4343 | 4260 | 83 |  |
| BRC Xerox Corp. 6.75 - <br> 12/15/2039 - Quarterly<br>| 35000 | (1.00%) | 12/20/26 | 7269 | 8553 |  | (1284) |
| DB ZF Europe Finance BV <br> 2.50 10/23/2027 - Quarterly<br>| EUR 214,000 | (5.00%) | 12/20/28 | 18478 | 15323 | 3155 |  |
|  |  |  |  |  | 129970 | 82981 | (15489) |
|  |  |  |  |  | 235180 | 148924 | (169331) |
| **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | $318516 | $966345 | $(381292) |

---

**Swap Contract**<sup>1</sup>

**Inflation Swap Contract** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** |  |  |  |  |  |  |
| Pay amounts based on Inflation <br> EU-CPI-U Index and receive <br> fixed rate coupon at maturity<br>| EUR 1,585,000 | (2.69%) | 8/15/32 | $72840 | $72840 | $— |

---

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared** |  |  |  |  |  |  |  |  |  |
| GBP 95,425,000 | 3.18 | SONIA12M | Pay | At Maturity | 2/10/28 | $(329832) | $202 | $— | $(330034) |
| EUR 3,655,837 | 0.02 | EURIBOR06M | Receive | Annual/Semiannual | 8/26/31 | 617797 | 46 | 617751 |  |
| ZAR 32,110,438 | 9.90 | JIBAR03M | Pay | Quarterly | 9/20/33 | 331382 | 23 | 331359 |  |
| ZAR 16,055,219 | 9.92 | JIBAR03M | Pay | Quarterly | 9/20/33 | 167013 | 14 | 166999 |  |
| ZAR 16,055,220 | 9.90 | JIBAR03M | Pay | Quarterly | 9/20/33 | 165750 | 14 | 165736 |  |
| 1669600 | 4.25 | SOFR12M | Receive | Annual | 9/29/43 | (24896) | 1013 |  | (25909) |
| EUR 8,364,000 | 2.34 | 1 day EUR STR | Pay | Annual | 1/19/33 | (156353) | 83 |  | (156436) |
| GBP 7,195,000 | 4.86 | SONIA12M | Pay | Annual | 6/20/28 | 347080 | (10) | 347090 |  |

---

LVIP BlackRock Global Allocation Fund-50

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |  |  |
| 5872019 | 3.65 | SOFR12M | Receive | Annual | 11/3/53 | $520113 | $175 | $519938 | $— |
| 5476382 | 3.46 | SOFR12M | Receive | Annual | 12/15/36 | 196937 | 91 | 196846 |  |
| 27046000 | 3.27 | SOFR12M | Receive | Annual | 2/5/28 | 12230 | 117 | 12113 |  |
| 26837722 | 3.45 | SOFR12M | Receive | Annual | 1/26/28 | (75634) | 116 |  | (75750) |
| JPY 3,223,089,028 | 0.28 | TONAR12M | Receive | Annual | 3/9/26 | 52185 | 11 | 52174 |  |
| ZAR 22,948,658 | 8.02 | JIBAR03M | Receive | Quarterly | 3/26/26 | (4299) |  |  | (4299) |
| ZAR 33,758,284 | 8.15 | JIBAR03M | Receive | Quarterly | 5/7/26 | (13008) |  |  | (13008) |
| ZAR 1,079,735 | 6.92 | JIBAR03M | Receive | Quarterly | 9/23/26 | (154) |  |  | (154) |
| ZAR 13,258,493 | 7.25 | JIBAR03M | Receive | Quarterly | 3/19/27 | (7501) | 3 |  | (7504) |
| 47945300 | 3.65 | SOFR12M | Receive | Annual | 11/2/54 | 4271828 | 14660 | 4257168 |  |
| PLN 5,448,860 | 5.24 | WIBOR06M | Receive | Semi-annual | 9/19/26 | (16451) | 2 |  | (16453) |
| MXN 7,001,881 | 8.97 | MTIIE01M | Receive | Monthly | 12/14/29 | (18771) | 3 |  | (18774) |
| PLN 4,544,998 | 5.14 | WIBOR06M | Receive | Semi-annual | 3/19/27 | (54666) | 2 |  | (54668) |
| PLN 2,726,998 | 5.13 | WIBOR06M | Receive | Semi-annual | 3/19/27 | (32609) | 1 |  | (32610) |
| ZAR 25,090,581 | 7.94 | JIBAR03M | Receive | Quarterly | 3/19/30 | (80407) | 11 |  | (80418) |
| ZAR 25,450,216 | 6.94 | JIBAR03M | Receive | Quarterly | 9/17/26 | (3900) | 1 |  | (3901) |
| ZAR 5,839,261 | 6.99 | JIBAR03M | Receive | Quarterly | 9/17/27 | (3567) | 1 |  | (3568) |
| ZAR 11,050,309 | 7.60 | JIBAR03M | Receive | Quarterly | 9/17/30 | (27974) | 6 |  | (27980) |
| PLN 3,202,709 | 3.97 | WIBOR06M | Receive | Semi-annual | 9/17/27 | (3356) | 3 |  | (3359) |
| PLN 2,399,768 | 4.21 | WIBOR06M | Receive | Semi-annual | 9/17/26 | (8702) | 1 |  | (8703) |
| 11231000 | 4.20 | SOFR12M | Pay | Annual | 10/23/27 | 176826 | 23 | 176803 |  |
| GBP 6,812,320 | 4.12 | SONIA12M | Pay | Annual | 11/17/28 | 149610 | 185 | 149425 |  |
| GBP 6,858,000 | 4.12 | SONIA12M | Pay | Annual | 11/21/28 | 151180 | 189 | 150991 |  |
| 26837722 | 4.00 | SOFR12M | Pay | Annual | 1/26/28 | 359685 | 60 | 359625 |  |
| EUR 17,369,716 | 3.00 | EURIBOR06M | Pay | Annual/Semiannual | 3/5/29 | 727603 |  | 727603 |  |
| JPY 327,470,000 | 1.45 | TONAR12M | Pay | Annual | 3/6/54 | (551768) | 72 |  | (551840) |
| JPY 327,470,000 | 1.45 | TONAR12M | Pay | Annual | 3/11/54 | (551459) | 73 |  | (551532) |
| 149684400 | 4.73 | SOFR12M | Pay | Annual | 4/26/27 | 3119861 | 35999 | 3083862 |  |
| 128216200 | 4.93 | SOFR12M | Pay | Annual | 4/26/26 | 1125039 | 3845 | 1121194 |  |
| 201791100 | 4.50 | SOFR12M | Pay | Annual | 4/26/29 | 7617416 | 151476 | 7465940 |  |
| 142128400 | 4.35 | SOFR12M | Pay | Annual | 4/26/34 | 6848402 | 220808 | 6627594 |  |
| 5854900 | 4.07 | SOFR12M | Pay | Annual | 4/26/54 | (111802) | 23997 |  | (135799) |
| EUR 19,803,303 | 2.90 | EURIBOR06M | Pay | Semi-annual | 4/30/29 | 721770 | 135 | 721635 |  |
| 28228500 | 4.00 | SOFR12M | Pay | Annual | 5/6/29 | 528895 | 176 | 528719 |  |
| 28181000 | 4.50 | SOFR12M | Pay | Annual | 5/8/26 | 131197 | 22 | 131175 |  |
| 33768180 | 4.15 | SOFR12M | Pay | Annual | 5/30/27 | 349873 | 75 | 349798 |  |
| 33768180 | 4.10 | SOFR12M | Pay | Annual | 5/30/27 | 316719 | 71 | 316648 |  |
| EUR 14,337,950 | 2.87 | EURIBOR06M | Pay | Semi-annual | 6/11/29 | 485527 | 103 | 485424 |  |
| 12384311 | 4.35 | SOFR12M | Pay | Annual | 7/22/26 | 60127 | 15 | 60112 |  |
| 13979605 | 3.66 | SOFR12M | Pay | Annual | 10/10/29 | 124316 | 99 | 124217 |  |
| 9414413 | 3.66 | SOFR12M | Pay | Annual | 10/10/34 | (53526) | 136 |  | (53662) |
| 43538712 | 4.00 | SOFR12M | Pay | Annual | 10/28/26 | 179422 | 81 | 179341 |  |
| GBP 5,400,000 | 4.10 | SONIA12M | Pay | Annual | 11/7/54 | (429842) | 24886 |  | (454728) |
| MXN 106,952,390 | 9.26 | MTIIE01M | Pay | Monthly | 11/18/26 | 122553 | 10 | 122543 |  |
| MXN 98,015,509 | 9.04 | MTIIE01M | Pay | Monthly | 11/14/29 | 274040 | 34 | 274006 |  |
| 15196881 | 3.67 | SOFR12M | Pay | Annual | 12/26/34 | (78674) | 225 |  | (78899) |
| GBP 14,863,600 | 4.00 | SONIA12M | Pay | Annual | 1/16/30 | 264718 | 418 | 264300 |  |
| EUR 240,559 | 2.42 | EURIBOR06M | Pay | Annual/Semiannual | 1/31/30 | 2753 | 55 | 2698 |  |
| EUR 483,280 | 2.43 | EURIBOR06M | Pay | Annual/Semiannual | 2/3/30 | 6000 | 974 | 5026 |  |
| CZK 12,648,096 | 3.46 | PRIBOR06M | Pay | Semi-Annual | 3/19/30 | 2680 | 6 | 2674 |  |
| HUF 135,981,220 | 6.50 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 3/19/27 | 14320 | 1 | 14319 |  |
| HUF 54,004,106 | 6.55 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 3/19/30 | 8320 | 2 | 8318 |  |
| CZK 5,649,630 | 3.66 | PRIBOR06M | Pay | Semi-Annual | 6/18/30 | 3475 | 569 | 2906 |  |
| CZK 3,150,321 | 3.56 | PRIBOR06M | Pay | Semi-Annual | 6/18/30 | 1219 | 2 | 1217 |  |
| HUF 319,000,000 | 5.76 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 9/17/27 | (5655) | 2 |  | (5657) |
| HUF 200,381,316 | 5.68 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 9/17/27 | (4467) | 2 |  | (4469) |
| HUF 23,784,309 | 5.96 | 6 mo. HUF BIBOR | Pay | Annual/Semiannual | 9/17/30 | (426) |  |  | (426) |
| EUR 318,791 | 2.63 | EURIBOR06M | Pay | Semi-annual | 1/31/30 | 4860 | 6216 |  | (1356) |
| PLN 1,728,225 | 4.04 | WIBOR06M | Pay | Semi-annual | 9/17/30 | 5000 | 4 | 4996 |  |
| CZK 9,446,078 | 3.41 | PRIBOR06M | Pay | Semi-annual | 9/17/30 | (8061) | 5 |  | (8066) |
| EUR 3,472,601 | 2.20 | EURIBOR06M | Pay | Semi-annual | 6/4/30 | (10561) | 35 |  | (10596) |
| CZK 13,851,000 | 3.55 | PRIBOR06M | Pay | Semi-annual | 9/17/30 | (7301) | 7 |  | (7308) |
| MXN 6,909,000 | 7.82 | MTIIE01M | Pay | Monthly | 6/7/30 | 2521 | 3 | 2518 |  |

---

LVIP BlackRock Global Allocation Fund-51

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |  |  |
| KRW 2,062,513,000 | 2.40 | 3 mo. KRW COD Rate | Pay | At Maturity | 9/17/28 | $(22971) | $13 | $— | $(22984) |
| 40431000 | 3.23 | SOFR12M | Pay | Annual | 12/11/27 | 16594 | 51 | 16543 |  |
| MXN 4,531,122 | 8.27 | MTIIE01M | Pay | Monthly | 12/5/35 | 1638 | 4 | 1634 |  |
| MXN 33,976,702 | 9.31 | MTIIE01M | Receive | Monthly | 1/9/26 | (3284) | (1) |  | (3283) |
| MXN 6,902,039 | 8.65 | MTIIE01M | Receive | Monthly | 2/7/30 | (14405) | 3 |  | (14408) |
| 973478 | 3.88 | SOFR12M | Receive | Annual | 3/20/27 | (2968) | 74 |  | (3042) |
| MXN 3,039,773 | 7.73 | MTIIE01M | Receive | Monthly | 5/6/30 | (555) | 1 |  | (556) |
| MXN 36,182,000 | 7.73 | MTIIE01M | Receive | Monthly | 6/19/26 | (7597) |  |  | (7597) |
| BRL 10,007,573 | 13.88 | BRL-CDI 1 Day | Receive | At Maturity | 1/4/27 | 803 | 8 | 795 |  |
| 12000000 | 3.70 | SOFR12M | Pay | Annual | 1/6/35 | (102270) | 179 |  | (102449) |
| 39265000 | 4.07 | SOFR12M | Pay | Annual | 1/14/27 | 187970 | 93 | 187877 |  |
| 14863600 | 4.00 | SOFR12M | Pay | Annual | 1/23/30 | 301485 | 114 | 301371 |  |
| 15688892 | 3.23 | SOFR12M | Pay | Annual | 2/19/30 | (250321) | 123 |  | (250444) |
| 12597022 | 3.90 | SOFR12M | Pay | Annual | 2/24/30 | 202049 | 99 | 201950 |  |
| MXN 52,805,678 | 8.47 | MTIIE01M | Pay | Monthly | 2/25/26 | 9489 |  | 9489 |  |
| 11860000 | 3.75 | SOFR12M | Pay | Annual | 3/27/35 | (48139) | 181 |  | (48320) |
| MXN 14,868,939 | 7.73 | MTIIE01M | Pay | Monthly | 5/11/26 | 2270 | 1 | 2269 |  |
| MXN 4,391,000 | 7.72 | MTIIE01M | Pay | Monthly | 6/24/30 | 641 | 2 | 639 |  |
| 5901374 | 3.75 | SOFR12M | Pay | Annual | 7/9/35 | (22888) | 90 |  | (22978) |
| MXN 25,841,000 | 7.69 | MTIIE01M | Pay | Monthly | 7/30/30 | 1330 | 11 | 1319 |  |
| 26455278 | 3.50 | SOFR12M | Pay | Annual | 8/20/28 | 52134 | 178 | 51956 |  |
| BRL 2,319,000 | 13.14 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (1793) | 4 |  | (1797) |
| BRL 4,724,000 | 13.01 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (6388) | 7 |  | (6395) |
| PLN 1,204,830 | 4.08 | WIBOR06M | Receive | Semi-annual | 12/17/30 | (5009) | 4 |  | (5013) |
| PLN 1,223,085 | 4.08 | WIBOR06M | Receive | Semi-annual | 12/17/30 | (5116) | 3 |  | (5119) |
| PLN 1,223,085 | 4.10 | WIBOR06M | Receive | Semi-annual | 12/17/30 | (5345) | 3 |  | (5348) |
| THB 1,284,110 | 1.35 | 1 day THB THOR | Receive | Quarterly | 9/17/35 | 869 | 896 |  | (27) |
| 295064000 | 3.79 | FEDL12M | Receive | Annual | 1/28/26 | (55754) | 164 |  | (55918) |
| 147213000 | 3.68 | FEDL12M | Receive | Annual | 1/28/26 | (6002) | 91 |  | (6093) |
| KRW 2,602,556,000 | 2.40 | 3 mo. KRW COD Rate | Pay | Quarterly | 9/17/28 | (28818) | 16 |  | (28834) |
| CNY 8,263,000 | 1.45 | 7 day CNY Repo Fixing | Pay | Quarterly | 9/17/30 | (7249) | 11 |  | (7260) |
| THB 1,284,110 | 1.38 | 1 day THB THOR | Pay | Quarterly | 9/17/35 | (774) | 1 |  | (775) |
| CZK 25,010,015 | 3.91 | PRIBOR06M | Pay | Semi-annual | 12/17/30 | 4965 | 13 | 4952 |  |
| JPY 29,450,000 | 2.58 | TONAR12M | Pay | Annual | 10/8/55 | (8839) | 7 |  | (8846) |
| CNY 10,998,000 | 1.59 | 7 day CNY Repo Fixing | Pay | Quarterly | 12/17/28 | 2723 | 14 | 2709 |  |
| KRW 1,338,400,000 | 2.91 | 3 mo. KRW COD Rate | Pay | Quarterly | 12/17/30 | (10039) | 10 |  | (10049) |
| GBP 2,686,100 | 4.45 | SONIA12M | Pay | Annual | 12/4/55 | (2852) | 81 |  | (2933) |
|  |  |  |  |  |  |  | $490234 | $30916304 | $(3348334) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counter-**<br> **party**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter** |  |  |  |  |  |  |  |  |  |  |
| BNP | BRL 19,423,774 | 10.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | $(389688) | $— | $— | $(389688) |
| BNP | BRL 108,408 | 10.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (2177) |  |  | (2177) |
| BNP | BRL 14,282,031 | 10.03 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (295046) |  |  | (295046) |
| BOA | BRL 20,244,680 | 10.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (406516) |  |  | (406516) |
| BOA | BRL 16,337,393 | 9.97 | BRL-CDI 1 Day | Pay | At Maturity | 1/4/27 | (335979) |  |  | (335979) |
| BOA | BRL 34,608,328 | 13.12 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (53799) |  |  | (53799) |
| BOA | BRL 8,616,553 | 13.00 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (19532) |  |  | (19532) |
| BOA | BRL 7,403,883 | 12.95 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (19301) |  |  | (19301) |
| BRC | BRL 1,750,821 | 14.03 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | 8735 |  | 8735 |  |
| BRC | BRL 771,090 | 13.33 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (443) |  |  | (443) |
| BRC | BRL 3,577,000 | 13.34 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (862) |  |  | (862) |
| BRC | BRL 13,256,236 | 13.00 | BRL-CDI 1 Day | Pay | At Maturity | 1/2/29 | (30050) |  |  | (30050) |
| GS | COP 700,024,894 | 9.36 | COP-IBR 1 Day | Receive | Quarterly | 12/17/29 | 8596 |  | 8596 |  |
| GS | COP 697,971,853 | 9.42 | COP-IBR 1 Day | Receive | Quarterly | 12/17/29 | 8215 |  | 8215 |  |
| GS | CLP 1,239,062,000 | 4.44 | 1 day CLP CAMARA | Receive | Semi-annual | 12/17/27 | (54) |  |  | (54) |
| GS | COP 1,262,050,394 | 9.31 | COP-IBR 1 Day | Pay | Quarterly | 12/17/27 | (9240) |  |  | (9240) |
| GS | COP 1,252,807,688 | 9.37 | COP-IBR 1 Day | Pay | Quarterly | 12/17/27 | (8817) |  |  | (8817) |

---

LVIP BlackRock Global Allocation Fund-52

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counter-**<br> **party**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |  |  |  |  |
| MSC | COP 1,368,780,339 | 9.54 | COP-IBR 1 Day | Receive | Quarterly | 12/17/29 | $14715 | $— | $14715 | $— |
| MSC | COP 2,487,286,037 | 9.54 | COP-IBR 1 Day | Pay | Quarterly | 12/17/27 | (15506) |  |  | (15506) |
|  |  |  |  |  |  |  |  |  | 40261 | (1587010) |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | $490234 | $30956565 | $(4935344) |

---

**Swap Contracts**<sup>1</sup>

**Total Return Swap (TRS) Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Swap Obligation**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Floating**<br> **Interest**<br> **Paid (Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** |  |  |  |  |  |  |
| DB- Receive amounts based on <br> JPMorgan Emerging Markets FX <br> Volatility Carry Index and pay <br> variable quarterly payments <br> based on 3 mo. U.S. T-Bill Rate<br>| 2325 | 3.57% | 12/11/26 | $1098 | $1098 | $— |
| JPM- Receive amounts based on <br> iShares Broad USD High Yield <br> Corporate Bond ETF and pay <br> variable quarterly payments <br> based on SOFR12M<br>| 74549 | 4.02% | 3/20/26 | 7020 | 7020 |  |
| GS- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> iShares iBoxx $ Investment <br> Grade Corporate Bond ETF<br>| (73805) | (3.47%) | 3/20/26 | 3237 | 3237 |  |
| BNP- Receive amounts based on <br> iShares Broad USD High Yield <br> Corporate Bond ETF and pay <br> variable quarterly payments <br> based on SOFR12M<br>| 19784 | 4.02% | 3/20/26 | 1863 | 1863 |  |
| JPM- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> iShares iBoxx $ Investment <br> Grade Corporate Bond ETF<br>| (55655) | (3.47%) | 3/20/26 | 2439 | 2439 |  |
| CBK- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF<br>| (41908) | (3.32%) | 3/20/26 | (8280) |  | (8280) |
| =JPM- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF<br>| 871 | (3.54%) | 12/18/26 | (789) |  | (789) |
| CBK- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> Citi Equity U.S. 1W Volatility <br> Carry Index<br>| 670 | (1.00%) | 12/18/26 | 456 | 456 |  |

---

LVIP BlackRock Global Allocation Fund-53

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Total Return Swap (TRS) Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Swap Obligation**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Floating**<br> **Interest**<br> **Paid (Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |
| GS- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 30843 | 3.87% | 3/20/26 | $5715 | $5715 | $— |
| GS- Receive amounts based on <br> Goldman GSVLTYI2 Index and <br> pay variable quarterly payments <br> based on SOFR12M<br>| 714 | 3.65% | 12/18/26 | (157) |  | (157) |
| MSC- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 28159 | 3.87% | 3/20/26 | 5217 | 5217 |  |
| GS- Receive amounts based on <br> Goldman Sachs Systematic <br> Skew Index and pay variable <br> quarterly payments based on <br> SOFR12M<br>| 591 | 3.77% | 12/18/26 | 139 | 139 |  |
| BNP- Receive variable amounts <br> based on SOFR12M and pay <br> quarterly payments based on <br> BNP Paribas Commodity Time-<br> Series Backwardation ex-AL <br> Index<br>| 350 | (1.00%) | 12/18/26 | 11 | 11 |  |
| BNP- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 82163 | 3.87% | 3/20/26 | 15224 | 15224 |  |
| JPM- Receive amounts based on <br> iShares iBoxx $ High Yield Cor-<br> porate Bond ETF and pay vari-<br> able quarterly payments based <br> on SOFR12M<br>| 31094 | 3.87% | 3/20/26 | 5761 | 5761 |  |
| **Total TRS Contracts** | **Total TRS Contracts** | **Total TRS Contracts** | **Total TRS Contracts** | **Total TRS Contracts** | $48180 | $(9226) |

---

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup> <br>| **Termination**<br> **Date**<sup>9</sup> <br>| **Notional**<br> **Amount**<sup>3</sup>  | **Notional**<br> **Amount**<sup>3</sup>  | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** |
| **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** |
| **Germany** |  |  |  |  |  |  |  |  |
| JPM - Rheinmetall AG - Monthly | 57 | 2.19% | 2/10/2026 | EUR | 89077 | $(693) | $— | $(693) |
| **Hong Kong** |  |  |  |  |  |  |  |  |
| JPM - Alibaba Group Holding Ltd. - Monthly | 10100 | 4.05% | 2/10/2026 | HKD | 1549340 | (13629) |  | (13629) |
| JPM - Baidu, Inc. - Monthly | 10400 | 4.05% | 2/10/2026 | HKD | 1308320 | 2924 | 2924 |  |
| JPM - Bilibili, Inc. - Monthly | 3660 | 3.90% | 2/10/2026 | HKD | 725796 | (2925) |  | (2925) |
| JPM - JD.com, Inc. - Monthly | 9900 | 4.05% | 2/10/2026 | HKD | 1150380 | (5458) |  | (5458) |
| JPM - Kuaishou Technology - Monthly | 11700 | 4.75% | 2/10/2026 | HKD | 798525 | (5886) |  | (5886) |
| JPM - NetEase, Inc. - Monthly | 5500 | 4.05% | 2/10/2026 | HKD | 1192400 | (1823) |  | (1823) |
| JPM - Ningbo Joyson Electronic Corp. - Monthly | 21000 | 4.05% | 2/10/2026 | HKD | 364770 | 4938 | 4938 |  |
| JPM - Sunny Optical Technology Group Co. Ltd. - Monthly | 11900 | 4.05% | 2/10/2026 | HKD | 815745 | (4324) |  | (4324) |

---

LVIP BlackRock Global Allocation Fund-54

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Hong Kong (continued)** |  |  |  |  |  |  |  |  |
| JPM - Tencent Holdings Ltd. - Monthly | 2400 | 4.75% | 2/10/2026 | HKD | 1452000 | $(2383) | $— | $(2383) |
| JPM - Xiaomi Corp. - Monthly | 29400 | 4.05% | 2/10/2026 | HKD | 1251852 | (12474) |  | (12474) |
| JPM - XPeng, Inc. - Monthly | 9100 | 3.90% | 2/10/2026 | HKD | 709800 | 1325 | 1325 |  |
| **Netherlands** |  |  |  |  |  |  |  |  |
| JPM - Adyen NV - Monthly | 763 | 3.84% | 2/10/2026 |  | 1183241 | 47153 | 47153 |  |
| **Saudi Arabia** |  |  |  |  |  |  |  |  |
| JPM - Derayah Financial Co. - Monthly | 10647 | 4.39% | 2/10/2026 |  | 82273 | (9360) |  | (9360) |
| JPM - flynas Co. SJSC - Monthly | 3887 | 4.39% | 2/10/2026 |  | 66028 | 1384 | 1384 |  |
| JPM - Rasan Information Technology Co. - Monthly | 7354 | 4.39% | 2/10/2026 |  | 231423 | (4304) |  | (4304) |
| **Spain** |  |  |  |  |  |  |  |  |
| JPM - Cirsa Enterprises SA - Monthly | 10694 | 2.19% | 2/10/2026 | EUR | 141482 | 19731 | 19731 |  |
| JPM - Iberdrola SA - Monthly | 21900 | 3.90% | 2/10/2026 |  | 456985 | 17225 | 17225 |  |
| **Switzerland** |  |  |  |  |  |  |  |  |
| JPM - SMG Swiss Marketplace Group AG - Monthly | 339 | 3.90% | 2/10/2026 |  | 13260 | 2242 | 2242 |  |
| **United Arab Emirates** |  |  |  |  |  |  |  |  |
| JPM - Emirates Integrated Telecommunications Co. PJSC - <br> Monthly<br>| 111139 | 4.39% | 2/10/2026 |  | 284138 | 12414 | 12414 |  |
| JPM - Talabat Holding PLC - Monthly | 268971 | 4.39% | 2/10/2026 |  | 70596 | (1904) |  | (1904) |
| **United Kingdom** |  |  |  |  |  |  |  |  |
| JPM - RELX PLC - Monthly | 993 | 3.98% | 2/10/2026 | GBP | 29512 | 224 | 224 |  |
| JPM - SSE PLC - Monthly | 5957 | 3.98% | 2/10/2026 | GBP | 127897 | 2248 | 2248 |  |
| **United States** |  |  |  |  |  |  |  |  |
| JPM - AMC Networks, Inc. - Monthly | 20226 | 3.84% | 2/10/2026 |  | 188911 | 3641 | 3641 |  |
| JPM - Comstock Resources, Inc. - Monthly | 4095 | 3.84% | 2/10/2026 |  | 94489 | 434 | 434 |  |
| JPM - Eagle Bancorp, Inc. - Monthly | 3766 | 3.84% | 2/10/2026 |  | 78107 | 2561 | 2561 |  |
| JPM - EQT Corp. - Monthly | 1717 | 3.84% | 2/10/2026 |  | 97135 | (5104) |  | (5104) |
| JPM - Flagstar Bank NA - Monthly | 68567 | 3.84% | 2/10/2026 |  | 883143 | (19884) |  | (19884) |
| JPM - ONEOK, Inc. - Monthly | 1331 | 3.84% | 2/10/2026 |  | 98206 | (378) |  | (378) |
| JPM - Paramount Skydance Corp. - Monthly | 3141 | 3.84% | 2/10/2026 |  | 45764 | (3675) |  | (3675) |
| Total Long Equities |  |  |  |  |  |  | $118444 | $(94204) |
| **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** | **Short Equities** |
| **Australia** |  |  |  |  |  |  |  |  |
| JPM - Iluka Resources Ltd. - Monthly | (91910) | 3.39% | 2/10/2026 |  | (379025) | 25697 | 25697 |  |
| JPM - Lynas Rare Earths Ltd. - Monthly | (62032) | 3.39% | 2/10/2026 |  | (519822) | 11071 | 11071 |  |
| JPM - Mineral Resources Ltd. - Monthly | (18971) | 3.39% | 2/10/2026 |  | (970683) | (36314) |  | (36314) |
| JPM - Northern Star Resources Ltd. - Monthly | (91772) | 3.39% | 2/10/2026 |  | (1667793) | (30969) |  | (30969) |
| JPM - SGH Ltd. - Monthly | (10538) | 3.39% | 2/10/2026 |  | (323485) | (1760) |  | (1760) |
| JPM - Sigma Healthcare Ltd. - Monthly | (351691) | 3.39% | 2/10/2026 |  | (916303) | (36801) |  | (36801) |
| **Brazil** |  |  |  |  |  |  |  |  |
| JPM - Cosan SA - Monthly | (132698) | 3.24% | 2/10/2026 |  | (134228) | (1482) |  | (1482) |
| JPM - Localiza Rent a Car SA - Monthly | (3) | 3.14% | 2/10/2026 |  | (25) | 2 | 2 |  |
| JPM - Natura Cosmeticos SA - Monthly | (1819) | 2.79% | 2/10/2026 |  | (2622) | 155 | 155 |  |
| CBK - Natura Cosmeticos SA - Monthly | (35579) | 3.24% | 1/22/2026 |  | (46489) | (1758) |  | (1758) |
| CBK - PRIO SA - Monthly | (60003) | 3.34% | 1/22/2026 |  | (425600) | (25363) |  | (25363) |
| **Canada** |  |  |  |  |  |  |  |  |
| CBK - Open Text Corp. - Monthly | (19174) | 3.44% | 1/22/2026 |  | (647924) | 23482 | 23482 |  |
| JPM - Power Corp. of Canada - Monthly | (2608) | 3.39% | 2/10/2026 |  | (133179) | (5435) |  | (5435) |
| CBK - Restaurant Brands International, Inc. - Monthly | (26099) | 3.44% | 1/22/2026 |  | (1916339) | 55464 | 55464 |  |
| CBK - Tourmaline Oil Corp. - Monthly | (12394) | 3.44% | 1/22/2026 |  | (546779) | (9193) |  | (9193) |
| **Denmark** |  |  |  |  |  |  |  |  |
| CBK - Novonesis Novozymes B - Monthly | (9473) | 3.38% | 1/22/2026 |  | (689182) | (8338) |  | (8338) |
| **Finland** |  |  |  |  |  |  |  |  |
| CBK - Neste OYJ - Monthly | (11844) | 3.38% | 1/22/2026 |  | (260332) | (7616) |  | (7616) |
| **France** |  |  |  |  |  |  |  |  |
| CBK - Alstom SA - Monthly | (16203) | 3.38% | 1/22/2026 |  | (509344) | (4178) |  | (4178) |
| CBK - Kering SA - Monthly | (5520) | 3.64% | 1/22/2026 |  | (2004451) | 52581 | 52581 |  |
| JPM - Sartorius Stedim Biotech - Monthly | (1293) | 3.38% | 2/10/2026 |  | (317908) | 320 | 320 |  |
| CBK - Teleperformance SE - Monthly | (3539) | 3.38% | 1/22/2026 |  | (255948) | (169) |  | (169) |
| **Germany** |  |  |  |  |  |  |  |  |
| CBK - Continental AG - Monthly | (6491) | 3.38% | 1/22/2026 |  | (507773) | (7372) |  | (7372) |
| CBK - Delivery Hero SE - Monthly | (19220) | 3.38% | 1/22/2026 |  | (508559) | 1921 | 1921 |  |
| CBK - Hensoldt AG - Monthly | (5111) | 3.38% | 1/22/2026 |  | (441906) | 4152 | 4152 |  |

---

LVIP BlackRock Global Allocation Fund-55

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** |
| **Hong Kong** |  |  |  |  |  |  |  |
| CBK - BeOne Medicines Ltd. - Monthly | (17200) | 3.59% | 1/22/2026 | (412593) | $16713 | $16713 | $— |
| CBK - China Construction Bank Corp. - Monthly | (383000) | 3.59% | 1/22/2026 | (411948) | (7860) |  | (7860) |
| CBK - China Merchants Bank Co. Ltd. - Monthly | (73000) | 3.34% | 1/22/2026 | (478602) | (18009) |  | (18009) |
| CBK - China Railway Group Ltd. - Monthly | (488000) | 3.34% | 1/22/2026 | (237134) | (3047) |  | (3047) |
| JPM - China Resources Power Holdings Co. Ltd. - Monthly | (1866) | 3.34% | 2/10/2026 | (4391) | 237 | 237 |  |
| CBK - China Resources Power Holdings Co. Ltd. - Monthly | (297450) | 3.34% | 1/22/2026 | (681265) | 10091 | 10091 |  |
| CBK - CRRC Corp. Ltd. - Monthly | (274000) | 3.34% | 1/22/2026 | (247280) | 2123 | 2123 |  |
| JPM - Horizon Robotics - Monthly | (20400) | 2.13% | 2/10/2026 | (22387) | (382) |  | (382) |
| CBK - Horizon Robotics - Monthly | (235800) | 2.24% | 1/22/2026 | (266552) | 3370 | 3370 |  |
| JPM - HUTCHMED China Ltd. - Monthly | (14500) | 3.34% | 2/10/2026 | (40902) | 2465 | 2465 |  |
| CBK - HUTCHMED China Ltd. - Monthly | (35000) | 2.99% | 1/22/2026 | (92957) | 176 | 176 |  |
| CBK - JD Health International, Inc. - Monthly | (16200) | 3.34% | 1/22/2026 | (240535) | 7683 | 7683 |  |
| CBK - Li Auto, Inc. - Monthly | (95600) | 3.34% | 1/22/2026 | (811732) | 4853 | 4853 |  |
| CBK - Meituan - Monthly | (106900) | 3.34% | 1/22/2026 | (1412709) | (3950) |  | (3950) |
| CBK - MMG Ltd. - Monthly | (648000) | 3.34% | 1/22/2026 | (788286) | (2427) |  | (2427) |
| CBK - Postal Savings Bank of China Co. Ltd. - Monthly | (1010000) | 3.34% | 1/22/2026 | (698524) | (9363) |  | (9363) |
| JPM - Xinyi Glass Holdings Ltd. - Monthly | (30568) | 2.88% | 2/10/2026 | (35339) | 2832 | 2832 |  |
| CBK - Xinyi Glass Holdings Ltd. - Monthly | (195524) | 1.64% | 1/22/2026 | (211890) | 3964 | 3964 |  |
| CBK - XPeng, Inc. - Monthly | (98600) | 3.34% | 1/22/2026 | (976777) | (25775) |  | (25775) |
| CBK - Zijin Mining Group Co. Ltd. - Monthly | (78000) | 3.34% | 1/22/2026 | (351170) | (5948) |  | (5948) |
| **Italy** |  |  |  |  |  |  |  |
| CBK - Davide Campari-Milano NV - Monthly | (59546) | 3.38% | 1/22/2026 | (441007) | 3515 | 3515 |  |
| **Japan** |  |  |  |  |  |  |  |
| CBK - Disco Corp. - Monthly | (1000) | 3.54% | 1/22/2026 | (329818) | (4827) |  | (4827) |
| CBK - DMG Mori Co. Ltd. - Monthly | (23924) | 3.39% | 1/22/2026 | (399898) | (3261) |  | (3261) |
| CBK - Food & Life Cos. Ltd. - Monthly | (15900) | 3.54% | 1/22/2026 | (770875) | (31212) |  | (31212) |
| CBK - Harmonic Drive Systems, Inc. - Monthly | (15100) | 3.49% | 1/22/2026 | (342223) | (22342) |  | (22342) |
| CBK - IHI Corp. - Monthly | (10900) | 3.54% | 1/22/2026 | (224731) | 2782 | 2782 |  |
| CBK - Japan Steel Works Ltd. - Monthly | (6800) | 3.49% | 1/22/2026 | (453200) | 7525 | 7525 |  |
| CBK - Kadokawa Corp. - Monthly | (14300) | 3.54% | 1/22/2026 | (277908) | (13563) |  | (13563) |
| CBK - Kawasaki Heavy Industries Ltd. - Monthly | (5800) | 3.54% | 1/22/2026 | (414785) | 30150 | 30150 |  |
| CBK - Kobayashi Pharmaceutical Co. Ltd. - Monthly | (3400) | 3.54% | 1/22/2026 | (113341) | (4545) |  | (4545) |
| CBK - M3, Inc. - Monthly | (68600) | 3.54% | 1/22/2026 | (900086) | (22777) |  | (22777) |
| CBK - MatsukiyoCocokara & Co. - Monthly | (21200) | 3.39% | 1/22/2026 | (369237) | 2189 | 2189 |  |
| CBK - MEIJI Holdings Co. Ltd. - Monthly | (7200) | 3.49% | 1/22/2026 | (155043) | (4979) |  | (4979) |
| JPM - Mercari, Inc. - Monthly | (3) | 3.39% | 2/10/2026 | (57) | (4) |  | (4) |
| CBK - Mercari, Inc. - Monthly | (26937) | 3.54% | 1/22/2026 | (509942) | (32403) |  | (32403) |
| CBK - NEC Corp. - Monthly | (13100) | 3.49% | 1/22/2026 | (448421) | 5176 | 5176 |  |
| CBK - Nippon Yusen KK - Monthly | (10200) | 3.54% | 1/22/2026 | (318253) | (12141) |  | (12141) |
| JPM - Nissan Motor Co. Ltd. - Monthly | (127900) | 3.47% | 2/10/2026 | (314664) | (3159) |  | (3159) |
| CBK - Ono Pharmaceutical Co. Ltd. - Monthly | (29000) | 3.54% | 1/22/2026 | (444554) | (156) |  | (156) |
| CBK - Ryohin Keikaku Co. Ltd. - Monthly | (20600) | 3.49% | 1/22/2026 | (418994) | 28587 | 28587 |  |
| JPM - Sapporo Holdings Ltd. - Monthly | (26500) | 3.39% | 2/10/2026 | (272254) | (12599) |  | (12599) |
| CBK - SBI Holdings, Inc. - Monthly | (34000) | 3.54% | 1/22/2026 | (714881) | (17819) |  | (17819) |
| JPM - Sharp Corp. - Monthly | (36000) | 3.01% | 2/10/2026 | (185344) | 8262 | 8262 |  |
| CBK - Sharp Corp. - Monthly | (7000) | 3.39% | 1/22/2026 | (33827) | (606) |  | (606) |
| CBK - Shiseido Co. Ltd. - Monthly | (32400) | 3.54% | 1/22/2026 | (486158) | 14644 | 14644 |  |
| CBK - SoftBank Group Corp. - Monthly | (13600) | 3.54% | 1/22/2026 | (383887) | 2362 | 2362 |  |
| CBK - TOPPAN Holdings, Inc. - Monthly | (11400) | 3.49% | 1/22/2026 | (356066) | 17182 | 17182 |  |
| CBK - Toyota Industries Corp. - Monthly | (7600) | 3.54% | 1/22/2026 | (863636) | 2051 | 2051 |  |
| CBK - Yakult Honsha Co. Ltd. - Monthly | (27900) | 3.48% | 1/22/2026 | (428808) | (7254) |  | (7254) |
| CBK - Zensho Holdings Co. Ltd. - Monthly | (4900) | 3.49% | 1/22/2026 | (280649) | (138) |  | (138) |
| **Mexico** |  |  |  |  |  |  |  |
| JPM - Sigma Foods SAB de CV - Monthly | (123596) | 3.14% | 2/10/2026 | (109951) | (860) |  | (860) |
| CBK - Sigma Foods SAB de CV - Monthly | (70895) | 2.80% | 1/22/2026 | (63681) | 1674 | 1674 |  |
| **Netherlands** |  |  |  |  |  |  |  |
| CBK - BE Semiconductor Industries NV - Monthly | (1101) | 3.38% | 1/22/2026 | (287993) | (2201) |  | (2201) |
| CBK - IMCD NV - Monthly | (4000) | 3.38% | 1/22/2026 | (359587) | (3463) |  | (3463) |
| CBK - JDE Peet's NV - Monthly | (6193) | 3.38% | 1/22/2026 | (231813) | 208 | 208 |  |
| **Poland** |  |  |  |  |  |  |  |
| CBK - ORLEN SA - Monthly | (8131) | 3.14% | 1/22/2026 | (215029) | (2042) |  | (2042) |
| **Republic of Korea** |  |  |  |  |  |  |  |
| CBK - LG Energy Solution Ltd. - Monthly | (1018) | 3.36% | 1/22/2026 | (267940) | 7601 | 7601 |  |

---

LVIP BlackRock Global Allocation Fund-56

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** |
| **Republic of Korea (continued)** |  |  |  |  |  |  |  |
| JPM - POSCO Future M Co. Ltd. - Monthly | (1782) | 5.11% | 2/10/2026 | (267865) | $36494 | $36494 | $— |
| CBK - POSCO Future M Co. Ltd. - Monthly | (1315) | 3.36% | 1/22/2026 | (174255) | 3518 | 3518 |  |
| **Singapore** |  |  |  |  |  |  |  |
| JPM - SATS Ltd. - Monthly | (37800) | 3.34% | 2/10/2026 | (99474) | (12414) |  | (12414) |
| JPM - Seatrium Ltd. - Monthly | (120600) | 2.89% | 2/10/2026 | (196378) | (5817) |  | (5817) |
| CBK - Seatrium Ltd. - Monthly | (173900) | 2.64% | 1/22/2026 | (289982) | (4708) |  | (4708) |
| JPM - Sembcorp Industries Ltd. - Monthly | (29300) | 3.34% | 2/10/2026 | (133408) | (3558) |  | (3558) |
| CBK - Sembcorp Industries Ltd. - Monthly | (38400) | 3.34% | 1/22/2026 | (176938) | (2567) |  | (2567) |
| **South Africa** |  |  |  |  |  |  |  |
| JPM - Sasol Ltd. - Monthly | (76246) | 3.24% | 2/10/2026 | (464341) | (22143) |  | (22143) |
| **Spain** |  |  |  |  |  |  |  |
| CBK - Cellnex Telecom SA - Monthly | (8509) | 3.38% | 1/22/2026 | (266614) | (7390) |  | (7390) |
| CBK - Grifols SA - Monthly | (32257) | 3.38% | 1/22/2026 | (419298) | 16096 | 16096 |  |
| **Sweden** |  |  |  |  |  |  |  |
| JPM - Beijer Ref AB - Monthly | (4537) | 3.38% | 2/10/2026 | (133527) | (706) |  | (706) |
| CBK - Beijer Ref AB - Monthly | (2639) | 3.38% | 1/22/2026 | (42250) | (100) |  | (100) |
| JPM - H & M Hennes & Mauritz AB - Monthly | (11732) | 2.98% | 2/10/2026 | (216579) | (18576) |  | (18576) |
| CBK - Nibe Industrier AB - Monthly | (141436) | 3.38% | 1/22/2026 | (533359) | (7263) |  | (7263) |
| **Switzerland** |  |  |  |  |  |  |  |
| JPM - Barry Callebaut AG - Monthly | (540) | 3.06% | 2/10/2026 | (823519) | (59332) |  | (59332) |
| CBK - Roche Holding AG - Monthly | (1260) | 3.38% | 1/22/2026 | (517456) | (2886) |  | (2886) |
| CBK - SIG Group AG - Monthly | (39484) | 3.38% | 1/22/2026 | (522238) | (40958) |  | (40958) |
| JPM - Swatch Group AG - Monthly | (552) | 3.38% | 2/10/2026 | (110967) | (5094) |  | (5094) |
| CBK - Swatch Group AG - Monthly | (352) | 3.38% | 1/22/2026 | (164300) | 1001 | 1001 |  |
| CBK - Temenos AG - Monthly | (5931) | 3.38% | 1/22/2026 | (592838) | 2989 | 2989 |  |
| **Taiwan** |  |  |  |  |  |  |  |
| CBK - Chailease Holding Co. Ltd. - Monthly | (644) | 2.99% | 1/22/2026 | (325655) | 57 | 57 |  |
| JPM - Formosa Chemicals & Fibre Corp. - Monthly | (4000) | 3.19% | 2/10/2026 | (4280) | 200 | 200 |  |
| CBK - Formosa Chemicals & Fibre Corp. - Monthly | (207000) | 2.99% | 1/22/2026 | (213676) | 2548 | 2548 |  |
| CBK - Formosa Plastics Corp. - Monthly | (240000) | 1.34% | 1/22/2026 | (305585) | 7968 | 7968 |  |
| CBK - Innolux Corp. - Monthly | (1068000) | 3.29% | 1/22/2026 | (428446) | (151145) |  | (151145) |
| **United Kingdom** |  |  |  |  |  |  |  |
| CBK - Barratt Redrow PLC - Monthly | (151795) | 3.39% | 1/22/2026 | (756886) | (22913) |  | (22913) |
| CBK - Croda International PLC - Monthly | (4015) | 3.39% | 1/22/2026 | (149905) | 4249 | 4249 |  |
| CBK - Entain PLC - Monthly | (27299) | 3.39% | 1/22/2026 | (276630) | (3983) |  | (3983) |
| JPM - International Paper Co. - Monthly | (11551) | 3.14% | 2/10/2026 | (449016) | 10019 | 10019 |  |
| JPM - JD Sports Fashion PLC - Monthly | (42517) | 3.39% | 2/10/2026 | (45054) | (3138) |  | (3138) |
| CBK - JD Sports Fashion PLC - Monthly | (421730) | 3.39% | 1/22/2026 | (474028) | (3998) |  | (3998) |
| JPM - SSE PLC - Monthly | (2978) | 3.98% | 2/10/2026 | (86650) | (658) |  | (658) |
| CBK - UNITE Group PLC - Monthly | (39549) | 3.39% | 1/22/2026 | (292130) | (5627) |  | (5627) |
| CBK - Wise PLC - Monthly | (17903) | 3.39% | 1/22/2026 | (214861) | 383 | 383 |  |
| **United States** |  |  |  |  |  |  |  |
| CBK - Alexandria Real Estate Equities, Inc. - Monthly | (31421) | 3.49% | 1/22/2026 | (1527519) | (10225) |  | (10225) |
| BRC - Alliance Laundry Holdings, Inc. - Monthly | (25113) | 3.32% | 1/22/2026 | 542692 | 31642 | 31642 |  |
| CBK - Amcor PLC - Monthly | (131914) | 3.49% | 1/22/2026 | (1125197) | (2638) |  | (2638) |
| CBK - ARES Management Corp. - Monthly | (2252) | 3.49% | 1/22/2026 | (383068) | 19077 | 19077 |  |
| CBK - Axon Enterprise, Inc. - Monthly | (669) | 3.49% | 1/22/2026 | (453143) | 21582 | 21582 |  |
| CBK - Baxter International, Inc. - Monthly | (102995) | 3.49% | 1/22/2026 | (1954765) | (13469) |  | (13469) |
| CBK - Block, Inc. - Monthly | (19563) | 3.49% | 1/22/2026 | (1321633) | 1174 | 1174 |  |
| JPM - Brandywine Realty Trust - Monthly | (574) | 3.49% | 2/10/2026 | (1728) | 52 | 52 |  |
| CBK - Brown-Forman Corp. - Monthly | (8717) | 3.49% | 1/22/2026 | (311573) | 17783 | 17783 |  |
| CBK - Builders FirstSource, Inc. - Monthly | (8935) | 3.49% | 1/22/2026 | (926113) | 6791 | 6791 |  |
| CBK - Bunge Global SA - Monthly | (6384) | 3.49% | 1/22/2026 | (573219) | 4533 | 4533 |  |
| CBK - BXP, Inc. - Monthly | (16375) | 3.49% | 1/22/2026 | (1137084) | 32099 | 32099 |  |
| CBK - CF Industries Holdings, Inc. - Monthly | (13809) | 3.49% | 1/22/2026 | (1072116) | 4128 | 4128 |  |
| CBK - CH Robinson Worldwide, Inc. - Monthly | (4722) | 3.49% | 1/22/2026 | (779083) | 19974 | 19974 |  |
| CBK - Charles River Laboratories International, Inc. - Monthly | (1502) | 3.49% | 1/22/2026 | (304869) | 5250 | 5250 |  |
| CBK - Cigna Group - Monthly | (3192) | 3.49% | 1/22/2026 | (879715) | 1181 | 1181 |  |
| JPM - Community Financial System, Inc. - Monthly | (1576) | 3.49% | 2/10/2026 | (93614) | 3089 | 3089 |  |
| CBK - Constellation Brands, Inc. - Monthly | (1952) | 3.49% | 1/22/2026 | (276413) | 7115 | 7115 |  |
| JPM - CoreWeave, Inc. - Monthly | (966) | 3.49% | 2/10/2026 | (164140) | 13580 | 13580 |  |
| JPM - CVB Financial Corp. - Monthly | (4077) | 3.49% | 2/10/2026 | (79950) | 4118 | 4118 |  |
| CBK - Datadog, Inc. - Monthly | (1486) | 3.49% | 1/22/2026 | (210250) | 8169 | 8169 |  |

---

LVIP BlackRock Global Allocation Fund-57

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Contracts For Difference (CFD) Swap Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>8</sup><br>| **Termination**<br> **Date**<sup>9</sup><br>| **Notional**<br> **Amount**<sup>3</sup> | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** | **Short Equities (continued)** |
| **United States (continued)** |  |  |  |  |  |  |  |
| CBK - Deere & Co. - Monthly | (568) | 3.49% | 1/22/2026 | (287356) | $1818 | $1818 | $— |
| CBK - Dollar Tree, Inc. - Monthly | (5053) | 3.49% | 1/22/2026 | (639765) | (2628) |  | (2628) |
| CBK - Dow, Inc. - Monthly | (26235) | 3.49% | 1/22/2026 | (612973) | (402) |  | (402) |
| CBK - Elevance Health, Inc. - Monthly | (1956) | 3.49% | 1/22/2026 | (673392) | (12284) |  | (12284) |
| CBK - Equifax, Inc. - Monthly | (2114) | 3.49% | 1/22/2026 | (465660) | 6964 | 6964 |  |
| CBK - Expand Energy Corp. - Monthly | (13955) | 3.49% | 1/22/2026 | (1529926) | (35167) |  | (35167) |
| CBK - First Solar, Inc. - Monthly | (1405) | 3.49% | 1/22/2026 | (449652) | 32821 | 32821 |  |
| JPM - Galaxy Digital, Inc. - Monthly | (2554) | 3.13% | 2/10/2026 | (66634) | 9526 | 9526 |  |
| CBK - Genuine Parts Co. - Monthly | (5573) | 3.49% | 1/22/2026 | (754395) | 12428 | 12428 |  |
| CBK - Hasbro, Inc. - Monthly | (9034) | 3.49% | 1/22/2026 | (736569) | (4219) |  | (4219) |
| CBK - IDEXX Laboratories, Inc. - Monthly | (495) | 3.49% | 1/22/2026 | (346268) | 11386 | 11386 |  |
| CBK - International Paper Co. - Monthly | (74539) | 3.49% | 1/22/2026 | (2928659) | (7432) |  | (7432) |
| CBK - iShares iBoxx $ High Yield Corporate Bond ETF - Monthly | (21859) | 3.19% | 1/22/2026 | (1758119) | (4372) |  | (4372) |
| JPM - iShares iBoxx $ Investment Grade Corporate Bond ETF - <br> Monthly<br>| (24355) | 3.49% | 2/10/2026 | (2694394) | 10716 | 10716 |  |
| CBK - Jack Henry & Associates, Inc. - Monthly | (1744) | 3.49% | 1/22/2026 | (323216) | 4970 | 4970 |  |
| CBK - Johnson Controls International PLC - Monthly | (6256) | 3.49% | 1/22/2026 | (809730) | 1314 | 1314 |  |
| CBK - KKR & Co., Inc. - Monthly | (13834) | 3.49% | 1/22/2026 | (1817828) | 54269 | 54269 |  |
| CBK - Leidos Holdings, Inc. - Monthly | (2257) | 3.49% | 1/22/2026 | (419892) | 12729 | 12729 |  |
| CBK - Lennar Corp. - Monthly | (5205) | 3.49% | 1/22/2026 | (550795) | 15721 | 15721 |  |
| CBK - Molina Healthcare, Inc. - Monthly | (8006) | 3.49% | 1/22/2026 | (1333828) | (78939) |  | (78939) |
| CBK - Molson Coors Beverage Co. - Monthly | (8893) | 3.49% | 1/22/2026 | (447159) | (1156) |  | (1156) |
| CBK - Mosaic Co. - Monthly | (39965) | 3.49% | 1/22/2026 | (971619) | 8863 | 8863 |  |
| CBK - Norfolk Southern Corp. - Monthly | (5518) | 3.49% | 1/22/2026 | (1609112) | 15955 | 15955 |  |
| CBK - Norwegian Cruise Line Holdings Ltd. - Monthly | (66751) | 3.49% | 1/22/2026 | (1618113) | 128231 | 128231 |  |
| CBK - Occidental Petroleum Corp. - Monthly | (22683) | 3.49% | 1/22/2026 | (913444) | (19281) |  | (19281) |
| CBK - Packaging Corp. of America - Monthly | (2746) | 3.49% | 1/22/2026 | (634522) | 879 | 879 |  |
| CBK - Pool Corp. - Monthly | (2125) | 3.49% | 1/22/2026 | (492739) | 6645 | 6645 |  |
| CBK - Quanta Services, Inc. - Monthly | (3431) | 3.49% | 1/22/2026 | (1501748) | 37638 | 37638 |  |
| CBK - Revvity, Inc. - Monthly | (3201) | 3.49% | 1/22/2026 | (312962) | 3265 | 3265 |  |
| CBK - SBA Communications Corp. - Monthly | (5727) | 3.49% | 1/22/2026 | (1092360) | (15413) |  | (15413) |
| CBK - Seagate Technology Holdings PLC - Monthly | (1472) | 3.49% | 1/22/2026 | (416237) | 10863 | 10863 |  |
| CBK - Smurfit WestRock PLC - Monthly | (43859) | 3.49% | 1/22/2026 | (1758273) | (25438) |  | (25438) |
| CBK - Solventum Corp. - Monthly | (2859) | 3.49% | 1/22/2026 | (245490) | 4403 | 4403 |  |
| CBK - Super Micro Computer, Inc. - Monthly | (22622) | 3.49% | 1/22/2026 | (702866) | 40720 | 40720 |  |
| CBK - Synopsys, Inc. - Monthly | (2404) | 3.49% | 1/22/2026 | (1327741) | 27694 | 27694 |  |
| CBK - Teledyne Technologies, Inc. - Monthly | (2514) | 3.49% | 1/22/2026 | (1329029) | 18629 | 18629 |  |
| CBK - Teradyne, Inc. - Monthly | (1316) | 3.49% | 1/22/2026 | (259542) | 4817 | 4817 |  |
| CBK - United Rentals, Inc. - Monthly | (338) | 3.49% | 1/22/2026 | (276055) | 2505 | 2505 |  |
| CBK - W.R. Berkley Corp. - Monthly | (8626) | 3.49% | 1/22/2026 | (605718) | 863 | 863 |  |
| CBK - Willis Towers Watson PLC - Monthly | (1954) | 3.49% | 1/22/2026 | (649510) | 7425 | 7425 |  |
| Total Short Equities | Total Short Equities | Total Short Equities | Total Short Equities | Total Short Equities | Total Short Equities | $1144176 | $(1073897) |
| **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | **Total CFD Swap Contracts** | $1262620 | $(1168101) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the <br> amounts recognized in the consolidated financial statements. The foreign currency exchange contracts and notional amounts presented above <br> represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's <br> net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 9 in Notes to Consolidated Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures and centrally cleared swap contracts from the date the contracts were opened <br> through December 31, 2025. |
| <sup>3</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |
| <sup>4</sup> Markit's North American High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 of the most liquid North American entities with <br> high yield credit ratings that trade in the CDS market. Constituents for the index can be found at www.markit.com/Documentation. |
| <sup>5</sup> Markit's North America Investment Grade Index, or CDX.NA.IG Index, is composed of 125 of the most liquid North American entities with <br> investment grade credit ratings that trade in the CDS market. Constituents for the index can be found at www.markit.com/Documentation. |

---

LVIP BlackRock Global Allocation Fund-58

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| |
|:---|
| <sup>6</sup> The Markit iTraxx Europe index, or ITRAXX Europe comprises 125 equally-weighted European names. Constituents for the index can be <br> found at www.markit.com/Documentation. |
| <sup>7</sup> The Markit iTraxx Crossover Index, or ITRAXX.XO Index comprises the 75 most liquid sub-investment grade entities. Constituents for the <br> index can be found at www.markit.com/Documentation. |
| <sup>8</sup> Financing Rates are based on multiple financing rate benchmarks. The Fund pays or receives a variable rate of interest, based on a specified <br> benchmark, plus or minus a spread in a range of 15-86 basis points. The benchmark and spread are determined based upon the country <br> and/or currency of the individual underlying positions. The specified benchmarks used in determining the variable rate of interest are the <br> 1-Day USD Overnight Bank Funding Rate. |
| <sup>9</sup> Date reflected is the next payment date. Contracts have an open-ended maturity date. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 4 in "Notes to Consolidated Financial Statements." |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| ARS–Argentine Peso |
| AUD–Australian Dollar |
| BAMLL–Bank of America Merrill Lynch Large Loan |
| BIBOR–Budapest Interbank Offered Rate |
| BNP–BNP Paribas |
| BNY–BNY Mellon |
| BOA–Bank of America |
| BOBL–Bundesobligationen |
| BRC–Barclays Bank |
| BRL–Brazilian Real |
| BRL-CDI 1 Day–Brazilian Overnight Interbank Deposit Rate |
| BTP–Buoni del Tesoro Poliennali |
| BUXL–Bundesanleihe |
| CAD–Canadian Dollar |
| CBK–Citibank NA |
| CBOT–Chicago Board of Trade |
| CDI–Chess Depository Interest |
| CDX.NA.HY–Credit Default Swap Index North America High Yield |
| CDX.NA.IG–Credit Default Swap Index North American Investment Grade |
| CHF–Swiss Franc |
| CIBC–Canadian Imperial Bank of Commerce |
| CLO–Collateralized Loan Obligation |
| CLP–Chilean Peso |
| CME–Chicago Mercantile Exchange |
| CNH–Chinese Yuan Renminbi |
| CNY–Chinese Yuan |
| COD–Certificates of Deposit |
| COP–Colombia Peso |
| COP-IBR 1 Day–Colombia Overnight Interbank Rate |
| CZK–Czech Koruna |
| DB–Deutsche Bank |
| DKK–Danish Krone |
| DOP–Dominican Republic Peso |
| EGP–Egyptian Pound |
| ETF–Exchange-Traded Fund |
| EU-CPI-U–Eurpoean Union Consumer Price Index for All Urban Consumers |
| EUR–Euro |
| EURIBOR–Euro Interbank Offer Rate |
| FTSE–Financial Times Stock Exchange |
| GBP–British Pound Sterling |
| GDR–Global Depository Receipt |
| GS–Goldman Sachs |
| GSI–Goldman Sachs International |
| GSVLTYI2–Goldman Sachs TY Weekly Volatility Carry Index |
| EURIBOR06M–Euro InterBank Offered Rate EUR 6 Month |
| FEDL12M–Federal Funds Rate 12 Month |
| HKD–Hong Kong Dollar |

---

LVIP BlackRock Global Allocation Fund-59

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| HUF–Hungarian Forint |
| IBR–Interbank Rate |
| IDR–Indonesia Rupiah |
| IFSC–International Financial Service Centre |
| INR–Indian Rupee |
| IRS–Interest Rate Swap |
| ITRAXX Europe–Markit iTraxx Europe Index |
| JIBAR03M–Johannesburg Interbank Average Rate ZAR 3 Month |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| KFE–Kore Futures Exchange |
| KOSPI–Korea Composite Stock Price Index |
| KRW–South Korean Won |
| LNG–Liquefied Natural Gas |
| MSC–Morgan Stanley & Co. |
| MSCI–Morgan Stanley Capital International |
| MTIIE01M–28-day Interbank Equilibrium Interest Rate |
| MXN–Mexican Peso |
| MYR–Malaysian Ringgit |
| NGN–Nigerian Naira |
| NOK–Norwegian Krone |
| NVDR–Non-Voting Depository Receipt |
| NZD–New Zealand Dollar |
| O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond) |
| OSE–Osaka Securities Exchange |
| PEN–Peruvian Nuevo Sol |
| PHP–Philippine Peso |
| PIK–Payment-in-kind |
| PJSC–Public Joint Stock Company |
| PLN–Polish Zloty |
| PRIBOR06M–Prague Interbank Offered Rate 6 Month |
| Prime Rate–Interest rate charged by banks to their most credit worthy customers |
| RBC–Royal Bank of Canada |
| REMIC–Real Estate Mortgage Investment Conduits |
| S&P–Standard & Poor's |
| SCB–Standard Chartered Bank |
| SEK–Swedish Krona |
| SFE–Sydney Futures Exchange |
| SGD–Singapore Dollar |
| SGN–Societe Generale |
| SOFR–Secured Overnight Financing Rate |
| SONIA–Sterling Overnight Index Average |
| SONIA12M–Sterling Overnight Index Average Offered Rate GBP 12 Month |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| SPDR–Standard & Poor's Depositary Receipt |
| STACR–Structured Agency Credit Risk |
| STR–Short-Term Rate |
| TBA–To be announced |
| THB–Thailand Baht |
| THOR–Thai Overnight Repurchase Rate |
| TONAR12M–Tokyo Overnight Average Rate 12 Month |
| TRY–Turkish New Lira |
| TSE–Tokyo Stock Exchange |
| TWD–Taiwan New Dollar |
| USD–United States Dollar |
| UYU–Uruguay Peso |
| WIBOR06M–Warsaw Interbank Offered Rate 6 Month |
| ZAR–South African Rand |

---

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-60

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Allocation Fund** | **LVIP BlackRock Global Allocation Fund** |
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $42136956 |
| Dividends | 20272389 |
| Foreign taxes withheld | (1113442)<br>|
|  | 61295903 |
| **EXPENSES:** |  |
| Management fees | 12982098 |
| Distribution fees-Service Class | 2126761 |
| Shareholder servicing fees | 598468 |
| Custodian fees | 598398 |
| Accounting and administration expenses | 363477 |
| Professional fees | 255907 |
| Pricing fees | 122943 |
| Consulting fees | 99283 |
| Trustees' fees and expenses | 59501 |
| Reports and statements to shareholders | 42485 |
| Other | 50603 |
|  | 17299924 |
| Less:  |  |
| Expenses reimbursed | (520673)<br>|
| Total operating expenses | 16779251 |
| **NET INVESTMENT INCOME**  | 44516652 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments<sup>\*</sup> | 132700436 |
| Foreign currencies | (1036873)<br>|
| Foreign currency exchange contracts | (750824)<br>|
| Futures contracts | 6675082 |
| Options purchased | (15525962)<br>|
| Options written | 22629852 |
| Swap contracts | (16139850)<br>|
| Net realized gain | 128551861 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments<sup>\*\*</sup> | 154010810 |
| Foreign currencies | (11946)<br>|
| Foreign currency exchange contracts | 7968777 |
| Futures contracts | (2631254)<br>|
| Options purchased | 2395238 |
| Options written | 1177984 |
| Swap contracts | 15093985 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 178003594 |
| **NET REALIZED AND UNREALIZED GAIN** | 306555455 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $351072107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes $49,160 foreign capital gains taxes paid.

\*\* Includes $12,473 change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Global Allocation Fund** | **LVIP BlackRock Global Allocation Fund** | **LVIP BlackRock Global Allocation Fund** |
| **Consolidated Statements of Changes in Net Assets** | **Consolidated Statements of Changes in Net Assets** | **Consolidated Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $44516652 | $54410008 |
| Net realized gain | 128551861 | 74846519 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 178003594 | 59184845 |
| Net increase in net assets <br> resulting from operations<br>| 351072107 | 188441372 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (74358989)<br>| (43913120)<br>|
| Service Class | (49648079)<br>| (28843865)<br>|
|  | (124007068)<br>| (72756985)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 107701216 | 90261945 |
| Service Class | 52860373 | 30975681 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 74358989 | 43913120 |
| Service Class | 49648079 | 28843865 |
|  | 284568657 | 193994611 |
| Cost of shares redeemed: |  |  |
| Standard Class | (250546406)<br>| (202594652)<br>|
| Service Class | (169914980)<br>| (165459691)<br>|
|  | (420461386)<br>| (368054343)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (135892729)<br>| (174059732)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| 91172310 | (58375345)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 2035467827 | 2093843172 |
| End of year | $2126640137 | $2035467827 |

---

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-61

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Financial Highlights**

Selected data for each share of the Fund outstanding throughout the period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** | **LVIP BlackRock Global Allocation Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.135 | &nbsp;&nbsp; $11.490 | &nbsp;&nbsp; $10.396 | &nbsp;&nbsp; $12.691 | &nbsp;&nbsp; $12.412 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.295 | 0.330 | 0.303 | 0.176 | 0.143 |
| Net realized and unrealized gain (loss) | 1.958 | 0.774 | 1.104 | &nbsp;&nbsp; (2.136)<br>| 0.786 |
| Total from investment operations | 2.253 | 1.104 | 1.407 | &nbsp;&nbsp; (1.960)<br>| 0.929 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.365)<br>| &nbsp;&nbsp; (0.163)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.039)<br>| &nbsp;&nbsp; (0.198)<br>|
| Net realized gain | &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.452)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.825)<br>| &nbsp;&nbsp; (0.459)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.650)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.563 | &nbsp;&nbsp; $12.135 | &nbsp;&nbsp; $11.490 | &nbsp;&nbsp; $10.396 | &nbsp;&nbsp; $12.691 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 18.71% | &nbsp;&nbsp; 9.51% | &nbsp;&nbsp; 13.62% | &nbsp;&nbsp; (15.38%)<br>| &nbsp;&nbsp; 7.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1259205 | &nbsp;&nbsp; $1194873 | &nbsp;&nbsp; $1197258 | &nbsp;&nbsp; $1154002 | &nbsp;&nbsp; $929686 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.75% <br><sup>3</sup><br>|
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.81% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.11% <br><sup>4</sup><br>|
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.05% |
| Portfolio turnover | &nbsp;&nbsp; 128% | &nbsp;&nbsp; 149% | &nbsp;&nbsp; 212% | &nbsp;&nbsp; 144% <br><sup>5</sup><br>| &nbsp;&nbsp; 136% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> The ratio of expenses to average net assets for the year ended December 31, 2021 excluding brokerage commissions and interest expense on securities sold short was 0.73%. 

<sup>4</sup> The ratio of net investment income to average net assets for the year ended December 31, 2021 excluding brokerage commissions and interest expense on securities sold short was 1.16%. 

<sup>5</sup> PTO excludes purchases from the in-kind and merger.

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-62

------

**LVIP BlackRock Global Allocation Fund**

**Consolidated Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout the period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** | **LVIP BlackRock Global Allocation Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.131 | &nbsp;&nbsp; $11.486 | &nbsp;&nbsp; $10.392 | &nbsp;&nbsp; $12.699 | &nbsp;&nbsp; $12.416 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.262 | 0.299 | 0.275 | 0.144 | 0.113 |
| Net realized and unrealized gain (loss) | 1.954 | 0.773 | 1.102 | &nbsp;&nbsp; (2.131)<br>| 0.788 |
| Total from investment operations | 2.216 | 1.072 | 1.377 | &nbsp;&nbsp; (1.987)<br>| 0.901 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.331)<br>| &nbsp;&nbsp; (0.131)<br>| &nbsp;&nbsp; (0.263)<br>| &nbsp;&nbsp; (0.024)<br>| &nbsp;&nbsp; (0.166)<br>|
| Net realized gain | &nbsp;&nbsp; (0.460)<br>| &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.452)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.791)<br>| &nbsp;&nbsp; (0.427)<br>| &nbsp;&nbsp; (0.283)<br>| &nbsp;&nbsp; (0.320)<br>| &nbsp;&nbsp; (0.618)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.556 | &nbsp;&nbsp; $12.131 | &nbsp;&nbsp; $11.486 | &nbsp;&nbsp; $10.392 | &nbsp;&nbsp; $12.699 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 18.41% | &nbsp;&nbsp; 9.23% | &nbsp;&nbsp; 13.35% | &nbsp;&nbsp; (15.58%)<br>| &nbsp;&nbsp; 7.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $867435 | &nbsp;&nbsp; $840595 | &nbsp;&nbsp; $896585 | &nbsp;&nbsp; $900405 | &nbsp;&nbsp; $14 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.00% <br><sup>3</sup><br>|
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 0.87% <br><sup>4</sup><br>|
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 0.81% |
| Portfolio turnover | &nbsp;&nbsp; 128% | &nbsp;&nbsp; 149% | &nbsp;&nbsp; 212% | &nbsp;&nbsp; 144% <br><sup>5</sup><br>| &nbsp;&nbsp; 136% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> The ratio of expenses to average net assets for the year ended December 31, 2021 excluding brokerage commissions and interest expense on securities sold short was 0.98%. 

<sup>4</sup> The ratio of net investment income to average net assets for the year ended December 31, 2021 excluding brokerage commissions and interest expense on securities sold short was 0.91%. 

<sup>5</sup> PTO excludes purchases from the in-kind and merger.

See accompanying notes, which are an integral part of the consolidated financial statements.

LVIP BlackRock Global Allocation Fund-63

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These consolidated financial statements and the related notes pertain to the LVIP BlackRock Global Allocation Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek high total investment return.

**1. Basis for Consolidation**

The Fund may invest upto 25% of its total assets in the shares of LVIP BlackRock Global Allocation Fund Cayman, Ltd., a wholly-owned subsidiary (the "Subsidiary") of the Fund formed in the Cayman Islands. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for the Subsidiary's derivative positions. The Subsidiary is not registered under the 1940 Act and not subject to all the investor protections of the 1940 Act.

The Fund consolidates its investment in the Subsidiary in these consolidated financial statements. Accordingly, the consolidated financial statements include the assets and liabilities and the results of operations of the Subsidiary. All material intercompany balances and transactions have been eliminated. As of December 31, 2025, the net assets of the Subsidiary were $65,447,023, which represented 3.08% of the Fund's net assets.

**2. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities and Exchange-Traded Funds ("ETFs"), except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts

LVIP BlackRock Global Allocation Fund-64

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Significant Accounting Policies (continued)**

are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Non exchange-traded options are valued at the last reported sale price. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Consolidated Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments are reflected as a liability on the Consolidated Statement of Net Assets.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Consolidated Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities and derivatives denominated in foreign currency, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after

LVIP BlackRock Global Allocation Fund-65

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Significant Accounting Policies (continued)**

the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**3. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.64% of the first $1.5 billion of the Fund's average daily net assets; and 0.60% of the Fund's average daily net assets in excess of $1.5 billion. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses and interest expense) exceed 0.71% of the Fund's average daily net assets for the Standard Class and 0.96% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $399529 | &nbsp;&nbsp; $559851 | &nbsp;&nbsp; $520673 | &nbsp;&nbsp; $1480053 |

---

BlackRock Investment Management LLC ("Sub-Adviser") and BlackRock International Limited and BlackRock (Singapore) Limited ("Sub-Sub-Advisers") are responsible for the day-to-day management of the Fund's and the Subsidiary's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Consolidated Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $170319 |
| Legal | &nbsp;&nbsp; 28274 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Consolidated Statement of Operations.

LVIP BlackRock Global Allocation Fund-66

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Consolidated Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $16,041 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $8678 |
| Management fees payable to LFI | &nbsp;&nbsp; 1135014 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 184441 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 123 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 52396 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**4. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $2233662984 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 151232251 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 2436560735 |
| Sales of U.S. government securities | &nbsp;&nbsp; 160986183 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $1668771250 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $527373691 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (99009899)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $428363792 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g.,

LVIP BlackRock Global Allocation Fund-67

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8811202 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $8811202 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 47765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47765 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080285 |
| Bermuda | &nbsp;&nbsp; 155959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 155959 |
| Brazil | &nbsp;&nbsp; 640556 | &nbsp;&nbsp; 3764014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4404570 |
| Canada | &nbsp;&nbsp; 28652796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28652796 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9177 | &nbsp;&nbsp; 9177 |
| China | &nbsp;&nbsp; 1576548 | &nbsp;&nbsp; 21814423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23390971 |
| Colombia | &nbsp;&nbsp; 122131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122131 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 173084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 173084 |
| Denmark | &nbsp;&nbsp; 168246 | &nbsp;&nbsp; 6705797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6874043 |
| Egypt | &nbsp;&nbsp; — | &nbsp;&nbsp; 63533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63533 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1153872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1153872 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 48567015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48567015 |
| Georgia | &nbsp;&nbsp; — | &nbsp;&nbsp; 65252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65252 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 12625632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12625632 |
| Greece | &nbsp;&nbsp; 454960 | &nbsp;&nbsp; 128227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 583187 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 2797699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2797699 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 335719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 335719 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 2123583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2123583 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 599289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 599289 |
| Ireland | &nbsp;&nbsp; 19252858 | &nbsp;&nbsp; 432380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19685238 |
| Israel | &nbsp;&nbsp; 983427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 983427 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 26539725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26539725 |
| Japan | &nbsp;&nbsp; 374349 | &nbsp;&nbsp; 34546123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34920472 |
| Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp; 123268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 123268 |
| Kazakhstan | &nbsp;&nbsp; 161104 | &nbsp;&nbsp; 117301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278405 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 395855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 395855 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 456268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 456268 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 210276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210276 |
| Mexico | &nbsp;&nbsp; 1503910 | &nbsp;&nbsp; 1552104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3056014 |
| Netherlands | &nbsp;&nbsp; 738674 | &nbsp;&nbsp; 23729994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24468668 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 614063 | &nbsp;&nbsp; — | &nbsp;&nbsp; 614063 |
| Philippines | &nbsp;&nbsp; 86398 | &nbsp;&nbsp; 182423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 268821 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1572402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1572402 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 119291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119291 |
| Republic of Korea | &nbsp;&nbsp; 538689 | &nbsp;&nbsp; 8483019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9021708 |
| Saudi Arabia | &nbsp;&nbsp; 101219 | &nbsp;&nbsp; 1116852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1218071 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 152092 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152092 |
| South Africa | &nbsp;&nbsp; 301807 | &nbsp;&nbsp; 2662692 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2964499 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 6179050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6179050 |
| Sweden | &nbsp;&nbsp; 275256 | &nbsp;&nbsp; 2960742 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 3235998 |
| Switzerland | &nbsp;&nbsp; 1071657 | &nbsp;&nbsp; 11490183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12561840 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 29710258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29710258 |
| Thailand | &nbsp;&nbsp; 17094 | &nbsp;&nbsp; 420426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 437520 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 636257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 636257 |
| United Arab Emirates | &nbsp;&nbsp; 159435 | &nbsp;&nbsp; 765756 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 925191 |

---

LVIP BlackRock Global Allocation Fund-68

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United Kingdom | &nbsp;&nbsp; $1895942 | &nbsp;&nbsp; $49654520 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51550462 |
| United States | &nbsp;&nbsp; 921061985 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 6125907 | &nbsp;&nbsp; 927189667 |
| Uruguay | &nbsp;&nbsp; 1260927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1260927 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 747804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14636460 | &nbsp;&nbsp; 15384264 |
| Preferred Stocks |  |  |  |  |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 467874 | &nbsp;&nbsp; 467874 |
| United States | &nbsp;&nbsp; 1543884 | &nbsp;&nbsp; 164471 | &nbsp;&nbsp; 13927916 | &nbsp;&nbsp; 15636271 |
| Warrants | &nbsp;&nbsp; 4798 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 4798 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16029 | &nbsp;&nbsp; 16029 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 8966005 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 8966005 |
| Agency Collateralized Mortgage Obligation | &nbsp;&nbsp; — | &nbsp;&nbsp; 141270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141270 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 329362 | &nbsp;&nbsp; — | &nbsp;&nbsp; 329362 |
| Agency Mortgage-Backed Security | &nbsp;&nbsp; — | &nbsp;&nbsp; 13443754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13443754 |
| Corporate Bonds |  |  |  |  |
| Argentina | &nbsp;&nbsp; — | &nbsp;&nbsp; 68664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68664 |
| Australia | &nbsp;&nbsp; — | &nbsp;&nbsp; 2025692 | &nbsp;&nbsp; 687079 | &nbsp;&nbsp; 2712771 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 397733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 397733 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp; 192785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192785 |
| British Virgin Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 196903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 196903 |
| Canada | &nbsp;&nbsp; — | &nbsp;&nbsp; 2871578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2871578 |
| Cayman Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 518770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 518770 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 218086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 218086 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 4370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4370 |
| Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp; 321128 | &nbsp;&nbsp; — | &nbsp;&nbsp; 321128 |
| Costa Rica | &nbsp;&nbsp; — | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210000 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 512806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 512806 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 180324 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180324 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 366263 | &nbsp;&nbsp; — | &nbsp;&nbsp; 366263 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 9470319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9470319 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 11607529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11607529 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 535469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 535469 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 784117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 784117 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 618869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 618869 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 645070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 645070 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1647910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1647910 |
| Israel | &nbsp;&nbsp; — | &nbsp;&nbsp; 711351 | &nbsp;&nbsp; — | &nbsp;&nbsp; 711351 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 7868630 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7868630 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3883563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3883563 |
| Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp; 1748172 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1748172 |
| Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp; 199563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199563 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 20111096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20111096 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 599730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 599730 |
| Malta | &nbsp;&nbsp; — | &nbsp;&nbsp; 204303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 204303 |
| Mauritius | &nbsp;&nbsp; — | &nbsp;&nbsp; 538397 | &nbsp;&nbsp; 5079266 | &nbsp;&nbsp; 5617663 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 3354516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3354516 |
| Morocco | &nbsp;&nbsp; — | &nbsp;&nbsp; 221484 | &nbsp;&nbsp; — | &nbsp;&nbsp; 221484 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 7943991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7943991 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp; 340498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 340498 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 361773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 361773 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 2041088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2041088 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 1572017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1572017 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp; 1501411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1501411 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 203113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 203113 |
| Tanzania (United Republic Of) | &nbsp;&nbsp; — | &nbsp;&nbsp; 199173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199173 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp; 713034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 713034 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 212654 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212654 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 405057 | &nbsp;&nbsp; — | &nbsp;&nbsp; 405057 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 22092981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22092981 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp; 78832773 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 79912773 |
| Uzbekistan | &nbsp;&nbsp; — | &nbsp;&nbsp; 212978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212978 |

---

LVIP BlackRock Global Allocation Fund-69

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Vietnam | &nbsp;&nbsp; $— | &nbsp;&nbsp; $143286 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $143286 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 61258667 | &nbsp;&nbsp; 5044919 | &nbsp;&nbsp; 66303586 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1001644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1001644 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 72797537 | &nbsp;&nbsp; 1672502 | &nbsp;&nbsp; 74470039 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 5002705 | &nbsp;&nbsp; 2593731 | &nbsp;&nbsp; 7596436 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27660977 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27660977 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 69849739 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69849739 |
| Exchange-Traded Funds | &nbsp;&nbsp; 62053344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62053344 |
| Money Market Fund | &nbsp;&nbsp; 56755914 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56755914 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 144891178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144891178 |
| Options Purchased | &nbsp;&nbsp; 6429397 | &nbsp;&nbsp; 197780 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6627177 |
| **Total Investments** | &nbsp;&nbsp; $1109091068 | &nbsp;&nbsp; $910997592 | &nbsp;&nbsp; $51340860 | &nbsp;&nbsp; $2071429520 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4029080 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4029080 |
| Futures Contracts | &nbsp;&nbsp; $1430629 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1430629 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33306550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33306550 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3332937)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3332937)<br>|
| Futures Contracts | &nbsp;&nbsp; $(2919277)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2919277)<br>|
| Options Written | &nbsp;&nbsp; $(3872877)<br>| &nbsp;&nbsp; $(1486250)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5359127)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6493174)<br>| &nbsp;&nbsp; $(789)<br>| &nbsp;&nbsp; $(6493963)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Consolidated Statement of Net Assets" that are considered to be Level 3 investments in this table.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

For the year ended December 31, 2025, transfers in and out of level 3 were the result of changes in the transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain valuation inputs used by pricing services or the valuation designee, as applicable, in determining fair value. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

LVIP BlackRock Global Allocation Fund-70

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the year ended December 31, 2025. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to significantly increase or decrease the fair value of the Fund's securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **December 31, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Common Stock | $6135084 | Indicative Market Quote | Broker Quote | $23.00 (N/A) |
|  |  | Enterprise Value | Term of Exit / Liquidity Event | 0.36 - 5 yrs (0.9 yrs) |
|  |  | Enterprise Value | Discount for Lack of Marketability (c) | 6%-80% (17.10%) |
|  |  | Enterprise Value | Expected Recovery - Discount Rate (c) | 0.9932 (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Revenue Multiple (b) | 0.80x-7.75x (N/A) |
|  |  |  | Volatility Percentage | 56.00%-80.00% (77.83%) |
| Convertible<br> Preferred Stocks<br>| $14636460 | Recent Transaction | Cost | # |
| Corporate Bonds | $6846345 | Recent Transaction | Cost | # |
|  |  | Enterprise Value | Expected Recovery - Liquidation Rate | 29% (N/A) |
|  |  | Income Approach | Average Yield to Maturity | 9.26% (N/A) |
| Loan Agreements | $5044919 | Income Approach | Average Yield to Maturity | 12.27%-20.67% (15.37%) |
|  |  | Market Yield Analysis | Average Yield to Maturity | 8.70% (N/A) |
| Non-Agency<br> Asset-Backed<br> Securities<br>| $1672502 | Income Approach | Discount Rate (c) | 6.79% (N/A) |
| Non-Agency<br> Collateralized<br> Mortgage Obligations<br>| $2593731 | Indicative Market Quote | Broker Quote | $80.60-$95.88 ($90.18) |
| Preferred Stock | $14395790 | Income Approach | Discount Rate (c) | 10.25% (N/A%) |
|  |  | Market Comparable Companies | Enterprise Value to Revenue Multiple (b) | 1.00x-12.54x (3.91x) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 13.50x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to EBITDA Multiple (b) | 8.25x (N/A) |
|  |  | Enterprise Value | Term of Exit / Liquidity Event | 1-4 yrs (2.8 yrs) |
|  |  | Enterprise Value | Discount for Lack of Marketability (c) | 15%(N/A) |
|  |  |  | Volatility Percentage | 40.00%-80.00% (62.00%) |
| Rights | $16029 | Income Approach | Discount Rate (c) | 4.46% (N/A) |
| Total Return Swap | $(789)<br>| Pricing Service | Previous Vendor Price | # |
| Warrants | $— | Recent Transaction | Last Trade | # |
| Total | $51340071 |  |  |  |
| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |

| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. |
| (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. |

---

LVIP BlackRock Global Allocation Fund-71

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Investments (continued)**

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balances**<br> **as of**<br> **12/31/2024**<br>| **Reclassifications** | **Purchases** | **Sales** | **Transfer**<br> **In**<br>| **Transfer**<br> **Out**<br>| **Accretion/**<br> **(amortization)**<br>| **Net realized**<br> **gain (loss)**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Balance**<br> **as of**<br> **12/31/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **12/31/25**<br>|
| Common Stock | $5478821 | $— | $3300210 | $(240885)<br>| $— | $— | $— | $(153118)<br>| $(2249944)<br>| $6135084 | $(2549457)<br>|
| Convertible Bond |  |  |  |  |  |  |  |  |  |  |  |
| Convertible Preferred <br> Stocks<br>| 7693290 |  |  | (284872)<br>|  |  |  | (2579894)<br>| 9807936 | 14636460 | 7510815 |
| Corporate Bonds | 6154174 |  | 7928012 | (5623341)<br>|  |  | 16983 | (233998)<br>| (1395485)<br>| 6846345 | (1449167)<br>|
| Loan Agreements | 8684058 |  | 1817485 | (5896954)<br>|  |  | 43329 | 242876 | 154125 | 5044919 | 150999 |
| Non-Agency <br> Asset-Backed <br> Security<br>| 1602009 |  |  |  |  |  | 5959 |  | 64534 | 1672502 | 64534 |
| Non-Agency <br> Collateralized <br> Mortgage <br> Obligations<br>| 2193548 |  | 1318774 | (1001314)<br>|  |  | 36092 | 513 | 46118 | 2593731 | 36500 |
| Non-Agency <br> Commercial <br> Mortgage-Backed <br> Security<br>| 777339 |  |  |  |  | (777339)<br>|  |  |  |  |  |
| Preferred Stocks | 14967921 |  | 31327 | (3569139)<br>|  |  |  |  | 2965681 | 14395790 | 1039673 |
| Rights |  |  | 16029 |  |  |  |  |  |  | 16029 |  |
| Total Return Swap <br> (TRS) Contract<br>|  |  | 285733 | (266984)<br>|  |  |  | (18750)<br>| (789)<br>| (789)<br>| (789)<br>|
| Warrants | 6 |  |  |  |  |  |  |  | (6)<br>|  |  |
| Total | $47551166 | $— | $14697570 | $(16883489)<br>| $— | (777339)$| $102363 | $(2742371)<br>| $9392170 | $51340071 | $4803108 |

---

**5. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, swaps, straddle loss deferrals, partnerships and treasury inflation-protected securities, mark-to-market adjustments on certain derivatives and passive foreign investment companies ("PFICs"), premium amortization adjustments on certain debt instruments and wholly owned subsidiary adjustments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $124007068 | &nbsp;&nbsp; $72756985 |

---

**6. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $138785486 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 818721 |
| Other temporary differences | &nbsp;&nbsp; (106052238)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 428363792 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $461915761 |

---

LVIP BlackRock Global Allocation Fund-72

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **6. Components of Distributable Earnings on a Tax Basis (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to wholly owned subsidiary adjustments:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $(15085172)<br>| &nbsp;&nbsp; $15085172 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**7. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 8136744 | &nbsp;&nbsp; 7416890 |
| Service Class | &nbsp;&nbsp; 4021202 | &nbsp;&nbsp; 2543535 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 5515529 | &nbsp;&nbsp; 3513331 |
| Service Class | &nbsp;&nbsp; 3686054 | &nbsp;&nbsp; 2308063 |
|  | &nbsp;&nbsp; 21359529 | &nbsp;&nbsp; 15781819 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (19271882)<br>| &nbsp;&nbsp; (16667580)<br>|
| Service Class | &nbsp;&nbsp; (13012996)<br>| &nbsp;&nbsp; (13618709)<br>|
|  | &nbsp;&nbsp; (32284878)<br>| &nbsp;&nbsp; (30286289)<br>|
| Net decrease | &nbsp;&nbsp; (10925349)<br>| &nbsp;&nbsp; (14504470)<br>|

---

**8. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**9. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their

LVIP BlackRock Global Allocation Fund-73

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date and to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to facilitate investments in portfolio securities.

Options Contracts–During the year ended December 31, 2025, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

During the year ended December 31, 2025, the Fund used options contracts, including swaptions, to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions; to manage the Fund's exposure to changes in foreign currencies; to adjust the Fund's overall exposure to certain markets; to generate income; to protect the value of portfolio securities; as a cash management tool; to purchase the underlying security for the Fund at a price lower than the current market value of the security by selling put options; to facilitate investments in portfolio securities; to offset capital losses and to receive premiums for writing options.

Swap Contracts–The Fund enters into CDS contracts, total return swap contracts, inflation swap contracts, interest rate swap contracts and CFDs in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event (including single name, baskets, and systemic), to enhance total return or to gain exposure to certain securities or markets. The Fund may also use total return swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms and to gain exposure to markets the Fund invests in. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds. The Fund may use interest rate swaps to manage the Fund's sensitivity to interest rates or hedge against changes in interest rates.

LVIP BlackRock Global Allocation Fund-74

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such swap contract. Interest rate swaps may be used to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from (paid to) the counterparty over the interest rate swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, trading these instruments through a central counterparty.

During the year ended December 31, 2025, the Fund used interest rate swap contracts to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

During the year ended December 31, 2025, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the Consolidated Statement of Net Assets, at December 31, 2025, the notional value of the protection sold was USD 16,554,905 and EUR 12,948,675, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement had been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event occurs, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. At December 31, 2025, net unrealized appreciation of the protection sold was $862,534.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, by trading these instruments through a central counterparty.

During the year ended December 31, 2025, the Fund used CDS contracts to gain exposure to certain securities or markets; to enhance total return and to hedge against credit events.

Total Return Swaps- Total return swaps involve commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent the total return of the security, instrument or basket of instruments underlying the transaction exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent the total return of the security, instrument or basket of instruments underlying the transaction falls short of the offsetting interest obligation, the Fund will make a payment to the counterparty. The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract.

LVIP BlackRock Global Allocation Fund-75

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the total return swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund used total return swap contracts to gain exposure to markets the Fund invests in.

Inflation Swap- Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as the Secured Overnight Financing Rate (SOFR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated, for bilateral swap contracts, by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund used inflation swaps to hedge the inflation risks in nominal bonds (i.e., non-inflation-protected bonds) thereby creating "synthetic" inflation-indexed bonds.

Contracts for Difference — The Fund may enter into CFDs. CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded over-the-counter. CFDs are not registered with the U.S. Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Consolidated Statement of Operations. Periodic payments made or received are recorded as realized gains or losses.

During the year ended December 31, 2025, the Fund used contracts for difference to obtain short exposure and to gain exposure to certain securities or markets.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

During the year ended December 31, 2025, the Fund used currency swaps to protect against currency fluctuations.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Consolidated Statement of Net Assets.

LVIP BlackRock Global Allocation Fund-76

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Consolidated Statement of Net Assets** <br> **Location**<br>| **Fair Value** | **Consolidated Statement of Net Assets** <br> **Location**<br>| **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $4029080 | Receivables and other assets net of <br> liabilities<br>| $(3332937)<br>|
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 695671 | Receivables and other assets net of <br> liabilities<br>| (1010342)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 734958 | Receivables and other assets net of <br> liabilities<br>| (1908935)<br>|
| Options purchased <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 6429398 | Receivables and other assets net of <br> liabilities<br>|  |
| Options purchased <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 58348 | Receivables and other assets net of <br> liabilities<br>|  |
| Options purchased <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 139431 | Receivables and other assets net of <br> liabilities<br>|  |
| Options written <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>|  | Receivables and other assets net of <br> liabilities<br>| (3872876)<br>|
| Options written <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>|  | Receivables and other assets net of <br> liabilities<br>| (240570)<br>|
| Options written <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>|  | Receivables and other assets net of <br> liabilities<br>| (1245681)<br>|
| Swap contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 1310800 | Receivables and other assets net of <br> liabilities<br>| (1177327)<br>|
| Swap contracts <br> (Credit contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 966345 | Receivables and other assets net of <br> liabilities<br>| (381292)<br>|
| Swap contracts <br> (Interest rate <br> contracts & Inflation <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 31029405 | Receivables and other assets net of <br> liabilities<br>| (4935344)<br>|
| Total |  | $45393436 |  | $(18105304)<br>|

---

LVIP BlackRock Global Allocation Fund-77

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(750824)<br>| &nbsp;&nbsp; $7968777 |
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; 20169935 | &nbsp;&nbsp; (2643477)<br>|
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (13494853)<br>| &nbsp;&nbsp; 12223 |
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (11902466)<br>| &nbsp;&nbsp; 2074723 |
| Options purchased (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (1220621)<br>| &nbsp;&nbsp; (23719)<br>|
| Options purchased (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (2402875)<br>| &nbsp;&nbsp; 344234 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 16410989 | &nbsp;&nbsp; 768711 |
| Options written (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 1037350 | &nbsp;&nbsp; (7918)<br>|
| Options written (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 5181513 | &nbsp;&nbsp; 417191 |
| Swap contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; (14150963)<br>| &nbsp;&nbsp; (573482)<br>|
| Swap contracts (Credit <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 333813 | &nbsp;&nbsp; 295169 |
| Swap contracts (Interest rate <br> contracts & Inflation contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; (2322700)<br>| &nbsp;&nbsp; 15372298 |
| Total |  | &nbsp;&nbsp; $(3111702)<br>| &nbsp;&nbsp; $24004730 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $528884593 | $177354384 |
| Futures contracts (average notional value) | 470874526 | 521654057 |
| Options contracts (average value) | 6933681 | 6032152 |
| CDS contracts (average notional value)\* | 20976228 | 17489723 |
| Interest rate swap contracts (average notional value)\*\* | 1223494271 | 462147975 |
| Total return swap contracts (average notional value) | 8012493 | 7091553 |
| Contracts for difference swap contract (average notional volume) | 51585 | 794736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents buying protection and short represents selling protection. <br> \*\*Long represents paying floating interest payments and short represent receiving floating interest payments.

LVIP BlackRock Global Allocation Fund-78

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

At December 31, 2025, the Fund posted securities collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| Bank of America N.A. | &nbsp;&nbsp; $1028000 |
| BNP Paribas SA | &nbsp;&nbsp; 431000 |
| Citigroup Global Markets | &nbsp;&nbsp; 2740000 |
| Deutsche Bank | &nbsp;&nbsp; 210000 |
| Goldman Sachs International | &nbsp;&nbsp; 386000 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 10000 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 526000 |
| Morgan Stanley & Co. International | &nbsp;&nbsp; 90000 |
| Total | &nbsp;&nbsp; $5421000 |

---

At December 31, 2025, the Fund received cash collateral and securities collateral (comprised of U.S. treasury securities) for certain open bilateral derivatives as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash Collateral** | **Securities Collateral** |
| Barclays Bank | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82512 |
| Societe Generale | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 21925 |
| Total | &nbsp;&nbsp; $160000 | &nbsp;&nbsp; $104437 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Net Assets.

At December 31, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $150260 | &nbsp;&nbsp; $(1112580)<br>| &nbsp;&nbsp; $(962320)<br>|
| Bank of New York Mellon | &nbsp;&nbsp; 73572 | &nbsp;&nbsp; (254)<br>| &nbsp;&nbsp; 73318 |
| Barclays Bank PLC | &nbsp;&nbsp; 174727 | &nbsp;&nbsp; (89798)<br>| &nbsp;&nbsp; 84929 |
| BNP Paribas SA | &nbsp;&nbsp; 101998 | &nbsp;&nbsp; (712122)<br>| &nbsp;&nbsp; (610124)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; 1538380 | &nbsp;&nbsp; (1144985)<br>| &nbsp;&nbsp; 393395 |
| Deutsche Bank | &nbsp;&nbsp; 267585 | &nbsp;&nbsp; (2024733)<br>| &nbsp;&nbsp; (1757148)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 343773 | &nbsp;&nbsp; (815432)<br>| &nbsp;&nbsp; (471659)<br>|
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 52578 | &nbsp;&nbsp; (32297)<br>| &nbsp;&nbsp; 20281 |
| Imperial Bank of Canada | &nbsp;&nbsp; 383140 | &nbsp;&nbsp; (940)<br>| &nbsp;&nbsp; 382200 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 492263 | &nbsp;&nbsp; (1017871)<br>| &nbsp;&nbsp; (525608)<br>|
| Morgan Stanley & Co. | &nbsp;&nbsp; 222223 | &nbsp;&nbsp; (484102)<br>| &nbsp;&nbsp; (261879)<br>|
| Royal bank of Canada | &nbsp;&nbsp; 109428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109428 |
| Societe Generale | &nbsp;&nbsp; 519291 | &nbsp;&nbsp; (59244)<br>| &nbsp;&nbsp; 460047 |
| Standard Chartered Bank | &nbsp;&nbsp; 90002 | &nbsp;&nbsp; (218038)<br>| &nbsp;&nbsp; (128036)<br>|
| UBS AG | &nbsp;&nbsp; 1207625 | &nbsp;&nbsp; (40459)<br>| &nbsp;&nbsp; 1167166 |
| Total | &nbsp;&nbsp; $5726845 | &nbsp;&nbsp; $(7752855)<br>| &nbsp;&nbsp; $(2026010)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Global Allocation Fund-79

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $(962320)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $962320 | &nbsp;&nbsp; $— |
| Bank of New York Mellon | &nbsp;&nbsp; 73318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73318 |
| Barclays Bank PLC | &nbsp;&nbsp; 84929 | &nbsp;&nbsp; (82512)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2417 |
| BNP Paribas SA | &nbsp;&nbsp; (610124)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 431000 | &nbsp;&nbsp; (179124)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; 393395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 393395 |
| Deutsche Bank | &nbsp;&nbsp; (1757148)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; (1547148)<br>|
| Goldman Sachs International | &nbsp;&nbsp; (471659)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 386000 | &nbsp;&nbsp; (85659)<br>|
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 20281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 30281 |
| Imperial Bank of Canada | &nbsp;&nbsp; 382200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 382200 |
| JPMorgan Chase Bank | &nbsp;&nbsp; (525608)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 525608 | &nbsp;&nbsp; — |
| Morgan Stanley & Co. | &nbsp;&nbsp; (261879)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; (171879)<br>|
| Royal bank of Canada | &nbsp;&nbsp; 109428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109428 |
| Societe Generale | &nbsp;&nbsp; 460047 | &nbsp;&nbsp; — | &nbsp;&nbsp; (160000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 300047 |
| Standard Chartered Bank | &nbsp;&nbsp; (128036)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (128036)<br>|
| UBS AG | &nbsp;&nbsp; 1167166 | &nbsp;&nbsp; (21925)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1145241 |
| Total | &nbsp;&nbsp; $(2026010)<br>| &nbsp;&nbsp; $(104437)<br>| &nbsp;&nbsp; $(160000)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2614928 | &nbsp;&nbsp; $324481 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

**10. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

LVIP BlackRock Global Allocation Fund-80

------

**LVIP BlackRock Global Allocation Fund**

**Notes to Consolidated Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **10. Risk Factors (continued)**

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 2. Restricted securities have been identified on the Consolidated Statement of Net Assets.

**11. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**12. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**13. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Global Allocation Fund-81

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock Global Allocation Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of net assets of LVIP BlackRock Global Allocation Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgdbe5d6ef2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock Global Allocation Fund–82

------

![](img934309381.jpg)

![](imga87363942.jpg)

LVIP BlackRock Global Allocation Managed Risk Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP BlackRock Global Allocation Managed Risk Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_ca4fd259-e58d-4302-bb24-ca155bcc6503_SOI-continued-284_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_ca4fd259-e58d-4302-bb24-ca155bcc6503_FS-continued-284_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_ca4fd259-e58d-4302-bb24-ca155bcc6503_FS-continued-284_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_ca4fd259-e58d-4302-bb24-ca155bcc6503_FS-continued-284_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_ca4fd259-e58d-4302-bb24-ca155bcc6503_FIHI-continued-284_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_ca4fd259-e58d-4302-bb24-ca155bcc6503_NTF-continued-284_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_ca4fd259-e58d-4302-bb24-ca155bcc6503_AUDIT-continued-284_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–96.93%** | **AFFILIATED INVESTMENT–96.93%** | **AFFILIATED INVESTMENT–96.93%** |
| **INVESTMENT COMPANY–96.93%** | **INVESTMENT COMPANY–96.93%** | **INVESTMENT COMPANY–96.93%** |
| **Global Multi-Asset Fund–96.93%** | **Global Multi-Asset Fund–96.93%** | **Global Multi-Asset Fund–96.93%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Global <br> Allocation Fund<br>| 44743630 | $606857859 |
| **Total Affiliated Investment** <br>**(Cost $449,360,698)**<br>|  | **606857859** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENT–2.91%** | **UNAFFILIATED INVESTMENT–2.91%** | **UNAFFILIATED INVESTMENT–2.91%** |
| **INVESTMENT COMPANY–2.91%** | **INVESTMENT COMPANY–2.91%** | **INVESTMENT COMPANY–2.91%** |
| **Money Market Fund–2.91%** | **Money Market Fund–2.91%** | **Money Market Fund–2.91%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 18175327 | $18175327 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $18,175,327)**<br>|  | **18175327** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $467,536,025)** | **625033186** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **1029839** |
| **NET ASSETS APPLICABLE TO 49,238,999 SHARES OUTSTANDING–100.00%** | **$626063025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 6 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $400380 | &nbsp;&nbsp; $398465 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $1915 | &nbsp;&nbsp; $— |
| 11 | CME British Pound Currency Futures | &nbsp;&nbsp; 925237 | &nbsp;&nbsp; 915346 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 9891 | &nbsp;&nbsp; — |
| 16 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 2356000 | &nbsp;&nbsp; 2339273 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 16727 | &nbsp;&nbsp; — |
| 15 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 1203469 | &nbsp;&nbsp; 1206275 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2806)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 28533 | &nbsp;&nbsp; (2806)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 38 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 13095750 | &nbsp;&nbsp; 13088711 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 7039 | &nbsp;&nbsp; — |
| 3 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 997560 | &nbsp;&nbsp; 1012982 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15422)<br>|
| 40 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 2745737 | &nbsp;&nbsp; 2708394 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 37343 | &nbsp;&nbsp; — |
| 8 | FTSE 100 Index Futures | &nbsp;&nbsp; 1071998 | &nbsp;&nbsp; 1050975 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 21023 | &nbsp;&nbsp; — |
| 6 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 188688 | &nbsp;&nbsp; 184254 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 4434 | &nbsp;&nbsp; — |
| 3 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 434244 | &nbsp;&nbsp; 432144 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; — |
| 6 | TSE TOPIX Futures | &nbsp;&nbsp; 1307520 | &nbsp;&nbsp; 1297949 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 9571 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 81510 | &nbsp;&nbsp; (15422)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $110043 | &nbsp;&nbsp; $(18228)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |

---

LVIP BlackRock Global Allocation Managed Risk Fund-1

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Allocation Managed Risk Fund** | **LVIP BlackRock Global Allocation Managed Risk Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $606857859 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 18175327 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1378938 |
| Receivable for fund shares sold | &nbsp;&nbsp; 670320 |
| Receivable for securities sold | &nbsp;&nbsp; 236388 |
| Dividends and interest receivable  | &nbsp;&nbsp; 58298 |
| Prepaid expenses | &nbsp;&nbsp; 2287 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 627379417 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 914018 |
| Due to manager and affiliates | &nbsp;&nbsp; 242320 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 121374 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13832 |
| Other accrued expenses payable | &nbsp;&nbsp; 7777 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1316392 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $626063025 |
| Affiliated investments, at cost | &nbsp;&nbsp; $449360698 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 18175327 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $70191 |
| Shares Outstanding | &nbsp;&nbsp; 5479 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.810 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $625992834 |
| Shares Outstanding | &nbsp;&nbsp; 49233520 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.715 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $524455278 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 101607747 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $626063025 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** | **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from affiliated investments | $15861593 |
| Dividends from unaffiliated investments | 979698 |
|  | 16841291 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 2195240 |
| Management fees | 940931 |
| Shareholder servicing fees | 181913 |
| Accounting and administration expenses | 99820 |
| Professional fees | 50302 |
| Trustees' fees and expenses | 18292 |
| Reports and statements to shareholders | 16176 |
| Consulting fees | 7877 |
| Custodian fees | 7831 |
| Pricing fees | 2869 |
| Other | 87841 |
|  | 3609092 |
| Less:  |  |
| Management fees waived | (470466)<br>|
| Total operating expenses | 3138626 |
| **NET INVESTMENT INCOME**  | 13702665 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 17520483 |
| Distributions from affiliated investment companies | 20254035 |
| Foreign currencies | (7604)<br>|
| Futures contracts | (5017177)<br>|
| Net realized gain | 32749737 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 49498452 |
| Foreign currencies | 13686 |
| Futures contracts | 755045 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 50267183 |
| **NET REALIZED AND UNREALIZED GAIN** | 83016920 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $96719585 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** | **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** | **LVIP BlackRock Global Allocation Managed Risk** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $13702665 | $5838586 |
| Net realized gain | 32749737 | 35042669 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 50267183 | 19618577 |
| Net increase in net assets resulting <br> from operations<br>| 96719585 | 60499832 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (3671)<br>| (2747)<br>|
| Service Class | (30951756)<br>| (20291706)<br>|
|  | (30955427)<br>| (20294453)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 863 | 644 |
| Service Class | 13481545 | 11751205 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 3671 | 2747 |
| Service Class | 30951756 | 20291706 |
|  | 44437835 | 32046302 |
| Cost of shares redeemed: |  |  |
| Standard Class | (21851)<br>| (4377)<br>|
| Service Class | (126873403)<br>| (118565645)<br>|
|  | (126895254)<br>| (118570022)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (82457419)<br>| (86523720)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (16693261)<br>| (46318341)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 642756286 | 689074627 |
| End of year | $626063025 | $642756286 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-4

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.537 | &nbsp;&nbsp; $10.905 | &nbsp;&nbsp; $10.027 | &nbsp;&nbsp; $12.585 | &nbsp;&nbsp; $12.272 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.313 | 0.141 | 0.253 | 0.027 | 0.171 |
| Net realized and unrealized gain (loss) | 1.665 | 0.906 | 0.916 | &nbsp;&nbsp; (2.266)<br>| 0.778 |
| Total from investment operations | 1.978 | 1.047 | 1.169 | &nbsp;&nbsp; (2.239)<br>| 0.949 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.705)<br>| &nbsp;&nbsp; (0.415)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.319)<br>| &nbsp;&nbsp; (0.636)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.705)<br>| &nbsp;&nbsp; (0.415)<br>| &nbsp;&nbsp; (0.291)<br>| &nbsp;&nbsp; (0.319)<br>| &nbsp;&nbsp; (0.636)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.810 | &nbsp;&nbsp; $11.537 | &nbsp;&nbsp; $10.905 | &nbsp;&nbsp; $10.027 | &nbsp;&nbsp; $12.585 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 17.11% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 11.65% | &nbsp;&nbsp; (17.78%)<br>| &nbsp;&nbsp; 7.74% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $76 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $90 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.13% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 1.33% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 1.25% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-5

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.455 | &nbsp;&nbsp; $10.828 | &nbsp;&nbsp; $9.959 | &nbsp;&nbsp; $12.498 | &nbsp;&nbsp; $12.190 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | 0.268 | 0.099 | 0.215 | &nbsp;&nbsp; (0.011)<br>| 0.124 |
| Net realized and unrealized gain (loss) | 1.650 | 0.899 | 0.906 | &nbsp;&nbsp; (2.248)<br>| 0.773 |
| Total from investment operations | 1.918 | 0.998 | 1.121 | &nbsp;&nbsp; (2.259)<br>| 0.897 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.658)<br>| &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.234)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.589)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.018)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.658)<br>| &nbsp;&nbsp; (0.371)<br>| &nbsp;&nbsp; (0.252)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.589)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.715 | &nbsp;&nbsp; $11.455 | &nbsp;&nbsp; $10.828 | &nbsp;&nbsp; $9.959 | &nbsp;&nbsp; $12.498 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 16.72% | &nbsp;&nbsp; 9.22% | &nbsp;&nbsp; 11.25% | &nbsp;&nbsp; (18.06%)<br>| &nbsp;&nbsp; 7.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $625993 | &nbsp;&nbsp; $642677 | &nbsp;&nbsp; $688999 | &nbsp;&nbsp; $709931 | &nbsp;&nbsp; $955379 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.48% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; 0.98% |
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; (0.18%)<br>| &nbsp;&nbsp; 0.90% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-6

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Global Allocation Managed Risk Fund(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, primarily the LVIP BlackRock Global Allocation Fund (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The LVIP BlackRock Global Allocation Fund, which is sub-advised by an unaffiliated sub-adviser, invests primarily in a portfolio of equity, debt and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP BlackRock Global Allocation Managed Risk Fund-7

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.15% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.075% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $52111 |
| Legal | &nbsp;&nbsp; 8630 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,305 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $40011 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 186695 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 143 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 15471 |

---

LVIP BlackRock Global Allocation Managed Risk Fund-8

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANY-96.93%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Global Multi-Asset** <br> **Fund-96.93%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Global <br> Allocation Fund<br>| $623002877 | $44710275 | $128020314 | $17520483 | $49498452 | $146086 | $606857859 | 44743630 | $15861593 | $20254035 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $44710275 |
| Sales | &nbsp;&nbsp; 128020314 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $467656365 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $157558313 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (164314)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $157393999 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP BlackRock Global Allocation Managed Risk Fund-9

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $606857859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $606857859 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 18175327 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18175327 |
| **Total Investments** | &nbsp;&nbsp; $625033186 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $625033186 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $110043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110043 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(18228)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18228)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to wash sale and straddle loss deferrals, mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $30955427 | &nbsp;&nbsp; $20294453 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $3438132 |
| Capital loss carryforward | &nbsp;&nbsp; (59208278)<br>|
| Other temporary differences | &nbsp;&nbsp; (16106)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 157393999 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $101607747 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $43914990 | &nbsp;&nbsp; $15293288 | &nbsp;&nbsp; $59208278 |

---

In 2025, the Fund utilized $13,256,275 of capital loss carryforwards.

LVIP BlackRock Global Allocation Managed Risk Fund-10

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 55 |
| Service Class | &nbsp;&nbsp; 1105446 | &nbsp;&nbsp; 1015076 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 238 |
| Service Class | &nbsp;&nbsp; 2421484 | &nbsp;&nbsp; 1771737 |
|  | &nbsp;&nbsp; 3527284 | &nbsp;&nbsp; 2787106 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1735)<br>| &nbsp;&nbsp; (374)<br>|
| Service Class | &nbsp;&nbsp; (10395818)<br>| &nbsp;&nbsp; (10312980)<br>|
|  | &nbsp;&nbsp; (10397553)<br>| &nbsp;&nbsp; (10313354)<br>|
| Net decrease | &nbsp;&nbsp; (6870269)<br>| &nbsp;&nbsp; (7526248)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

LVIP BlackRock Global Allocation Managed Risk Fund-11

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $81510 | Variation margin due to broker on futures <br> contracts<br>| $(15422)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 28533 | Variation margin due to broker on futures <br> contracts<br>| (2806)<br>|
| Total |  | $110043 |  | $(18228)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(4226158)<br>| &nbsp;&nbsp; $613047 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (791019)<br>| &nbsp;&nbsp; 141998 |
| Total |  | &nbsp;&nbsp; $(5017177)<br>| &nbsp;&nbsp; $755045 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $24251759 | $— |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

LVIP BlackRock Global Allocation Managed Risk Fund-12

------

**LVIP BlackRock Global Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Global Allocation Managed Risk Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock Global Allocation Managed Risk Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP BlackRock Global Allocation Managed Risk Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img775841d63.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock Global Allocation Managed Risk Fund–14

------

![](imgc55809731.jpg)

![](img8e35635a2.jpg)

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_17100b08-4245-4718-a0a0-59c98dd00f43_SOI-continued-244_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_17100b08-4245-4718-a0a0-59c98dd00f43_FS-continued-244_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_17100b08-4245-4718-a0a0-59c98dd00f43_FS-continued-244_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_17100b08-4245-4718-a0a0-59c98dd00f43_FIHI-continued-244_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_17100b08-4245-4718-a0a0-59c98dd00f43_NTF-continued-244_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_17100b08-4245-4718-a0a0-59c98dd00f43_AUDIT-continued-244_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.86%** | **INVESTMENT COMPANIES–99.86%** | **INVESTMENT COMPANIES–99.86%** |
| **Equity Funds–49.55%** | **Equity Funds–49.55%** | **Equity Funds–49.55%** |
| iShares Core S&P 500 ETF | 143844 | $98524509 |
| iShares Core S&P Mid-Cap <br> ETF<br>| 330271 | 21797886 |
| iShares Edge MSCI Min Vol <br> USA ETF<br>| 862089 | 81174300 |
| iShares Russell 2000 ETF | 95853 | 23595175 |
|  |  | **225091870** |
| **Fixed Income Funds–28.69%** | **Fixed Income Funds–28.69%** | **Fixed Income Funds–28.69%** |
| iShares Broad USD <br> Investment Grade Corporate <br> Bond ETF<br>| 421360 | 21813807 |
| iShares Core U.S. Aggregate <br> Bond ETF<br>| 647961 | 64718345 |
| iShares Core U.S. Treasury <br> Bond ETF<br>| 947954 | 21826641 |
| iShares MBS ETF | 230850 | 21981537 |
|  |  | **130340330** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **International Equity Funds–18.40%** | **International Equity Funds–18.40%** | **International Equity Funds–18.40%** |
| iShares Edge MSCI Min Vol <br> EAFE ETF<br>| 668371 | $57646999 |
| iShares Edge MSCI Min Vol <br> Emerging Markets ETF<br>| 405198 | 25948880 |
|  |  | **83595879** |
| **Money Market Fund–3.22%** | **Money Market Fund–3.22%** | **Money Market Fund–3.22%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 14638589 | 14638589 |
|  |  | **14638589** |
| **Total Investment Companies** <br>**(Cost $311,678,259)**<br>|  | **453666668** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.86% (Cost $311,678,259)** | **453666668** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.14%** | **654657** |
| **NET ASSETS APPLICABLE TO 33,577,117 SHARES OUTSTANDING–100.00%** | **$454321325** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND** <br> **STANDARD CLASS** <br>**($66,892,803 / 4,936,957 Shares)** | **$13.549** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND** <br> **SERVICE CLASS** <br>**($387,428,522 / 28,640,160 Shares)** | **$13.527** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$363222805** |
| Distributable earnings/(accumulated loss) | **91098520** |
| **TOTAL NET ASSETS** | **$454321325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $967,142 cash collateral held at broker for futures contracts, $121,881 payable for fund shares redeemed, $7,193 other accrued <br> expenses payable, $221,787 due to manager and affiliates, $99,620 variation margin due to broker on futures contracts, $17,071 payable for <br> audit fee and $14,814 payable for fund accounting fee as of December 31, 2025.<br>

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-1

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 3 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $200190 | &nbsp;&nbsp; $199241 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $949 | &nbsp;&nbsp; $— |
| 5 | CME British Pound Currency Futures | &nbsp;&nbsp; 420563 | &nbsp;&nbsp; 416067 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 4496 | &nbsp;&nbsp; — |
| 7 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1030750 | &nbsp;&nbsp; 1023432 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 7318 | &nbsp;&nbsp; — |
| 6 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 481387 | &nbsp;&nbsp; 482509 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1122)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 12763 | &nbsp;&nbsp; (1122)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 9 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 1124100 | &nbsp;&nbsp; 1158007 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33907)<br>|
| 23 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 7926376 | &nbsp;&nbsp; 7922113 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 4263 | &nbsp;&nbsp; — |
| 6 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1995120 | &nbsp;&nbsp; 2026054 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (30934)<br>|
| 18 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1235582 | &nbsp;&nbsp; 1218778 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 16804 | &nbsp;&nbsp; — |
| 4 | FTSE 100 Index Futures | &nbsp;&nbsp; 535999 | &nbsp;&nbsp; 525488 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 10511 | &nbsp;&nbsp; — |
| 14 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 987980 | &nbsp;&nbsp; 967920 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 20060 | &nbsp;&nbsp; — |
| 3 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 94343 | &nbsp;&nbsp; 92127 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 2216 | &nbsp;&nbsp; — |
| 1 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 144748 | &nbsp;&nbsp; 144131 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 617 | &nbsp;&nbsp; — |
| 3 | TSE TOPIX Futures | &nbsp;&nbsp; 653760 | &nbsp;&nbsp; 648879 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 4881 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 59352 | &nbsp;&nbsp; (64841)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $72115 | &nbsp;&nbsp; $(65963)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| EAFE–Europe Australasia Far East |
| ETF–Exchange-Traded Fund |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MBS–Mortgage-Backed Security |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $11363162 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 1346163 |
| Management fees | 1117973 |
| Shareholder servicing fees | 129685 |
| Accounting and administration expenses | 84515 |
| Professional fees | 46298 |
| Trustees' fees and expenses | 12941 |
| Custodian fees | 11428 |
| Reports and statements to shareholders | 10945 |
| Consulting fees | 8118 |
| Pricing fees | 2397 |
| Other | 15611 |
|  | 2786074 |
| Less:  |  |
| Management fees waived | (22360)<br>|
| Total operating expenses | 2763714 |
| **NET INVESTMENT INCOME**  | 8599448 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 11275696 |
| Foreign currencies | (1080)<br>|
| Futures contracts | (3677713)<br>|
| Net realized gain | 7596903 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 29288852 |
| Foreign currencies | 4733 |
| Futures contracts | 535577 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 29829162 |
| **NET REALIZED AND UNREALIZED GAIN** | 37426065 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $46025513 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock Global Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $8599448 | $8805993 |
| Net realized gain | 7596903 | 19344439 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 29829162 | 18874189 |
| Net increase in net assets resulting <br> from operations<br>| 46025513 | 47024621 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (2877997)<br>| (1498051)<br>|
| Service Class | (15740626)<br>| (8304080)<br>|
|  | (18618623)<br>| (9802131)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 5409279 | 4343107 |
| Service Class | 17042744 | 10436246 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 2877997 | 1498051 |
| Service Class | 15740626 | 8304080 |
|  | 41070646 | 24581484 |
| Cost of shares redeemed: |  |  |
| Standard Class | (5758737)<br>| (4284276)<br>|
| Service Class | (54776426)<br>| (59149187)<br>|
|  | (60535163)<br>| (63433463)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (19464517)<br>| (38851979)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 7942373 | (1629489)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 446378952 | 448008441 |
| End of year | $454321325 | $446378952 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-3

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.735 | &nbsp;&nbsp; $11.749 | &nbsp;&nbsp; $10.747 | &nbsp;&nbsp; $13.578 | &nbsp;&nbsp; $12.586 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.296 | 0.281 | 0.242 | 0.182 | 0.161 |
| Net realized and unrealized gain (loss) | 1.122 | 1.030 | 1.014 | &nbsp;&nbsp; (2.429)<br>| 1.426 |
| Total from investment operations | 1.418 | 1.311 | 1.256 | &nbsp;&nbsp; (2.247)<br>| 1.587 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.296)<br>| &nbsp;&nbsp; (0.254)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.171)<br>|
| Net realized gain | &nbsp;&nbsp; (0.309)<br>| &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.424)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.604)<br>| &nbsp;&nbsp; (0.325)<br>| &nbsp;&nbsp; (0.254)<br>| &nbsp;&nbsp; (0.584)<br>| &nbsp;&nbsp; (0.595)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.549 | &nbsp;&nbsp; $12.735 | &nbsp;&nbsp; $11.749 | &nbsp;&nbsp; $10.747 | &nbsp;&nbsp; $13.578 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 11.17% | &nbsp;&nbsp; 11.17% | &nbsp;&nbsp; 11.68% | &nbsp;&nbsp; (16.52%)<br>| &nbsp;&nbsp; 12.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $66893 | &nbsp;&nbsp; $60575 | &nbsp;&nbsp; $54324 | &nbsp;&nbsp; $47102 | &nbsp;&nbsp; $51501 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 2.23% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.21% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.20% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-4

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.717 | &nbsp;&nbsp; $11.731 | &nbsp;&nbsp; $10.732 | &nbsp;&nbsp; $13.557 | &nbsp;&nbsp; $12.569 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.248 | 0.236 | 0.202 | 0.141 | 0.114 |
| Net realized and unrealized gain (loss) | 1.118 | 1.028 | 1.009 | &nbsp;&nbsp; (2.424)<br>| 1.423 |
| Total from investment operations | 1.366 | 1.264 | 1.211 | &nbsp;&nbsp; (2.283)<br>| 1.537 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.247)<br>| &nbsp;&nbsp; (0.249)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.125)<br>|
| Net realized gain | &nbsp;&nbsp; (0.309)<br>| &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.403)<br>| &nbsp;&nbsp; (0.424)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.556)<br>| &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.212)<br>| &nbsp;&nbsp; (0.542)<br>| &nbsp;&nbsp; (0.549)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.527 | &nbsp;&nbsp; $12.717 | &nbsp;&nbsp; $11.731 | &nbsp;&nbsp; $10.732 | &nbsp;&nbsp; $13.557 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 10.78% | &nbsp;&nbsp; 10.79% | &nbsp;&nbsp; 11.29% | &nbsp;&nbsp; (16.81%)<br>| &nbsp;&nbsp; 12.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $387428 | &nbsp;&nbsp; $385804 | &nbsp;&nbsp; $393684 | &nbsp;&nbsp; $387868 | &nbsp;&nbsp; $500084 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.86% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.85% |
| Portfolio turnover | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-5

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds ("Underlying ETFs") or financial instruments that provide exposure to such Underlying ETFs (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at http://www.sec.gov.

The Fund's investment objective is to seek a balance between current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-6

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

BlackRock Investment Management LLC ("BlackRock") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays BlackRock a fee based on the Fund's average daily net assets.

Milliman Financial Risk Management LLC ("Milliman") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays Milliman a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $36981 |
| Legal | &nbsp;&nbsp; 6135 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,091 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-7

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $94876 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 115681 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 11230 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $31091366 |
| Sales | &nbsp;&nbsp; 65094862 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $319262738 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $141420432 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (7008391)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $134412041 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-8

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $453666668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $453666668 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $72115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72115 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(65963)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(65963)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $18618623 | &nbsp;&nbsp; $9802131 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $8743978 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 3608405 |
| Other temporary differences | &nbsp;&nbsp; (55665904)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 134412041 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $91098520 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 404537 | &nbsp;&nbsp; 347456 |
| Service Class | &nbsp;&nbsp; 1289553 | &nbsp;&nbsp; 826420 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 211545 | &nbsp;&nbsp; 118157 |
| Service Class | &nbsp;&nbsp; 1160695 | &nbsp;&nbsp; 655798 |
|  | &nbsp;&nbsp; 3066330 | &nbsp;&nbsp; 1947831 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (435573)<br>| &nbsp;&nbsp; (333088)<br>|
| Service Class | &nbsp;&nbsp; (4147550)<br>| &nbsp;&nbsp; (4704206)<br>|
|  | &nbsp;&nbsp; (4583123)<br>| &nbsp;&nbsp; (5037294)<br>|
| Net decrease | &nbsp;&nbsp; (1516793)<br>| &nbsp;&nbsp; (3089463)<br>|

---

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-9

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $59352 | Receivables and other assets net of <br> liabilities<br>| $(64841)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 12763 | Receivables and other assets net of <br> liabilities<br>| (1122)<br>|
| Total |  | $72115 |  | $(65963)<br>|

---

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-10

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(3253765)<br>| &nbsp;&nbsp; $476096 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (423948)<br>| &nbsp;&nbsp; 59481 |
| Total |  | &nbsp;&nbsp; $(3677713)<br>| &nbsp;&nbsp; $535577 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $15948635 | $— |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-11

------

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgbff428483.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–13

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![](imga73da2351.jpg)

LVIP BlackRock Inflation Protected Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP BlackRock Inflation Protected Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_f64b7f25-5955-4853-8f2e-f8ec43ed2a6f_SOI-continued-269_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_f64b7f25-5955-4853-8f2e-f8ec43ed2a6f_FS-continued-269_1)**  | &nbsp;&nbsp; **14** |
| **[Statements of Changes in Net Assets](#xx_f64b7f25-5955-4853-8f2e-f8ec43ed2a6f_FS-continued-269_1)**  | &nbsp;&nbsp; **14** |
| **[Financial Highlights](#xx_f64b7f25-5955-4853-8f2e-f8ec43ed2a6f_FIHI-continued-269_1)**  | &nbsp;&nbsp; **15** |
| **[Notes to Financial Statements](#xx_f64b7f25-5955-4853-8f2e-f8ec43ed2a6f_NTF-continued-269_1)**  | &nbsp;&nbsp; **17** |
| **[Report of Independent Registered Public Accounting Firm](#xx_f64b7f25-5955-4853-8f2e-f8ec43ed2a6f_AUDIT-continued-269_1)**  | &nbsp;&nbsp; **28** |

---

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.49%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.49%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.49%** |
| •Federal Home Loan Mortgage Corp. REMICS  | •Federal Home Loan Mortgage Corp. REMICS  | •Federal Home Loan Mortgage Corp. REMICS  |
| Series 5468 Class WF 4.97% <br> (30 day USD SOFR Average <br> + 1.10%) 11/25/54<br>| 418834 | $419331 |
| Series 5478 Class FD 5.27% <br> (30 day USD SOFR Average <br> + 1.40%) 2/25/54<br>| 300900 | 303015 |
| Series 5479 Class FB 5.27% <br> (30 day USD SOFR Average <br> + 1.40%) 12/25/54<br>| 168687 | 169789 |
| Series 5482 Class FB 5.37% <br> (30 day USD SOFR Average <br> + 1.50%) 12/25/54<br>| 492058 | 496400 |
| Series 5500 Class DF 5.22% <br> (30 day USD SOFR Average <br> + 1.35%) 10/25/54<br>| 369781 | 371000 |
| Series 5508 Class FE 5.47% <br> (30 day USD SOFR Average <br> + 1.60%) 2/25/55<br>| 417115 | 421803 |
| Series 5513 Class FD 5.22% <br> (30 day USD SOFR Average <br> + 1.35%) 1/25/55<br>| 3792870 | 3816382 |
| Series 5515 Class FB 5.27% <br> (30 day USD SOFR Average <br> + 1.40%) 3/25/55<br>| 207002 | 208464 |
| Series 5516 Class FC 5.27% <br> (30 day USD SOFR Average <br> + 1.40%) 3/25/55<br>| 7066414 | 7109777 |
| Series 5539 Class FC 5.37% <br> (30 day USD SOFR Average <br> + 1.50%) 5/25/55<br>| 277624 | 280071 |
| Series 5543 Class FC 5.37% <br> (30 day USD SOFR Average <br> + 1.50%) 6/25/55<br>| 212690 | 214153 |
| Series 5543 Class FG 5.37% <br> (30 day USD SOFR Average <br> + 1.50%) 6/25/55<br>| 214632 | 216525 |
| Series 5543 Class FM 5.37% <br> (30 day USD SOFR Average <br> + 1.50%) 6/25/55<br>| 284507 | 287015 |
| Series 5563 Class FA 5.22% <br> (30 day USD SOFR Average <br> + 1.35%) 8/25/55<br>| 465181 | 467730 |
| Series 5570 Class FA 5.27% <br> (30 day USD SOFR Average <br> + 1.40%) 5/25/55<br>| 305223 | 307406 |
| •Federal National Mortgage Association REMICS  | •Federal National Mortgage Association REMICS  | •Federal National Mortgage Association REMICS  |
| Series 2024-88 Class FC <br> 5.27% (30 day USD SOFR <br> Average + 1.40%) 12/25/54<br>| 344525 | 346757 |
| Series 2024-95 Class FC <br> 5.27% (30 day USD SOFR <br> Average + 1.40%) 12/25/54<br>| 81722 | 82279 |
| Series 2025-13 Class FB <br> 5.17% (30 day USD SOFR <br> Average + 1.30%) 3/25/55<br>| 407405 | 409552 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •Federal National Mortgage Association REMICS (continued)  | •Federal National Mortgage Association REMICS (continued)  | •Federal National Mortgage Association REMICS (continued)  |
| Series 2025-18 Class FH <br> 5.27% (30 day USD SOFR <br> Average + 1.40%) 8/25/54<br>| 145238 | $146228 |
| Series 2025-2 Class FG 5.32% <br> (30 day USD SOFR Average <br> + 1.45%) 2/25/55<br>| 505432 | 509551 |
| Series 2025-35 Class FJ <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 5/25/55<br>| 334252 | 337103 |
| Series 2025-42 Class FA <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 6/25/55<br>| 201161 | 202913 |
| Series 2025-42 Class FE <br> 5.42% (30 day USD SOFR <br> Average + 1.55%) 6/25/55<br>| 366692 | 370304 |
| **Total Agency Collateralized** <br> **Mortgage Obligations** <br>**(Cost $17,428,229)**<br>|  | **17493548** |
| **AGENCY MORTGAGE-BACKED SECURITIES–4.72%** | **AGENCY MORTGAGE-BACKED SECURITIES–4.72%** | **AGENCY MORTGAGE-BACKED SECURITIES–4.72%** |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 3.50% 1/1/56 | 400000 | 369766 |
| 3.50% 2/1/56 | 19015000 | 17518311 |
| 5.00% 1/1/55 | 12331000 | 12296319 |
| 5.50% 1/1/55 | 24764236 | 25110504 |
| **Total Agency** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $55,038,028)**<br>|  | **55294900** |
| **ΔCORPORATE BONDS–0.46%** | **ΔCORPORATE BONDS–0.46%** | **ΔCORPORATE BONDS–0.46%** |
| **United States–0.46%** | **United States–0.46%** | **United States–0.46%** |
| AEP Texas, Inc. 5.70% <br> 5/15/34<br>| 805000 | 839091 |
| Cheniere Energy Partners LP <br> 5.75% 8/15/34<br>| 980000 | 1023236 |
| Diamondback Energy, Inc. <br> 5.40% 4/18/34<br>| 1740000 | 1781628 |
| Energy Transfer LP 5.60% <br> 9/1/34<br>| 825000 | 849021 |
| Vistra Operations Co. LLC <br> 6.00% 4/15/34<br>| 875000 | 920791 |
| **Total Corporate Bonds** <br>**(Cost $5,278,664)**<br>|  | **5413767** |
| **NON-AGENCY ASSET-BACKED SECURITIES–2.54%** | **NON-AGENCY ASSET-BACKED SECURITIES–2.54%** | **NON-AGENCY ASSET-BACKED SECURITIES–2.54%** |
| AMSR Trust | AMSR Trust | AMSR Trust |
| Series 2022-SFR1 Class E1 <br> 4.39% 3/17/39<br>| 2500000 | 2478572 |
| Series 2022-SFR3 Class D <br> 4.00% 10/17/39<br>| 2180000 | 2142824 |
| Enterprise Fleet <br> Financing LLC Series 2025-4 <br> Class A4 4.28% 6/20/32<br>| 508000 | 509741 |

---

LVIP BlackRock Inflation Protected Bond Fund-1

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust |
| Series 2022-SFR1 Class E1 <br> 5.00% 5/19/39<br>| 2500000 | $2497006 |
| Series 2022-SFR1 Class E2 <br> 5.00% 5/19/39<br>| 2500000 | 2493109 |
| Foundation Finance Trust <br> Series 2025-3A Class A 4.56% <br> 8/15/52<br>| 634412 | 636099 |
| New Residential Mortgage <br> Loan Trust Series 2022-SFR2 <br> Class D 4.00% 9/4/39<br>| 2210000 | 2172053 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Series 2021-SFR8 Class E1 <br> 2.38% 10/17/38<br>| 2500000 | 2451454 |
| Series 2022-SFR3 Class E2 <br> 5.60% 4/17/39<br>| 968000 | 968379 |
| Series 2022-SFR4 Class D <br> 5.59% 5/17/41<br>| 2500000 | 2511869 |
| Series 2022-SFR5 Class D <br> 5.73% 6/17/39<br>| 2500000 | 2515407 |
| Series 2022-SFR6 Class D <br> 6.04% 7/20/39<br>| 2150000 | 2169523 |
| Series 2022-SFR7 Class D <br> 5.50% 10/27/39<br>| 1615000 | 1621290 |
| Tricon Residential Trust | Tricon Residential Trust | Tricon Residential Trust |
| Series 2022-SFR1 Class E1 <br> 5.34% 4/17/39<br>| 1500000 | 1499184 |
| Series 2022-SFR1 Class E2 <br> 5.74% 4/17/39<br>| 600000 | 602229 |
| Series 2022-SFR2 Class D <br> 6.23% 7/17/40<br>| 2500000 | 2561838 |
| **Total Non-Agency** <br> **Asset-Backed Securities** <br>**(Cost $28,942,184)**<br>|  | **29830577** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.01%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.01%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.01%** |
| ABN AMRO Mortgage Corp. <br> Series 2003-4 Class A4 5.50% <br> 3/25/33<br>| 2683 | 2653 |
| φAngel Oak Mortgage Trust <br> Series 2025-2 Class A1 5.64% <br> 2/25/70<br>| 1082994 | 1093370 |
| •Barclays Mortgage Loan Trust <br> Series 2025-NQM3 Class A1 <br> 5.64% 5/25/65<br>| 1253162 | 1264342 |
| •BFLD Mortgage Trust Series <br> 2024-VICT Class A 5.64% (1 <br> mo. USD Term SOFR + <br> 1.89%) 7/15/41<br>| 365000 | 366597 |
| φBRAVO Residential Funding <br> Trust Series 2023-NQM3 <br> Class A1 4.85% 9/25/62<br>| 1132270 | 1133562 |
| ♦CHL Mortgage Pass-Through <br> Trust Series 2004-5 Class <br> 2A4 5.50% 5/25/34<br>| 19548 | 19223 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •COLT Mortgage Loan Trust <br> Series 2025-12 Class A1 <br> 4.98% 1/26/71<br>| 727046 | $727939 |
| •COMM Mortgage Trust Series <br> 2024-WCL1 Class A 5.59% (1 <br> mo. USD Term SOFR + <br> 1.84%) 6/15/41<br>| 540000 | 537983 |
| •Cross Mortgage Trust | •Cross Mortgage Trust | •Cross Mortgage Trust |
| Series 2025-H1 Class A1 <br> 5.74% 2/25/70<br>| 1205541 | 1219356 |
| Series 2025-H10 Class A1 <br> 4.97% 1/25/71<br>| 572968 | 573458 |
| •CSMC Trust Series <br> 2022-NQM5 Class A1 5.17% <br> 5/25/67<br>| 2227916 | 2225675 |
| φDeephaven Residential <br> Mortgage Trust Series <br> 2024-1 Class A1 5.74% <br> 7/25/69<br>| 485428 | 490257 |
| φEFMT Series 2025-NQM6 <br> Class A1A 5.00% 12/25/70<br>| 553361 | 553897 |
| •Ellington Financial Mortgage <br> Trust Series 2021-3 Class A1 <br> 1.24% 9/25/66<br>| 1454673 | 1222731 |
| φHOMES Trust | φHOMES Trust | φHOMES Trust |
| Series 2025-AFC1 Class A1 <br> 5.73% 1/25/60<br>| 648574 | 656300 |
| Series 2025-AFC2 Class A1A <br> 5.47% 6/25/60<br>| 1262012 | 1271959 |
| •JP Morgan Mortgage Trust <br> Series 2023-DSC1 Class A1 <br> 4.63% 7/25/63<br>| 632144 | 625817 |
| •JW Commercial Mortgage <br> Trust Series 2024-MRCO <br> Class A 5.37% (1 mo. USD <br> Term SOFR + 1.62%) <br> 6/15/39<br>| 510000 | 510793 |
| •Morgan Stanley Residential <br> Mortgage Loan Trust Series <br> 2025-NQM1 Class A1 5.74% <br> 11/25/69<br>| 672481 | 680960 |
| •New Residential Mortgage <br> Loan Trust Series <br> 2025-NQM7 Class A1 5.01% <br> 10/26/65<br>| 1245000 | 1246799 |
| •PRKCM Trust Series <br> 2022-AFC2 Class A1 5.34% <br> 8/25/57<br>| 323388 | 323442 |
| PRPM Trust | PRPM Trust | PRPM Trust |
| φSeries 2025-NQM1 Class A1 <br> 5.80% 11/25/69<br>| 957076 | 968248 |
| φSeries 2025-NQM2 Class A1 <br> 5.69% 4/25/70<br>| 769652 | 778448 |
| •Series 2025-NQM3 Class A1 <br> 5.61% 5/25/70<br>| 1000761 | 1010084 |

---

LVIP BlackRock Inflation Protected Bond Fund-2

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| SG Residential Mortgage Trust | SG Residential Mortgage Trust | SG Residential Mortgage Trust |
| •Series 2021-1 Class A1 1.16% <br> 7/25/61<br>| 1757491 | $1480711 |
| φSeries 2022-2 Class A1 5.35% <br> 8/25/62<br>| 559169 | 559673 |
| •Series 2025-1 Class A1 5.10% <br> 12/25/65<br>| 989597 | 990964 |
| φVerus Securitization Trust <br> Series 2025-12 Class A1LC <br> 5.11% 12/25/70<br>| 781163 | 782692 |
| ♦WaMu Mortgage Pass-Through <br> Certificates Trust Series <br> 2003-S11 Class 3A5 5.95% <br> 11/25/33<br>| 28070 | 28142 |
| •Wells Fargo Commercial <br> Mortgage Trust Series <br> 2024-1CHI Class A 5.31% <br> 7/15/35<br>| 182000 | 183675 |
| **Total Non-Agency** <br> **Collateralized Mortgage** <br> **Obligations** <br>**(Cost $23,168,787)**<br>|  | **23529750** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.14%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.14%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.14%** |
| •AREIT Ltd. Series 2024-CRE9 <br> Class A 5.44% (1 mo. USD <br> Term SOFR + 1.69%) <br> 5/17/41<br>| 701293 | 701293 |
| •ARES Commercial Mortgage <br> Trust Series 2024-IND <br> Class A 5.44% (1 mo. USD <br> Term SOFR + 1.69%) <br> 7/15/41<br>| 1150000 | 1151431 |
| •BAHA Trust Series 2024-MAR <br> Class A 5.97% 12/10/41<br>| 1150000 | 1190749 |
| •BAMLL Trust Series <br> 2024-BHP Class A 6.10% (1 <br> mo. USD Term SOFR + <br> 2.35%) 8/15/39<br>| 770000 | 773041 |
| •BFLD Commercial Mortgage <br> Trust Series 2025-660F <br> Class A 5.25% (1 mo. USD <br> Term SOFR + 1.50%) <br> 11/15/42<br>| 1076000 | 1079020 |
| •BFLD Trust Series <br> 2025-EWEST Class A 5.30% <br> (1 mo. USD Term SOFR + <br> 1.55%) 6/15/42<br>| 954000 | 953999 |
| •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust |
| Series 2024-AIRC Class A <br> 5.44% (1 mo. USD Term <br> SOFR + 1.69%) 8/15/41<br>| 458736 | 459308 |
| Series 2024-KING Class A <br> 5.29% (1 mo. USD Term <br> SOFR + 1.54%) 5/15/34<br>| 1204148 | 1204147 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •BX Commercial Mortgage Trust (continued) | •BX Commercial Mortgage Trust (continued) | •BX Commercial Mortgage Trust (continued) |
| Series 2024-MDHS Class A <br> 5.39% (1 mo. USD Term <br> SOFR + 1.64%) 5/15/41<br>| 986340 | $987874 |
| Series 2024-XL4 Class D <br> 6.89% (1 mo. USD Term <br> SOFR + 3.14%) 2/15/39<br>| 515059 | 514738 |
| Series 2025-JDI Class A <br> 5.15% (1 mo. USD Term <br> SOFR + 1.40%) 11/15/42<br>| 1440000 | 1439550 |
| •BX Trust | •BX Trust | •BX Trust |
| Series 2024-VLT4 Class A <br> 5.24% (1 mo. USD Term <br> SOFR + 1.49%) 6/15/41<br>| 668000 | 667584 |
| Series 2025-ARIA Class A <br> 5.03% 12/13/42<br>| 1250000 | 1258045 |
| Series 2025-VOLT Class A <br> 5.45% (1 mo. USD Term <br> SOFR + 1.70%) 12/15/44<br>| 1086000 | 1084643 |
| •CIP Commercial Mortgage <br> Trust Series 2025-SBAY <br> Class A 5.15% (1 mo. USD <br> Term SOFR + 1.40%) <br> 10/15/37<br>| 1047000 | 1046999 |
| •CONE Trust Series <br> 2024-DFW1 Class A 5.39% (1 <br> mo. USD Term SOFR + <br> 1.64%) 8/15/41<br>| 210000 | 209672 |
| •DBC Mortgage Trust Series <br> 2025-DBC Class A 5.10% (1 <br> mo. USD Term SOFR + <br> 1.35%) 11/15/42<br>| 1445000 | 1445903 |
| •DBSG Mortgage Trust | •DBSG Mortgage Trust | •DBSG Mortgage Trust |
| Series 2024-ALTA Class A <br> 5.95% 6/10/37<br>| 215000 | 218539 |
| Series 2024-SBL Class A <br> 5.63% (1 mo. USD Term <br> SOFR + 1.88%) 8/15/34<br>| 1085000 | 1085001 |
| •ELM Trust | •ELM Trust | •ELM Trust |
| Series 2024-ELM Class A10 <br> 5.80% 6/10/39<br>| 430000 | 432499 |
| Series 2024-ELM Class A15 <br> 5.80% 6/10/39<br>| 430000 | 432499 |
| •Extended Stay America Trust <br> Series 2025-ESH Class A <br> 5.05% (1 mo. USD Term <br> SOFR + 1.30%) 10/15/42<br>| 1267000 | 1267792 |
| •GWT Trust Series 2024-WLF2 <br> Class A 5.44% (1 mo. USD <br> Term SOFR + 1.69%) <br> 5/15/41<br>| 875000 | 877451 |
| •HILT Commercial Mortgage <br> Trust Series 2024-ORL <br> Class A 5.29% (1 mo. USD <br> Term SOFR + 1.54%) <br> 5/15/37<br>| 475000 | 474852 |

---

LVIP BlackRock Inflation Protected Bond Fund-3

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •HONO Mortgage Trust Series <br> 2021-LULU Class A 5.02% (1 <br> mo. USD Term SOFR + <br> 1.26%) 10/15/36<br>|  | 150000 | $148125 |
| •LQR Trust Series 2025-CALI <br> Class A 5.33% (1 mo. USD <br> Term SOFR + 1.60%) <br> 1/15/43<br>|  | 451000 | 450999 |
| •NYCT Trust Series 2024-3ELV <br> Class A 5.74% (1 mo. USD <br> Term SOFR + 1.99%) <br> 8/15/29<br>|  | 183498 | 183727 |
| •One New York Plaza Trust <br> Series 2020-1NYP Class AJ <br> 5.12% (1 mo. USD Term <br> SOFR + 1.36%) 1/15/36<br>|  | 89000 | 84399 |
| •PENN Commercial Mortgage <br> Trust Series 2025-P11 <br> Class A 5.34% 8/10/42<br>|  | 680000 | 696885 |
| •SHRN Trust Series 2025-MF18 <br> Class A 4.95% (1 mo. USD <br> Term SOFR + 1.20%) <br> 10/15/40<br>|  | 1515000 | 1515000 |
| •UNIV Trust Series 2025-APTS <br> Class A 5.40% (1 mo. USD <br> Term SOFR + 1.65%) <br> 11/15/42<br>|  | 1100000 | 1101370 |
| **Total Non-Agency** <br> **Commercial** <br> **Mortgage-Backed** <br> **Securities** <br>**(Cost $25,046,564)**<br>|  |  | **25137134** |
| **ΔSOVEREIGN BONDS–40.54%** | **ΔSOVEREIGN BONDS–40.54%** | **ΔSOVEREIGN BONDS–40.54%** | **ΔSOVEREIGN BONDS–40.54%** |
| **Australia–1.10%** | **Australia–1.10%** | **Australia–1.10%** | **Australia–1.10%** |
| Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
| 0.25% 11/21/32 | AUD | 3129000 | 2213448 |
| 0.75% 11/21/27 | AUD | 4343000 | 3703536 |
| 2.00% 8/21/35 | AUD | 3600000 | 3214756 |
| 2.50% 9/20/30 | AUD | 3731000 | 3828618 |
|  |  |  | **12960358** |
| **Canada–0.69%** | **Canada–0.69%** | **Canada–0.69%** | **Canada–0.69%** |
| Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
| 4.00% 12/1/31 | CAD | 5010210 | 4222330 |
| 4.25% 12/1/26 | CAD | 5134069 | 3861390 |
|  |  |  | **8083720** |
| **Denmark–0.31%** | **Denmark–0.31%** | **Denmark–0.31%** | **Denmark–0.31%** |
| Denmark I/L Government Bonds | Denmark I/L Government Bonds | Denmark I/L Government Bonds | Denmark I/L Government Bonds |
| 0.10% 11/15/30 | DKK | 11746825 | 1768220 |
| 0.10% 11/15/34 | DKK | 12764265 | 1833930 |
|  |  |  | **3602150** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **France–9.01%** | **France–9.01%** | **France–9.01%** | **France–9.01%** |
| French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. | French Republic Government Bonds O.A.T. |
| 0.10% 3/1/28 | EUR | 9343847 | $10732358 |
| 0.10% 3/1/28 | EUR | 763374 | 876813 |
| 0.10% 3/1/29 | EUR | 14762060 | 16927016 |
| 0.10% 7/25/31 | EUR | 8053487 | 8958507 |
| 0.10% 3/1/32 | EUR | 4473475 | 4820694 |
| 0.60% 7/25/34 | EUR | 6479702 | 7069716 |
| 0.70% 7/25/30 | EUR | 10557228 | 12282165 |
| 1.85% 7/25/27 | EUR | 16623265 | 19938642 |
| 3.15% 7/25/32 | EUR | 9254540 | 12207150 |
| 3.15% 7/25/32 | EUR | 1966849 | 2594361 |
| 3.40% 7/25/29 | EUR | 885785 | 1123013 |
| 3.40% 7/25/29 | EUR | 6383655 | 8093310 |
|  |  |  | **105623745** |
| **Germany–1.98%** | **Germany–1.98%** | **Germany–1.98%** | **Germany–1.98%** |
| Deutsche Bundesrepublik Inflation-Linked Bonds | Deutsche Bundesrepublik Inflation-Linked Bonds | Deutsche Bundesrepublik Inflation-Linked Bonds | Deutsche Bundesrepublik Inflation-Linked Bonds |
| 0.10% 4/15/33 | EUR | 6399009 | 7084897 |
| 0.50% 4/15/30 | EUR | 13919311 | 16164622 |
|  |  |  | **23249519** |
| **Italy–6.40%** | **Italy–6.40%** | **Italy–6.40%** | **Italy–6.40%** |
| Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
| 0.10% 5/15/33 | EUR | 11848471 | 12598031 |
| 0.40% 5/15/30 | EUR | 9543259 | 10914445 |
| 1.10% 8/15/31 | EUR | 554290 | 649363 |
| 1.25% 9/15/32 | EUR | 11687368 | 13727249 |
| 1.30% 5/15/28 | EUR | 10355600 | 12279285 |
| 1.50% 5/15/29 | EUR | 10605756 | 12675396 |
| 2.35% 9/15/35 | EUR | 9678146 | 12218895 |
|  |  |  | **75062664** |
| **Japan–3.00%** | **Japan–3.00%** | **Japan–3.00%** | **Japan–3.00%** |
| Japan Government CPI Linked Bonds | Japan Government CPI Linked Bonds | Japan Government CPI Linked Bonds | Japan Government CPI Linked Bonds |
| 0.01% 3/10/31 | JPY | 409885272 | 2687300 |
| 0.01% 3/10/32 | JPY | 458459652 | 2947759 |
| 0.01% 3/10/33 | JPY | 491881036 | 3113044 |
| 0.01% 3/10/34 | JPY | 607738100 | 3800815 |
| 0.10% 3/10/27 | JPY | 708773322 | 4594816 |
| 0.10% 3/10/28 | JPY | 795325212 | 5161241 |
| 0.10% 3/10/29 | JPY | 1091378382 | 7075120 |
| Japan Government <br> CPI-Linked Bonds 0.01% <br> 3/10/35<br>| JPY | 248042250 | 1543543 |
| Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
| 2.30% 12/20/54 | JPY | 468200000 | 2400123 |
| 2.40% 3/20/55 | JPY | 354100000 | 1856697 |
|  |  |  | **35180458** |
| **Mexico–0.40%** | **Mexico–0.40%** | **Mexico–0.40%** | **Mexico–0.40%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 3.50% 2/12/34 |  | 1762000 | 1523249 |
| 4.88% 5/19/33 |  | 400000 | 384000 |
| 6.35% 2/9/35 |  | 1321000 | 1384408 |

---

LVIP BlackRock Inflation Protected Bond Fund-4

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Mexico Government International Bonds (continued) | Mexico Government International Bonds (continued) | Mexico Government International Bonds (continued) | Mexico Government International Bonds (continued) |
| 6.88% 5/13/37 |  | 1294000 | $1380698 |
|  |  |  | **4672355** |
| **New Zealand–0.37%** | **New Zealand–0.37%** | **New Zealand–0.37%** | **New Zealand–0.37%** |
| New Zealand Government Bonds Inflation-Linked | New Zealand Government Bonds Inflation-Linked | New Zealand Government Bonds Inflation-Linked | New Zealand Government Bonds Inflation-Linked |
| 2.50% 9/20/35 | NZD | 3695000 | 2861408 |
| 3.00% 9/20/30 | NZD | 1752000 | 1459342 |
|  |  |  | **4320750** |
| **Peru–0.14%** | **Peru–0.14%** | **Peru–0.14%** | **Peru–0.14%** |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 6.85% 8/12/35 | PEN | 2804000 | 897299 |
| 7.60% 8/12/39 | PEN | 2256000 | 732060 |
|  |  |  | **1629359** |
| **Spain–3.67%** | **Spain–3.67%** | **Spain–3.67%** | **Spain–3.67%** |
| Spain Government Bonds Inflation-Linked | Spain Government Bonds Inflation-Linked | Spain Government Bonds Inflation-Linked | Spain Government Bonds Inflation-Linked |
| 0.65% 11/30/27 | EUR | 11292745 | 13282248 |
| 0.70% 11/30/33 | EUR | 12985122 | 14624227 |
| 1.00% 11/30/30 | EUR | 12805415 | 15108939 |
|  |  |  | **43015414** |
| **Sweden–0.71%** | **Sweden–0.71%** | **Sweden–0.71%** | **Sweden–0.71%** |
| Sweden Bonds Inflation-Linked | Sweden Bonds Inflation-Linked | Sweden Bonds Inflation-Linked | Sweden Bonds Inflation-Linked |
| 0.13% 12/1/27 | SEK | 16515000 | 2303494 |
| 0.13% 6/1/30 | SEK | 9855000 | 1281888 |
| 0.13% 6/1/32 | SEK | 15300000 | 2118446 |
| 3.50% 12/1/28 | SEK | 14075000 | 2668024 |
|  |  |  | **8371852** |
| **United Kingdom–12.76%** | **United Kingdom–12.76%** | **United Kingdom–12.76%** | **United Kingdom–12.76%** |
| U.K. Gilts 4.25% 12/7/55 | GBP | 1770000 | 2049283 |
| U.K. Inflation-Linked Gilts | U.K. Inflation-Linked Gilts | U.K. Inflation-Linked Gilts | U.K. Inflation-Linked Gilts |
| 0.13% 8/10/28 | GBP | 12384093 | 16467870 |
| 0.13% 3/22/29 | GBP | 12710424 | 16751059 |
| 0.13% 8/10/31 | GBP | 9565011 | 12270113 |
| 0.75% 11/22/33 | GBP | 9750596 | 12494383 |
| 0.75% 3/22/34 | GBP | 12884011 | 16371168 |
| 1.13% 9/22/35 | GBP | 7487848 | 9648832 |
| 1.25% 11/22/27 | GBP | 15096440 | 20558260 |
| 1.25% 11/22/32 | GBP | 13764799 | 18539647 |
| 2.00% 1/26/35 | GBP | 4115000 | 13239652 |
| 4.13% 7/22/30 | GBP | 2464000 | 11273682 |
|  |  |  | **149663949** |
| **Total Sovereign Bonds** <br>**(Cost $472,297,470)**<br>|  |  | **475436293** |
| **U.S. TREASURY OBLIGATIONS–54.16%** | **U.S. TREASURY OBLIGATIONS–54.16%** | **U.S. TREASURY OBLIGATIONS–54.16%** | **U.S. TREASURY OBLIGATIONS–54.16%** |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| 1.75% 1/15/28 |  | 12106439 | 12194186 |
| 2.38% 1/15/27 |  | 13056057 | 13160017 |
| 2.50% 1/15/29 |  | 7542723 | 7784613 |
| 3.38% 4/15/32 |  | 4638793 | 5119823 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Inflation Indexed Bonds (continued) | U.S. Treasury Inflation Indexed Bonds (continued) | U.S. Treasury Inflation Indexed Bonds (continued) |
| 3.63% 4/15/28 | 15848178 | $16625447 |
| 3.88% 4/15/29 | 18668004 | 20106496 |
| U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes | U.S. Treasury Inflation Indexed Notes |
| 0.13% 4/15/27 | 22297881 | 21892740 |
| 0.13% 1/15/30 | 19692858 | 18676584 |
| 0.13% 7/15/30 | 26757009 | 25250105 |
| 0.13% 1/15/31 | 32295575 | 30102474 |
| 0.13% 7/15/31 | 27318513 | 25310366 |
| 0.13% 1/15/32 | 28666316 | 26191941 |
| 0.25% 7/15/29 | 25287115 | 24361307 |
| 0.38% 1/15/27 | 16629403 | 16423785 |
| 0.38% 7/15/27 | 22606356 | 22342360 |
| 0.50% 1/15/28 | 303744 | 298377 |
| 0.63% 7/15/32 | 26362294 | 24730320 |
| 0.75% 7/15/28 | 23380443 | 23100271 |
| ∞1.13% 10/15/30 | 25539888 | 25148590 |
| 1.13% 1/15/33 | 25669105 | 24628484 |
| 1.25% 4/15/28 | 21046682 | 20960650 |
| 1.38% 7/15/33 | 24382963 | 23765148 |
| 1.63% 10/15/29 | 23632776 | 23864560 |
| ∞1.63% 4/15/30 | 31588251 | 31743114 |
| 1.75% 1/15/34 | 25979322 | 25830362 |
| 1.88% 7/15/34 | 27948565 | 28058489 |
| ∞1.88% 7/15/35 | 34604110 | 34511459 |
| 2.13% 4/15/29 | 21778367 | 22237325 |
| 2.13% 1/15/35 | 32234217 | 32803264 |
| 2.38% 10/15/28 | 7764923 | 7995961 |
| **Total U.S. Treasury** <br> **Obligations** <br>**(Cost $639,448,836)**<br>|  | **635218618** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–0.63%** | **MONEY MARKET FUND–0.63%** | **MONEY MARKET FUND–0.63%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 7426987 | 7426987 |
| **Total Money Market Fund** <br>**(Cost $7,426,987)** | **Total Money Market Fund** <br>**(Cost $7,426,987)** | **7426987** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Notional** <br>**Amount**<br>|
| **OPTIONS PURCHASED–0.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Over-The-Counter–0.00%** | **Over-The-Counter–0.00%** | **Over-The-Counter–0.00%** |
| **Call Swaptions–0.00%** | **Call Swaptions–0.00%** | **Call Swaptions–0.00%** |
| 1 Year Interest Rate Swap, <br> expiration date 6/10/27, <br> notional amount $25,360,000 <br> GSI<br>| 25360000 | 26475 |
| **Total Options Purchased** <br>**(Cost $30,739)** | **Total Options Purchased** <br>**(Cost $30,739)** | **26475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Inflation Protected Bond Fund-5

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–108.69% (Cost $1,274,106,488)** | **$1274808049** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notional** <br>**Amount**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(0.04)%** | **OPTIONS WRITTEN–(0.04)%** |
| **Over-The-Counter–(0.04)%** | **Over-The-Counter–(0.04)%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Call Swaptions–(0.00)%** | **Call Swaptions–(0.00)%** | **Call Swaptions–(0.00)%** |
| 1 Year Interest Rate Swap, expiration date 6/10/27, notional amount $(25360000) GSI | (25360000)<br>| $(8327)<br>|
| 10 Year Interest Rate Swap, expiration date 12/16/26, notional amount $(1976800) DB | (1976800)<br>| (11789)<br>|
| 10 Year Interest Rate Swap, expiration date 2/19/36, notional amount $(2628200) JPM | (2628200)<br>| (5889)<br>|
|  |  | **(26005)**<br>|
| **Put Swaptions–(0.04)%** | **Put Swaptions–(0.04)%** | **Put Swaptions–(0.04)%** |
| 1 Year Interest Rate Swap, expiration date 6/10/27, notional amount $(25360000) GSI | (25360000)<br>| (16350)<br>|
| 10 Year Interest Rate Swap, expiration date 12/16/26, notional amount $(1976800) DB | (1976800)<br>| (14677)<br>|
| 10 Year Interest Rate Swap, expiration date 2/19/36, notional amount $(2628200) JPM | (2628200)<br>| (6235)<br>|
| 10 Year Interest Rate Swap, expiration date 4/27/36, notional amount $(9336000) JPM | (9336000)<br>| (65392)<br>|
| 2 Year Interest Rate Swap, expiration date 2/20/26, notional amount $(9218667) DB | (9218667)<br>| (1839)<br>|
| 2 Year Interest Rate Swap, expiration date 9/20/27, notional amount $(54991000) CBK | (54991000)<br>| (149063)<br>|
| 2 Year Interest Rate Swap, expiration date 12/8/27, notional amount $(10680000) DB | (10680000)<br>| (50046)<br>|
| 2 Year Interest Rate Swap, expiration date 12/16/27, notional amount $(31175000) DB | (31175000)<br>| (83447)<br>|
|  |  | **(387049)**<br>|
| **Total Options Written** <br>**(Premiums received $(432048))** | **Total Options Written** <br>**(Premiums received $(432048))** | **(413054)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(8.65%)** | **(101562525)**<br>|
| **NET ASSETS APPLICABLE TO 124,059,829 SHARES OUTSTANDING –100.00%** | **$1172832470** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND STANDARD CLASS** <br>**($398,865,001 / 42,179,720 Shares)** | **$9.456** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND SERVICE CLASS** <br>**($773,967,469 / 81,880,109 Shares)** | **$9.452** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1331050125** |
| Distributable earnings/(accumulated loss) | **(158217655)**<br>|
| **TOTAL NET ASSETS** | **$1172832470** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |
| ΔSecurities have been classified by country of origin. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at December 31, 2025. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| ∞Fully or partially pledged as collateral for reverse repurchase agreements. |

---

LVIP BlackRock Inflation Protected Bond Fund-6

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,714,956 cash collateral held at broker for futures contracts, $3,747,000 cash collateral held at brokers for centrally cleared swap <br> contracts, $69,011 variation margin due from broker on futures contracts, $186,232 variation margin due from brokers on centrally cleared <br> swap contracts, $66,747,441 payable for securities purchased, $3,239,778 payable for fund shares redeemed, $10,000 cash collateral due to <br> brokers for certain open bilateral derivatives, $56,056 other accrued expenses payable, $613,549 due to manager and affiliates, $25,579 due <br> to custodian, $27,873 payable for audit fee and $32,674 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreements and swap contracts were outstanding at <br> December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BNP | EUR | &nbsp;&nbsp; 214388000 | USD | &nbsp;&nbsp; (252206043)<br>| 1/5/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(197551)<br>|
| BNP | EUR | &nbsp;&nbsp; (214388000)<br>| USD | &nbsp;&nbsp; 252553566 | 2/3/26 | &nbsp;&nbsp; 201501 | &nbsp;&nbsp; — |
| BOA | CAD | &nbsp;&nbsp; 11195000 | USD | &nbsp;&nbsp; (8171204)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12938)<br>|
| BOA | CAD | &nbsp;&nbsp; (11195000)<br>| USD | &nbsp;&nbsp; 8181869 | 2/3/26 | &nbsp;&nbsp; 13107 | &nbsp;&nbsp; — |
| BOA | DKK | &nbsp;&nbsp; 23014000 | USD | &nbsp;&nbsp; (3625228)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3129)<br>|
| BOA | DKK | &nbsp;&nbsp; (23014000)<br>| USD | &nbsp;&nbsp; 3631441 | 2/3/26 | &nbsp;&nbsp; 3173 | &nbsp;&nbsp; — |
| BOA | JPY | &nbsp;&nbsp; (5578071000)<br>| USD | &nbsp;&nbsp; 35751155 | 1/5/26 | &nbsp;&nbsp; 123855 | &nbsp;&nbsp; — |
| BOA | SEK | &nbsp;&nbsp; 831000 | USD | &nbsp;&nbsp; (89805)<br>| 1/5/26 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; — |
| BRC | AUD | &nbsp;&nbsp; 118211 | USD | &nbsp;&nbsp; (77545)<br>| 1/5/26 | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; — |
| BRC | DKK | &nbsp;&nbsp; (23014000)<br>| USD | &nbsp;&nbsp; 3577459 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (44640)<br>|
| BRC | GBP | &nbsp;&nbsp; 112091000 | USD | &nbsp;&nbsp; (151268127)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (175647)<br>|
| BRC | GBP | &nbsp;&nbsp; (112091000)<br>| USD | &nbsp;&nbsp; 151262097 | 2/3/26 | &nbsp;&nbsp; 176442 | &nbsp;&nbsp; — |
| BRC | JPY | &nbsp;&nbsp; 5521986000 | USD | &nbsp;&nbsp; (35346931)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (77848)<br>|
| BRC | JPY | &nbsp;&nbsp; (5521986000)<br>| USD | &nbsp;&nbsp; 35440556 | 2/3/26 | &nbsp;&nbsp; 81860 | &nbsp;&nbsp; — |
| BRC | SEK | &nbsp;&nbsp; 650512 | USD | &nbsp;&nbsp; (70673)<br>| 2/3/26 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; — |
| CBK | AUD | &nbsp;&nbsp; (19717000)<br>| USD | &nbsp;&nbsp; 12807879 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (350811)<br>|
| CBK | CAD | &nbsp;&nbsp; (485000)<br>| USD | &nbsp;&nbsp; 352871 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (569)<br>|
| CBK | EUR | &nbsp;&nbsp; 255000 | USD | &nbsp;&nbsp; (300083)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (336)<br>|
| CBK | SEK | &nbsp;&nbsp; (78654000)<br>| USD | &nbsp;&nbsp; 8282315 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (263222)<br>|
| CIBC | CAD | &nbsp;&nbsp; 551000 | USD | &nbsp;&nbsp; (400660)<br>| 1/5/26 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; — |
| DB | EUR | &nbsp;&nbsp; (215528000)<br>| USD | &nbsp;&nbsp; 250394353 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2954185)<br>|
| DB | GBP | &nbsp;&nbsp; (113072000)<br>| USD | &nbsp;&nbsp; 149490692 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2924121)<br>|
| DB | PEN | &nbsp;&nbsp; (5127197)<br>| USD | &nbsp;&nbsp; 1518000 | 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2873)<br>|
| GSI | EUR | &nbsp;&nbsp; 945856 | USD | &nbsp;&nbsp; (1112393)<br>| 2/3/26 | &nbsp;&nbsp; 957 | &nbsp;&nbsp; — |
| HSBC | GBP | &nbsp;&nbsp; 336000 | USD | &nbsp;&nbsp; (453144)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (234)<br>|
| HSBC | JPY | &nbsp;&nbsp; 39485855 | USD | &nbsp;&nbsp; (253929)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1732)<br>|
| JPM | CAD | &nbsp;&nbsp; 82426 | USD | &nbsp;&nbsp; (60219)<br>| 2/3/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (75)<br>|
| JPM | EUR | &nbsp;&nbsp; (109387)<br>| USD | &nbsp;&nbsp; 127183 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1400)<br>|
| JPM | EUR | &nbsp;&nbsp; 982000 | USD | &nbsp;&nbsp; (1154573)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (254)<br>|
| JPM | GBP | &nbsp;&nbsp; 149800 | USD | &nbsp;&nbsp; (198489)<br>| 1/5/26 | &nbsp;&nbsp; 3433 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; 449154142 | USD | &nbsp;&nbsp; (2901000)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14144)<br>|
| MSC | BRL | &nbsp;&nbsp; 12640432 | USD | &nbsp;&nbsp; (2296340)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (31813)<br>|
| MSC | CAD | &nbsp;&nbsp; (11285000)<br>| USD | &nbsp;&nbsp; 8034783 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (189070)<br>|
| MSC | NZD | &nbsp;&nbsp; (9071000)<br>| USD | &nbsp;&nbsp; 5147393 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (76297)<br>|
| NWMP | AUD | &nbsp;&nbsp; 19517000 | USD | &nbsp;&nbsp; (13080098)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (54884)<br>|
| NWMP | AUD | &nbsp;&nbsp; (19517000)<br>| USD | &nbsp;&nbsp; 13081640 | 2/3/26 | &nbsp;&nbsp; 54752 | &nbsp;&nbsp; — |
| NWMP | GBP | &nbsp;&nbsp; (1055000)<br>| USD | &nbsp;&nbsp; 1407292 | 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14790)<br>|
| NWMP | GBP | &nbsp;&nbsp; 1551000 | USD | &nbsp;&nbsp; (2075691)<br>| 1/5/26 | &nbsp;&nbsp; 14971 | &nbsp;&nbsp; — |
| NWMP | NZD | &nbsp;&nbsp; 9012000 | USD | &nbsp;&nbsp; (5225158)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (35443)<br>|
| NWMP | NZD | &nbsp;&nbsp; (9012000)<br>| USD | &nbsp;&nbsp; 5231124 | 2/3/26 | &nbsp;&nbsp; 35046 | &nbsp;&nbsp; — |
| SCB | SEK | &nbsp;&nbsp; 77823000 | USD | &nbsp;&nbsp; (8462867)<br>| 1/5/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7615)<br>|
| SCB | SEK | &nbsp;&nbsp; (77823000)<br>| USD | &nbsp;&nbsp; 8476042 | 2/3/26 | &nbsp;&nbsp; 7836 | &nbsp;&nbsp; — |
| TDB | MXN | &nbsp;&nbsp; 41374454 | USD | &nbsp;&nbsp; (2283000)<br>| 3/18/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3059)<br>|
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $719750 | &nbsp;&nbsp; $(7438680)<br>|

---

LVIP BlackRock Inflation Protected Bond Fund-7

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| 55 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $6184063 | &nbsp;&nbsp; $6212523 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28460)<br>|
| 262 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 54702734 | &nbsp;&nbsp; 54684055 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 18679 | &nbsp;&nbsp; — |
| 250 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 27326172 | &nbsp;&nbsp; 27332408 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6236)<br>|
| (87) | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; (10056656)<br>| &nbsp;&nbsp; (10123313)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 66657 | &nbsp;&nbsp; — |
| 36 | Eurex 10 Year Euro BUND Futures | &nbsp;&nbsp; 5397129 | &nbsp;&nbsp; 5387010 | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; 10119 | &nbsp;&nbsp; — |
| 47 | Montreal Exchange 10 Year Canadian Bond Futures | &nbsp;&nbsp; 4140301 | &nbsp;&nbsp; 4132346 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 7955 | &nbsp;&nbsp; — |
| 17 | SFE 10 Year Australian Bond Futures | &nbsp;&nbsp; 1242091 | &nbsp;&nbsp; 1243057 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (966)<br>|
| 187 | SFE 3 Year Australian Bond Futures | &nbsp;&nbsp; 13102864 | &nbsp;&nbsp; 13112035 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9171)<br>|
| 337 | Three-Month SOFR Futures | &nbsp;&nbsp; 81629825 | &nbsp;&nbsp; 81602689 | &nbsp;&nbsp; 3/16/27 | &nbsp;&nbsp; 27136 | &nbsp;&nbsp; — |
| (49) | Three-Month SOFR Futures | &nbsp;&nbsp; (11823087)<br>| &nbsp;&nbsp; (11826585)<br>| &nbsp;&nbsp; 3/20/29 | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; — |
| (379) | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; (43590922)<br>| &nbsp;&nbsp; (43603950)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 13028 | &nbsp;&nbsp; — |
| (84) | Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp; (9912000)<br>| &nbsp;&nbsp; (9918273)<br>| &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 6273 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $153345 | &nbsp;&nbsp; $(44833)<br>|

---

**Reverse Repurchase Agreements**<sup>3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Trade** <br>**Date**<br>| **Maturity** <br>**Date**<br>| **Principal** <br>**Amount**<br>| **Face Value Including** <br>**Accrued Interest**<br>|
| BNP-collateralized by U.S. Treasury Inflation <br> Indexed Notes 1.625% 4/15/30; market value <br> $20,555,684<br>| 3.97<br> %<br>| &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; $(20675000)<br>| &nbsp;&nbsp; $(20677280)<br>|
| BNP-collateralized by U.S. Treasury Inflation <br> Indexed Notes 1.875% 7/15/35; market value <br> $18,212,346<br>| 3.93<br> %<br>| &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; (18437738)<br>| &nbsp;&nbsp; (18439751)<br>|
| HSBC-collateralized by U.S. Treasury Inflation <br> Indexed Notes 1.125% 10/15/30; market value <br> $11,893,307<br>| 3.96<br> %<br>| &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; (11940000)<br>| &nbsp;&nbsp; (11941313)<br>|
| **Total Reverse Repurchase Agreements** |  |  |  | &nbsp;&nbsp; $(51052738)<br>| &nbsp;&nbsp; $(51058344)<br>|

---

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>4</sup> <br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 12150000 | 2.56% | 10/2/28 | $13900 | $13900 | $— |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 8260000 | 2.59% | 1/29/27 | 24204 | 24204 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| EUR 1,440,000 | 2.06% | 3/15/35 | (27763) |  | (27763) |
| Pay amounts based on Inflation <br> France CPI ex-Tobacco and <br> receive fixed rate coupon at <br> maturity<br>| EUR 1,440,000 | (2.02%) | 3/15/35 | 54123 | 54123 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 25080000 | 2.71% | 1/15/29 | (197282) |  | (197283) |

---

LVIP BlackRock Inflation Protected Bond Fund-8

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>4</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 1727375 | 2.43% | 4/15/30 | $(2873) | $— | $(2873) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 3506571 | 2.43% | 4/15/30 | (5665) |  | (5665) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 7270000 | 2.69% | 7/17/30 | (82868) |  | (82868) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 5,595,000 | 3.34% | 7/15/29 | (77693) |  | (77693) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 2,570,000 | 3.32% | 7/15/30 | (44044) |  | (44044) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 5,600,000 | 3.36% | 7/15/29 | (84011) |  | (84011) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 2,570,000 | 3.35% | 7/15/30 | (47479) |  | (47479) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 3,274,200 | 3.41% | 7/15/29 | (56830) |  | (56830) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 1,428,900 | 3.39% | 7/15/30 | (30837) |  | (30837) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 3,339,684 | 3.42% | 7/15/29 | (60255) |  | (60255) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 1,457,478 | 3.40% | 7/15/30 | (32409) |  | (32409) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 6,542,070 | 3.43% | 7/15/29 | (119827) |  | (119826) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 2,855,037 | 3.41% | 7/15/30 | (63952) |  | (63952) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 3,208,657 | 3.49% | 7/15/29 | (69223) |  | (69223) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 1,400,296 | 3.46% | 7/15/30 | (35682) |  | (35682) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 5,463,389 | 3.37% | 8/15/29 | (93543) |  | (93543) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 2,384,289 | 3.35% | 8/15/30 | (50279) |  | (50279) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 7100000 | 2.63% | 9/9/30 | (70264) |  | (70264) |

---

LVIP BlackRock Inflation Protected Bond Fund-9

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>4</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 5,595,000 | (3.20%) | 7/15/27 | $29275 | $29275 | $— |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 2,570,000 | (3.20%) | 7/15/35 | 65843 | 65843 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 5,600,000 | (3.23%) | 7/15/27 | 32505 | 32505 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 2,570,000 | (3.21%) | 7/15/35 | 70350 | 70350 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 3,274,200 | (3.28%) | 7/15/27 | 23732 | 23732 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 1,428,900 | (3.24%) | 7/15/35 | 44158 | 44158 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 1,457,478 | (3.24%) | 7/15/35 | 44676 | 44676 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 3,339,684 | (3.30%) | 7/15/27 | 25971 | 25971 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 2,855,037 | (3.24%) | 7/15/35 | 87149 | 87149 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 6,542,070 | (3.32%) | 7/15/27 | 53036 | 53036 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 1,400,296 | (3.27%) | 7/15/35 | 47508 | 47508 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 3,208,657 | (3.43%) | 7/15/27 | 35521 | 35521 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 5,463,389 | (3.26%) | 8/15/27 | 50735 | 50735 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 2,384,289 | (3.20%) | 8/15/35 | 66316 | 66316 |  |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 22500000 | 2.83% | 10/15/27 | (169129) |  | (169129) |
| Receive amounts based on Infla-<br> tion USA-CPI-U Index and pay <br> fixed rate coupon at maturity<br>| 25100000 | 2.75% | 1/15/28 | (153876) |  | (153876) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 5,175,000 | 3.15% | 10/15/30 | (49243) |  | (49243) |

---

LVIP BlackRock Inflation Protected Bond Fund-10

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Inflation Swap Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notional**<br> **Amount**<sup>4</sup><br>| **Fixed**<br> **Interest**<br> **Rate Paid**<br> **(Received)**<br>| **Termination**<br> **Date**<br>| **Value** | **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |
| Receive amounts based on Infla-<br> tion Eurostat Eurozone HICP <br> ex-Tobacco NSA and pay fixed <br> rate coupon at maturity<br>| EUR 2,670,000 | 1.96% | 11/15/35 | $(13499) | $— | $(13499) |
| Receive amounts based on Infla-<br> tion Eurostat Eurozone HICP <br> ex-Tobacco NSA and pay fixed <br> rate coupon at maturity<br>| EUR 5,280,000 | 1.85% | 11/15/30 | (17680) |  | (17680) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 5,177,000 | 3.18% | 11/15/30 | (30937) |  | (30937) |
| Receive amounts based on Infla-<br> tion UK-RPI Index and pay fixed <br> rate coupon at maturity<br>| GBP 5,425,000 | 3.17% | 11/15/30 | (36523) |  | (36523) |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 5,175,000 | (3.09%) | 10/15/35 | 60084 | 60084 |  |
| Pay amounts based on Inflation <br> France CPI ex-Tobacco and <br> receive fixed rate coupon at <br> maturity<br>| EUR 2,670,000 | (1.87%) | 11/15/35 | 25533 | 25533 |  |
| Pay amounts based on Inflation <br> France CPI ex-Tobacco and <br> receive fixed rate coupon at <br> maturity<br>| EUR 5,280,000 | (1.58%) | 11/15/30 | 42938 | 42938 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 5,177,000 | (3.08%) | 11/15/35 | 44458 | 44458 |  |
| Pay amounts based on Inflation <br> UK-RPI Index and receive fixed <br> rate coupon at maturity<br>| GBP 5,425,000 | (3.08%) | 11/15/35 | 52647 | 52647 |  |
| **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | **Total Inflation Swap Contracts** | $(729004) | $994662 | $(1723666) |

---

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>4</sup> <br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared** |  |  |  |  |  |  |  |  |  |
| 22150000 | 3.79 | SOFR12M | Receive | Annual | 5/16/26 | $50207 | $13 | $50194 | $— |
| JPY 1,550,827,780 | 1.00 | TONAR12M | Receive | At Maturity | 3/12/27 | (598) | 20 |  | (618) |
| JPY 3,795,163,587 | 1.03 | TONAR12M | Receive | At Maturity | 3/12/27 | (8411) | 50 |  | (8461) |
| JPY 3,515,881,659 | 1.02 | TONAR12M | Receive | At Maturity | 3/12/27 | (6008) | 46 |  | (6054) |
| 22150000 | 3.80 | SOFR12M | Pay | Annual | 5/16/26 | (48800) | 12 |  | (48812) |
| 16998000 | 3.81 | SOFR12M | Receive | Annual | 5/16/26 | 35050 | 3935 | 31115 |  |
| 16998000 | 3.90 | SOFR12M | Pay | Annual | 5/16/26 | (20311) | 10 |  | (20321) |
| JPY 873,615,000 | 1.01 | TONAR12M | Pay | At Maturity | 9/11/27 | (13483) | 16 |  | (13499) |
| 12900000 | 3.23 | SOFR12M | Pay | Annual | 12/9/27 | 5669 | 423 | 5246 |  |
| 89172000 | 3.59 | FEDL12M | Pay | At Maturity | 3/18/26 | (631) | 84 |  | (715) |
| 187045000 | 3.59 | FEDL12M | Pay | At Maturity | 3/18/26 | (819) | 180 |  | (999) |
| JPY 1,488,149,736 | 0.68 | TONAR12M | Receive | Annual | 4/21/27 | 34336 | 23 | 34313 |  |
| JPY 1,505,547,170 | 0.69 | TONAR12M | Receive | Annual | 4/21/27 | 34548 | 23 | 34525 |  |
| JPY 1,188,378,566 | 0.70 | TONAR12M | Receive | Annual | 5/11/27 | 28418 | 19 | 28399 |  |
| 176686000 | 3.79 | FEDL12M | Receive | At Maturity | 1/28/26 | (33386) | 81 |  | (33467) |

---

LVIP BlackRock Inflation Protected Bond Fund-11

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>4</sup><br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup><br>| **Unrealized**<br> **Depreciation**<sup>2</sup><br>|
| **Centrally Cleared:**<br> **(continued)** |  |  |  |  |  |  |  |  |  |
| 176230000 | 3.68 | FEDL12M | Receive | At Maturity | 1/28/26 | $(6573) | $90 | $— | $(6663) |
| 85816000 | 3.68 | FEDL12M | Receive | At Maturity | 1/28/26 | (3499) | 43 |  | (3542) |
| GBP 2,715,000 | 3.95 | SONIA12M | Receive | Annual | 12/3/35 | 11288 | 1291 | 9997 |  |
| 176686000 | 3.82 | FEDL12M | Pay | At Maturity | 1/28/26 | 40361 | 81 | 40280 |  |
| 93505000 | 3.62 | FEDL12M | Pay | At Maturity | 3/18/26 | 2811 | 97 | 2714 |  |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $6537 | $236783 | $(143151) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of <br> the amounts recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent <br> the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures and centrally cleared swap contracts from the date the contracts were opened <br> through December 31, 2025. |
| <sup>3</sup> See Note 1 in Notes to Financial Statements. |
| <sup>4</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| AUD–Australian Dollar |
| BAMLL–Bank of America Merrill Lynch Large Loan |
| BNP–BNP Paribas |
| BOA–Bank of America |
| BRC–Barclays Bank |
| BRL–Brazilian Real |
| CAD–Canadian Dollar |
| CBK–Citibank NA |
| CBOT–Chicago Board of Trade |
| CIBC–Canadian Imperial Bank of Commerce |
| CPI–Consumer Price Index |
| DB–Deutsche Bank |
| DKK–Danish Krone |
| EUR–Euro |
| FEDL12M–Federal Funds Rate 12 Month |
| GBP–British Pound Sterling |
| GSI–Goldman Sachs International |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| IRS–Interest Rate Swap |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| MSC–Morgan Stanley & Co. |
| MXN–Mexican Peso |
| NWMP–Natwest Markets PLC |
| NZD–New Zealand Dollar |
| O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond) |
| PEN–Peruvian Nuevo Sol |
| REMIC–Real Estate Mortgage Investment Conduits |
| SCB–Standard Chartered Bank |
| SEK–Swedish Krona |
| SFE–Sydney Futures Exchange |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| SONIA12M–Sterling Overnight Index Average Offered Rate GBP 12 Month |
| TBA–To be announced |
| TDB–Toronto-Dominion Bank |
| TONAR12M–Tokyo Overnight Average Rate 12 Month |
| UK-RPI–United Kingdom Retail Price Index |

---

LVIP BlackRock Inflation Protected Bond Fund-12

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| USA-CPI-U–United States Consumer Price Index for All Urban Consumers |
| USD–United States Dollar |
| WF–Wells Fargo |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-13

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Inflation Protected Bond Fund** | **LVIP BlackRock Inflation Protected Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $44777310 |
| **EXPENSES:** |  |
| Management fees | 4942484 |
| Interest expense on reverse repurchase agreements | 4116347 |
| Distribution fees-Service Class | 1948685 |
| Shareholder servicing fees | 340205 |
| Accounting and administration expenses | 211554 |
| Custodian fees | 130171 |
| Professional fees | 84575 |
| Reports and statements to shareholders | 36644 |
| Trustees' fees and expenses | 33971 |
| Pricing fees | 21347 |
| Consulting fees | 16724 |
| Other | 40165 |
| Total operating expenses | 11922872 |
| **NET INVESTMENT INCOME**  | 32854438 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (2798703)<br>|
| Foreign currencies | 303020 |
| Foreign currency exchange contracts | (24803327)<br>|
| Futures contracts | (2469261)<br>|
| Options purchased | (2554856)<br>|
| Options written | 1324787 |
| Swap contracts | 638530 |
| Net realized loss | (30359810)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 76502611 |
| Foreign currencies | 105893 |
| Foreign currency exchange contracts | (16177600)<br>|
| Futures contracts | (346898)<br>|
| Options purchased | 849628 |
| Options written | (109777)<br>|
| Swap contracts | 287869 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 61111726 |
| **NET REALIZED AND UNREALIZED GAIN** | 30751916 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $63606354 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Inflation Protected Bond Fund** | **LVIP BlackRock Inflation Protected Bond Fund** | **LVIP BlackRock Inflation Protected Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $32854438 | $28438848 |
| Net realized gain (loss) | (30359810)<br>| 7983300 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 61111726 | (6586258)<br>|
| Net increase in net assets <br> resulting from operations<br>| 63606354 | 29835890 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (3222824)<br>| (15887091)<br>|
| Service Class | (4354273)<br>| (29748467)<br>|
|  | (7577097)<br>| (45635558)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 67077418 | 102754663 |
| Service Class | 68336624 | 71925924 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 3222824 | 15887091 |
| Service Class | 4354273 | 29748467 |
|  | 142991139 | 220316145 |
| Cost of shares redeemed: |  |  |
| Standard Class | (91303063)<br>| (87815782)<br>|
| Service Class | (136842379)<br>| (121468586)<br>|
|  | (228145442)<br>| (209284368)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (85154303)<br>| 11031777 |
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (29125046)<br>| (4767891)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 1201957516 | 1206725407 |
| End of year | $1172832470 | $1201957516 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-14

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** | **LVIP BlackRock Inflation Protected Bond Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.014 | &nbsp;&nbsp; $9.140 | &nbsp;&nbsp; $8.913 | &nbsp;&nbsp; $10.328 | &nbsp;&nbsp; $10.562 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.277 | 0.233 | 0.259 | 0.659 | 0.345 |
| Net realized and unrealized gain (loss) | 0.242 | 0.011 | 0.192 | &nbsp;&nbsp; (1.135)<br>| 0.144 |
| Total from investment operations | 0.519 | 0.244 | 0.451 | &nbsp;&nbsp; (0.476)<br>| 0.489 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.077)<br>| &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.218)<br>| &nbsp;&nbsp; (0.827)<br>| &nbsp;&nbsp; (0.496)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.112)<br>| &nbsp;&nbsp; (0.227)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.077)<br>| &nbsp;&nbsp; (0.370)<br>| &nbsp;&nbsp; (0.224)<br>| &nbsp;&nbsp; (0.939)<br>| &nbsp;&nbsp; (0.723)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.456 | &nbsp;&nbsp; $9.014 | &nbsp;&nbsp; $9.140 | &nbsp;&nbsp; $8.913 | &nbsp;&nbsp; $10.328 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 5.76% | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 5.07% | &nbsp;&nbsp; (4.70%)<br>| &nbsp;&nbsp; 4.67% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $398865 | &nbsp;&nbsp; $401210 | &nbsp;&nbsp; $375733 | &nbsp;&nbsp; $531209 | &nbsp;&nbsp; $806737 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.48% |
| Ratio of net investment income to average net assets<sup>4,5</sup> | &nbsp;&nbsp; 2.97% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 6.54% | &nbsp;&nbsp; 3.22% |
| Portfolio turnover | &nbsp;&nbsp; 218% | &nbsp;&nbsp; 235% | &nbsp;&nbsp; 210% | &nbsp;&nbsp; 266% | &nbsp;&nbsp; 72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> The ratio of expenses to average net assets excluding interest expense for the years ended December 31, 2025, 2024, 2023 and 2022 is 0.50%, 0.50%, 0.50% and 0.49% respectively. 

<sup>4</sup> Recognition of net investment income by the fund may be affected by inflation/deflation adjustments through period end and the actual annual net investment income ratio may differ. 

<sup>5</sup> The ratio of net investment income to average net assets excluding interest expense for the years ended December 31, 2025, 2024, 2023 and 2022 is 3.32%, 2.89%, 2.98% and 6.60% respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-15

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** | **LVIP BlackRock Inflation Protected Bond Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.010 | &nbsp;&nbsp; $9.136 | &nbsp;&nbsp; $8.909 | &nbsp;&nbsp; $10.322 | &nbsp;&nbsp; $10.536 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.253 | 0.209 | 0.236 | 0.631 | 0.318 |
| Net realized and unrealized gain (loss) | 0.242 | 0.012 | 0.191 | &nbsp;&nbsp; (1.131)<br>| 0.143 |
| Total from investment operations | 0.495 | 0.221 | 0.427 | &nbsp;&nbsp; (0.500)<br>| 0.461 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.053)<br>| &nbsp;&nbsp; (0.347)<br>| &nbsp;&nbsp; (0.194)<br>| &nbsp;&nbsp; (0.801)<br>| &nbsp;&nbsp; (0.463)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; (0.112)<br>| &nbsp;&nbsp; (0.212)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.053)<br>| &nbsp;&nbsp; (0.347)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.913)<br>| &nbsp;&nbsp; (0.675)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.452 | &nbsp;&nbsp; $9.010 | &nbsp;&nbsp; $9.136 | &nbsp;&nbsp; $8.909 | &nbsp;&nbsp; $10.322 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 5.49% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 4.81% | &nbsp;&nbsp; (4.95%)<br>| &nbsp;&nbsp; 4.41% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $773967 | &nbsp;&nbsp; $800747 | &nbsp;&nbsp; $830992 | &nbsp;&nbsp; $878101 | &nbsp;&nbsp; $960949 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.73% |
| Ratio of net investment income to average net assets<sup>4,5</sup> | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 6.29% | &nbsp;&nbsp; 2.97% |
| Portfolio turnover | &nbsp;&nbsp; 218% | &nbsp;&nbsp; 235% | &nbsp;&nbsp; 210% | &nbsp;&nbsp; 266% | &nbsp;&nbsp; 72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> The ratio of expenses to average net assets excluding interest expense for the years ended December 31, 2025, 2024, 2023 and 2022 is 0.75%, 0.75%, 0.75% and 0.74% respectively. 

<sup>4</sup> Recognition of net investment income by the fund may be affected by inflation/deflation adjustments through period end and the actual annual net investment income ratio may differ. 

<sup>5</sup> The ratio of net investment income to average net assets excluding interest expense for the years ended December 31, 2025, 2024, 2023 and 2022 is 3.07%, 2.64%, 2.73% and 6.35% respectively. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Inflation Protected Bond Fund-16

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Inflation Protected Bond Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a non-diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to maximize real return, consistent with preservation of real capital and prudent investment management.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Non exchange-traded options are valued at the last reported sale price.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP BlackRock Inflation Protected Bond Fund-17

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP BlackRock Inflation Protected Bond Fund is $398,113 and $394,408 respectively.

Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain, in a segregated account with its custodian, cash, cash equivalents or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements. The Fund will subject its reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund's investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund's earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case.

Cash and Cash Equivalents–Cash and cash equivalents include deposits held at financial institutions, which are available for the Fund's use with no restrictions, with original maturities of 90 days or less.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.45% of the first $500 million of the Fund's average daily net assets; and 0.40% of the Fund's average daily net assets in excess of $500 million. The management fee is calculated daily and paid monthly.

LVIP BlackRock Inflation Protected Bond Fund-18

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

BlackRock Financial Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $97295 |
| Legal | &nbsp;&nbsp; 16122 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $19,650 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $420176 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 164434 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 16 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 28923 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $164535442 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 2789058911 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 214097653 |
| Sales of U.S. government securities | &nbsp;&nbsp; 2887355710 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $1291404435 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $9168086 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (26386176)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(17218090)<br>|

---

LVIP BlackRock Inflation Protected Bond Fund-19

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17493548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17493548 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 55294900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55294900 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 5413767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5413767 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 29830577 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29830577 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 23529750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23529750 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 25137134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25137134 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 475436293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 475436293 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 635218618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 635218618 |
| Money Market Fund | &nbsp;&nbsp; 7426987 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7426987 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 26475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26475 |
| **Total Investments** | &nbsp;&nbsp; $7426987 | &nbsp;&nbsp; $1267381062 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1274808049 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $719750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $719750 |
| Futures Contracts | &nbsp;&nbsp; $153345 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $153345 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1231445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1231445 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7438680)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7438680)<br>|
| Futures Contracts | &nbsp;&nbsp; $(44833)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(44833)<br>|
| Reverse Repurchase Agreements | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(51052738)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(51052738)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1866817)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1866817)<br>|
| Options Written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(413054)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(413054)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

LVIP BlackRock Inflation Protected Bond Fund-20

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and treasury inflation-protected securities and swaps, mark-to-market adjustments on certain derivatives, premium amortization adjustments on certain debt instruments and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $7577097 | &nbsp;&nbsp; $45635558 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $5097935 |
| Capital loss carryforward | &nbsp;&nbsp; (126283871)<br>|
| Other temporary differences | &nbsp;&nbsp; (19813629)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (17218090)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(158217655)<br>|

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $39879209 | &nbsp;&nbsp; $86404662 | &nbsp;&nbsp; $126283871 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 7164149 | &nbsp;&nbsp; 11123950 |
| Service Class | &nbsp;&nbsp; 7303867 | &nbsp;&nbsp; 7806972 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 340643 | &nbsp;&nbsp; 1745834 |
| Service Class | &nbsp;&nbsp; 460680 | &nbsp;&nbsp; 3269781 |
|  | &nbsp;&nbsp; 15269339 | &nbsp;&nbsp; 23946537 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (9835333)<br>| &nbsp;&nbsp; (9466824)<br>|
| Service Class | &nbsp;&nbsp; (14756139)<br>| &nbsp;&nbsp; (13158615)<br>|
|  | &nbsp;&nbsp; (24591472)<br>| &nbsp;&nbsp; (22625439)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (9322133)<br>| &nbsp;&nbsp; 1321098 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

LVIP BlackRock Inflation Protected Bond Fund-21

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts– The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts and foreign cross currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts and foreign cross currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

Options Contracts–During the year ended December 31, 2025, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

LVIP BlackRock Inflation Protected Bond Fund-22

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

During the year ended December 31, 2025, the Fund used options contracts to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions; to protect the value of portfolio securities; to facilitate investments in portfolio securities and to take advantage of liquidity available in the options market.

Swap Contracts–The Fund enters into inflation swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such swap contract. Interest rate swaps may be used to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from (paid to) the counterparty over the interest rate swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, trading these instruments through a central counterparty.

During the year ended December 31, 2025, the Fund used interest rate swap contracts to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates.

Inflation Swap- Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as the Secured Overnight Financing Rate (SOFR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated, for bilateral swap contracts, by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund used inflation swaps to hedge the inflation risks in nominal bonds (i.e., non-inflation-protected bonds) thereby creating "synthetic" inflation-indexed bonds.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

LVIP BlackRock Inflation Protected Bond Fund-23

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $719750 | Liabilities net of receivables and other <br> assets<br>| $(7438680)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 153345 | Liabilities net of receivables and other <br> assets<br>| (44833)<br>|
| Options purchased <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 26475 | Liabilities net of receivables and other <br> assets<br>|  |
| Options written <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>|  | Liabilities net of receivables and other <br> assets<br>| (413054)<br>|
| Swap contracts <br> (Interest rate <br> contracts & Inflation <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 1231445 | Liabilities net of receivables and other <br> assets<br>| (1866817)<br>|
| Total |  | $2131015 |  | $(9763384)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(24803327)<br>| &nbsp;&nbsp; $(16177600)<br>|
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (2469261)<br>| &nbsp;&nbsp; (346898)<br>|
| Options purchased (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (446853)<br>| &nbsp;&nbsp; — |
| Options purchased (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (408417)<br>| &nbsp;&nbsp; — |
| Options purchased (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (1699586)<br>| &nbsp;&nbsp; 849628 |
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 85118 | &nbsp;&nbsp; — |
| Options written (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 410929 | &nbsp;&nbsp; — |
| Options written (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; 828740 | &nbsp;&nbsp; (109777)<br>|
| Swap contracts (Interest rate <br> contracts & Inflation contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 638530 | &nbsp;&nbsp; 287869 |
| Total |  | &nbsp;&nbsp; $(27864127)<br>| &nbsp;&nbsp; $(15496778)<br>|

---

LVIP BlackRock Inflation Protected Bond Fund-24

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $461595610 | $935193166 |
| Futures contracts (average notional value) | 179651002 | 150467012 |
| Options contracts (average value) | 361087 | 249498 |
| Interest rate swap contracts (average notional value)\* | 274423705 | 752197610 |
| Inflation rate swap contracts (average notional value) | 88399025 | 83299700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents paying floating interest payments and short represent receiving floating interest payments.<br>

At December 31, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| Goldman Sachs International | &nbsp;&nbsp; $10000 |
| Total | &nbsp;&nbsp; $10000 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At December 31, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $140616 | &nbsp;&nbsp; $(16067)<br>| &nbsp;&nbsp; $124549 |
| Barclays Bank PLC | &nbsp;&nbsp; 259761 | &nbsp;&nbsp; (298136)<br>| &nbsp;&nbsp; (38375)<br>|
| BNP Paribas SA | &nbsp;&nbsp; 201501 | &nbsp;&nbsp; (197551)<br>| &nbsp;&nbsp; 3950 |
| Citigroup Global Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; (764001)<br>| &nbsp;&nbsp; (764001)<br>|
| Deutsche Bank | &nbsp;&nbsp; — | &nbsp;&nbsp; (6042976)<br>| &nbsp;&nbsp; (6042976)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 27432 | &nbsp;&nbsp; (24677)<br>| &nbsp;&nbsp; 2755 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; — | &nbsp;&nbsp; (1966)<br>| &nbsp;&nbsp; (1966)<br>|
| Imperial Bank of Canada | &nbsp;&nbsp; 877 | &nbsp;&nbsp; — | &nbsp;&nbsp; 877 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 3433 | &nbsp;&nbsp; (93389)<br>| &nbsp;&nbsp; (89956)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (297180)<br>| &nbsp;&nbsp; (297180)<br>|
| Natwest Markets PLC | &nbsp;&nbsp; 104769 | &nbsp;&nbsp; (105117)<br>| &nbsp;&nbsp; (348)<br>|
| Standard Chartered Bank | &nbsp;&nbsp; 7836 | &nbsp;&nbsp; (7615)<br>| &nbsp;&nbsp; 221 |
| Toronto Dominion Bank | &nbsp;&nbsp; — | &nbsp;&nbsp; (3059)<br>| &nbsp;&nbsp; (3059)<br>|
| Total | &nbsp;&nbsp; $746225 | &nbsp;&nbsp; $(7851734)<br>| &nbsp;&nbsp; $(7105509)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP BlackRock Inflation Protected Bond Fund-25

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $124549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $124549 |
| Barclays Bank PLC | &nbsp;&nbsp; (38375)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (38375)<br>|
| BNP Paribas SA | &nbsp;&nbsp; 3950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3950 |
| Citigroup Global Markets | &nbsp;&nbsp; (764001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (764001)<br>|
| Deutsche Bank | &nbsp;&nbsp; (6042976)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6042976)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 2755 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2755)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; (1966)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1966)<br>|
| Imperial Bank of Canada | &nbsp;&nbsp; 877 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 877 |
| JPMorgan Chase Bank | &nbsp;&nbsp; (89956)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (89956)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; (297180)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (297180)<br>|
| Natwest Markets PLC | &nbsp;&nbsp; (348)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (348)<br>|
| Standard Chartered Bank | &nbsp;&nbsp; 221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 221 |
| Toronto Dominion Bank | &nbsp;&nbsp; (3059)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3059)<br>|
| Total | &nbsp;&nbsp; $(7105509)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2755)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7108264)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

**Reverse repurchase agreements**

Reverse repurchase transactions are entered into by the Fund under Master Reverse Repurchase Agreements (each, an "MRRA"), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With reverse repurchase transactions, typically the Fund and the counterparties are permitted to sell, repledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRRA counterparty, the Fund is considered unsecured creditors with respect to excess collateral and, as such, the return of excess collateral may be delayed. As of December 31, 2025, the following table is a summary of the Fund's reverse repurchase agreements by counterparty which are subject to offset under an MRRA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Reverse** <br>**Repurchase** <br> **Agreement**<br>| **Fair Value of** <br>**Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Hong Kong Shanghai Bank | &nbsp;&nbsp; $(11940000)<br>| &nbsp;&nbsp; $11893307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(46693)<br>|
| BNP Paribas SA | &nbsp;&nbsp; (39112738)<br>| &nbsp;&nbsp; 38768030 | &nbsp;&nbsp; — | &nbsp;&nbsp; (344708)<br>|
| Total | &nbsp;&nbsp; $(51052738)<br>| &nbsp;&nbsp; $50661337 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(391401)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.<br>

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the

LVIP BlackRock Inflation Protected Bond Fund-26

------

**LVIP BlackRock Inflation Protected Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund primarily invests in inflation protected debt securities whose principal and/or interest payments are adjusted for inflation, unlike traditional debt securities that make fixed principal and interest payments. Under normal circumstances, the Fund will invest at least 80% of its net assets in inflation protected debt securities issued by the U.S. government, its agencies or instrumentalities, foreign governments and corporations, which may include synthetic investments such as options, forwards, futures contracts, or swap agreements that, when combined with non-inflation indexed bonds, have economic characteristics similar to inflation-indexed bonds.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Inflation Protected Bond Fund-27

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock Inflation Protected Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP BlackRock Inflation Protected Bond Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img8df9669b2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock Inflation Protected Bond Fund–28

------

![](img34620d311.jpg)

LVIP BlackRock Real Estate Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP BlackRock Real Estate Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_0892f3fe-7588-47cb-82fb-429def1a46c1_SOI-continued-268_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_0892f3fe-7588-47cb-82fb-429def1a46c1_FS-continued-268_1)**  | &nbsp;&nbsp; **6** |
| **[Statements of Changes in Net Assets](#xx_0892f3fe-7588-47cb-82fb-429def1a46c1_FS-continued-268_1)**  | &nbsp;&nbsp; **6** |
| **[Financial Highlights](#xx_0892f3fe-7588-47cb-82fb-429def1a46c1_FIHI-continued-268_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Financial Statements](#xx_0892f3fe-7588-47cb-82fb-429def1a46c1_NTF-continued-268_1)**  | &nbsp;&nbsp; **9** |
| **[Report of Independent Registered Public Accounting Firm](#xx_0892f3fe-7588-47cb-82fb-429def1a46c1_AUDIT-continued-268_1)**  | &nbsp;&nbsp; **18** |

---

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–98.66%** | **ΔCOMMON STOCK–98.66%** | **ΔCOMMON STOCK–98.66%** |
| **Australia–6.41%** | **Australia–6.41%** | **Australia–6.41%** |
| DigiCo Infrastructure <br> REIT<br>| 600105 | $1099214 |
| Goodman Group | 271546 | 5587917 |
| GPT Group | 595155 | 2147665 |
| Lendlease Corp. Ltd. | 450371 | 1556153 |
| †NEXTDC Ltd. | 263392 | 2192995 |
| Scentre Group | 477676 | 1335289 |
| Stockland | 584277 | 2227680 |
|  |  | **16146913** |
| **Belgium–0.62%** | **Belgium–0.62%** | **Belgium–0.62%** |
| VGP NV | 13505 | 1558023 |
|  |  | **1558023** |
| **Canada–1.62%** | **Canada–1.62%** | **Canada–1.62%** |
| Canadian Apartment <br> Properties REIT<br>| 34655 | 930917 |
| Choice Properties Real <br> Estate Investment Trust<br>| 176710 | 1906725 |
| Primaris Real Estate <br> Investment Trust<br>| 110086 | 1250403 |
|  |  | **4088045** |
| **France–1.73%** | **France–1.73%** | **France–1.73%** |
| †Carmila SA | 47963 | 956822 |
| Klepierre SA | 28329 | 1120845 |
| †Unibail-Rodamco<br> - Westfield<br>| 21038 | 2287817 |
|  |  | **4365484** |
| **Germany–2.41%** | **Germany–2.41%** | **Germany–2.41%** |
| LEG Immobilien SE | 26933 | 1964381 |
| Sirius Real Estate Ltd. | 746127 | 968530 |
| TAG Immobilien AG | 99795 | 1545607 |
| Vonovia SE | 55416 | 1594837 |
|  |  | **6073355** |
| **Hong Kong–3.36%** | **Hong Kong–3.36%** | **Hong Kong–3.36%** |
| Hongkong Land Holdings <br> Ltd.<br>| 139200 | 966983 |
| Link REIT | 353260 | 1577313 |
| Sun Hung Kai Properties <br> Ltd.<br>| 309500 | 3768561 |
| Wharf Real Estate <br> Investment Co. Ltd.<br>| 685046 | 2165145 |
|  |  | **8478002** |
| **Italy–0.30%** | **Italy–0.30%** | **Italy–0.30%** |
| Infrastrutture Wireless <br> Italiane SpA<br>| 80974 | 749349 |
|  |  | **749349** |
| **Japan–9.84%** | **Japan–9.84%** | **Japan–9.84%** |
| GLP J-Reit | 1591 | 1512384 |
| Invincible Investment <br> Corp.<br>| 2500 | 1026573 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Prime Realty <br> Investment Corp.<br>| 2393 | $1614633 |
| KDX Realty Investment <br> Corp.<br>| 1059 | 1188573 |
| Mitsubishi Estate Co. Ltd. | 129700 | 3151076 |
| Mitsui Fudosan Co. Ltd. | 665500 | 7562922 |
| Mitsui Fudosan Logistics <br> Park, Inc.<br>| 3229 | 2511926 |
| Orix JREIT, Inc. | 2553 | 1730533 |
| Tokyu Fudosan Holdings <br> Corp.<br>| 191700 | 1751179 |
| United Urban Investment <br> Corp.<br>| 2341 | 2730219 |
|  |  | **24780018** |
| **Singapore–2.89%** | **Singapore–2.89%** | **Singapore–2.89%** |
| CapitaLand Integrated <br> Commercial Trust<br>| 1488100 | 2761980 |
| CapitaLand Investment <br> Ltd.<br>| 618100 | 1300808 |
| †Centurion Accommodation <br> REIT<br>| 583900 | 503576 |
| Frasers Logistics & <br> Commercial Trust<br>| 1247700 | 964366 |
| Keppel DC REIT | 994348 | 1738766 |
|  |  | **7269496** |
| **Spain–1.07%** | **Spain–1.07%** | **Spain–1.07%** |
| Merlin Properties Socimi <br> SA<br>| 185075 | 2694413 |
|  |  | **2694413** |
| **Sweden–1.90%** | **Sweden–1.90%** | **Sweden–1.90%** |
| Castellum AB | 57783 | 665792 |
| †Fastighets AB Balder <br> Class B<br>| 314047 | 2318077 |
| Pandox AB | 81955 | 1807078 |
|  |  | **4790947** |
| **Switzerland–0.60%** | **Switzerland–0.60%** | **Switzerland–0.60%** |
| Swiss Prime Site AG | 9687 | 1504079 |
|  |  | **1504079** |
| **United Kingdom–3.57%** | **United Kingdom–3.57%** | **United Kingdom–3.57%** |
| Derwent London PLC | 72937 | 1701575 |
| Great Portland Estates <br> PLC<br>| 335125 | 1434847 |
| Tritax Big Box REIT PLC | 2034835 | 4158067 |
| UNITE Group PLC | 225611 | 1698582 |
|  |  | **8993071** |
| **United States–62.34%** | **United States–62.34%** | **United States–62.34%** |
| Agree Realty Corp. | 76352 | 5499635 |
| Alexandria Real Estate <br> Equities, Inc.<br>| 62493 | 3058407 |

---

LVIP BlackRock Real Estate Fund-1

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| American Healthcare REIT, <br> Inc.<br>| 127395 | $5995209 |
| †Applied Digital Corp. | 7558 | 185322 |
| AvalonBay Communities, <br> Inc.<br>| 49486 | 8972307 |
| Broadstone Net Lease, Inc. | 212953 | 3698994 |
| †Brookdale Senior Living, <br> Inc.<br>| 482045 | 5201266 |
| BXP, Inc. | 47035 | 3173922 |
| CareTrust REIT, Inc. | 102762 | 3715874 |
| †Cipher Mining, Inc. | 12703 | 187496 |
| †Cleanspark, Inc. | 16784 | 169854 |
| †Core Scientific, Inc. | 23362 | 340151 |
| Cousins Properties, Inc. | 115835 | 2986226 |
| Digital Realty Trust, Inc. | 5473 | 846728 |
| EastGroup Properties, Inc. | 21528 | 3834998 |
| Equinix, Inc. | 16564 | 12690674 |
| Equity LifeStyle Properties, <br> Inc.<br>| 75104 | 4552053 |
| Essential Properties Realty <br> Trust, Inc.<br>| 112911 | 3348940 |
| Extra Space Storage, Inc. | 29562 | 3849564 |
| Federal Realty Investment <br> Trust<br>| 24420 | 2461536 |
| Host Hotels & Resorts, Inc. | 222117 | 3938134 |
| †Hudson Pacific Properties, <br> Inc.<br>| 78791 | 853307 |
| †Hut 8 Corp. | 7660 | 351900 |
| InvenTrust Properties <br> Corp.<br>| 78101 | 2203229 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Invitation Homes, Inc. | 155352 | $4317232 |
| Iron Mountain, Inc. | 71078 | 5895920 |
| Outfront Media, Inc. | 52151 | 1256839 |
| Prologis, Inc. | 140796 | 17974017 |
| Public Storage | 21925 | 5689538 |
| Realty Income Corp. | 21753 | 1226217 |
| Regency Centers Corp. | 56534 | 3902542 |
| Simon Property Group, <br> Inc.<br>| 49205 | 9108338 |
| SL Green Realty Corp. | 18086 | 829605 |
| †Terawulf, Inc. | 25974 | 298441 |
| UDR, Inc. | 156049 | 5723877 |
| VICI Properties, Inc. | 164637 | 4629592 |
| Welltower, Inc. | 75853 | 14079075 |
|  |  | **157046959** |
| **Total Common Stock** <br>**(Cost $207,364,074)** | **Total Common Stock** <br>**(Cost $207,364,074)** | **248538154** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.79%** | **MONEY MARKET FUND–0.79%** | **MONEY MARKET FUND–0.79%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 2001246 | 2001246 |
| **Total Money Market Fund** <br>**(Cost $2,001,246)** | **Total Money Market Fund** <br>**(Cost $2,001,246)** | **2001246** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.45% (Cost $209,365,320)** | **250539400** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.55%** | **1385683** |
| **NET ASSETS APPLICABLE TO 32,415,168 SHARES OUTSTANDING–100.00%** | **$251925083** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK REAL ESTATE FUND STANDARD CLASS** <br>**($174,722,131 / 22,369,473 Shares)** | **$7.811** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK REAL ESTATE FUND SERVICE CLASS** <br>**($77,202,952 / 10,045,695 Shares)** | **$7.685** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$247478406** |
| Distributable earnings/(accumulated loss) | **4446677** |
| **TOTAL NET ASSETS** | **$251925083** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ΔSecurities have been classified by country of origin. <br> †Non-income producing.

LVIP BlackRock Real Estate Fund-2

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $10,000 cash collateral held at broker for certain open bilateral derivatives, $143,219 payable for securities purchased, $355,058 <br> payable for fund shares redeemed, $20,000 cash collateral due to brokers for certain open bilateral derivatives, $37,536 other accrued <br> expenses payable, $174,638 due to manager and affiliates, $19,118 payable for audit fee and $17,527 payable for fund accounting fee as of <br> December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts and swap contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BOA | AUD | &nbsp;&nbsp; 2751000 | USD | &nbsp;&nbsp; (1828005)<br>| 1/15/26 | &nbsp;&nbsp; $8055 | &nbsp;&nbsp; $— |
| BOA | AUD | &nbsp;&nbsp; (127000)<br>| USD | &nbsp;&nbsp; 85029 | 1/15/26 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; — |
| BOA | SGD | &nbsp;&nbsp; 1648000 | USD | &nbsp;&nbsp; (1277466)<br>| 1/15/26 | &nbsp;&nbsp; 5962 | &nbsp;&nbsp; — |
| BRC | AUD | &nbsp;&nbsp; (262000)<br>| USD | &nbsp;&nbsp; 175556 | 1/15/26 | &nbsp;&nbsp; 693 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; 463000 | USD | &nbsp;&nbsp; (540177)<br>| 1/15/26 | &nbsp;&nbsp; 4337 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; (48000)<br>| USD | &nbsp;&nbsp; 55306 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1145)<br>|
| BRC | GBP | &nbsp;&nbsp; 93000 | USD | &nbsp;&nbsp; (124107)<br>| 1/15/26 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; — |
| BRC | JPY | &nbsp;&nbsp; (39560000)<br>| USD | &nbsp;&nbsp; 258776 | 1/15/26 | &nbsp;&nbsp; 5873 | &nbsp;&nbsp; — |
| BRC | JPY | &nbsp;&nbsp; 33597000 | USD | &nbsp;&nbsp; (218469)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3687)<br>|
| BRC | SEK | &nbsp;&nbsp; (1201000)<br>| USD | &nbsp;&nbsp; 127352 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3205)<br>|
| BRC | SGD | &nbsp;&nbsp; (61000)<br>| USD | &nbsp;&nbsp; 47510 | 1/15/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| CBK | AUD | &nbsp;&nbsp; (3633000)<br>| USD | &nbsp;&nbsp; 2360146 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (64576)<br>|
| CBK | CHF | &nbsp;&nbsp; (27000)<br>| USD | &nbsp;&nbsp; 34207 | 1/15/26 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; — |
| CBK | EUR | &nbsp;&nbsp; (113000)<br>| USD | &nbsp;&nbsp; 131667 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1227)<br>|
| CBK | GBP | &nbsp;&nbsp; (89000)<br>| USD | &nbsp;&nbsp; 117270 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2695)<br>|
| CBK | HKD | &nbsp;&nbsp; 13886000 | USD | &nbsp;&nbsp; (1786894)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1675)<br>|
| CBK | NZD | &nbsp;&nbsp; 891000 | USD | &nbsp;&nbsp; (512532)<br>| 1/15/26 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; — |
| CBK | SGD | &nbsp;&nbsp; (143000)<br>| USD | &nbsp;&nbsp; 111135 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (230)<br>|
| DB | AUD | &nbsp;&nbsp; (81000)<br>| USD | &nbsp;&nbsp; 52779 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1282)<br>|
| DB | CAD | &nbsp;&nbsp; 367000 | USD | &nbsp;&nbsp; (262595)<br>| 1/15/26 | &nbsp;&nbsp; 4978 | &nbsp;&nbsp; — |
| DB | EUR | &nbsp;&nbsp; (235000)<br>| USD | &nbsp;&nbsp; 272932 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3441)<br>|
| DB | GBP | &nbsp;&nbsp; (1187000)<br>| USD | &nbsp;&nbsp; 1583495 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16494)<br>|
| DB | JPY | &nbsp;&nbsp; (93018000)<br>| USD | &nbsp;&nbsp; 600430 | 1/15/26 | &nbsp;&nbsp; 5775 | &nbsp;&nbsp; — |
| DB | JPY | &nbsp;&nbsp; 64032000 | USD | &nbsp;&nbsp; (407990)<br>| 1/15/26 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; — |
| GSI | AUD | &nbsp;&nbsp; 1575000 | USD | &nbsp;&nbsp; (1058523)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7343)<br>|
| GSI | SEK | &nbsp;&nbsp; (2636000)<br>| USD | &nbsp;&nbsp; 287043 | 1/15/26 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; — |
| HSBC | CAD | &nbsp;&nbsp; 129000 | USD | &nbsp;&nbsp; (92518)<br>| 1/15/26 | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; — |
| HSBC | CHF | &nbsp;&nbsp; 1876000 | USD | &nbsp;&nbsp; (2366323)<br>| 1/15/26 | &nbsp;&nbsp; 5997 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; 51000 | USD | &nbsp;&nbsp; (59177)<br>| 1/15/26 | &nbsp;&nbsp; 802 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; (14000)<br>| USD | &nbsp;&nbsp; 16434 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (31)<br>|
| HSBC | GBP | &nbsp;&nbsp; (202000)<br>| USD | &nbsp;&nbsp; 266674 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5607)<br>|
| HSBC | GBP | &nbsp;&nbsp; 101000 | USD | &nbsp;&nbsp; (136427)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (287)<br>|
| HSBC | HKD | &nbsp;&nbsp; 2286000 | USD | &nbsp;&nbsp; (294358)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (464)<br>|
| HSBC | HKD | &nbsp;&nbsp; (2072000)<br>| USD | &nbsp;&nbsp; 266480 | 1/15/26 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; — |
| HSBC | JPY | &nbsp;&nbsp; (88956000)<br>| USD | &nbsp;&nbsp; 574821 | 1/15/26 | &nbsp;&nbsp; 6133 | &nbsp;&nbsp; — |
| HSBC | JPY | &nbsp;&nbsp; 68915000 | USD | &nbsp;&nbsp; (445977)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5410)<br>|
| HSBC | SGD | &nbsp;&nbsp; 448000 | USD | &nbsp;&nbsp; (345532)<br>| 1/15/26 | &nbsp;&nbsp; 3361 | &nbsp;&nbsp; — |
| HSBC | SGD | &nbsp;&nbsp; (662000)<br>| USD | &nbsp;&nbsp; 510009 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5544)<br>|
| JPM | AUD | &nbsp;&nbsp; 350000 | USD | &nbsp;&nbsp; (228019)<br>| 1/15/26 | &nbsp;&nbsp; 5576 | &nbsp;&nbsp; — |
| JPM | AUD | &nbsp;&nbsp; (220000)<br>| USD | &nbsp;&nbsp; 141941 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4890)<br>|
| JPM | CHF | &nbsp;&nbsp; (81000)<br>| USD | &nbsp;&nbsp; 102777 | 1/15/26 | &nbsp;&nbsp; 348 | &nbsp;&nbsp; — |
| JPM | EUR | &nbsp;&nbsp; 6000 | USD | &nbsp;&nbsp; (6952)<br>| 1/15/26 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; — |
| JPM | EUR | &nbsp;&nbsp; (20000)<br>| USD | &nbsp;&nbsp; 23561 | 1/15/26 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; — |
| JPM | GBP | &nbsp;&nbsp; 244000 | USD | &nbsp;&nbsp; (319985)<br>| 1/15/26 | &nbsp;&nbsp; 8909 | &nbsp;&nbsp; — |
| JPM | HKD | &nbsp;&nbsp; (1441000)<br>| USD | &nbsp;&nbsp; 185471 | 1/15/26 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; (55164000)<br>| USD | &nbsp;&nbsp; 368960 | 1/15/26 | &nbsp;&nbsp; 16302 | &nbsp;&nbsp; — |
| JPM | JPY | &nbsp;&nbsp; 9626000 | USD | &nbsp;&nbsp; (61857)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (318)<br>|
| JPM | KRW | &nbsp;&nbsp; 393571000 | USD | &nbsp;&nbsp; (277522)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4818)<br>|
| JPM | SEK | &nbsp;&nbsp; (756000)<br>| USD | &nbsp;&nbsp; 80816 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1367)<br>|
| SCB | CHF | &nbsp;&nbsp; 184000 | USD | &nbsp;&nbsp; (229494)<br>| 1/15/26 | &nbsp;&nbsp; 3185 | &nbsp;&nbsp; — |
| SCB | EUR | &nbsp;&nbsp; (744000)<br>| USD | &nbsp;&nbsp; 868811 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6174)<br>|
| SCB | EUR | &nbsp;&nbsp; 280000 | USD | &nbsp;&nbsp; (329704)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (409)<br>|
| SCB | GBP | &nbsp;&nbsp; 538000 | USD | &nbsp;&nbsp; (711350)<br>| 1/15/26 | &nbsp;&nbsp; 13834 | &nbsp;&nbsp; — |

---

LVIP BlackRock Real Estate Fund-3

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| SCB | JPY | &nbsp;&nbsp; 2787000 | USD | &nbsp;&nbsp; (18483)<br>| 1/15/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(666)<br>|
| SCB | JPY | &nbsp;&nbsp; (165677000)<br>| USD | &nbsp;&nbsp; 1063741 | 1/15/26 | &nbsp;&nbsp; 4584 | &nbsp;&nbsp; — |
| SSB | AUD | &nbsp;&nbsp; 198000 | USD | &nbsp;&nbsp; (129765)<br>| 1/15/26 | &nbsp;&nbsp; 2384 | &nbsp;&nbsp; — |
| SSB | AUD | &nbsp;&nbsp; (72000)<br>| USD | &nbsp;&nbsp; 46655 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1399)<br>|
| SSB | CAD | &nbsp;&nbsp; 913000 | USD | &nbsp;&nbsp; (654371)<br>| 1/15/26 | &nbsp;&nbsp; 11281 | &nbsp;&nbsp; — |
| SSB | DKK | &nbsp;&nbsp; 4000 | USD | &nbsp;&nbsp; (626)<br>| 1/15/26 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| SSB | EUR | &nbsp;&nbsp; 402000 | USD | &nbsp;&nbsp; (469105)<br>| 1/15/26 | &nbsp;&nbsp; 3670 | &nbsp;&nbsp; — |
| SSB | EUR | &nbsp;&nbsp; (112000)<br>| USD | &nbsp;&nbsp; 130155 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1563)<br>|
| SSB | EUR | &nbsp;&nbsp; (4000)<br>| USD | &nbsp;&nbsp; 4717 | 1/15/26 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — |
| SSB | GBP | &nbsp;&nbsp; 44000 | USD | &nbsp;&nbsp; (58272)<br>| 1/15/26 | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; — |
| SSB | GBP | &nbsp;&nbsp; (72000)<br>| USD | &nbsp;&nbsp; 96371 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (680)<br>|
| SSB | HKD | &nbsp;&nbsp; (17055000)<br>| USD | &nbsp;&nbsp; 2194900 | 1/15/26 | &nbsp;&nbsp; 2266 | &nbsp;&nbsp; — |
| SSB | ILS | &nbsp;&nbsp; 3293000 | USD | &nbsp;&nbsp; (999836)<br>| 1/15/26 | &nbsp;&nbsp; 34144 | &nbsp;&nbsp; — |
| SSB | JPY | &nbsp;&nbsp; 430178743 | USD | &nbsp;&nbsp; (2805619)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (55525)<br>|
| SSB | JPY | &nbsp;&nbsp; (21272000)<br>| USD | &nbsp;&nbsp; 138982 | 1/15/26 | &nbsp;&nbsp; 2992 | &nbsp;&nbsp; — |
| SSB | NOK | &nbsp;&nbsp; 1729000 | USD | &nbsp;&nbsp; (170796)<br>| 1/15/26 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; — |
| SSB | SEK | &nbsp;&nbsp; 3931000 | USD | &nbsp;&nbsp; (415833)<br>| 1/15/26 | &nbsp;&nbsp; 11494 | &nbsp;&nbsp; — |
| SSB | SEK | &nbsp;&nbsp; (452000)<br>| USD | &nbsp;&nbsp; 48440 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (696)<br>|
| SSB | SGD | &nbsp;&nbsp; 124000 | USD | &nbsp;&nbsp; (96175)<br>| 1/15/26 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; — |
| SSB | SGD | &nbsp;&nbsp; 11000 | USD | &nbsp;&nbsp; (8580)<br>| 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13)<br>|
| UBS | CAD | &nbsp;&nbsp; 81000 | USD | &nbsp;&nbsp; (57991)<br>| 1/15/26 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; — |
| UBS | EUR | &nbsp;&nbsp; (517000)<br>| USD | &nbsp;&nbsp; 601935 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6085)<br>|
| UBS | JPY | &nbsp;&nbsp; (156642000)<br>| USD | &nbsp;&nbsp; 1013976 | 1/15/26 | &nbsp;&nbsp; 12578 | &nbsp;&nbsp; — |
| UBS | SGD | &nbsp;&nbsp; (539000)<br>| USD | &nbsp;&nbsp; 416444 | 1/15/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3318)<br>|
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $194996 | &nbsp;&nbsp; $(212264)<br>|

---

**Swap Contract**

**Contracts For Difference (CFD) Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference Entity/**<br> **Payment Frequency**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<sup>2</sup> <br>| **Termination**<br> **Date**<sup>3</sup> <br>| **Notional**<br> **Amount**<sup>4</sup>  | **Notional**<br> **Amount**<sup>4</sup>  | **Value** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** | **Over-The-Counter:** |
| **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** | **Long Equities** |
| **Italy** |  |  |  |  |  |  |  |  |
| GSI - Infrastrutture Wireless Italiane SpA - Monthly | 30905 | 0.13% | 1/15/2025 | EUR | 233951 | $11062 | $11062 | $— |
| **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | **Total CFD Swap Contract** | $11062 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts and swap contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Financing Rates are based on multiple financing rate benchmarks. The Fund pays or receives a variable rate of interest, based on a specified <br> benchmark, plus or minus a spread in a range of 10-180 basis points. The benchmark and spread are determined based upon the country <br> and/or currency of the individual underlying positions. The specified benchmarks used in determining the variable rate of interest are the <br> 1-Day USD Overnight Bank Funding Rate. |
| <sup>3</sup> Date reflected is the next payment date. Contracts have an open-ended maturity date. |
| <sup>4</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| AUD–Australian Dollar |
| BOA–Bank of America |
| BRC–Barclays Bank |
| CAD–Canadian Dollar |
| CBK–Citibank NA |
| CHF–Swiss Franc |
| DB–Deutsche Bank |
| DKK–Danish Krone |

---

LVIP BlackRock Real Estate Fund-4

------

**LVIP BlackRock Real Estate Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| EUR–Euro |
| GBP–British Pound Sterling |
| GSI–Goldman Sachs International |
| HKD–Hong Kong Dollar |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| ILS–Israeli Shekel |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| NOK–Norwegian Krone |
| NZD–New Zealand Dollar |
| REIT–Real Estate Investment Trust |
| SCB–Standard Chartered Bank |
| SEK–Swedish Krona |
| SGD–Singapore Dollar |
| SSB–State Street Bank |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock Real Estate Fund** | **LVIP BlackRock Real Estate Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $8461591 |
| Interest | 74553 |
| Foreign taxes withheld | (219112)<br>|
|  | 8317032 |
| **EXPENSES:** |  |
| Management fees | 1862887 |
| Distribution fees-Service Class | 195299 |
| Professional fees | 77695 |
| Shareholder servicing fees | 74279 |
| Custodian fees | 73959 |
| Accounting and administration expenses | 73787 |
| Consulting fees | 14467 |
| Reports and statements to shareholders | 12931 |
| Pricing fees | 11405 |
| Trustees' fees and expenses | 7490 |
| Other | 38739 |
|  | 2442938 |
| Less:  |  |
| Management fees waived | (50537)<br>|
| Total operating expenses | 2392401 |
| **NET INVESTMENT INCOME**  | 5924631 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 10858870 |
| Foreign currencies | 121658 |
| Foreign currency exchange contracts | (161585)<br>|
| Swap contracts | 112357 |
| Net realized gain | 10931300 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 3733306 |
| Foreign currencies | 25381 |
| Foreign currency exchange contracts | 482181 |
| Swap contracts | 11062 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 4251930 |
| **NET REALIZED AND UNREALIZED GAIN** | 15183230 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $21107861 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock Real Estate Fund** | **LVIP BlackRock Real Estate Fund** | **LVIP BlackRock Real Estate Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $5924631 | $6691122 |
| Net realized gain | 10931300 | 20254022 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 4251930 | (23363256)<br>|
| Net increase in net assets resulting <br> from operations<br>| 21107861 | 3581888 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (5505022)<br>| (4923607)<br>|
| Service Class | (2348660)<br>| (1857148)<br>|
| Return of capital: |  |  |
| Standard Class | (481027)<br>| (340851)<br>|
| Service Class | (211093)<br>| (130391)<br>|
|  | (8545802)<br>| (7251997)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 23616197 | 26456707 |
| Service Class | 11012097 | 11408582 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 5986049 | 5264458 |
| Service Class | 2559753 | 1987539 |
|  | 43174096 | 45117286 |
| Cost of shares redeemed: |  |  |
| Standard Class | (51407774)<br>| (79473780)<br>|
| Service Class | (16995879)<br>| (19203781)<br>|
|  | (68403653)<br>| (98677561)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (25229557)<br>| (53560275)<br>|
| **NET DECREASE IN NET ASSETS** | (12667498)<br>| (57230384)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 264592581 | 321822965 |
| End of year | $251925083 | $264592581 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-6

------

**LVIP BlackRock Real Estate Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** | **LVIP BlackRock Real Estate Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.430 | &nbsp;&nbsp; $7.511 | &nbsp;&nbsp; $6.835 | &nbsp;&nbsp; $10.027 | &nbsp;&nbsp; $8.712 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.186 | 0.181 | 0.176 | 0.185 | 0.246 |
| Net realized and unrealized gain (loss) | 0.473 | &nbsp;&nbsp; (0.049)<br>| 0.710 | &nbsp;&nbsp; (3.052)<br>| 2.146 |
| Total from investment operations | 0.659 | 0.132 | 0.886 | &nbsp;&nbsp; (2.867)<br>| 2.392 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.257)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.099)<br>| &nbsp;&nbsp; (0.687)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.390)<br>|
| Return of capital | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.278)<br>| &nbsp;&nbsp; (0.213)<br>| &nbsp;&nbsp; (0.210)<br>| &nbsp;&nbsp; (0.325)<br>| &nbsp;&nbsp; (1.077)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $7.811 | &nbsp;&nbsp; $7.430 | &nbsp;&nbsp; $7.511 | &nbsp;&nbsp; $6.835 | &nbsp;&nbsp; $10.027 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.92% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 13.06% | &nbsp;&nbsp; (28.64%)<br>| &nbsp;&nbsp; 28.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $174722 | &nbsp;&nbsp; $187887 | &nbsp;&nbsp; $238518 | &nbsp;&nbsp; $251437 | &nbsp;&nbsp; $372538 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.81% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 2.47% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 2.45% |
| Portfolio turnover | &nbsp;&nbsp; 103% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-7

------

**LVIP BlackRock Real Estate Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** | **LVIP BlackRock Real Estate Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.315 | &nbsp;&nbsp; $7.398 | &nbsp;&nbsp; $6.735 | &nbsp;&nbsp; $9.885 | &nbsp;&nbsp; $8.602 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.164 | 0.160 | 0.156 | 0.162 | 0.218 |
| Net realized and unrealized gain (loss) | 0.464 | &nbsp;&nbsp; (0.050)<br>| 0.699 | &nbsp;&nbsp; (3.007)<br>| 2.117 |
| Total from investment operations | 0.628 | 0.110 | 0.855 | &nbsp;&nbsp; (2.845)<br>| 2.335 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.237)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.192)<br>| &nbsp;&nbsp; (0.079)<br>| &nbsp;&nbsp; (0.662)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.390)<br>|
| Return of capital | &nbsp;&nbsp; (0.021)<br>| &nbsp;&nbsp; (0.012)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.258)<br>| &nbsp;&nbsp; (0.193)<br>| &nbsp;&nbsp; (0.192)<br>| &nbsp;&nbsp; (0.305)<br>| &nbsp;&nbsp; (1.052)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $7.685 | &nbsp;&nbsp; $7.315 | &nbsp;&nbsp; $7.398 | &nbsp;&nbsp; $6.735 | &nbsp;&nbsp; $9.885 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.63% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 12.79% | &nbsp;&nbsp; (28.82%)<br>| &nbsp;&nbsp; 27.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $77203 | &nbsp;&nbsp; $76706 | &nbsp;&nbsp; $83305 | &nbsp;&nbsp; $81350 | &nbsp;&nbsp; $115839 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.04% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 2.22% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.20% |
| Portfolio turnover | &nbsp;&nbsp; 103% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock Real Estate Fund-8

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock Real Estate Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek total return through a combination of current income and long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in

LVIP BlackRock Real Estate Fund-9

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP BlackRock Real Estate Fund is $350,468 and $350,287 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.73% of the first $250 million of the Fund's average daily net assets; and 0.63% of the Fund's average daily net assets in excess of $250 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.02% of the first $250 million of the Fund's average daily net assets; 0.01% of the next $500 million; and 0.00% of the Fund's average daily net assets in excess of $750 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

BlackRock Investment Management LLC ("BlackRock") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $21327 |
| Legal | &nbsp;&nbsp; 3528 |

---

LVIP BlackRock Real Estate Fund-10

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $7,297 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $151800 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 16598 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 33 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 6207 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $262738659 |
| Sales | &nbsp;&nbsp; 287365716 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $216630950 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $40120425 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (6196597)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $33923828 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g.,

LVIP BlackRock Real Estate Fund-11

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16146913 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16146913 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 1558023 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1558023 |
| Canada | &nbsp;&nbsp; 4088045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4088045 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 4365484 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4365484 |
| Germany | &nbsp;&nbsp; 968530 | &nbsp;&nbsp; 5104825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6073355 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 8478002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8478002 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 749349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 749349 |
| Japan | &nbsp;&nbsp; 1512384 | &nbsp;&nbsp; 23267634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24780018 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 7269496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7269496 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 2694413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2694413 |
| Sweden | &nbsp;&nbsp; 1807078 | &nbsp;&nbsp; 2983869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4790947 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 1504079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1504079 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 8993071 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8993071 |
| United States | &nbsp;&nbsp; 157046959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 157046959 |
| Money Market Fund | &nbsp;&nbsp; 2001246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2001246 |
| **Total Investments** | &nbsp;&nbsp; $167424242 | &nbsp;&nbsp; $83115158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $250539400 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194996 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194996 |
| Swap Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11062 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11062 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(212264)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(212264)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and swaps, mark-to-market adjustments on certain derivatives and Passive Foreign Investment Companies ("PFICs") and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $7853682 | &nbsp;&nbsp; $6780755 |
| Return of capital | &nbsp;&nbsp; 692120 | &nbsp;&nbsp; 471242 |
| Total | &nbsp;&nbsp; $8545802 | &nbsp;&nbsp; $7251997 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Capital loss carryforward | &nbsp;&nbsp; $(29464854)<br>|
| Other temporary differences | &nbsp;&nbsp; (12297)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 33923828 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $4446677 |

---

LVIP BlackRock Real Estate Fund-12

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily due to related to true-up adjustment from PY F/S to tax return:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $(18803)<br>| &nbsp;&nbsp; $18803 |

---

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $22131610 | &nbsp;&nbsp; $7333244 | &nbsp;&nbsp; $29464854 |

---

In 2025, the Fund utilized $4,497,183 of capital loss carryforwards.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 3023637 | &nbsp;&nbsp; 3523751 |
| Service Class | &nbsp;&nbsp; 1441176 | &nbsp;&nbsp; 1537468 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 777005 | &nbsp;&nbsp; 668975 |
| Service Class | &nbsp;&nbsp; 337609 | &nbsp;&nbsp; 256088 |
|  | &nbsp;&nbsp; 5579427 | &nbsp;&nbsp; 5986282 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (6718057)<br>| &nbsp;&nbsp; (10661125)<br>|
| Service Class | &nbsp;&nbsp; (2219279)<br>| &nbsp;&nbsp; (2568458)<br>|
|  | &nbsp;&nbsp; (8937336)<br>| &nbsp;&nbsp; (13229583)<br>|
| Net decrease | &nbsp;&nbsp; (3357909)<br>| &nbsp;&nbsp; (7243301)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

LVIP BlackRock Real Estate Fund-13

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Contracts for Difference — The Fund may enter into CFDs. CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded over-the-counter. CFDs are not registered with the U.S. Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations. Periodic payments made or received are recorded as realized gains or losses.

During the year ended December 31, 2025, the Fund used contracts for difference to gain exposure to certain securities or markets.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $194996 | Receivables and other assets net of <br> liabilities<br>| $(212264)<br>|
| Swap contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 11062 | Receivables and other assets net of <br> liabilities<br>|  |
| Total |  | $206058 |  | $(212264)<br>|

---

LVIP BlackRock Real Estate Fund-14

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(161585)<br>| &nbsp;&nbsp; $482181 |
| Swap contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 112357 | &nbsp;&nbsp; 11062 |
| Total |  | &nbsp;&nbsp; $(49228)<br>| &nbsp;&nbsp; $493243 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $18979457 | $16182932 |
| Contracts for difference swap contract (average notional volume) | 15042 |  |

---

At December 31, 2025, the Fund received cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| Goldman Sachs International | &nbsp;&nbsp; $20000 |
| Total | &nbsp;&nbsp; $20000 |

---

At December 31, 2025, the Fund posted cash collateral for certain open bilateral derivatives as follows:

---

| | |
|:---|:---|
| **Broker** | **Cash Collateral** |
| JPMorgan Chase Bank | &nbsp;&nbsp; $10000 |
| Total | &nbsp;&nbsp; $10000 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

LVIP BlackRock Real Estate Fund-15

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

At December 31, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America N.A. | &nbsp;&nbsp; $14284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14284 |
| Barclays Bank PLC | &nbsp;&nbsp; 12157 | &nbsp;&nbsp; (8037)<br>| &nbsp;&nbsp; 4120 |
| Citigroup Global Markets | &nbsp;&nbsp; 858 | &nbsp;&nbsp; (70403)<br>| &nbsp;&nbsp; (69545)<br>|
| Deutsche Bank | &nbsp;&nbsp; 12113 | &nbsp;&nbsp; (21217)<br>| &nbsp;&nbsp; (9104)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 11554 | &nbsp;&nbsp; (7343)<br>| &nbsp;&nbsp; 4211 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 17926 | &nbsp;&nbsp; (17343)<br>| &nbsp;&nbsp; 583 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 31492 | &nbsp;&nbsp; (11393)<br>| &nbsp;&nbsp; 20099 |
| Standard Chartered Bank | &nbsp;&nbsp; 21603 | &nbsp;&nbsp; (7249)<br>| &nbsp;&nbsp; 14354 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 70429 | &nbsp;&nbsp; (59876)<br>| &nbsp;&nbsp; 10553 |
| UBS AG | &nbsp;&nbsp; 13642 | &nbsp;&nbsp; (9403)<br>| &nbsp;&nbsp; 4239 |
| Total | &nbsp;&nbsp; $206058 | &nbsp;&nbsp; $(212264)<br>| &nbsp;&nbsp; $(6206)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $14284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14284 |
| Barclays Bank PLC | &nbsp;&nbsp; 4120 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4120 |
| Citigroup Global Markets | &nbsp;&nbsp; (69545)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (69545)<br>|
| Deutsche Bank | &nbsp;&nbsp; (9104)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9104)<br>|
| Goldman Sachs International | &nbsp;&nbsp; 4211 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4211)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 583 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 20099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20099 |
| Standard Chartered Bank | &nbsp;&nbsp; 14354 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14354 |
| State Street Bank & Trust <br> Company<br>| &nbsp;&nbsp; 10553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10553 |
| UBS AG | &nbsp;&nbsp; 4239 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4239 |
| Total | &nbsp;&nbsp; $(6206)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4211)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10417)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

LVIP BlackRock Real Estate Fund-16

------

**LVIP BlackRock Real Estate Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

The Fund concentrates its investments in the real estate industry and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund is also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. Its investments may also tend to fluctuate more in value than a portfolio that invests in a broader range of industries.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock Real Estate Fund-17

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock Real Estate Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP BlackRock Real Estate Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img100bd84e2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock Real Estate Fund–18

------

![](img129a1efc1.jpg)

![](img3b2b1cd62.jpg)

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

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

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

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_1ca8b924-4dac-452e-80dd-6f84f908dc0e_SOI-continued-245_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_1ca8b924-4dac-452e-80dd-6f84f908dc0e_FS-continued-245_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_1ca8b924-4dac-452e-80dd-6f84f908dc0e_FS-continued-245_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_1ca8b924-4dac-452e-80dd-6f84f908dc0e_FIHI-continued-245_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_1ca8b924-4dac-452e-80dd-6f84f908dc0e_NTF-continued-245_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_1ca8b924-4dac-452e-80dd-6f84f908dc0e_AUDIT-continued-245_1)**  | &nbsp;&nbsp; **12** |

---

------

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

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.71%** | **INVESTMENT COMPANIES–99.71%** | **INVESTMENT COMPANIES–99.71%** |
| **Equity Funds–67.79%** | **Equity Funds–67.79%** | **Equity Funds–67.79%** |
| iShares Core S&P 500 ETF | 245053 | $167846602 |
| iShares Core S&P Mid-Cap <br> ETF<br>| 619655 | 40897230 |
| iShares Edge MSCI Min Vol <br> USA ETF<br>| 1516904 | 142831680 |
| iShares Russell 2000 ETF | 213455 | 52544083 |
|  |  | **404119595** |
| **Fixed Income Funds–28.79%** | **Fixed Income Funds–28.79%** | **Fixed Income Funds–28.79%** |
| iShares Broad USD <br> Investment Grade Corporate <br> Bond ETF<br>| 553601 | 28659924 |
| iShares Core U.S. Aggregate <br> Bond ETF<br>| 857316 | 85628722 |
| iShares Core U.S. Treasury <br> Bond ETF<br>| 1245570 | 28679249 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** | **Fixed Income Funds (continued)** |
| iShares MBS ETF | 301312 | $28690929 |
|  |  | **171658824** |
| **Money Market Fund–3.13%** | **Money Market Fund–3.13%** | **Money Market Fund–3.13%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 18679804 | 18679804 |
|  |  | **18679804** |
| **Total Investment Companies** <br>**(Cost $372,320,744)**<br>|  | **594458223** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.71% (Cost $372,320,744)** | **594458223** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.29%** | **1731828** |
| **NET ASSETS APPLICABLE TO 41,088,461 SHARES OUTSTANDING–100.00%** | **$596190051** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. GROWTH ETF ALLOCATION MANAGED RISK FUND STANDARD** <br> **CLASS** <br>**($30,094,471 / 2,069,813 Shares)** | **$14.540** |
| **NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. GROWTH ETF ALLOCATION MANAGED RISK FUND SERVICE** <br> **CLASS** <br>**($566,095,580 / 39,018,648 Shares)** | **$14.508** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$459276665** |
| Distributable earnings/(accumulated loss) | **136913386** |
| **TOTAL NET ASSETS** | **$596190051** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

★Includes $1,176,631 cash collateral held at broker for futures contracts, $195,927 payable for fund shares redeemed, $7,711 other accrued <br> expenses payable, $309,912 due to manager and affiliates, $147,941 variation margin due to broker on futures contracts, $17,071 payable for <br> audit fee and $14,831 payable for fund accounting fee as of December 31, 2025.<br>

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-1

------

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

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 19 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $2373100 | &nbsp;&nbsp; $2444719 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(71619)<br>|
| 35 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 12061875 | &nbsp;&nbsp; 12055401 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; — |
| 10 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3325200 | &nbsp;&nbsp; 3376863 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (51663)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $6474 | &nbsp;&nbsp; $(123282)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| ETF–Exchange-Traded Fund |
| MBS–Mortgage-Backed Security |
| MSCI–Morgan Stanley Capital International |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $13260049 |
| **EXPENSES:** |  |
| Distribution fees-Service Class | 1994685 |
| Management fees | 1495023 |
| Shareholder servicing fees | 173423 |
| Accounting and administration expenses | 99572 |
| Professional fees | 49723 |
| Custodian fees | 18450 |
| Trustees' fees and expenses | 17411 |
| Reports and statements to shareholders | 13847 |
| Consulting fees | 8217 |
| Pricing fees | 2306 |
| Other | 18044 |
|  | 3890701 |
| Less:  |  |
| Management fees waived | (29901)<br>|
| Total operating expenses | 3860800 |
| **NET INVESTMENT INCOME**  | 9399249 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 24200715 |
| Futures contracts | (7300162)<br>|
| Net realized gain | 16900553 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 22560355 |
| Futures contracts | 634537 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 23194892 |
| **NET REALIZED AND UNREALIZED GAIN** | 40095445 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $49494694 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** | **LVIP BlackRock U.S. Growth ETF Allocation** <br> **Managed Risk Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $9399249 | $9785041 |
| Net realized gain | 16900553 | 29629859 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 23194892 | 35630226 |
| Net increase in net assets resulting <br> from operations<br>| 49494694 | 75045126 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (1266259)<br>| (609306)<br>|
| Service Class | (22729201)<br>| (10791068)<br>|
|  | (23995460)<br>| (11400374)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 3163172 | 3760904 |
| Service Class | 30475523 | 32282018 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 1266259 | 609306 |
| Service Class | 22729201 | 10791068 |
|  | 57634155 | 47443296 |
| Cost of shares redeemed: |  |  |
| Standard Class | (3007739)<br>| (2887437)<br>|
| Service Class | (94820962)<br>| (100945469)<br>|
|  | (97828701)<br>| (103832906)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (40194546)<br>| (56389610)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| (14695312)<br>| 7255142 |
| **NET ASSETS:** |  |  |
| Beginning of year | 610885363 | 603630221 |
| End of year | $596190051 | $610885363 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-3

------

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

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.930 | &nbsp;&nbsp; $12.557 | &nbsp;&nbsp; $11.387 | &nbsp;&nbsp; $14.317 | &nbsp;&nbsp; $13.260 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.272 | 0.262 | 0.229 | 0.179 | 0.144 |
| Net realized and unrealized gain (loss) | 0.973 | 1.422 | 1.179 | &nbsp;&nbsp; (2.546)<br>| 1.773 |
| Total from investment operations | 1.245 | 1.684 | 1.408 | &nbsp;&nbsp; (2.367)<br>| 1.917 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.273)<br>| &nbsp;&nbsp; (0.238)<br>| &nbsp;&nbsp; (0.175)<br>| &nbsp;&nbsp; (0.176)<br>|
| Net realized gain | &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.038)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.388)<br>| &nbsp;&nbsp; (0.684)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.635)<br>| &nbsp;&nbsp; (0.311)<br>| &nbsp;&nbsp; (0.238)<br>| &nbsp;&nbsp; (0.563)<br>| &nbsp;&nbsp; (0.860)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.540 | &nbsp;&nbsp; $13.930 | &nbsp;&nbsp; $12.557 | &nbsp;&nbsp; $11.387 | &nbsp;&nbsp; $14.317 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.97% | &nbsp;&nbsp; 13.42% | &nbsp;&nbsp; 12.35% | &nbsp;&nbsp; (16.51%)<br>| &nbsp;&nbsp; 14.66% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $30094 | &nbsp;&nbsp; $27473 | &nbsp;&nbsp; $23354 | &nbsp;&nbsp; $20600 | &nbsp;&nbsp; $22196 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.02% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-4

------

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

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** | **LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.903 | &nbsp;&nbsp; $12.532 | &nbsp;&nbsp; $11.367 | &nbsp;&nbsp; $14.291 | &nbsp;&nbsp; $13.241 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.221 | 0.213 | 0.187 | 0.135 | 0.094 |
| Net realized and unrealized gain (loss) | 0.968 | 1.419 | 1.173 | &nbsp;&nbsp; (2.539)<br>| 1.768 |
| Total from investment operations | 1.189 | 1.632 | 1.360 | &nbsp;&nbsp; (2.404)<br>| 1.862 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.222)<br>| &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.132)<br>| &nbsp;&nbsp; (0.128)<br>|
| Net realized gain | &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.038)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.388)<br>| &nbsp;&nbsp; (0.684)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.584)<br>| &nbsp;&nbsp; (0.261)<br>| &nbsp;&nbsp; (0.195)<br>| &nbsp;&nbsp; (0.520)<br>| &nbsp;&nbsp; (0.812)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.508 | &nbsp;&nbsp; $13.903 | &nbsp;&nbsp; $12.532 | &nbsp;&nbsp; $11.367 | &nbsp;&nbsp; $14.291 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.58% | &nbsp;&nbsp; 13.03% | &nbsp;&nbsp; 11.96% | &nbsp;&nbsp; (16.81%)<br>| &nbsp;&nbsp; 14.26% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $566096 | &nbsp;&nbsp; $583412 | &nbsp;&nbsp; $580276 | &nbsp;&nbsp; $550993 | &nbsp;&nbsp; $687727 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.68% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.67% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-5

------

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

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds ("Underlying ETFs") or financial instruments that provide exposure to such Underlying ETFs (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek a balance between current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation –ETFs, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. ETFs traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-6

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

BlackRock Investment Management LLC ("BlackRock") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays BlackRock a fee based on the Fund's average daily net assets.

Milliman Financial Risk Management LLC ("Milliman") is responsible for managing the Fund's managed risk strategy. For these services, LFI, not the Fund, pays Milliman a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $49615 |
| Legal | &nbsp;&nbsp; 8222 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $4,293 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $125181 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 169914 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14817 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-7

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $52112719 |
| Sales | &nbsp;&nbsp; 113855539 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $382424639 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $221600726 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (9567142)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $212033584 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $594458223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $594458223 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $6474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6474 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(123282)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(123282)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-8

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Dividend and Distribution Information (continued)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $23995460 | &nbsp;&nbsp; $11400374 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $22091543 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 3229964 |
| Other temporary differences | &nbsp;&nbsp; (100441705)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 212033584 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $136913386 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 221522 | &nbsp;&nbsp; 277890 |
| Service Class | &nbsp;&nbsp; 2155249 | &nbsp;&nbsp; 2339108 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 86744 | &nbsp;&nbsp; 43915 |
| Service Class | &nbsp;&nbsp; 1563456 | &nbsp;&nbsp; 779219 |
|  | &nbsp;&nbsp; 4026971 | &nbsp;&nbsp; 3440132 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (210618)<br>| &nbsp;&nbsp; (209501)<br>|
| Service Class | &nbsp;&nbsp; (6664274)<br>| &nbsp;&nbsp; (7457085)<br>|
|  | &nbsp;&nbsp; (6874892)<br>| &nbsp;&nbsp; (7666586)<br>|
| Net decrease | &nbsp;&nbsp; (2847921)<br>| &nbsp;&nbsp; (4226454)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-9

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and as a cash management tool.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $6474 | Receivables and other assets net of <br> liabilities<br>| $(123282)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(7300162)<br>| &nbsp;&nbsp; $634537 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $17309386 | $— |

---

**9. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-10

------

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **11. Recent Accounting Pronouncements (continued)**

companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img1bb3ad053.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–12

------

![](imga700e9261.jpg)

![](imgbb6ba11d2.jpg)

![](img26223ccd3.jpg)

LVIP Blended Large Cap Growth Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Blended Large Cap Growth Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_16c01a24-87e1-4090-ac6c-5b74d07a7616_SOI-continued-239_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_16c01a24-87e1-4090-ac6c-5b74d07a7616_FS-continued-239_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_16c01a24-87e1-4090-ac6c-5b74d07a7616_FS-continued-239_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_16c01a24-87e1-4090-ac6c-5b74d07a7616_FIHI-continued-239_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_16c01a24-87e1-4090-ac6c-5b74d07a7616_NTF-continued-239_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_16c01a24-87e1-4090-ac6c-5b74d07a7616_AUDIT-continued-239_1)**  | &nbsp;&nbsp; **15** |

---

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–94.87%** | **COMMON STOCK–94.87%** | **COMMON STOCK–94.87%** |
| **Aerospace & Defense–1.54%** | **Aerospace & Defense–1.54%** | **Aerospace & Defense–1.54%** |
| General Electric Co. | 48938 | $15074372 |
| HEICO Corp. | 8844 | 2861830 |
| Howmet Aerospace, Inc. | 37659 | 7720848 |
|  |  | **25657050** |
| **Automobile Components–0.10%** | **Automobile Components–0.10%** | **Automobile Components–0.10%** |
| BorgWarner, Inc. | 35758 | 1611255 |
|  |  | **1611255** |
| **Automobiles–2.12%** | **Automobiles–2.12%** | **Automobiles–2.12%** |
| Ferrari NV | 15854 | 5859004 |
| †Tesla, Inc. | 65317 | 29374361 |
|  |  | **35233365** |
| **Banks–0.34%** | **Banks–0.34%** | **Banks–0.34%** |
| Bank of America Corp. | 101710 | 5594050 |
|  |  | **5594050** |
| **Beverages–1.87%** | **Beverages–1.87%** | **Beverages–1.87%** |
| †Celsius Holdings, Inc. | 136600 | 6248084 |
| Coca-Cola Co. | 136422 | 9537262 |
| †Monster Beverage Corp. | 200952 | 15406990 |
|  |  | **31192336** |
| **Biotechnology–1.96%** | **Biotechnology–1.96%** | **Biotechnology–1.96%** |
| AbbVie, Inc. | 15311 | 3498410 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 4925 | 1958426 |
| †Argenx SE ADR | 2510 | 2110784 |
| †Exelixis, Inc. | 132537 | 5809097 |
| †Genmab AS ADR | 81089 | 2497541 |
| †Vertex Pharmaceuticals, Inc. | 36060 | 16348162 |
| †Viking Therapeutics, Inc. | 11270 | 396479 |
|  |  | **32618899** |
| **Broadline Retail–5.31%** | **Broadline Retail–5.31%** | **Broadline Retail–5.31%** |
| †Amazon.com, Inc. | 383050 | 88415601 |
|  |  | **88415601** |
| **Building Products–0.10%** | **Building Products–0.10%** | **Building Products–0.10%** |
| †Trex Co., Inc. | 45917 | 1610768 |
|  |  | **1610768** |
| **Capital Markets–0.70%** | **Capital Markets–0.70%** | **Capital Markets–0.70%** |
| Ameriprise Financial, Inc. | 7648 | 3750120 |
| Cboe Global Markets, Inc. | 29792 | 7477792 |
| Houlihan Lokey, Inc. | 2666 | 464391 |
|  |  | **11692303** |
| **Chemicals–0.48%** | **Chemicals–0.48%** | **Chemicals–0.48%** |
| Sherwin-Williams Co. | 24465 | 7927394 |
|  |  | **7927394** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Commercial Services & Supplies–0.66%** | **Commercial Services & Supplies–0.66%** | **Commercial Services & Supplies–0.66%** |
| †Copart, Inc. | 136687 | $5351296 |
| Rollins, Inc. | 93454 | 5609109 |
|  |  | **10960405** |
| **Communications Equipment–0.14%** | **Communications Equipment–0.14%** | **Communications Equipment–0.14%** |
| Motorola Solutions, Inc. | 6113 | 2343235 |
|  |  | **2343235** |
| **Construction & Engineering–0.14%** | **Construction & Engineering–0.14%** | **Construction & Engineering–0.14%** |
| Comfort Systems USA, Inc. | 2502 | 2335092 |
|  |  | **2335092** |
| **Consumer Finance–0.41%** | **Consumer Finance–0.41%** | **Consumer Finance–0.41%** |
| OneMain Holdings, Inc. | 6815 | 460353 |
| †SoFi Technologies, Inc. | 35956 | 941328 |
| Synchrony Financial | 65170 | 5437133 |
|  |  | **6838814** |
| **Consumer Staples Distribution & Retail–1.28%** | **Consumer Staples Distribution & Retail–1.28%** | **Consumer Staples Distribution & Retail–1.28%** |
| Casey's General Stores, Inc. | 2155 | 1191090 |
| Costco Wholesale Corp. | 17933 | 15464343 |
| Sysco Corp. | 63816 | 4702601 |
|  |  | **21358034** |
| **Diversified Consumer Services–0.45%** | **Diversified Consumer Services–0.45%** | **Diversified Consumer Services–0.45%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 59624 | 6045874 |
| †Duolingo, Inc. | 6993 | 1227272 |
| †Grand Canyon Education, <br> Inc.<br>| 1066 | 177286 |
|  |  | **7450432** |
| **Electrical Equipment–0.17%** | **Electrical Equipment–0.17%** | **Electrical Equipment–0.17%** |
| Vertiv Holdings Co. Class A | 17317 | 2805527 |
|  |  | **2805527** |
| **Electronic Equipment, Instruments & Components–0.47%** | **Electronic Equipment, Instruments & Components–0.47%** | **Electronic Equipment, Instruments & Components–0.47%** |
| Amphenol Corp. Class A | 19537 | 2640230 |
| Jabil, Inc. | 22491 | 5128398 |
|  |  | **7768628** |
| **Entertainment–2.38%** | **Entertainment–2.38%** | **Entertainment–2.38%** |
| †Netflix, Inc. | 408845 | 38333307 |
| †ROBLOX Corp. Class A | 16817 | 1362682 |
|  |  | **39695989** |
| **Financial Services–3.66%** | **Financial Services–3.66%** | **Financial Services–3.66%** |
| †Corpay, Inc. | 2928 | 881123 |
| Mastercard, Inc. Class A | 6386 | 3645640 |
| †Toast, Inc. Class A | 73030 | 2593295 |
| Visa, Inc. Class A | 153353 | 53782431 |
|  |  | **60902489** |

---

LVIP Blended Large Cap Growth Managed Volatility Fund-1

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation–0.33%** | **Ground Transportation–0.33%** | **Ground Transportation–0.33%** |
| †Saia, Inc. | 15882 | $5185791 |
| †Uber Technologies, Inc. | 3757 | 306984 |
|  |  | **5492775** |
| **Health Care Equipment & Supplies–2.62%** | **Health Care Equipment & Supplies–2.62%** | **Health Care Equipment & Supplies–2.62%** |
| Abbott Laboratories | 49080 | 6149233 |
| †Boston Scientific Corp. | 68179 | 6500868 |
| †Dexcom, Inc. | 43220 | 2868511 |
| †Inspire Medical Systems, Inc. | 8826 | 814022 |
| †Insulet Corp. | 5847 | 1661951 |
| †Intuitive Surgical, Inc. | 23377 | 13239798 |
| †Penumbra, Inc. | 6633 | 2062266 |
| Stryker Corp. | 29469 | 10357470 |
|  |  | **43654119** |
| **Health Care Providers & Services–0.95%** | **Health Care Providers & Services–0.95%** | **Health Care Providers & Services–0.95%** |
| †DaVita, Inc. | 9536 | 1083385 |
| McKesson Corp. | 12332 | 10115816 |
| UnitedHealth Group, Inc. | 14158 | 4673698 |
|  |  | **15872899** |
| **Health Care Technology–0.66%** | **Health Care Technology–0.66%** | **Health Care Technology–0.66%** |
| †Veeva Systems, Inc. Class A | 49228 | 10989166 |
|  |  | **10989166** |
| **Hotels, Restaurants & Leisure–3.28%** | **Hotels, Restaurants & Leisure–3.28%** | **Hotels, Restaurants & Leisure–3.28%** |
| †Airbnb, Inc. Class A | 60808 | 8252862 |
| Aramark | 18181 | 670152 |
| †Cava Group, Inc. | 52790 | 3098245 |
| †Chipotle Mexican Grill, Inc. | 208807 | 7725859 |
| †Dutch Bros, Inc. Class A | 42853 | 2623461 |
| Expedia Group, Inc. | 26223 | 7429238 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 4358 | 1251836 |
| †Norwegian Cruise Line <br> Holdings Ltd.<br>| 26489 | 591234 |
| Royal Caribbean Cruises Ltd. | 27764 | 7743935 |
| Texas Roadhouse, Inc. | 27776 | 4610816 |
| †Viking Holdings Ltd. | 95288 | 6804516 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 51347 | 3879779 |
|  |  | **54681933** |
| **Household Durables–0.13%** | **Household Durables–0.13%** | **Household Durables–0.13%** |
| Garmin Ltd. | 10290 | 2087326 |
|  |  | **2087326** |
| **Insurance–0.66%** | **Insurance–0.66%** | **Insurance–0.66%** |
| Erie Indemnity Co. Class A | 4526 | 1297378 |
| Kinsale Capital Group, Inc. | 9675 | 3784086 |
| Progressive Corp. | 26043 | 5930512 |
|  |  | **11011976** |
| **Interactive Media & Services–11.14%** | **Interactive Media & Services–11.14%** | **Interactive Media & Services–11.14%** |
| Alphabet, Inc. Class C | 338915 | 106351527 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Meta Platforms, Inc. Class A | 106635 | $70388697 |
| †Reddit, Inc. Class A | 37793 | 8687477 |
|  |  | **185427701** |
| **IT Services–0.38%** | **IT Services–0.38%** | **IT Services–0.38%** |
| †Cloudflare, Inc. Class A | 5530 | 1090240 |
| †Shopify, Inc. Class A | 32686 | 5261465 |
|  |  | **6351705** |
| **Life Sciences Tools & Services–1.04%** | **Life Sciences Tools & Services–1.04%** | **Life Sciences Tools & Services–1.04%** |
| †Medpace Holdings, Inc. | 11032 | 6196123 |
| †Mettler-Toledo International, <br> Inc.<br>| 4946 | 6895664 |
| †Tempus AI, Inc. | 4051 | 239211 |
| †Waters Corp. | 10526 | 3998091 |
|  |  | **17329089** |
| **Machinery–0.52%** | **Machinery–0.52%** | **Machinery–0.52%** |
| Mueller Industries, Inc. | 43968 | 5047527 |
| Otis Worldwide Corp. | 42049 | 3672980 |
|  |  | **8720507** |
| **Marine Transportation–0.31%** | **Marine Transportation–0.31%** | **Marine Transportation–0.31%** |
| †Kirby Corp. | 46213 | 5091748 |
|  |  | **5091748** |
| **Media–0.07%** | **Media–0.07%** | **Media–0.07%** |
| Fox Corp. Class A | 16737 | 1222973 |
|  |  | **1222973** |
| **Metals & Mining–0.01%** | **Metals & Mining–0.01%** | **Metals & Mining–0.01%** |
| Anglogold Ashanti PLC | 3004 | 256181 |
|  |  | **256181** |
| **Pharmaceuticals–2.80%** | **Pharmaceuticals–2.80%** | **Pharmaceuticals–2.80%** |
| Eli Lilly & Co. | 43133 | 46354172 |
| Zoetis, Inc. | 1441 | 181307 |
|  |  | **46535479** |
| **Professional Services–1.00%** | **Professional Services–1.00%** | **Professional Services–1.00%** |
| Broadridge Financial <br> Solutions, Inc.<br>| 18910 | 4220145 |
| Equifax, Inc. | 6561 | 1423606 |
| †ExlService Holdings, Inc. | 55119 | 2339250 |
| Verisk Analytics, Inc. | 38566 | 8626828 |
|  |  | **16609829** |
| **Residential REITs–0.13%** | **Residential REITs–0.13%** | **Residential REITs–0.13%** |
| Camden Property Trust | 19096 | 2102088 |
|  |  | **2102088** |
| **Semiconductors & Semiconductor Equipment–18.76%** | **Semiconductors & Semiconductor Equipment–18.76%** | **Semiconductors & Semiconductor Equipment–18.76%** |
| Applied Materials, Inc. | 18814 | 4835010 |
| ASML Holding NV. | 4782 | 5116071 |
| †Astera Labs, Inc. | 15844 | 2635808 |

---

LVIP Blended Large Cap Growth Managed Volatility Fund-2

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Broadcom, Inc. | 241330 | $83524313 |
| †Credo Technology Group <br> Holding Ltd.<br>| 3230 | 464765 |
| †Enphase Energy, Inc. | 21963 | 703914 |
| NVIDIA Corp. | 964468 | 179873282 |
| QUALCOMM, Inc. | 36883 | 6308837 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 56069 | 17038808 |
| Texas Instruments, Inc. | 67551 | 11719423 |
|  |  | **312220231** |
| **Software–15.70%** | **Software–15.70%** | **Software–15.70%** |
| †AppLovin Corp. Class A | 12256 | 8258338 |
| †Autodesk, Inc. | 9281 | 2747269 |
| †Cadence Design Systems, <br> Inc.<br>| 19726 | 6165953 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 4808 | 2253798 |
| †Dynatrace, Inc. | 9461 | 410040 |
| †Fortinet, Inc. | 93055 | 7389498 |
| Intuit, Inc. | 15658 | 10372172 |
| †Manhattan Associates, Inc. | 34017 | 5895486 |
| Microsoft Corp. | 325189 | 157267904 |
| Oracle Corp. | 68857 | 13420918 |
| †Palantir Technologies, Inc. <br> Class A<br>| 50468 | 8970687 |
| †Palo Alto Networks, Inc. | 48819 | 8992460 |
| Pegasystems, Inc. | 16962 | 1012971 |
| †Procore Technologies, Inc. | 48170 | 3503886 |
| †Rubrik, Inc. Class A | 25365 | 1939915 |
| †Samsara, Inc. Class A | 110345 | 3911730 |
| †ServiceNow, Inc. | 101705 | 15580189 |
| †Workday, Inc. Class A | 14884 | 3196785 |
|  |  | **261289999** |
| **Specialized REITs–0.07%** | **Specialized REITs–0.07%** | **Specialized REITs–0.07%** |
| Lamar Advertising Co. <br> Class A<br>| 8876 | 1123524 |
|  |  | **1123524** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail–2.18%** | **Specialty Retail–2.18%** | **Specialty Retail–2.18%** |
| †Carvana Co. | 3644 | $1537841 |
| †Chewy, Inc. Class A | 4053 | 133952 |
| Home Depot, Inc. | 34341 | 11816738 |
| Murphy USA, Inc. | 1253 | 505610 |
| TJX Cos., Inc. | 108483 | 16664074 |
| Tractor Supply Co. | 112997 | 5650980 |
|  |  | **36309195** |
| **Technology Hardware, Storage & Peripherals–7.29%** | **Technology Hardware, Storage & Peripherals–7.29%** | **Technology Hardware, Storage & Peripherals–7.29%** |
| Apple, Inc. | 441923 | 120141187 |
| Western Digital Corp. | 7452 | 1283756 |
|  |  | **121424943** |
| **Textiles, Apparel & Luxury Goods–0.27%** | **Textiles, Apparel & Luxury Goods–0.27%** | **Textiles, Apparel & Luxury Goods–0.27%** |
| †On Holding AG Class A | 77356 | 3595507 |
| Ralph Lauren Corp. | 2531 | 894987 |
|  |  | **4490494** |
| **Trading Companies & Distributors–0.29%** | **Trading Companies & Distributors–0.29%** | **Trading Companies & Distributors–0.29%** |
| FTAI Aviation Ltd. | 2038 | 401180 |
| United Rentals, Inc. | 5418 | 4384896 |
|  |  | **4786076** |
| **Total Common Stock** <br>**(Cost $773,760,437)** | **Total Common Stock** <br>**(Cost $773,760,437)** | **1579093622** |
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 11753 | 11988 |
| **Total Rights** <br>**(Cost $11,988)** | **Total Rights** <br>**(Cost $11,988)** | **11988** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–4.90%** | **MONEY MARKET FUND–4.90%** | **MONEY MARKET FUND–4.90%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 81628296 | 81628296 |
| **Total Money Market Fund** <br>**(Cost $81,628,296)** | **Total Money Market Fund** <br>**(Cost $81,628,296)** | **81628296** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.77% (Cost $855,400,721)** | **1660733906** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.23%** | **3777018** |
| **NET ASSETS APPLICABLE TO 31,122,417 SHARES OUTSTANDING–100.00%** | **$1664510924** |
| **NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND STANDARD** <br> **CLASS** <br>**($294,124,446 / 5,295,425 Shares)** | **$55.543** |
| **NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND SERVICE CLASS** <br>**($1,370,386,478 / 25,826,992 Shares)** | **$53.060** |

---

LVIP Blended Large Cap Growth Managed Volatility Fund-3

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$753702493** |
| Distributable earnings/(accumulated loss) | **910808431** |
| **TOTAL NET ASSETS** | **$1664510924** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $5,623,705 cash collateral held at broker for futures contracts, $730,632 payable for fund shares redeemed, $22,478 other accrued <br> expenses payable, $1,193,124 due to manager and affiliates, $605,860 variation margin due to broker on futures contracts, $19,687 payable <br> for audit fee and $47,829 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 225 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $77540625 | &nbsp;&nbsp; $77495432 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $45193 | &nbsp;&nbsp; $— |
| 5 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 1662600 | &nbsp;&nbsp; 1687851 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25251)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $45193 | &nbsp;&nbsp; $(25251)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** | **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $12274805 |
| Foreign taxes withheld | (43182)<br>|
|  | 12231623 |
| **EXPENSES:** |  |
| Management fees | 12112232 |
| Distribution fees-Service Class | 3503817 |
| Shareholder servicing fees | 491435 |
| Accounting and administration expenses | 309191 |
| Professional fees | 80401 |
| Trustees' fees and expenses | 49668 |
| Reports and statements to shareholders | 44484 |
| Custodian fees | 30177 |
| Consulting fees | 17264 |
| Pricing fees | 7476 |
| Other | 51781 |
|  | 16697926 |
| Less:  |  |
| Management fees waived | (1939065)<br>|
| Total operating expenses | 14758861 |
| **NET INVESTMENT LOSS** | (2527238)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 231246988 |
| Futures contracts | (120507874)<br>|
| Net realized gain | 110739114 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (17375705)<br>|
| Futures contracts | 3242506 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (14133199)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 96605915 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $94078677 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** | **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** | **LVIP Blended Large Cap Growth Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment loss | $(2527238)<br>| $(1284423)<br>|
| Net realized gain | 110739114 | 220903901 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (14133199)<br>| 239625977 |
| Net increase in net assets <br> resulting from operations<br>| 94078677 | 459245455 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (18297824)<br>| (15991586)<br>|
| Service Class | (91292561)<br>| (78457513)<br>|
|  | (109590385)<br>| (94449099)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 7034006 | 5798709 |
| Service Class | 99600071 | 67488184 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 18297824 | 15991586 |
| Service Class | 91292561 | 78457513 |
|  | 216224462 | 167735992 |
| Cost of shares redeemed: |  |  |
| Standard Class | (43836723)<br>| (40017337)<br>|
| Service Class | (289068012)<br>| (322737568)<br>|
|  | (332904735)<br>| (362754905)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (116680273)<br>| (195018913)<br>|
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (132191981)<br>| 169777443 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1796702905 | 1626925462 |
| End of year | $1664510924 | $1796702905 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-5

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $56.055 | &nbsp;&nbsp; $45.257 | &nbsp;&nbsp; $33.861 | &nbsp;&nbsp; $54.396 | &nbsp;&nbsp; $45.414 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | 0.031 | 0.071 | 0.164 | 0.065 | &nbsp;&nbsp; (0.026)<br>|
| Net realized and unrealized gain (loss) | 3.014 | 13.702 | 11.399 | &nbsp;&nbsp; (14.498)<br>| 14.057 |
| Total from investment operations | 3.045 | 13.773 | 11.563 | &nbsp;&nbsp; (14.433)<br>| 14.031 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.004)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (3.557)<br>| &nbsp;&nbsp; (2.971)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (3.557)<br>| &nbsp;&nbsp; (2.975)<br>| &nbsp;&nbsp; (0.167)<br>| &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $55.543 | &nbsp;&nbsp; $56.055 | &nbsp;&nbsp; $45.257 | &nbsp;&nbsp; $33.861 | &nbsp;&nbsp; $54.396 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 30.41% | &nbsp;&nbsp; 34.15% | &nbsp;&nbsp; (26.73%)<br>| &nbsp;&nbsp; 30.86% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $294124 | &nbsp;&nbsp; $315950 | &nbsp;&nbsp; $271190 | &nbsp;&nbsp; $221031 | &nbsp;&nbsp; $328574 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; (0.05%)<br>|
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.05%)<br>| &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; (0.15%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 156% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 1, 2021, AllianceBernstein was added as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-6

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** | **LVIP Blended Large Cap Growth Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $53.835 | &nbsp;&nbsp; $43.663 | &nbsp;&nbsp; $32.678 | &nbsp;&nbsp; $52.909 | &nbsp;&nbsp; $44.388 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> | &nbsp;&nbsp; (0.100)<br>| &nbsp;&nbsp; (0.059)<br>| 0.063 | &nbsp;&nbsp; (0.038)<br>| &nbsp;&nbsp; (0.153)<br>|
| Net realized and unrealized gain (loss) | 2.882 | 13.206 | 10.987 | &nbsp;&nbsp; (14.091)<br>| 13.723 |
| Total from investment operations | 2.782 | 13.147 | 11.050 | &nbsp;&nbsp; (14.129)<br>| 13.570 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.004)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (3.557)<br>| &nbsp;&nbsp; (2.971)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (3.557)<br>| &nbsp;&nbsp; (2.975)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; (6.102)<br>| &nbsp;&nbsp; (5.049)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $53.060 | &nbsp;&nbsp; $53.835 | &nbsp;&nbsp; $43.663 | &nbsp;&nbsp; $32.678 | &nbsp;&nbsp; $52.909 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 5.26% | &nbsp;&nbsp; 30.09% | &nbsp;&nbsp; 33.81% | &nbsp;&nbsp; (26.92%)<br>| &nbsp;&nbsp; 30.53% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1370387 | &nbsp;&nbsp; $1480753 | &nbsp;&nbsp; $1355735 | &nbsp;&nbsp; $1149701 | &nbsp;&nbsp; $1519106 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; (0.10%)<br>| &nbsp;&nbsp; (0.30%)<br>|
| Ratio of net investment income (loss) to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.30%)<br>| &nbsp;&nbsp; (0.22%)<br>| &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; (0.21%)<br>| &nbsp;&nbsp; (0.40%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 122% | &nbsp;&nbsp; 156% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 1, 2021, AllianceBernstein was added as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-7

------

**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Blended Large Cap Growth Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a non-diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term growth of capital in a manner consistent with the preservation of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Blended Large Cap Growth Managed Volatility Fund-8

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**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $6,180 for the year ended December 31, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $500 million of the Fund's average daily net assets; and 0.70% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.165% on the first $100 million of average daily net assets of the Fund; 0.115% on the next $400 million; 0.110% on the next $1.5 billion; and 0.095% on the excess of $2 billion of average daily net assets of the Fund. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

AllianceBernstein LP ("AllianceBernstein"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays AllianceBernstein a fee based on AllianceBernstein's managed portion of the Fund's average daily net assets.

Goldman Sachs Asset Management, L.P. ("GSAM"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays GSAM a fee based on GSAM's managed portion of the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $141308 |
| Legal | &nbsp;&nbsp; 23396 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Blended Large Cap Growth Managed Volatility Fund-9

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**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $22,559 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $857473 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 293990 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 245 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 41416 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1950541064 |
| Sales | &nbsp;&nbsp; 2278255549 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $869830121 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $811709804 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (20806020)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $790903784 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

LVIP Blended Large Cap Growth Managed Volatility Fund-10

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**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $1579093622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1579093622 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11988 | &nbsp;&nbsp; 11988 |
| Money Market Fund | &nbsp;&nbsp; 81628296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81628296 |
| **Total Investments** | &nbsp;&nbsp; $1660721918 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11988 | &nbsp;&nbsp; $1660733906 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $45193 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45193 |
| **Liabilities:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(25251)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25251)<br>|

---

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $2195187 | &nbsp;&nbsp; $94449099 |
| Long-term capital gains | &nbsp;&nbsp; 107395198 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $109590385 | &nbsp;&nbsp; $94449099 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $119904647 |
| Net unrealized appreciation | &nbsp;&nbsp; 790903784 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $910808431 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to Net Operating Loss:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $2487416 | &nbsp;&nbsp; $(2487416)<br>|

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

LVIP Blended Large Cap Growth Managed Volatility Fund-11

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**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 133234 | &nbsp;&nbsp; 111996 |
| Service Class | &nbsp;&nbsp; 2008736 | &nbsp;&nbsp; 1313857 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 334018 | &nbsp;&nbsp; 284357 |
| Service Class | &nbsp;&nbsp; 1743322 | &nbsp;&nbsp; 1452539 |
|  | &nbsp;&nbsp; 4219310 | &nbsp;&nbsp; 3162749 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (808220)<br>| &nbsp;&nbsp; (752202)<br>|
| Service Class | &nbsp;&nbsp; (5430636)<br>| &nbsp;&nbsp; (6310979)<br>|
|  | &nbsp;&nbsp; (6238856)<br>| &nbsp;&nbsp; (7063181)<br>|
| Net decrease | &nbsp;&nbsp; (2019546)<br>| &nbsp;&nbsp; (3900432)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; to hedge currency risks associated with the Fund's investments and as a cash management tool.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $45193 | Receivables and other assets net of <br> liabilities<br>| $(25251)<br>|

---

LVIP Blended Large Cap Growth Managed Volatility Fund-12

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**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(120507874)<br>| &nbsp;&nbsp; $3242506 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $64619903 | $89220106 |

---

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

LVIP Blended Large Cap Growth Managed Volatility Fund-13

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**LVIP Blended Large Cap Growth Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Blended Large Cap Growth Managed Volatility Fund-14

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Blended Large Cap Growth Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Blended Large Cap Growth Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img0eab3e454.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Blended Large Cap Growth Managed Volatility Fund–15

------

![](imgca88bc321.jpg)

![](img6e9ce8a22.jpg)

![](img3bf18d2a3.jpg)

LVIP Blended Mid Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Blended Mid Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_92b9ec1d-9d5d-4c0d-87f5-57665edceb17_SOI-continued-232_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_92b9ec1d-9d5d-4c0d-87f5-57665edceb17_FS-continued-232_1)**  | &nbsp;&nbsp; **8** |
| **[Statements of Changes in Net Assets](#xx_92b9ec1d-9d5d-4c0d-87f5-57665edceb17_FS-continued-232_1)**  | &nbsp;&nbsp; **8** |
| **[Financial Highlights](#xx_92b9ec1d-9d5d-4c0d-87f5-57665edceb17_FIHI-continued-232_1)**  | &nbsp;&nbsp; **9** |
| **[Notes to Financial Statements](#xx_92b9ec1d-9d5d-4c0d-87f5-57665edceb17_NTF-continued-232_1)**  | &nbsp;&nbsp; **11** |
| **[Report of Independent Registered Public Accounting Firm](#xx_92b9ec1d-9d5d-4c0d-87f5-57665edceb17_AUDIT-continued-232_1)**  | &nbsp;&nbsp; **20** |

---

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–93.58%** | **COMMON STOCK–93.58%** | **COMMON STOCK–93.58%** |
| **Aerospace & Defense–7.78%** | **Aerospace & Defense–7.78%** | **Aerospace & Defense–7.78%** |
| †Axon Enterprise, Inc. | 20272 | $11513077 |
| BWX Technologies, Inc. | 19254 | 3327861 |
| Carpenter Technology Corp. | 1225 | 385679 |
| Curtiss-Wright Corp. | 6562 | 3617434 |
| HEICO Corp. | 12304 | 3981451 |
| Hexcel Corp. | 31965 | 2362214 |
| Howmet Aerospace, Inc. | 118315 | 24256941 |
| †Karman Holdings, Inc. | 7226 | 528726 |
| Leonardo DRS, Inc. | 8100 | 276129 |
| †Loar Holdings, Inc. | 8414 | 572152 |
| Melrose Industries PLC | 173411 | 1367682 |
| †Rocket Lab Corp. | 50248 | 3505301 |
| †StandardAero, Inc. | 14560 | 417581 |
|  |  | **56112228** |
| **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** |
| †GXO Logistics, Inc. | 7900 | 415856 |
|  |  | **415856** |
| **Beverages–0.35%** | **Beverages–0.35%** | **Beverages–0.35%** |
| †Celsius Holdings, Inc. | 54558 | 2495483 |
|  |  | **2495483** |
| **Biotechnology–5.64%** | **Biotechnology–5.64%** | **Biotechnology–5.64%** |
| †Alkermes PLC | 10970 | 306941 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 22990 | 9141973 |
| †Argenx SE ADR | 866 | 728263 |
| †Ascendis Pharma AS ADR | 32877 | 7010691 |
| †BeOne Medicines Ltd. ADR | 1206 | 366395 |
| †Caris Life Sciences, Inc. | 32655 | 881032 |
| †Exact Sciences Corp. | 39987 | 4061080 |
| †Insmed, Inc. | 18741 | 3261684 |
| †Ionis Pharmaceuticals, Inc. | 16005 | 1266156 |
| †Natera, Inc. | 47700 | 10927593 |
| †Neurocrine Biosciences, Inc. | 9371 | 1329089 |
| †Nuvalent, Inc. Class A | 3828 | 385058 |
| †Revolution Medicines, Inc. | 5059 | 402949 |
| †Summit Therapeutics, Inc. | 15200 | 265848 |
| †Vaxcyte, Inc. | 7250 | 334515 |
|  |  | **40669267** |
| **Broadline Retail–1.26%** | **Broadline Retail–1.26%** | **Broadline Retail–1.26%** |
| †Coupang, Inc. | 350354 | 8264851 |
| eBay, Inc. | 4820 | 419822 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 3578 | 392184 |
|  |  | **9076857** |
| **Building Products–0.15%** | **Building Products–0.15%** | **Building Products–0.15%** |
| Lennox International, Inc. | 2187 | 1061963 |
|  |  | **1061963** |
| **Capital Markets–6.85%** | **Capital Markets–6.85%** | **Capital Markets–6.85%** |
| Ameriprise Financial, Inc. | 10583 | 5189268 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| ARES Management Corp. <br> Class A<br>| 42442 | $6859900 |
| Bank of New York Mellon <br> Corp.<br>| 11947 | 1386927 |
| †Bullish | 19103 | 723431 |
| Carlyle Group, Inc. | 90308 | 5338106 |
| †Coinbase Global, Inc. Class A | 2918 | 659877 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 10774 | 692876 |
| Invesco Ltd. | 14319 | 376160 |
| Lazard, Inc. | 7690 | 373426 |
| LPL Financial Holdings, Inc. | 31873 | 11384079 |
| Morningstar, Inc. | 2448 | 531975 |
| MSCI, Inc. | 3792 | 2175584 |
| Nasdaq, Inc. | 63773 | 6194272 |
| †Robinhood Markets, Inc. <br> Class A<br>| 47785 | 5404484 |
| StepStone Group, Inc. <br> Class A<br>| 5819 | 373405 |
| Stifel Financial Corp. | 3203 | 401080 |
| TPG, Inc. | 13742 | 877289 |
| Tradeweb Markets, Inc. <br> Class A<br>| 3780 | 406501 |
|  |  | **49348640** |
| **Chemicals–0.05%** | **Chemicals–0.05%** | **Chemicals–0.05%** |
| Sensient Technologies Corp. | 3583 | 336623 |
|  |  | **336623** |
| **Commercial Services & Supplies–0.77%** | **Commercial Services & Supplies–0.77%** | **Commercial Services & Supplies–0.77%** |
| †ACV Auctions, Inc. Class A | 53624 | 430065 |
| †Clean Harbors, Inc. | 1555 | 364616 |
| GFL Environmental, Inc. | 71505 | 3071140 |
| Tetra Tech, Inc. | 9012 | 302262 |
| Veralto Corp. | 13942 | 1391133 |
|  |  | **5559216** |
| **Communications Equipment–0.37%** | **Communications Equipment–0.37%** | **Communications Equipment–0.37%** |
| †Ciena Corp. | 9664 | 2260120 |
| †Lumentum Holdings, Inc. | 1061 | 391074 |
|  |  | **2651194** |
| **Construction & Engineering–2.58%** | **Construction & Engineering–2.58%** | **Construction & Engineering–2.58%** |
| †API Group Corp. | 9520 | 364235 |
| Comfort Systems USA, Inc. | 5035 | 4699115 |
| EMCOR Group, Inc. | 1964 | 1201556 |
| Quanta Services, Inc. | 29300 | 12366358 |
|  |  | **18631264** |
| **Construction Materials–0.70%** | **Construction Materials–0.70%** | **Construction Materials–0.70%** |
| Vulcan Materials Co. | 17782 | 5071782 |
|  |  | **5071782** |

---

LVIP Blended Mid Cap Managed Volatility Fund-1

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Finance–0.05%** | **Consumer Finance–0.05%** | **Consumer Finance–0.05%** |
| SLM Corp. | 11980 | $324179 |
|  |  | **324179** |
| **Consumer Staples Distribution & Retail–1.14%** | **Consumer Staples Distribution & Retail–1.14%** | **Consumer Staples Distribution & Retail–1.14%** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 16977 | 1528439 |
| Casey's General Stores, Inc. | 1350 | 746159 |
| Dollar General Corp. | 2794 | 370959 |
| †Performance Food Group Co. | 30489 | 2741571 |
| †Sprouts Farmers Market, Inc. | 9175 | 730972 |
| †U.S. Foods Holding Corp. | 27464 | 2068589 |
|  |  | **8186689** |
| **Diversified Consumer Services–0.22%** | **Diversified Consumer Services–0.22%** | **Diversified Consumer Services–0.22%** |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 6012 | 609617 |
| †Duolingo, Inc. | 3932 | 690066 |
| Service Corp. International | 4044 | 315310 |
|  |  | **1614993** |
| **Diversified Telecommunication Services–0.15%** | **Diversified Telecommunication Services–0.15%** | **Diversified Telecommunication Services–0.15%** |
| †AST SpaceMobile, Inc. | 14534 | 1055604 |
| =†πSocure, Inc. | 5095 | 38722 |
|  |  | **1094326** |
| **Electric Utilities–0.37%** | **Electric Utilities–0.37%** | **Electric Utilities–0.37%** |
| NRG Energy, Inc. | 16935 | 2696729 |
|  |  | **2696729** |
| **Electrical Equipment–1.95%** | **Electrical Equipment–1.95%** | **Electrical Equipment–1.95%** |
| AMETEK, Inc. | 5157 | 1058784 |
| †Bloom Energy Corp. Class A | 12211 | 1061014 |
| †Generac Holdings, Inc. | 6122 | 834857 |
| Hubbell, Inc. | 3687 | 1637433 |
| nVent Electric PLC | 3327 | 339254 |
| Rockwell Automation, Inc. | 982 | 382067 |
| Vertiv Holdings Co. Class A | 53802 | 8716462 |
|  |  | **14029871** |
| **Electronic Equipment, Instruments & Components–2.22%** | **Electronic Equipment, Instruments & Components–2.22%** | **Electronic Equipment, Instruments & Components–2.22%** |
| Badger Meter, Inc. | 1304 | 227431 |
| CDW Corp. | 2711 | 369238 |
| †Celestica, Inc. | 3705 | 1095235 |
| †Coherent Corp. | 16853 | 3110558 |
| Corning, Inc. | 4590 | 401900 |
| †Fabrinet | 869 | 395638 |
| Jabil, Inc. | 9377 | 2138144 |
| †Mirion Technologies, Inc. | 32563 | 762626 |
| TD SYNNEX Corp. | 7135 | 1071891 |
| TE Connectivity PLC | 1937 | 440687 |
| †Trimble, Inc. | 71664 | 5614874 |
| †Zebra Technologies Corp. <br> Class A<br>| 1493 | 362530 |
|  |  | **15990752** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Energy Equipment & Services–0.06%** | **Energy Equipment & Services–0.06%** | **Energy Equipment & Services–0.06%** |
| TechnipFMC PLC | 8998 | $400951 |
|  |  | **400951** |
| **Entertainment–6.74%** | **Entertainment–6.74%** | **Entertainment–6.74%** |
| †Liberty Media Corp.-Liberty <br> Formula One Class C<br>| 22061 | 2173229 |
| †Live Nation Entertainment, <br> Inc.<br>| 68519 | 9763957 |
| †ROBLOX Corp. Class A | 158017 | 12804118 |
| †Roku, Inc. | 3157 | 342503 |
| †Spotify Technology SA | 3590 | 2084749 |
| †Take-Two Interactive <br> Software, Inc.<br>| 49483 | 12669132 |
| TKO Group Holdings, Inc. | 41981 | 8774029 |
|  |  | **48611717** |
| **Financial Services–1.08%** | **Financial Services–1.08%** | **Financial Services–1.08%** |
| †Affirm Holdings, Inc. | 14948 | 1112580 |
| †Block, Inc. | 27302 | 1777087 |
| †Corpay, Inc. | 6719 | 2021949 |
| =†πIcapital, Inc. | 26006 | 364076 |
| Rocket Cos., Inc. Class A | 19080 | 369389 |
| †Shift4 Payments, Inc. Class A | 5392 | 339534 |
| †Toast, Inc. Class A | 50140 | 1780471 |
|  |  | **7765086** |
| **Food Products–0.03%** | **Food Products–0.03%** | **Food Products–0.03%** |
| †Freshpet, Inc. | 3350 | 204115 |
|  |  | **204115** |
| **Ground Transportation–0.26%** | **Ground Transportation–0.26%** | **Ground Transportation–0.26%** |
| †Grab Holdings Ltd. Class A | 139938 | 698291 |
| †Lyft, Inc. Class A | 20642 | 399835 |
| Old Dominion Freight Line, <br> Inc.<br>| 2535 | 397488 |
| †XPO, Inc. | 2691 | 365734 |
|  |  | **1861348** |
| **Health Care Equipment & Supplies–3.68%** | **Health Care Equipment & Supplies–3.68%** | **Health Care Equipment & Supplies–3.68%** |
| †Dexcom, Inc. | 51439 | 3414006 |
| †Glaukos Corp. | 3214 | 362893 |
| †IDEXX Laboratories, Inc. | 9783 | 6618493 |
| †Insulet Corp. | 7852 | 2231852 |
| †Masimo Corp. | 40469 | 5263398 |
| †Medline, Inc. Class A | 49926 | 2096892 |
| †Penumbra, Inc. | 4557 | 1416817 |
| ResMed, Inc. | 4347 | 1047062 |
| STERIS PLC | 16188 | 4103982 |
|  |  | **26555395** |
| **Health Care Providers & Services–2.04%** | **Health Care Providers & Services–2.04%** | **Health Care Providers & Services–2.04%** |
| †BrightSpring Health Services, <br> Inc.<br>| 13800 | 516810 |
| Cardinal Health, Inc. | 15872 | 3261696 |
| Cencora, Inc. | 22942 | 7748661 |

---

LVIP Blended Mid Cap Managed Volatility Fund-2

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Encompass Health Corp. | 9985 | $1059808 |
| †HealthEquity, Inc. | 3200 | 293152 |
| †Option Care Health, Inc. | 9982 | 318027 |
| Quest Diagnostics, Inc. | 2178 | 377948 |
| †RadNet, Inc. | 4827 | 344406 |
| †Tenet Healthcare Corp. | 3911 | 777194 |
|  |  | **14697702** |
| **Health Care Technology–0.67%** | **Health Care Technology–0.67%** | **Health Care Technology–0.67%** |
| †Doximity, Inc. Class A | 15075 | 667521 |
| †Veeva Systems, Inc. Class A | 17224 | 3844914 |
| †Waystar Holding Corp. | 9915 | 324716 |
|  |  | **4837151** |
| **Hotels, Restaurants & Leisure–9.18%** | **Hotels, Restaurants & Leisure–9.18%** | **Hotels, Restaurants & Leisure–9.18%** |
| Aramark | 60433 | 2227560 |
| †Carnival Corp. | 118575 | 3621281 |
| †Cava Group, Inc. | 11678 | 685382 |
| Churchill Downs, Inc. | 3216 | 365917 |
| Darden Restaurants, Inc. | 11334 | 2085683 |
| Domino's Pizza, Inc. | 2478 | 1032880 |
| †DraftKings, Inc. Class A | 152640 | 5259974 |
| †Dutch Bros, Inc. Class A | 11892 | 728028 |
| Expedia Group, Inc. | 14426 | 4087030 |
| †Flutter Entertainment PLC | 12719 | 2735094 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 23878 | 6858956 |
| Hyatt Hotels Corp. Class A | 29026 | 4653448 |
| Las Vegas Sands Corp. | 25948 | 1688955 |
| †MakeMyTrip Ltd. | 3650 | 299738 |
| †Navan, Inc. Class A | 13505 | 230665 |
| †Planet Fitness, Inc. Class A | 17275 | 1873819 |
| Royal Caribbean Cruises Ltd. | 40576 | 11317458 |
| †Sportradar Group AG Class A | 88179 | 2096015 |
| Texas Roadhouse, Inc. | 7098 | 1178268 |
| †Viking Holdings Ltd. | 84879 | 6061209 |
| Wingstop, Inc. | 26756 | 6381038 |
| Yum! Brands, Inc. | 4820 | 729170 |
|  |  | **66197568** |
| **Household Durables–0.49%** | **Household Durables–0.49%** | **Household Durables–0.49%** |
| †SharkNinja, Inc. | 6448 | 721531 |
| Somnigroup International, <br> Inc.<br>| 26875 | 2399400 |
| †TopBuild Corp. | 900 | 375471 |
|  |  | **3496402** |
| **Independent Power and Renewable Electricity Producers–2.20%** | **Independent Power and Renewable Electricity Producers–2.20%** | **Independent Power and Renewable Electricity Producers–2.20%** |
| †Talen Energy Corp. | 1068 | 400329 |
| Vistra Corp. | 95736 | 15445089 |
|  |  | **15845418** |
| **Insurance–0.21%** | **Insurance–0.21%** | **Insurance–0.21%** |
| Allstate Corp. | 1845 | 384037 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Hanover Insurance Group, <br> Inc.<br>| 2143 | $391676 |
| Kinsale Capital Group, Inc. | 896 | 350443 |
| Ryan Specialty Holdings, Inc. | 7466 | 385470 |
|  |  | **1511626** |
| **Interactive Media & Services–0.45%** | **Interactive Media & Services–0.45%** | **Interactive Media & Services–0.45%** |
| †Reddit, Inc. Class A | 14159 | 3254729 |
|  |  | **3254729** |
| **IT Services–3.21%** | **IT Services–3.21%** | **IT Services–3.21%** |
| †Cloudflare, Inc. Class A | 63323 | 12484129 |
| †Gartner, Inc. | 2939 | 741451 |
| †GoDaddy, Inc. Class A | 19268 | 2390773 |
| †MongoDB, Inc. | 4714 | 1978419 |
| †Okta, Inc. | 52519 | 4541318 |
| †Twilio, Inc. Class A | 2649 | 376794 |
| †Wix.com Ltd. | 6314 | 655962 |
|  |  | **23168846** |
| **Life Sciences Tools & Services–2.90%** | **Life Sciences Tools & Services–2.90%** | **Life Sciences Tools & Services–2.90%** |
| Agilent Technologies, Inc. | 33852 | 4606242 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 6731 | 2039426 |
| Bio-Techne Corp. | 43599 | 2564057 |
| †Charles River Laboratories <br> International, Inc.<br>| 11991 | 2391965 |
| †Illumina, Inc. | 5583 | 732266 |
| †Medpace Holdings, Inc. | 1396 | 784063 |
| †Mettler-Toledo International, <br> Inc.<br>| 270 | 376431 |
| †Repligen Corp. | 22512 | 3688816 |
| †Tempus AI, Inc. | 5412 | 319579 |
| †Waters Corp. | 8982 | 3411633 |
|  |  | **20914478** |
| **Machinery–0.32%** | **Machinery–0.32%** | **Machinery–0.32%** |
| Esab Corp. | 5677 | 634234 |
| †Middleby Corp. | 3101 | 461026 |
| †RBC Bearings, Inc. | 1169 | 524215 |
| †Symbotic, Inc. | 6329 | 376576 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 1565 | 334049 |
|  |  | **2330100** |
| **Media–0.12%** | **Media–0.12%** | **Media–0.12%** |
| †Trade Desk, Inc. Class A | 22804 | 865640 |
|  |  | **865640** |
| **Metals & Mining–0.23%** | **Metals & Mining–0.23%** | **Metals & Mining–0.23%** |
| Anglogold Ashanti PLC | 4740 | 404227 |
| Kinross Gold Corp. | 15800 | 444928 |
| †MP Materials Corp. | 5680 | 286954 |
| Steel Dynamics, Inc. | 3122 | 529023 |
|  |  | **1665132** |

---

LVIP Blended Mid Cap Managed Volatility Fund-3

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels–3.24%** | **Oil, Gas & Consumable Fuels–3.24%** | **Oil, Gas & Consumable Fuels–3.24%** |
| †Antero Resources Corp. | 42000 | $1447320 |
| Cameco Corp. | 45825 | 4192529 |
| Cheniere Energy, Inc. | 38040 | 7394595 |
| Diamondback Energy, Inc. | 2312 | 347563 |
| EQT Corp. | 5326 | 285474 |
| Expand Energy Corp. | 34805 | 3841080 |
| Ovintiv, Inc. | 8000 | 313520 |
| Permian Resources Corp. | 28273 | 396670 |
| Targa Resources Corp. | 23876 | 4405122 |
| †Uranium Energy Corp. | 31057 | 362746 |
| Viper Energy, Inc. Class A | 10267 | 396614 |
|  |  | **23383233** |
| **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** |
| Louisiana-Pacific Corp. | 3642 | 294128 |
|  |  | **294128** |
| **Passenger Airlines–0.06%** | **Passenger Airlines–0.06%** | **Passenger Airlines–0.06%** |
| †United Airlines Holdings, <br> Inc.<br>| 3578 | 400092 |
|  |  | **400092** |
| **Personal Care Products–0.19%** | **Personal Care Products–0.19%** | **Personal Care Products–0.19%** |
| †elf Beauty, Inc. | 4020 | 305681 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 3518 | 368405 |
| †Oddity Tech Ltd. Class A | 17929 | 720387 |
|  |  | **1394473** |
| **Pharmaceuticals–0.12%** | **Pharmaceuticals–0.12%** | **Pharmaceuticals–0.12%** |
| †Corcept Therapeutics, Inc. | 13426 | 467225 |
| †Elanco Animal Health, Inc. | 17075 | 386407 |
|  |  | **853632** |
| **Professional Services–1.59%** | **Professional Services–1.59%** | **Professional Services–1.59%** |
| Booz Allen Hamilton Holding <br> Corp.<br>| 12627 | 1065214 |
| Broadridge Financial <br> Solutions, Inc.<br>| 9219 | 2057404 |
| †CACI International, Inc. <br> Class A<br>| 711 | 378828 |
| Equifax, Inc. | 1823 | 395555 |
| †ExlService Holdings, Inc. | 7400 | 314056 |
| †Parsons Corp. | 4720 | 291696 |
| Paychex, Inc. | 5864 | 657824 |
| †Paylocity Holding Corp. | 4879 | 744047 |
| TransUnion | 40198 | 3446978 |
| UL Solutions, Inc. Class A | 8765 | 691208 |
| Verisk Analytics, Inc. | 4936 | 1104134 |
| †Verra Mobility Corp. | 12785 | 286512 |
|  |  | **11433456** |
| **Real Estate Management & Development–1.54%** | **Real Estate Management & Development–1.54%** | **Real Estate Management & Development–1.54%** |
| †CBRE Group, Inc. Class A | 51437 | 8270555 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| †CoStar Group, Inc. | 36689 | $2466969 |
| FirstService Corp. | 2500 | 388825 |
|  |  | **11126349** |
| **Retail REITs–0.17%** | **Retail REITs–0.17%** | **Retail REITs–0.17%** |
| Simon Property Group, Inc. | 6779 | 1254861 |
|  |  | **1254861** |
| **Semiconductors & Semiconductor Equipment–2.96%** | **Semiconductors & Semiconductor Equipment–2.96%** | **Semiconductors & Semiconductor Equipment–2.96%** |
| ASM International NV | 2523 | 1527411 |
| †Astera Labs, Inc. | 16066 | 2672740 |
| †Credo Technology Group <br> Holding Ltd.<br>| 2837 | 408216 |
| †Impinj, Inc. | 2300 | 400223 |
| †Lattice Semiconductor Corp. | 13600 | 1000688 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 5174 | 886203 |
| Monolithic Power Systems, <br> Inc.<br>| 13825 | 12530427 |
| †Onto Innovation, Inc. | 2551 | 402701 |
| †Rambus, Inc. | 4207 | 386581 |
| †SiTime Corp. | 1089 | 384624 |
| Teradyne, Inc. | 1820 | 352279 |
| †Tower Semiconductor Ltd. | 3450 | 405099 |
|  |  | **21357192** |
| **Software–8.72%** | **Software–8.72%** | **Software–8.72%** |
| †Appfolio, Inc. Class A | 1994 | 463904 |
| †Autodesk, Inc. | 1059 | 313475 |
| †Cadence Design Systems, <br> Inc.<br>| 15797 | 4937826 |
| =†πCanva, Inc. | 218 | 358858 |
| Constellation Software, Inc. | 1897 | 4562862 |
| =†πDatabricks, Inc. | 10218 | 1941420 |
| †Datadog, Inc. Class A | 72756 | 9894088 |
| †Descartes Systems Group, <br> Inc.<br>| 3116 | 273149 |
| †Docusign, Inc. | 10928 | 747475 |
| †Dynatrace, Inc. | 32512 | 1409070 |
| †Elastic NV | 9872 | 744744 |
| †Fair Isaac Corp. | 2114 | 3573971 |
| †Figma, Inc. Class A | 6096 | 227807 |
| Gen Digital, Inc. | 14315 | 389225 |
| †Gitlab, Inc. Class A | 19186 | 720051 |
| †Guidewire Software, Inc. | 50578 | 10166684 |
| †HubSpot, Inc. | 5511 | 2211564 |
| InterDigital, Inc. | 2146 | 683243 |
| †JFrog Ltd. | 5847 | 365204 |
| †Manhattan Associates, Inc. | 19649 | 3405368 |
| †Monday.com Ltd. | 2100 | 309876 |
| †Netskope, Inc. Class A | 23190 | 406753 |
| †Nutanix, Inc. Class A | 8307 | 429389 |
| Pegasystems, Inc. | 36832 | 2199607 |
| †Procore Technologies, Inc. | 4717 | 343115 |
| †PTC, Inc. | 2262 | 394063 |

---

LVIP Blended Mid Cap Managed Volatility Fund-4

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Rubrik, Inc. Class A | 9383 | $717612 |
| †SailPoint, Inc. | 19058 | 385543 |
| †Samsara, Inc. Class A | 36303 | 1286941 |
| †ServiceTitan, Inc. Class A | 8423 | 897049 |
| =†πSnyk Ltd. | 23071 | 182722 |
| =†πTanium, Inc. Class B | 9649 | 38596 |
| †Tyler Technologies, Inc. | 5223 | 2370981 |
| †Unity Software, Inc. | 59959 | 2648389 |
| †Zscaler, Inc. | 12866 | 2893821 |
|  |  | **62894445** |
| **Specialized REITs–0.24%** | **Specialized REITs–0.24%** | **Specialized REITs–0.24%** |
| Iron Mountain, Inc. | 4940 | 409773 |
| Lamar Advertising Co. <br> Class A<br>| 10682 | 1352128 |
|  |  | **1761901** |
| **Specialty Retail–4.76%** | **Specialty Retail–4.76%** | **Specialty Retail–4.76%** |
| †AutoZone, Inc. | 90 | 305235 |
| †Boot Barn Holdings, Inc. | 1955 | 344999 |
| †Burlington Stores, Inc. | 27594 | 7970527 |
| †Carvana Co. | 28836 | 12169369 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 12765 | 777261 |
| †O'Reilly Automotive, Inc. | 53360 | 4866965 |
| Ross Stores, Inc. | 9738 | 1754203 |
| Tractor Supply Co. | 68781 | 3439738 |
| †Ulta Beauty, Inc. | 2316 | 1401203 |
| †Valvoline, Inc. | 19000 | 552140 |
| †Wayfair, Inc. Class A | 3619 | 363384 |
| Williams-Sonoma, Inc. | 2130 | 380397 |
|  |  | **34325421** |
| **Technology Hardware, Storage & Peripherals–0.57%** | **Technology Hardware, Storage & Peripherals–0.57%** | **Technology Hardware, Storage & Peripherals–0.57%** |
| †Pure Storage, Inc. Class A | 25461 | 1706142 |
| Seagate Technology Holdings <br> PLC<br>| 8808 | 2425635 |
|  |  | **4131777** |
| **Textiles, Apparel & Luxury Goods–1.60%** | **Textiles, Apparel & Luxury Goods–1.60%** | **Textiles, Apparel & Luxury Goods–1.60%** |
| †Amer Sports, Inc. | 58320 | 2178252 |
| †Birkenstock Holding PLC | 6385 | 261146 |
| †Deckers Outdoor Corp. | 10306 | 1068423 |
| †On Holding AG Class A | 13910 | 646537 |
| Ralph Lauren Corp. | 2891 | 1022287 |
| Tapestry, Inc. | 41521 | 5305138 |
| VF Corp. | 56960 | 1029837 |
|  |  | **11511620** |
| **Trading Companies & Distributors–1.25%** | **Trading Companies & Distributors–1.25%** | **Trading Companies & Distributors–1.25%** |
| †Core & Main, Inc. Class A | 7190 | 373664 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Fastenal Co. | 97881 | $3927965 |
| Ferguson Enterprises, Inc. | 2775 | 617798 |
| FTAI Aviation Ltd. | 13539 | 2665152 |
| WW Grainger, Inc. | 1383 | 1395516 |
|  |  | **8980095** |
| **Total Common Stock** <br>**(Cost $485,174,741)** | **Total Common Stock** <br>**(Cost $485,174,741)** | **674653991** |
| **CONVERTIBLE PREFERRED STOCKS–0.93%** | **CONVERTIBLE PREFERRED STOCKS–0.93%** | **CONVERTIBLE PREFERRED STOCKS–0.93%** |
| =†πCanva, Inc. Series A | 13 | 21400 |
| =†πDatabricks, Inc. Series F | 23328 | 4432320 |
| =†πDatabricks, Inc. Series G | 2475 | 470250 |
| =†πDatabricks, Inc. <br>Series H<br>| 5901 | 1121190 |
| =†πDataRobot, Inc. Series G | 15766 | 24910 |
| =†πRappi, Inc. Series E | 9859 | 175194 |
| =†πSnyk Ltd. Series F | 38665 | 306227 |
| =†πSocure, Inc. Series A | 6193 | 47067 |
| =†πSocure, Inc. Series A1 | 5083 | 38631 |
| =†πSocure, Inc. Series B | 92 | 699 |
| =†πSocure, Inc. Series E | 11781 | 89536 |
| **Total Convertible Preferred Stocks** <br>**(Cost $2,880,034)** | **Total Convertible Preferred Stocks** <br>**(Cost $2,880,034)** | **6727424** |
| **WARRANT–0.00%** | **WARRANT–0.00%** | **WARRANT–0.00%** |
| =†Constellation Software, Inc. <br> exp 3/31/40 exercise price <br> USD 1.00<br>| 3355 | 0 |
| **Total Warrant** <br>**(Cost $0)** | **Total Warrant** <br>**(Cost $0)** | **0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund–4.60%** | **Money Market Fund–4.60%** | **Money Market Fund–4.60%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund –Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 33141135 | 33141135 |
| **Total Money Market Fund** <br>**(Cost $33,141,135)** | **Total Money Market Fund** <br>**(Cost $33,141,135)** | **33141135** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENT–0.65%** | **SHORT-TERM INVESTMENT–0.65%** | **SHORT-TERM INVESTMENT–0.65%** |
| **AGENCY OBLIGATIONS–0.65%** | **AGENCY OBLIGATIONS–0.65%** | **AGENCY OBLIGATIONS–0.65%** |
| ≠Federal Home Loan Bank <br> Discount Notes 3.55% 1/2/26<br>| 4675000 | 4674545 |
|  |  | **4674545** |
| **Total Short-Term Investment** <br>**(Cost $4,674,545)** | **Total Short-Term Investment** <br>**(Cost $4,674,545)** | **4674545** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.76% (Cost $525,870,455)** | **719197095** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.24%** | **1725089** |
| **NET ASSETS APPLICABLE TO 40,552,871 SHARES OUTSTANDING–100.00%** | **$720922184** |

---

LVIP Blended Mid Cap Managed Volatility Fund-5

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND STANDARD CLASS** <br>**($33,919,555 / 1,784,848 Shares)** | **$19.004** |
| **NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND SERVICE CLASS** <br>**($687,002,629 / 38,768,023 Shares)** | **$17.721** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$422268442** |
| Distributable earnings/(accumulated loss) | **298653742** |
| **TOTAL NET ASSETS** | **$720922184** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| †Non-income producing. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ≠The rate shown is the effective yield at the time of purchase. |
| πRestricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, or have certain <br> restrictions on resale which may limit their liquidity. At December 31, 2025, the aggregate value of restricted securities was $9,651,818, <br> which represented 1.34% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) <br> with respect to these securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Canva, Inc. | 8/16/2021 | &nbsp;&nbsp; $371590 | &nbsp;&nbsp; $358858 |
| Canva, Inc. Series A | 11/4/2021 | &nbsp;&nbsp; 22162 | &nbsp;&nbsp; 21400 |
| Databricks, Inc. | 7/24/2020 | &nbsp;&nbsp; 163573 | &nbsp;&nbsp; 1941420 |
| Databricks, Inc. Series F | 10/22/2019 | &nbsp;&nbsp; 333967 | &nbsp;&nbsp; 4432320 |
| Databricks, Inc. Series G | 2/1/2021 | &nbsp;&nbsp; 146328 | &nbsp;&nbsp; 470250 |
| Databricks, Inc. Series H | 8/31/2021 | &nbsp;&nbsp; 433630 | &nbsp;&nbsp; 1121190 |
| DataRobot, Inc. Series G | 6/11/2021 | &nbsp;&nbsp; 431364 | &nbsp;&nbsp; 24910 |
| Icapital, Inc. | 3/17/2025 | &nbsp;&nbsp; 364076 | &nbsp;&nbsp; 364076 |
| Rappi, Inc. Series E | 9/8/2020 | &nbsp;&nbsp; 589036 | &nbsp;&nbsp; 175194 |
| Snyk Ltd. | 9/3/2021 | &nbsp;&nbsp; 330942 | &nbsp;&nbsp; 182722 |
| Snyk Ltd. Series F | 9/3/2021 | &nbsp;&nbsp; 551575 | &nbsp;&nbsp; 306227 |
| Socure, Inc. | 12/22/2021 | &nbsp;&nbsp; 81870 | &nbsp;&nbsp; 38722 |
| Socure, Inc. Series A | 12/22/2021 | &nbsp;&nbsp; 99513 | &nbsp;&nbsp; 47067 |
| Socure, Inc. Series A1 | 12/22/2021 | &nbsp;&nbsp; 81677 | &nbsp;&nbsp; 38631 |
| Socure, Inc. Series B | 12/22/2021 | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 699 |
| Socure, Inc. Series E | 10/27/2021 | &nbsp;&nbsp; 189304 | &nbsp;&nbsp; 89536 |
| Tanium, Inc. Class B | 9/24/2020 | &nbsp;&nbsp; 109952 | &nbsp;&nbsp; 38596 |
| **Total** |  | &nbsp;&nbsp; $4302037 | &nbsp;&nbsp; $9651818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,626,775 cash collateral held at broker for futures contracts, $462,379 payable for fund shares redeemed, $26,026 other accrued <br> expenses payable, $565,853 due to manager and affiliates, $346,505 variation margin due to broker on futures contracts, $19,687 payable for <br> audit fee and $29,307 payable for fund accounting fee as of December 31, 2025.<br>

LVIP Blended Mid Cap Managed Volatility Fund-6

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 4 | CME British Pound Currency Futures | &nbsp;&nbsp; $336450 | &nbsp;&nbsp; $332936 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $3514 | &nbsp;&nbsp; $— |
| 4 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 589000 | &nbsp;&nbsp; 584346 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 4654 | &nbsp;&nbsp; — |
| 5 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 401156 | &nbsp;&nbsp; 405200 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4044)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 8168 | &nbsp;&nbsp; (4044)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 30 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 3747000 | &nbsp;&nbsp; 3917504 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (170504)<br>|
| 13 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 4480125 | &nbsp;&nbsp; 4479286 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 839 | &nbsp;&nbsp; — |
| 74 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 24606480 | &nbsp;&nbsp; 24980200 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (373720)<br>|
| 9 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 617791 | &nbsp;&nbsp; 609038 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 8753 | &nbsp;&nbsp; — |
| 3 | FTSE 100 Index Futures | &nbsp;&nbsp; 401999 | &nbsp;&nbsp; 392238 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 9761 | &nbsp;&nbsp; — |
| 1 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 321757 | &nbsp;&nbsp; 322496 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (739)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 19353 | &nbsp;&nbsp; (544963)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $27521 | &nbsp;&nbsp; $(549007)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| IT–Information Technology |
| OSE–Osaka Securities Exchange |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Mid Cap Managed Volatility Fund-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Blended Mid Cap Managed Volatility Fund** | **LVIP Blended Mid Cap Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $4638333 |
| Foreign taxes withheld | (10741)<br>|
|  | 4627592 |
| **EXPENSES:** |  |
| Management fees | 4908049 |
| Distribution fees-Service Class | 1803305 |
| Shareholder servicing fees | 218974 |
| Accounting and administration expenses | 158947 |
| Professional fees | 59125 |
| Custodian fees | 43862 |
| Reports and statements to shareholders | 28360 |
| Trustees' fees and expenses | 22306 |
| Consulting fees | 13953 |
| Pricing fees | 13584 |
| Other | 26384 |
|  | 7296849 |
| Less:  |  |
| Management fees waived | (37754)<br>|
| Total operating expenses | 7259095 |
| **NET INVESTMENT LOSS** | (2631503)<br>|
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 142121674 |
| Foreign currencies | (6360)<br>|
| Futures contracts | (31134531)<br>|
| Net realized gain | 110980783 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | (85969440)<br>|
| Foreign currencies | 177 |
| Futures contracts | 826535 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (85142728)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 25838055 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $23206552 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Blended Mid Cap Managed Volatility Fund** | **LVIP Blended Mid Cap Managed Volatility Fund** | **LVIP Blended Mid Cap Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment loss | $(2631503)<br>| $(1769412)<br>|
| Net realized gain | 110980783 | 133666081 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (85142728)<br>| 13790175 |
| Net increase in net assets resulting <br> from operations<br>| 23206552 | 145686844 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (5457572)<br>| (1861304)<br>|
| Service Class | (119395667)<br>| (45267520)<br>|
|  | (124853239)<br>| (47128824)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 6602517 | 6124464 |
| Service Class | 36031290 | 19887421 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 5457572 | 1861304 |
| Service Class | 119395667 | 45267520 |
|  | 167487046 | 73140709 |
| Cost of shares redeemed: |  |  |
| Standard Class | (8481715)<br>| (9762063)<br>|
| Service Class | (135026322)<br>| (177696703)<br>|
|  | (143508037)<br>| (187458766)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 23979009 | (114318057)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (77667678)<br>| (15760037)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 798589862 | 814349899 |
| End of year | $720922184 | $798589862 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Mid Cap Managed Volatility Fund-8

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** | **LVIP Blended Mid Cap Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.917 | &nbsp;&nbsp; $19.443 | &nbsp;&nbsp; $16.667 | &nbsp;&nbsp; $24.072 | &nbsp;&nbsp; $21.901 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.023)<br>| 0.005 | 0.052 | 0.016 | &nbsp;&nbsp; (0.075)<br>|
| Net realized and unrealized gain (loss) | 0.780 | 3.662 | 2.897 | &nbsp;&nbsp; (5.710)<br>| 2.984 |
| Total from investment operations | 0.757 | 3.667 | 2.949 | &nbsp;&nbsp; (5.694)<br>| 2.909 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; (0.052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (3.670)<br>| &nbsp;&nbsp; (1.191)<br>| &nbsp;&nbsp; (0.121)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (3.670)<br>| &nbsp;&nbsp; (1.193)<br>| &nbsp;&nbsp; (0.173)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $19.004 | &nbsp;&nbsp; $21.917 | &nbsp;&nbsp; $19.443 | &nbsp;&nbsp; $16.667 | &nbsp;&nbsp; $24.072 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 2.90% | &nbsp;&nbsp; 19.23% | &nbsp;&nbsp; 17.75% | &nbsp;&nbsp; (23.57%)<br>| &nbsp;&nbsp; 13.29% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $33920 | &nbsp;&nbsp; $34782 | &nbsp;&nbsp; $32475 | &nbsp;&nbsp; $28910 | &nbsp;&nbsp; $37540 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.11%)<br>| &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; (0.32%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.12%)<br>| &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.33%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Mid Cap Managed Volatility Fund-9

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** | **LVIP Blended Mid Cap Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $20.719 | &nbsp;&nbsp; $18.483 | &nbsp;&nbsp; $15.853 | &nbsp;&nbsp; $23.064 | &nbsp;&nbsp; $21.064 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp; (0.072)<br>| &nbsp;&nbsp; (0.045)<br>| 0.007 | &nbsp;&nbsp; (0.029)<br>| &nbsp;&nbsp; (0.128)<br>|
| Net realized and unrealized gain (loss) | 0.744 | 3.473 | 2.751 | &nbsp;&nbsp; (5.471)<br>| 2.866 |
| Total from investment operations | 0.672 | 3.428 | 2.758 | &nbsp;&nbsp; (5.500)<br>| 2.738 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.007)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; (3.670)<br>| &nbsp;&nbsp; (1.191)<br>| &nbsp;&nbsp; (0.121)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (3.670)<br>| &nbsp;&nbsp; (1.192)<br>| &nbsp;&nbsp; (0.128)<br>| &nbsp;&nbsp; (1.711)<br>| &nbsp;&nbsp; (0.738)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.721 | &nbsp;&nbsp; $20.719 | &nbsp;&nbsp; $18.483 | &nbsp;&nbsp; $15.853 | &nbsp;&nbsp; $23.064 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 18.93% | &nbsp;&nbsp; 17.46% | &nbsp;&nbsp; (23.76%)<br>| &nbsp;&nbsp; 13.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $687002 | &nbsp;&nbsp; $763808 | &nbsp;&nbsp; $781875 | &nbsp;&nbsp; $731534 | &nbsp;&nbsp; $953768 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.36%)<br>| &nbsp;&nbsp; (0.23%)<br>| &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; (0.16%)<br>| &nbsp;&nbsp; (0.57%)<br>|
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; (0.37%)<br>| &nbsp;&nbsp; (0.24%)<br>| &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.17%)<br>| &nbsp;&nbsp; (0.58%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Blended Mid Cap Managed Volatility Fund-10

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Blended Mid Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP Blended Mid Cap Managed Volatility Fund-11

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Massachusetts Financial Services Company ("MFS"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. T. Rowe Price Associates, Inc. ("T. Rowe Price"), is responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays MFS and T. Rowe Price a fee based on MFS and T. Rowe Price's managed portion of the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

LVIP Blended Mid Cap Managed Volatility Fund-12

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $63288 |
| Legal | &nbsp;&nbsp; 10436 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $17,085 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $399998 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 147773 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 98 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 17984 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2025, the Fund engaged in securities purchases of $639,754 and securities sales of $659,988, which resulted in net realized losses of $9,211.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $426913899 |
| Sales | &nbsp;&nbsp; 573116769 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $530790465 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $209904494 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (21497686)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $188406808 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market

LVIP Blended Mid Cap Managed Volatility Fund-13

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $54744546 | &nbsp;&nbsp; $1367682 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56112228 |
| Air Freight & Logistics | &nbsp;&nbsp; 415856 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 415856 |
| Beverages | &nbsp;&nbsp; 2495483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2495483 |
| Biotechnology | &nbsp;&nbsp; 40669267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40669267 |
| Broadline Retail | &nbsp;&nbsp; 9076857 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9076857 |
| Building Products | &nbsp;&nbsp; 1061963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061963 |
| Capital Markets | &nbsp;&nbsp; 49348640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49348640 |
| Chemicals | &nbsp;&nbsp; 336623 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 336623 |
| Commercial Services & Supplies | &nbsp;&nbsp; 5559216 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5559216 |
| Communications Equipment | &nbsp;&nbsp; 2651194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2651194 |
| Construction & Engineering | &nbsp;&nbsp; 18631264 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18631264 |
| Construction Materials | &nbsp;&nbsp; 5071782 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5071782 |
| Consumer Finance | &nbsp;&nbsp; 324179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 324179 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 8186689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8186689 |
| Diversified Consumer Services | &nbsp;&nbsp; 1614993 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1614993 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 1055604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38722 | &nbsp;&nbsp; 1094326 |
| Electric Utilities | &nbsp;&nbsp; 2696729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2696729 |
| Electrical Equipment | &nbsp;&nbsp; 14029871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14029871 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 15990752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15990752 |
| Energy Equipment & Services | &nbsp;&nbsp; 400951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 400951 |
| Entertainment | &nbsp;&nbsp; 48611717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48611717 |
| Financial Services | &nbsp;&nbsp; 7401010 | &nbsp;&nbsp; — | &nbsp;&nbsp; 364076 | &nbsp;&nbsp; 7765086 |
| Food Products | &nbsp;&nbsp; 204115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204115 |
| Ground Transportation | &nbsp;&nbsp; 1861348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1861348 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 26555395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26555395 |
| Health Care Providers & Services | &nbsp;&nbsp; 14697702 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14697702 |
| Health Care Technology | &nbsp;&nbsp; 4837151 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4837151 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 66197568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66197568 |
| Household Durables | &nbsp;&nbsp; 3496402 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3496402 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 15845418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15845418 |

---

LVIP Blended Mid Cap Managed Volatility Fund-14

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Insurance | &nbsp;&nbsp; $1511626 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1511626 |
| Interactive Media & Services | &nbsp;&nbsp; 3254729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3254729 |
| IT Services | &nbsp;&nbsp; 23168846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23168846 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 20914478 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20914478 |
| Machinery | &nbsp;&nbsp; 2330100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2330100 |
| Media | &nbsp;&nbsp; 865640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 865640 |
| Metals & Mining | &nbsp;&nbsp; 1665132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1665132 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 23383233 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23383233 |
| Paper & Forest Products | &nbsp;&nbsp; 294128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 294128 |
| Passenger Airlines | &nbsp;&nbsp; 400092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 400092 |
| Personal Care Products | &nbsp;&nbsp; 1394473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1394473 |
| Pharmaceuticals | &nbsp;&nbsp; 853632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 853632 |
| Professional Services | &nbsp;&nbsp; 11433456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11433456 |
| Real Estate Management & Development | &nbsp;&nbsp; 11126349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11126349 |
| Retail REITs | &nbsp;&nbsp; 1254861 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1254861 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 19829781 | &nbsp;&nbsp; 1527411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21357192 |
| Software | &nbsp;&nbsp; 60372849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2521596 | &nbsp;&nbsp; 62894445 |
| Specialized REITs | &nbsp;&nbsp; 1761901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1761901 |
| Specialty Retail | &nbsp;&nbsp; 34325421 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34325421 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 4131777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4131777 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 11511620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11511620 |
| Trading Companies & Distributors | &nbsp;&nbsp; 8980095 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8980095 |
| Convertible Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6727424 | &nbsp;&nbsp; 6727424 |
| Warrant | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Money Market Fund | &nbsp;&nbsp; 33141135 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33141135 |
| Short-Term Investment | &nbsp;&nbsp; — | &nbsp;&nbsp; 4674545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4674545 |
| **Total Investments** | &nbsp;&nbsp; $701975639 | &nbsp;&nbsp; $7569638 | &nbsp;&nbsp; $9651818 | &nbsp;&nbsp; $719197095 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $27521 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27521 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(549007)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(549007)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

LVIP Blended Mid Cap Managed Volatility Fund-15

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **December 31, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Common Stock | $2924394 | Recent Transaction | # | # |
|  |  | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 8.8x-14.9x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 11.0x-19.1x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
| Convertible<br> Preferred Stock<br>| $6727424 | Recent Transaction | # | # |
|  |  | Market Comparable Companies | Enterprise Value to Gross Merchandise Value Multiple (b) | 0.25x-0.35x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Sales Multiple (b) | 2.5x-14.9x (N/A) |
|  |  | Market Comparable Companies | Enterprise Value to Gross Profit Multiple (b) | 3.6x-19.1x (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
|  |  | Market Comparable Companies | Discount for Lack of Marketability (c) | 10% (N/A) |
|  |  | Enterprise Value | Term of Exit / Liquidity Event | 1.13 years (N/A) |
|  |  | Enterprise Value | Volatility Percentage | 55% (N/A) |
|  |  | Enterprise Value | Risk-free Rate | 3.68% (N/A) |
| Total | $9651818 |  |  |  |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the investments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. | (b) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the <br> investments. |
| (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. | (c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable,when pricing the investments. |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balances**<br> **as of**<br> **12/31/2024**<br>| **Reclassifications** | **Purchases** | **Sales** | **Transfer**<br> **In**<br>| **Transfer**<br> **Out**<br>| **Accretion/**<br> **(amortization)**<br>| **Net realized**<br> **gain (loss)**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Balance**<br> **as of**<br> **12/31/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **12/31/25**<br>|
| Common Stock | $1529419 | $316313 | $364076 | $— | $— | $(316313)<br>| $— | $— | $1030899 | $2924394 | $1030899 |
| Convertible Preferred Stocks | 3883039 | (316313)<br>|  |  |  |  |  |  | 3160698 | 6727424 | 3036515 |
| Warrant |  |  |  |  |  |  |  |  |  |  |  |
| Total | $5412458 | $— | $364076 | $— | $— | (316313)$| $— | $— | $4191597 | $9651818 | $4067414 |

---

For the year ended December 31, 2025, transfers in and out of level 3 were the result of changes in the transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain valuation inputs used by pricing services or the valuation designee, as applicable, in determining fair value. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, outstanding straddle loss deferrals and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

LVIP Blended Mid Cap Managed Volatility Fund-16

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Dividend and Distribution Information (continued)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5828101 |
| Long-term capital gains | &nbsp;&nbsp; 124853239 | &nbsp;&nbsp; 41300723 |
| Total | &nbsp;&nbsp; $124853239 | &nbsp;&nbsp; $47128824 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $110253700 |
| Other temporary differences | &nbsp;&nbsp; (6766)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 188406808 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $298653742 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to Net Operating Loss:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $1683631 | &nbsp;&nbsp; $(1683631)<br>|

---

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 313733 | &nbsp;&nbsp; 288199 |
| Service Class | &nbsp;&nbsp; 1865579 | &nbsp;&nbsp; 1000716 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 277739 | &nbsp;&nbsp; 89342 |
| Service Class | &nbsp;&nbsp; 6511899 | &nbsp;&nbsp; 2297076 |
|  | &nbsp;&nbsp; 8968950 | &nbsp;&nbsp; 3675333 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (393654)<br>| &nbsp;&nbsp; (460756)<br>|
| Service Class | &nbsp;&nbsp; (6474647)<br>| &nbsp;&nbsp; (8734524)<br>|
|  | &nbsp;&nbsp; (6868301)<br>| &nbsp;&nbsp; (9195280)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 2100649 | &nbsp;&nbsp; (5519947)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

LVIP Blended Mid Cap Managed Volatility Fund-17

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions, to hedge currency risks associated with the Fund's investments and as a cash management tool.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $19353 | Receivables and other assets net of <br> liabilities<br>| $(544963)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 8168 | Receivables and other assets net of <br> liabilities<br>| (4044)<br>|
| Total |  | $27521 |  | $(549007)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(31099903)<br>| &nbsp;&nbsp; $822411 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (34628)<br>| &nbsp;&nbsp; 4124 |
| Total |  | &nbsp;&nbsp; $(31134531)<br>| &nbsp;&nbsp; $826535 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $21708843 | $54249961 |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and

LVIP Blended Mid Cap Managed Volatility Fund-18

------

**LVIP Blended Mid Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1. Restricted securities have been identified on the Statement of Net Assets.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Blended Mid Cap Managed Volatility Fund-19

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Blended Mid Cap Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Blended Mid Cap Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgbca056e54.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Blended Mid Cap Managed Volatility Fund–20

------

![](img9119f6bc1.jpg)

LVIP Channing Small Cap Value Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Channing Small Cap Value Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_e1cc41e4-3217-4322-8fca-8e5428a68b37_SOI-continued-606_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_e1cc41e4-3217-4322-8fca-8e5428a68b37_FS-continued-606_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_e1cc41e4-3217-4322-8fca-8e5428a68b37_FS-continued-606_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_e1cc41e4-3217-4322-8fca-8e5428a68b37_FIHI-continued-606_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_e1cc41e4-3217-4322-8fca-8e5428a68b37_NTF-continued-606_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e1cc41e4-3217-4322-8fca-8e5428a68b37_AUDIT-continued-606_1)**  | &nbsp;&nbsp; **11** |

---

------

**LVIP Channing Small Cap Value Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–98.46%** | **COMMON STOCK–98.46%** | **COMMON STOCK–98.46%** |
| **Aerospace & Defense–2.50%** | **Aerospace & Defense–2.50%** | **Aerospace & Defense–2.50%** |
| Hexcel Corp. | 36461 | $2694468 |
|  |  | **2694468** |
| **Banks–10.08%** | **Banks–10.08%** | **Banks–10.08%** |
| Columbia Banking System, <br> Inc.<br>| 99703 | 2786699 |
| Hancock Whitney Corp. | 42102 | 2681056 |
| Renasant Corp. | 75015 | 2642028 |
| Wintrust Financial Corp. | 19782 | 2765919 |
|  |  | **10875702** |
| **Building Products–1.21%** | **Building Products–1.21%** | **Building Products–1.21%** |
| CSW Industrials, Inc. | 4469 | 1311786 |
|  |  | **1311786** |
| **Capital Markets–10.14%** | **Capital Markets–10.14%** | **Capital Markets–10.14%** |
| Affiliated Managers Group, <br> Inc.<br>| 9702 | 2796893 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 65585 | 2671933 |
| Evercore, Inc. Class A | 6340 | 2157185 |
| Moelis & Co. Class A | 7891 | 542427 |
| Stifel Financial Corp. | 22120 | 2769866 |
|  |  | **10938304** |
| **Chemicals–4.76%** | **Chemicals–4.76%** | **Chemicals–4.76%** |
| Avient Corp. | 71107 | 2221383 |
| †Axalta Coating Systems Ltd. | 90249 | 2915945 |
|  |  | **5137328** |
| **Commercial Services & Supplies–5.40%** | **Commercial Services & Supplies–5.40%** | **Commercial Services & Supplies–5.40%** |
| Brink's Co. | 24263 | 2832220 |
| MSA Safety, Inc. | 18683 | 2991896 |
|  |  | **5824116** |
| **Construction & Engineering–1.20%** | **Construction & Engineering–1.20%** | **Construction & Engineering–1.20%** |
| †Centuri Holdings, Inc. | 51314 | 1295678 |
|  |  | **1295678** |
| **Diversified Consumer Services–2.09%** | **Diversified Consumer Services–2.09%** | **Diversified Consumer Services–2.09%** |
| OneSpaWorld Holdings Ltd. | 108841 | 2257362 |
|  |  | **2257362** |
| **Electronic Equipment, Instruments & Components–6.61%** | **Electronic Equipment, Instruments & Components–6.61%** | **Electronic Equipment, Instruments & Components–6.61%** |
| Advanced Energy Industries, <br> Inc.<br>| 9914 | 2075694 |
| Crane NXT Co. | 52387 | 2465856 |
| Littelfuse, Inc. | 10233 | 2588131 |
|  |  | **7129681** |
| **Entertainment–2.09%** | **Entertainment–2.09%** | **Entertainment–2.09%** |
| †Madison Square Garden <br> Entertainment Corp.<br>| 41784 | 2251740 |
|  |  | **2251740** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Gas Utilities–2.04%** | **Gas Utilities–2.04%** | **Gas Utilities–2.04%** |
| Southwest Gas Holdings, Inc. | 27466 | $2197829 |
|  |  | **2197829** |
| **Hotels, Restaurants & Leisure–2.16%** | **Hotels, Restaurants & Leisure–2.16%** | **Hotels, Restaurants & Leisure–2.16%** |
| Boyd Gaming Corp. | 27334 | 2329950 |
|  |  | **2329950** |
| **Household Durables–0.98%** | **Household Durables–0.98%** | **Household Durables–0.98%** |
| Installed Building Products, <br> Inc.<br>| 4090 | 1060905 |
|  |  | **1060905** |
| **Industrial REITs–2.53%** | **Industrial REITs–2.53%** | **Industrial REITs–2.53%** |
| STAG Industrial, Inc. | 74155 | 2725938 |
|  |  | **2725938** |
| **Insurance–2.62%** | **Insurance–2.62%** | **Insurance–2.62%** |
| First American Financial <br> Corp.<br>| 45972 | 2824520 |
|  |  | **2824520** |
| **Leisure Products–2.56%** | **Leisure Products–2.56%** | **Leisure Products–2.56%** |
| Brunswick Corp. | 37187 | 2760763 |
|  |  | **2760763** |
| **Machinery–9.09%** | **Machinery–9.09%** | **Machinery–9.09%** |
| Atmus Filtration <br> Technologies, Inc.<br>| 54344 | 2820997 |
| †Gates Industrial Corp. PLC | 139011 | 2984566 |
| †SPX Technologies, Inc. | 5226 | 1045514 |
| Timken Co. | 35127 | 2955234 |
|  |  | **9806311** |
| **Media–2.09%** | **Media–2.09%** | **Media–2.09%** |
| Nexstar Media Group, Inc. | 11130 | 2259946 |
|  |  | **2259946** |
| **Office REITs–2.28%** | **Office REITs–2.28%** | **Office REITs–2.28%** |
| COPT Defense Properties | 88505 | 2460439 |
|  |  | **2460439** |
| **Oil, Gas & Consumable Fuels–2.05%** | **Oil, Gas & Consumable Fuels–2.05%** | **Oil, Gas & Consumable Fuels–2.05%** |
| California Resources Corp. | 49432 | 2210105 |
|  |  | **2210105** |
| **Paper & Forest Products–2.21%** | **Paper & Forest Products–2.21%** | **Paper & Forest Products–2.21%** |
| Louisiana-Pacific Corp. | 29561 | 2387346 |
|  |  | **2387346** |
| **Professional Services–2.56%** | **Professional Services–2.56%** | **Professional Services–2.56%** |
| †Parsons Corp. | 44747 | 2765365 |
|  |  | **2765365** |

---

LVIP Channing Small Cap Value Fund-1

------

**LVIP Channing Small Cap Value Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development–2.56%** | **Real Estate Management & Development–2.56%** | **Real Estate Management & Development–2.56%** |
| †Cushman & Wakefield Ltd. | 170330 | $2757643 |
|  |  | **2757643** |
| **Semiconductors & Semiconductor Equipment–6.37%** | **Semiconductors & Semiconductor Equipment–6.37%** | **Semiconductors & Semiconductor Equipment–6.37%** |
| †FormFactor, Inc. | 33506 | 1868965 |
| MKS, Inc. | 15863 | 2534907 |
| †Onto Innovation, Inc. | 15648 | 2470193 |
|  |  | **6874065** |
| **Specialty Retail–4.71%** | **Specialty Retail–4.71%** | **Specialty Retail–4.71%** |
| †Asbury Automotive Group, <br> Inc.<br>| 9185 | 2135788 |
| †Valvoline, Inc. | 101285 | 2943342 |
|  |  | **5079130** |
| **Trading Companies & Distributors–5.57%** | **Trading Companies & Distributors–5.57%** | **Trading Companies & Distributors–5.57%** |
| Herc Holdings, Inc. | 20778 | 3083040 |
| McGrath RentCorp | 27923 | 2929960 |
|  |  | **6013000** |
| **Total Common Stock** <br>**(Cost $87,401,654)** | **Total Common Stock** <br>**(Cost $87,401,654)** | **106229420** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–1.58%** | **MONEY MARKET FUND–1.58%** | **MONEY MARKET FUND–1.58%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1703438 | $1703438 |
| **Total Money Market Fund** <br>**(Cost $1,703,438)** | **Total Money Market Fund** <br>**(Cost $1,703,438)** | **1703438** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.04% (Cost $89,105,092)** | **107932858** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)** | **(47653)**<br>|
| **NET ASSETS APPLICABLE TO 8,337,247 SHARES OUTSTANDING–100.00%** | **$107885205** |
| **NET ASSET VALUE PER SHARE–LVIP CHANNING SMALL CAP VALUE FUND STANDARD CLASS** <br>**($91,959,057 / 7,103,455 Shares)** | **$12.946** |
| **NET ASSET VALUE PER SHARE–LVIP CHANNING SMALL CAP VALUE FUND SERVICE CLASS** <br>**($15,926,148 / 1,233,792 Shares)** | **$12.908** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$80110312** |
| Distributable earnings/(accumulated loss) | **27774893** |
| **TOTAL NET ASSETS** | **$107885205** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $28,988 payable for fund shares redeemed, $3,611 other accrued expenses payable, $76,351 due to manager and affiliates, $17,806 <br> payable for audit fee and $9,371 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Channing Small Cap Value Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Channing Small Cap Value Fund** | **LVIP Channing Small Cap Value Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $1847117 |
| **EXPENSES:** |  |
| Management fees | 774634 |
| Professional fees | 40406 |
| Accounting and administration expenses | 37473 |
| Distribution fees-Service Class | 35418 |
| Shareholder servicing fees | 29953 |
| Reports and statements to shareholders | 4095 |
| Consulting fees | 3817 |
| Custodian fees | 3244 |
| Trustees' fees and expenses | 2986 |
| Pricing fees | 715 |
| Other | 6462 |
|  | 939203 |
| Plus: |  |
| Recoupment of prior expenses reduced by the <br> Advisor<br>| 4421 |
| Total operating expenses | 943624 |
| **NET INVESTMENT INCOME**  | 903493 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 9327566 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| (2331525)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 6996041 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $7899534 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Channing Small Cap Value Fund** | **LVIP Channing Small Cap Value Fund** | **LVIP Channing Small Cap Value Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $903493 | $421381 |
| Net realized gain | 9327566 | 8128783 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (2331525)<br>| 3033407 |
| Net increase in net assets resulting <br> from operations<br>| 7899534 | 11583571 |
| **DIVIDENDS AND DISTRIBUTIONS** <br> **TO SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (3809951)<br>| (628270)<br>|
| Service Class | (585050)<br>| (62057)<br>|
|  | (4395001)<br>| (690327)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 16659706 | 7484176 |
| Service Class | 6978895 | 10462382 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 3809951 | 628270 |
| Service Class | 585050 | 62057 |
|  | 28033602 | 18636885 |
| Cost of shares redeemed: |  |  |
| Standard Class | (21485927)<br>| (26018504)<br>|
| Service Class | (5434873)<br>| (4717062)<br>|
|  | (26920800)<br>| (30735566)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 1112802 | (12098681)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 4617335 | (1205437)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 103267870 | 104473307 |
| End of year | $107885205 | $103267870 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Channing Small Cap Value Fund-3

------

**LVIP Channing Small Cap Value Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Channing Small Cap Value Fund Standard Class** | **LVIP Channing Small Cap Value Fund Standard Class** | **LVIP Channing Small Cap Value Fund Standard Class** | **LVIP Channing Small Cap Value Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.508 | &nbsp;&nbsp; $11.358 | &nbsp;&nbsp; $9.534 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.111 | 0.051 | 0.065 | 0.038 |
| Net realized and unrealized gain (loss) | 0.872 | 1.186 | 1.833 | &nbsp;&nbsp; (0.465)<br>|
| Total from investment operations | 0.983 | 1.237 | 1.898 | &nbsp;&nbsp; (0.427)<br>|
| **Less dividends and distributions from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.119)<br>| &nbsp;&nbsp; (0.087)<br>| &nbsp;&nbsp; (0.069)<br>| &nbsp;&nbsp; (0.038)<br>|
| Net realized gain | &nbsp;&nbsp; (0.426)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.087)<br>| &nbsp;&nbsp; (0.074)<br>| &nbsp;&nbsp; (0.039)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.946 | &nbsp;&nbsp; $12.508 | &nbsp;&nbsp; $11.358 | &nbsp;&nbsp; $9.534 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.94% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; 19.94% | &nbsp;&nbsp; (4.28%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $91959 | &nbsp;&nbsp; $90148 | &nbsp;&nbsp; $98093 | &nbsp;&nbsp; $85969 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.96% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.42% <br><sup>4</sup><br>| &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.86% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.78% |
| Portfolio turnover | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements and/or recoupments, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> The Fund recouped previously waived expenses during the year ended December 31, 2024 which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Channing Small Cap Value Fund-4

------

**LVIP Channing Small Cap Value Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Channing Small Cap Value Fund Service Class** | **LVIP Channing Small Cap Value Fund Service Class** | **LVIP Channing Small Cap Value Fund Service Class** | **LVIP Channing Small Cap Value Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **7/25/22**<sup>1</sup> <br>**to**<br>**12/31/22** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.477 | &nbsp;&nbsp; $11.335 | &nbsp;&nbsp; $9.530 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income<sup>2</sup> | 0.081 | 0.022 | 0.039 | 0.026 |
| Net realized and unrealized gain (loss) | 0.866 | 1.181 | 1.831 | &nbsp;&nbsp; (0.462)<br>|
| Total from investment operations | 0.947 | 1.203 | 1.870 | &nbsp;&nbsp; (0.436)<br>|
| **Less dividends and distributions from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.090)<br>| &nbsp;&nbsp; (0.061)<br>| &nbsp;&nbsp; (0.060)<br>| &nbsp;&nbsp; (0.033)<br>|
| Net realized gain | &nbsp;&nbsp; (0.426)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.516)<br>| &nbsp;&nbsp; (0.061)<br>| &nbsp;&nbsp; (0.065)<br>| &nbsp;&nbsp; (0.034)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.908 | &nbsp;&nbsp; $12.477 | &nbsp;&nbsp; $11.335 | &nbsp;&nbsp; $9.530 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.67% | &nbsp;&nbsp; 10.58% | &nbsp;&nbsp; 19.65% | &nbsp;&nbsp; (4.37%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $15926 | &nbsp;&nbsp; $13120 | &nbsp;&nbsp; $6380 | &nbsp;&nbsp; $295 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.21% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.61% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed/recouped<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.53% |
| Portfolio turnover | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 51% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Channing Small Cap Value Fund-5

------

**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Channing Small Cap Value Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025, and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from

LVIP Channing Small Cap Value Fund-6

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**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $14,228 for the year ended December 31, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.88% of the Fund's average daily net assets for the Standard Class and 1.13% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has recouped $4,421 in previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2026** | **Total** |
| LFI | &nbsp;&nbsp; $3385 | &nbsp;&nbsp; $3385 |

---

Channing Capital Management, LLC (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $8512 |
| Legal | &nbsp;&nbsp; 1414 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Channing Small Cap Value Fund-7

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**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $197 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

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| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $70230 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 3412 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 2709 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

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| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $84310272 |
| Sales | &nbsp;&nbsp; 85488959 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $89845858 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $20733338 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (2646338)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $18087000 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP Channing Small Cap Value Fund-8

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**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $106229420 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106229420 |
| Money Market Fund | &nbsp;&nbsp; 1703438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1703438 |
| **Total Investments** | &nbsp;&nbsp; $107932858 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107932858 |

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year**<br> **Ended**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br>|
|  | **12/31/25** | **12/31/24** |
| Ordinary income | $912099 | $558192 |
| Long-term capital gains | 3482902 | 132135 |
| Total | $4395001 | $690327 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed long-term capital gains | &nbsp;&nbsp; $9687893 |
| Net unrealized appreciation | &nbsp;&nbsp; 18087000 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $27774893 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 1372362 | &nbsp;&nbsp; 631785 |
| Service Class | &nbsp;&nbsp; 583180 | &nbsp;&nbsp; 875050 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 297867 | &nbsp;&nbsp; 47356 |
| Service Class | &nbsp;&nbsp; 45961 | &nbsp;&nbsp; 4689 |
|  | &nbsp;&nbsp; 2299370 | &nbsp;&nbsp; 1558880 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (1773898)<br>| &nbsp;&nbsp; (2108549)<br>|
| Service Class | &nbsp;&nbsp; (446881)<br>| &nbsp;&nbsp; (391099)<br>|
|  | &nbsp;&nbsp; (2220779)<br>| &nbsp;&nbsp; (2499648)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 78591 | &nbsp;&nbsp; (940768)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the

LVIP Channing Small Cap Value Fund-9

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**LVIP Channing Small Cap Value Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **7. Line of Credit (continued)**

respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Channing Small Cap Value Fund-10

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Channing Small Cap Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Channing Small Cap Value Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and period from July 25, 2022 (commencement of operations) through December 31, 2022 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and period from July 25, 2022 (commencement of operations) through December 31, 2022, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img20e892312.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Channing Small Cap Value Fund–11

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![](img416fe5811.jpg)

![](img792c9b872.jpg)

![](img87ab667a3.jpg)

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_e58311ab-00e5-4294-90fb-a655b52490f0_SOI-continued-286_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_e58311ab-00e5-4294-90fb-a655b52490f0_FS-continued-286_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_e58311ab-00e5-4294-90fb-a655b52490f0_FS-continued-286_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_e58311ab-00e5-4294-90fb-a655b52490f0_FIHI-continued-286_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_e58311ab-00e5-4294-90fb-a655b52490f0_NTF-continued-286_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_e58311ab-00e5-4294-90fb-a655b52490f0_AUDIT-continued-286_1)**  | &nbsp;&nbsp; **16** |

---

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–95.87%** | **COMMON STOCK–95.87%** | **COMMON STOCK–95.87%** |
| **Aerospace & Defense–2.86%** | **Aerospace & Defense–2.86%** | **Aerospace & Defense–2.86%** |
| †Boeing Co. | 11699 | $2540087 |
| General Dynamics Corp. | 4099 | 1379969 |
| General Electric Co. | 8519 | 2624107 |
| L3Harris Technologies, Inc. | 4001 | 1174574 |
| Lockheed Martin Corp. | 1870 | 904463 |
| RTX Corp. | 20162 | 3697711 |
|  |  | **12320911** |
| **Automobiles–2.25%** | **Automobiles–2.25%** | **Automobiles–2.25%** |
| Ford Motor Co. | 100465 | 1318101 |
| General Motors Co. | 25453 | 2069838 |
| †Tesla, Inc. | 13996 | 6294281 |
|  |  | **9682220** |
| **Banks–3.97%** | **Banks–3.97%** | **Banks–3.97%** |
| Bank of America Corp. | 99898 | 5494390 |
| Citigroup, Inc. | 18930 | 2208942 |
| JPMorgan Chase & Co. | 24191 | 7794824 |
| Wells Fargo & Co. | 16890 | 1574148 |
|  |  | **17072304** |
| **Beverages–0.58%** | **Beverages–0.58%** | **Beverages–0.58%** |
| †Boston Beer Co., Inc. Class A | 1794 | 350063 |
| Coca-Cola Co. | 30766 | 2150851 |
|  |  | **2500914** |
| **Biotechnology–3.08%** | **Biotechnology–3.08%** | **Biotechnology–3.08%** |
| AbbVie, Inc. | 22188 | 5069736 |
| Amgen, Inc. | 4409 | 1443110 |
| †Biogen, Inc. | 4297 | 756229 |
| †Exelixis, Inc. | 31733 | 1390858 |
| Gilead Sciences, Inc. | 13564 | 1664845 |
| †Halozyme Therapeutics, Inc. | 18824 | 1266855 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 2170 | 1674958 |
|  |  | **13266591** |
| **Broadline Retail–3.26%** | **Broadline Retail–3.26%** | **Broadline Retail–3.26%** |
| †Amazon.com, Inc. | 55830 | 12886681 |
| Macy's, Inc. | 51967 | 1145872 |
|  |  | **14032553** |
| **Building Products–0.21%** | **Building Products–0.21%** | **Building Products–0.21%** |
| Allegion PLC | 5791 | 922043 |
|  |  | **922043** |
| **Capital Markets–2.45%** | **Capital Markets–2.45%** | **Capital Markets–2.45%** |
| Bank of New York Mellon <br> Corp.<br>| 16500 | 1915485 |
| CME Group, Inc. | 3667 | 1001384 |
| Goldman Sachs Group, Inc. | 2670 | 2346930 |
| Intercontinental Exchange, <br> Inc.<br>| 13100 | 2121676 |
| Morgan Stanley | 7157 | 1270582 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| SEI Investments Co. | 12071 | $990064 |
| State Street Corp. | 6963 | 898297 |
|  |  | **10544418** |
| **Chemicals–1.74%** | **Chemicals–1.74%** | **Chemicals–1.74%** |
| CF Industries Holdings, Inc. | 12918 | 999078 |
| Corteva, Inc. | 16565 | 1110352 |
| Ecolab, Inc. | 6860 | 1800888 |
| Linde PLC | 4905 | 2091443 |
| Sherwin-Williams Co. | 4070 | 1318802 |
| †Solstice Advanced Materials, <br> Inc.<br>| 3590 | 174402 |
|  |  | **7494965** |
| **Commercial Services & Supplies–0.65%** | **Commercial Services & Supplies–0.65%** | **Commercial Services & Supplies–0.65%** |
| =†GCI Liberty, Inc. | 9961 | 0 |
| Waste Management, Inc. | 12788 | 2809651 |
|  |  | **2809651** |
| **Communications Equipment–0.75%** | **Communications Equipment–0.75%** | **Communications Equipment–0.75%** |
| †Arista Networks, Inc. | 11438 | 1498721 |
| Cisco Systems, Inc. | 22423 | 1727244 |
|  |  | **3225965** |
| **Construction Materials–0.64%** | **Construction Materials–0.64%** | **Construction Materials–0.64%** |
| Vulcan Materials Co. | 9640 | 2749521 |
|  |  | **2749521** |
| **Consumer Staples Distribution & Retail–2.95%** | **Consumer Staples Distribution & Retail–2.95%** | **Consumer Staples Distribution & Retail–2.95%** |
| Albertsons Cos., Inc. Class A | 50991 | 875515 |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 9154 | 824135 |
| Costco Wholesale Corp. | 363 | 313029 |
| Dollar General Corp. | 3313 | 439867 |
| †Dollar Tree, Inc. | 12452 | 1531721 |
| Kroger Co. | 20082 | 1254723 |
| Walmart, Inc. | 66963 | 7460348 |
|  |  | **12699338** |
| **Containers & Packaging–0.46%** | **Containers & Packaging–0.46%** | **Containers & Packaging–0.46%** |
| Crown Holdings, Inc. | 10413 | 1072227 |
| International Paper Co. | 23314 | 918338 |
|  |  | **1990565** |
| **Diversified Telecommunication Services–0.62%** | **Diversified Telecommunication Services–0.62%** | **Diversified Telecommunication Services–0.62%** |
| AT&T, Inc. | 61259 | 1521673 |
| Verizon Communications, <br> Inc.<br>| 28283 | 1151967 |
|  |  | **2673640** |
| **Electric Utilities–0.77%** | **Electric Utilities–0.77%** | **Electric Utilities–0.77%** |
| Entergy Corp. | 23519 | 2173861 |
| NRG Energy, Inc. | 7255 | 1155286 |
|  |  | **3329147** |

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-1

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment–1.44%** | **Electrical Equipment–1.44%** | **Electrical Equipment–1.44%** |
| Eaton Corp. PLC | 12158 | $3872445 |
| Emerson Electric Co. | 17663 | 2344233 |
|  |  | **6216678** |
| **Electronic Equipment, Instruments & Components–0.31%** | **Electronic Equipment, Instruments & Components–0.31%** | **Electronic Equipment, Instruments & Components–0.31%** |
| Amphenol Corp. Class A | 9887 | 1336129 |
|  |  | **1336129** |
| **Entertainment–2.22%** | **Entertainment–2.22%** | **Entertainment–2.22%** |
| Electronic Arts, Inc. | 4348 | 888427 |
| †Netflix, Inc. | 70818 | 6639895 |
| Walt Disney Co. | 17883 | 2034549 |
|  |  | **9562871** |
| **Financial Services–4.33%** | **Financial Services–4.33%** | **Financial Services–4.33%** |
| †Berkshire Hathaway, Inc. <br> Class A<br>| 4826 | 6951573 |
| Mastercard, Inc. Class A | 4684 | 2674002 |
| MGIC Investment Corp. | 40239 | 1175783 |
| PayPal Holdings, Inc. | 16658 | 972494 |
| Visa, Inc. Class A | 18375 | 6444296 |
| Western Union Co. | 45086 | 419751 |
|  |  | **18637899** |
| **Food Products–0.71%** | **Food Products–0.71%** | **Food Products–0.71%** |
| Archer-Daniels-Midland Co. | 18785 | 1079950 |
| McCormick & Co., Inc. | 28721 | 1956187 |
|  |  | **3036137** |
| **Ground Transportation–1.12%** | **Ground Transportation–1.12%** | **Ground Transportation–1.12%** |
| †Lyft, Inc. Class A | 58815 | 1139246 |
| Ryder System, Inc. | 5256 | 1005946 |
| †Uber Technologies, Inc. | 18510 | 1512452 |
| Union Pacific Corp. | 5030 | 1163540 |
|  |  | **4821184** |
| **Health Care Equipment & Supplies–1.36%** | **Health Care Equipment & Supplies–1.36%** | **Health Care Equipment & Supplies–1.36%** |
| Abbott Laboratories | 11193 | 1402371 |
| †Boston Scientific Corp. | 10863 | 1035787 |
| †IDEXX Laboratories, Inc. | 2009 | 1359149 |
| Stryker Corp. | 5872 | 2063832 |
|  |  | **5861139** |
| **Health Care Providers & Services–1.02%** | **Health Care Providers & Services–1.02%** | **Health Care Providers & Services–1.02%** |
| Cardinal Health, Inc. | 7382 | 1517001 |
| HCA Healthcare, Inc. | 3018 | 1408984 |
| McKesson Corp. | 1766 | 1448632 |
|  |  | **4374617** |
| **Hotels, Restaurants & Leisure–0.72%** | **Hotels, Restaurants & Leisure–0.72%** | **Hotels, Restaurants & Leisure–0.72%** |
| Booking Holdings, Inc. | 300 | 1606599 |
| Boyd Gaming Corp. | 2673 | 227846 |
| Expedia Group, Inc. | 4544 | 1287361 |
|  |  | **3121806** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Household Products–1.32%** | **Household Products–1.32%** | **Household Products–1.32%** |
| Colgate-Palmolive Co. | 11604 | $916948 |
| Procter & Gamble Co. | 33129 | 4747717 |
|  |  | **5664665** |
| **Industrial Conglomerates–0.47%** | **Industrial Conglomerates–0.47%** | **Industrial Conglomerates–0.47%** |
| Honeywell International, Inc. | 10358 | 2020742 |
|  |  | **2020742** |
| **Insurance–1.41%** | **Insurance–1.41%** | **Insurance–1.41%** |
| American International <br> Group, Inc.<br>| 15189 | 1299419 |
| Marsh & McLennan Cos., Inc. | 7410 | 1374703 |
| Travelers Cos., Inc. | 11756 | 3409946 |
|  |  | **6084068** |
| **Interactive Media & Services–8.52%** | **Interactive Media & Services–8.52%** | **Interactive Media & Services–8.52%** |
| Alphabet, Inc. Class A | 75847 | 23760492 |
| Meta Platforms, Inc. Class A | 19547 | 12902779 |
|  |  | **36663271** |
| **Life Sciences Tools & Services–0.95%** | **Life Sciences Tools & Services–0.95%** | **Life Sciences Tools & Services–0.95%** |
| †Medpace Holdings, Inc. | 1703 | 956490 |
| Thermo Fisher Scientific, <br> Inc.<br>| 5444 | 3154526 |
|  |  | **4111016** |
| **Machinery–0.44%** | **Machinery–0.44%** | **Machinery–0.44%** |
| Caterpillar, Inc. | 3312 | 1897345 |
|  |  | **1897345** |
| **Media–0.37%** | **Media–0.37%** | **Media–0.37%** |
| Comcast Corp. Class A | 52815 | 1578640 |
|  |  | **1578640** |
| **Metals & Mining–0.71%** | **Metals & Mining–0.71%** | **Metals & Mining–0.71%** |
| Anglogold Ashanti PLC | 11138 | 949848 |
| Newmont Corp. | 21268 | 2123610 |
|  |  | **3073458** |
| **Multi-Utilities–0.21%** | **Multi-Utilities–0.21%** | **Multi-Utilities–0.21%** |
| WEC Energy Group, Inc. | 8394 | 885231 |
|  |  | **885231** |
| **Oil, Gas & Consumable Fuels–2.29%** | **Oil, Gas & Consumable Fuels–2.29%** | **Oil, Gas & Consumable Fuels–2.29%** |
| APA Corp. | 51016 | 1247851 |
| Chevron Corp. | 8574 | 1306763 |
| Devon Energy Corp. | 34228 | 1253772 |
| EQT Corp. | 17848 | 956653 |
| Exxon Mobil Corp. | 29548 | 3555806 |
| Kinder Morgan, Inc. | 56109 | 1542437 |
|  |  | **9863282** |

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-2

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** |
| †United Airlines Holdings, <br> Inc.<br>| 11440 | $1279221 |
|  |  | **1279221** |
| **Pharmaceuticals–2.92%** | **Pharmaceuticals–2.92%** | **Pharmaceuticals–2.92%** |
| Bristol-Myers Squibb Co. | 27361 | 1475852 |
| Eli Lilly & Co. | 6077 | 6530831 |
| Johnson & Johnson | 22014 | 4555797 |
|  |  | **12562480** |
| **Professional Services–0.37%** | **Professional Services–0.37%** | **Professional Services–0.37%** |
| Automatic Data Processing, <br> Inc.<br>| 6219 | 1599713 |
|  |  | **1599713** |
| **Semiconductors & Semiconductor Equipment–13.17%** | **Semiconductors & Semiconductor Equipment–13.17%** | **Semiconductors & Semiconductor Equipment–13.17%** |
| †Advanced Micro Devices, Inc. | 1089 | 233220 |
| ASM International NV <br> Class NY NY REG SHARES<br>| 2381 | 1436767 |
| ASML Holding NV. | 3651 | 3906059 |
| Broadcom, Inc. | 32556 | 11267632 |
| †Cirrus Logic, Inc. | 4951 | 586694 |
| KLA Corp. | 814 | 989075 |
| Lam Research Corp. | 10973 | 1878358 |
| Micron Technology, Inc. | 9665 | 2758488 |
| NVIDIA Corp. | 166803 | 31108759 |
| QUALCOMM, Inc. | 9641 | 1649093 |
| Skyworks Solutions, Inc. | 13959 | 885140 |
|  |  | **56699285** |
| **Software–10.86%** | **Software–10.86%** | **Software–10.86%** |
| †Adobe, Inc. | 4365 | 1527706 |
| †AppLovin Corp. Class A | 2825 | 1903542 |
| †Docusign, Inc. | 13419 | 917860 |
| †Dropbox, Inc. Class A | 42183 | 1172687 |
| Intuit, Inc. | 2477 | 1640814 |
| Microsoft Corp. | 62972 | 30454519 |
| Oracle Corp. | 1636 | 318873 |
| †Palantir Technologies, Inc. <br> Class A<br>| 12715 | 2260091 |
| †Palo Alto Networks, Inc. | 10225 | 1883445 |
| Pegasystems, Inc. | 21660 | 1293535 |
| †RingCentral, Inc. Class A | 39835 | 1150435 |
| †Teradata Corp. | 34553 | 1051793 |
| †Zoom Communications, Inc. <br> Class A<br>| 13697 | 1181914 |
|  |  | **46757214** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialized REITs–0.57%** | **Specialized REITs–0.57%** | **Specialized REITs–0.57%** |
| American Tower Corp. | 8462 | $1485674 |
| VICI Properties, Inc. | 34218 | 962210 |
|  |  | **2447884** |
| **Specialty Retail–2.39%** | **Specialty Retail–2.39%** | **Specialty Retail–2.39%** |
| Best Buy Co., Inc. | 14503 | 970686 |
| Home Depot, Inc. | 4422 | 1521610 |
| Lowe's Cos., Inc. | 5992 | 1445031 |
| TJX Cos., Inc. | 34973 | 5372203 |
| †Ulta Beauty, Inc. | 1627 | 984351 |
|  |  | **10293881** |
| **Technology Hardware, Storage & Peripherals–6.15%** | **Technology Hardware, Storage & Peripherals–6.15%** | **Technology Hardware, Storage & Peripherals–6.15%** |
| Apple, Inc. | 91187 | 24790098 |
| Western Digital Corp. | 9733 | 1676704 |
|  |  | **26466802** |
| **Textiles, Apparel & Luxury Goods–0.62%** | **Textiles, Apparel & Luxury Goods–0.62%** | **Textiles, Apparel & Luxury Goods–0.62%** |
| †Crocs, Inc. | 14871 | 1271768 |
| Tapestry, Inc. | 11006 | 1406237 |
|  |  | **2678005** |
| **Tobacco–0.33%** | **Tobacco–0.33%** | **Tobacco–0.33%** |
| Altria Group, Inc. | 24932 | 1437579 |
|  |  | **1437579** |
| **Trading Companies & Distributors–0.69%** | **Trading Companies & Distributors–0.69%** | **Trading Companies & Distributors–0.69%** |
| Fastenal Co. | 22022 | 883743 |
| Ferguson Enterprises, Inc. | 9331 | 2077360 |
|  |  | **2961103** |
| **Wireless Telecommunication Services–0.34%** | **Wireless Telecommunication Services–0.34%** | **Wireless Telecommunication Services–0.34%** |
| T-Mobile U.S., Inc. | 7201 | 1462091 |
|  |  | **1462091** |
| **Total Common Stock** <br>**(Cost $219,834,030)** | **Total Common Stock** <br>**(Cost $219,834,030)** | **412770182** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund–3.80%** | **Money Market Fund–3.80%** | **Money Market Fund–3.80%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund –Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 16363016 | 16363016 |
| **Total Money Market Fund** <br>**(Cost $16,363,016)** | **Total Money Market Fund** <br>**(Cost $16,363,016)** | **16363016** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.67% (Cost $236,197,046)** | **429133198** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.33%** | **1426134** |
| **NET ASSETS APPLICABLE TO 25,142,776 SHARES OUTSTANDING–100.00%** | **$430559332** |

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-3

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP CLEARBRIDGE FRANKLIN SELECT LARGE CAP MANAGED VOLATILITY FUND** <br> **STANDARD CLASS** <br>**($4,315,656 / 251,158 Shares)** | **$17.183** |
| **NET ASSET VALUE PER SHARE–LVIP CLEARBRIDGE FRANKLIN SELECT LARGE CAP MANAGED VOLATILITY FUND** <br> **SERVICE CLASS** <br>**($426,243,676 / 24,891,618 Shares)** | **$17.124** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$203371771** |
| Distributable earnings/(accumulated loss) | **227187561** |
| **TOTAL NET ASSETS** | **$430559332** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $997,077 cash collateral held at broker for futures contracts, $15,632 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $149,681 payable for securities purchased, $332,229 payable for fund shares redeemed, $12,142 other accrued <br> expenses payable, $362,567 due to manager and affiliates, $110,651 variation margin due to broker on futures contracts, $19,708 payable for <br> audit fee and $25,662 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 8 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $999200 | &nbsp;&nbsp; $1043975 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(44775)<br>|
| 35 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 12061875 | &nbsp;&nbsp; 12059616 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 2259 | &nbsp;&nbsp; — |
| 3 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 997560 | &nbsp;&nbsp; 1012711 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15151)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $2259 | &nbsp;&nbsp; $(59926)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** | **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $6013894 |
| Foreign taxes refunded | 310 |
|  | 6014204 |
| **EXPENSES:** |  |
| Management fees | 2837511 |
| Distribution fees-Service Class | 1537991 |
| Shareholder servicing fees | 128575 |
| Accounting and administration expenses | 116261 |
| Professional fees | 51308 |
| Reports and statements to shareholders | 14846 |
| Trustees' fees and expenses | 13063 |
| Custodian fees | 12124 |
| Consulting fees | 11377 |
| Pricing fees | 3200 |
| Other | 12923 |
|  | 4739179 |
| Less:  |  |
| Management fees waived | (155176)<br>|
| Expenses reimbursed | (186333)<br>|
| Total operating expenses | 4397670 |
| **NET INVESTMENT INCOME**  | 1616534 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 53864628 |
| Foreign currencies | 33 |
| Futures contracts | (20242358)<br>|
| Net realized gain | 33622303 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 8248716 |
| Foreign currencies | (4)<br>|
| Futures contracts | 847186 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 9095898 |
| NET REALIZED AND UNREALIZED GAIN | 42718201 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $44334735 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** | **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** | **LVIP ClearBridge Franklin Select Large Cap** <br> **Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $1616534 | $2297918 |
| Net realized gain | 33622303 | 65015638 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 9095898 | 29814459 |
| Net increase in net assets resulting <br> from operations<br>| 44334735 | 97128015 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (523890)<br>| (208329)<br>|
| Service Class | (53047294)<br>| (25292647)<br>|
|  | (53571184)<br>| (25500976)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 1216277 | 1693114 |
| Service Class | 15979183 | 9688513 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 523890 | 208329 |
| Service Class | 53047294 | 25292647 |
|  | 70766644 | 36882603 |
| Cost of shares redeemed: |  |  |
| Standard Class | (1115454)<br>| (277475)<br>|
| Service Class | (104934160)<br>| (121266012)<br>|
|  | (106049614)<br>| (121543487)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (35282970)<br>| (84660884)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (44519419)<br>| (13033845)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 475078751 | 488112596 |
| End of year | $430559332 | $475078751 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-5

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $17.656 | &nbsp;&nbsp; $15.289 | &nbsp;&nbsp; $13.263 | &nbsp;&nbsp; $18.018 | &nbsp;&nbsp; $14.930 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.124 | 0.141 | 0.149 | 0.131 | 0.083 |
| Net realized and unrealized gain (loss) | 1.720 | 3.241 | 2.769 | &nbsp;&nbsp; (3.297)<br>| 3.208 |
| Total from investment operations | 1.844 | 3.382 | 2.918 | &nbsp;&nbsp; (3.166)<br>| 3.291 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.125)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.156)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; (0.095)<br>|
| Net realized gain | &nbsp;&nbsp; (2.192)<br>| &nbsp;&nbsp; (0.864)<br>| &nbsp;&nbsp; (0.736)<br>| &nbsp;&nbsp; (1.460)<br>| &nbsp;&nbsp; (0.108)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.317)<br>| &nbsp;&nbsp; (1.015)<br>| &nbsp;&nbsp; (0.892)<br>| &nbsp;&nbsp; (1.589)<br>| &nbsp;&nbsp; (0.203)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.183 | &nbsp;&nbsp; $17.656 | &nbsp;&nbsp; $15.289 | &nbsp;&nbsp; $13.263 | &nbsp;&nbsp; $18.018 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 10.81% | &nbsp;&nbsp; 22.29% | &nbsp;&nbsp; 22.54% | &nbsp;&nbsp; (17.45% )<sup>3</sup><br>| &nbsp;&nbsp; 22.04% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4316 | &nbsp;&nbsp; $3738 | &nbsp;&nbsp; $1829 | &nbsp;&nbsp; $1635 | &nbsp;&nbsp; $2063 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.49% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.45% |
| Portfolio turnover | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> In 2022, 0.21% of the fund's total return consists of a voluntary reimbursement by sub-adviser Clearbridge for a realized investment loss. Excluding this item, total return would have been (17.66)%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-6

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** | **LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $17.607 | &nbsp;&nbsp; $15.249 | &nbsp;&nbsp; $13.233 | &nbsp;&nbsp; $17.980 | &nbsp;&nbsp; $14.900 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.063 | 0.079 | 0.098 | 0.078 | 0.024 |
| Net realized and unrealized gain (loss) | 1.709 | 3.230 | 2.758 | &nbsp;&nbsp; (3.288)<br>| 3.197 |
| Total from investment operations | 1.772 | 3.309 | 2.856 | &nbsp;&nbsp; (3.210)<br>| 3.221 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.063)<br>| &nbsp;&nbsp; (0.087)<br>| &nbsp;&nbsp; (0.104)<br>| &nbsp;&nbsp; (0.077)<br>| &nbsp;&nbsp; (0.033)<br>|
| Net realized gain | &nbsp;&nbsp; (2.192)<br>| &nbsp;&nbsp; (0.864)<br>| &nbsp;&nbsp; (0.736)<br>| &nbsp;&nbsp; (1.460)<br>| &nbsp;&nbsp; (0.108)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.255)<br>| &nbsp;&nbsp; (0.951)<br>| &nbsp;&nbsp; (0.840)<br>| &nbsp;&nbsp; (1.537)<br>| &nbsp;&nbsp; (0.141)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $17.124 | &nbsp;&nbsp; $17.607 | &nbsp;&nbsp; $15.249 | &nbsp;&nbsp; $13.233 | &nbsp;&nbsp; $17.980 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 10.42% | &nbsp;&nbsp; 21.86% | &nbsp;&nbsp; 22.11% | &nbsp;&nbsp; (17.74% )<sup>3</sup><br>| &nbsp;&nbsp; 21.62% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $426243 | &nbsp;&nbsp; $471340 | &nbsp;&nbsp; $486284 | &nbsp;&nbsp; $472348 | &nbsp;&nbsp; $621683 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.14% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.10% |
| Portfolio turnover | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> In 2022, 0.22% of the fund's total return consists of a voluntary reimbursement by sub-adviser Clearbridge for a realized investment loss. Excluding this item, total return would have been (17.96)%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-7

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-8

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $348 for the year ended December 31, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.64% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.035% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.645% of the Fund's average daily net assets for the Standard Class and 0.995% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue through at least April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $216077 | &nbsp;&nbsp; $191981 | &nbsp;&nbsp; $186333 | &nbsp;&nbsp; $594391 |

---

ClearBridge Investments, LLC ("ClearBridge") and Franklin Advisers, Inc ("FAV") are sub-advisers to the Fund with each responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays ClearBridge and FAV a fee based on their managed portions of the Fund's average daily net assets.

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-9

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $37062 |
| Legal | &nbsp;&nbsp; 6127 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $7,027 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $15632 |
| Management fees payable to LFI | &nbsp;&nbsp; 223595 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 128061 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 193 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 10718 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $157101926 |
| Sales | &nbsp;&nbsp; 255318723 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $236808056 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $196994220 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (4669077)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $192325143 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-10

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $12320911 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12320911 |
| Automobiles | &nbsp;&nbsp; 9682220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9682220 |
| Banks | &nbsp;&nbsp; 17072304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17072304 |
| Beverages | &nbsp;&nbsp; 2500914 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2500914 |
| Biotechnology | &nbsp;&nbsp; 13266591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13266591 |
| Broadline Retail | &nbsp;&nbsp; 14032553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14032553 |
| Building Products | &nbsp;&nbsp; 922043 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 922043 |
| Capital Markets | &nbsp;&nbsp; 10544418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10544418 |
| Chemicals | &nbsp;&nbsp; 7494965 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7494965 |
| Commercial Services & Supplies | &nbsp;&nbsp; 2809651 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 2809651 |
| Communications Equipment | &nbsp;&nbsp; 3225965 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3225965 |
| Construction Materials | &nbsp;&nbsp; 2749521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2749521 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 12699338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12699338 |
| Containers & Packaging | &nbsp;&nbsp; 1990565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1990565 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 2673640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2673640 |
| Electric Utilities | &nbsp;&nbsp; 3329147 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3329147 |
| Electrical Equipment | &nbsp;&nbsp; 6216678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6216678 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1336129 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1336129 |
| Entertainment | &nbsp;&nbsp; 9562871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9562871 |
| Financial Services | &nbsp;&nbsp; 18637899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18637899 |
| Food Products | &nbsp;&nbsp; 3036137 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3036137 |
| Ground Transportation | &nbsp;&nbsp; 4821184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4821184 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 5861139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5861139 |
| Health Care Providers & Services | &nbsp;&nbsp; 4374617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4374617 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 3121806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3121806 |
| Household Products | &nbsp;&nbsp; 5664665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5664665 |
| Industrial Conglomerates | &nbsp;&nbsp; 2020742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2020742 |
| Insurance | &nbsp;&nbsp; 6084068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6084068 |
| Interactive Media & Services | &nbsp;&nbsp; 36663271 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36663271 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 4111016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4111016 |
| Machinery | &nbsp;&nbsp; 1897345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1897345 |
| Media | &nbsp;&nbsp; 1578640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1578640 |
| Metals & Mining | &nbsp;&nbsp; 3073458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3073458 |
| Multi-Utilities | &nbsp;&nbsp; 885231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 885231 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 9863282 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9863282 |
| Passenger Airlines | &nbsp;&nbsp; 1279221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1279221 |
| Pharmaceuticals | &nbsp;&nbsp; 12562480 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12562480 |
| Professional Services | &nbsp;&nbsp; 1599713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1599713 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 56699285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56699285 |

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-11

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Software | &nbsp;&nbsp; $46757214 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46757214 |
| Specialized REITs | &nbsp;&nbsp; 2447884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2447884 |
| Specialty Retail | &nbsp;&nbsp; 10293881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10293881 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 26466802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26466802 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2678005 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2678005 |
| Tobacco | &nbsp;&nbsp; 1437579 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1437579 |
| Trading Companies & Distributors | &nbsp;&nbsp; 2961103 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2961103 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1462091 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1462091 |
| Money Market Fund | &nbsp;&nbsp; 16363016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16363016 |
| **Total Investments** | &nbsp;&nbsp; $429133198 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $429133198 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $2259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2259 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(59926)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(59926)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related wash sales and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $2664266 | &nbsp;&nbsp; $13497219 |
| Long-term capital gains | &nbsp;&nbsp; 50906918 | &nbsp;&nbsp; 12003757 |
| Total | &nbsp;&nbsp; $53571184 | &nbsp;&nbsp; $25500976 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $58668 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 34803755 |
| Other temporary differences | &nbsp;&nbsp; (5)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 192325143 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $227187561 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-12

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 71885 | &nbsp;&nbsp; 96052 |
| Service Class | &nbsp;&nbsp; 943598 | &nbsp;&nbsp; 572212 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 31119 | &nbsp;&nbsp; 11924 |
| Service Class | &nbsp;&nbsp; 3172779 | &nbsp;&nbsp; 1454449 |
|  | &nbsp;&nbsp; 4219381 | &nbsp;&nbsp; 2134637 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (63586)<br>| &nbsp;&nbsp; (15871)<br>|
| Service Class | &nbsp;&nbsp; (5994456)<br>| &nbsp;&nbsp; (7147051)<br>|
|  | &nbsp;&nbsp; (6058042)<br>| &nbsp;&nbsp; (7162922)<br>|
| Net decrease | &nbsp;&nbsp; (1838661)<br>| &nbsp;&nbsp; (5028285)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $2259 | Receivables and other assets net of <br> liabilities<br>| $(59926)<br>|

---

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-13

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(20242358)<br>| &nbsp;&nbsp; $847186 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $15876507 | $10223327 |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-14

------

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **11. Recent Accounting Pronouncements (continued)**

December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund-15

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img4c0f52f64.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund–16

------

![](img2e1040b51.jpg)

LVIP Dimensional International Core Equity Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Dimensional International Core Equity Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_265a253f-2162-4cae-8d47-ccc9e5d33006_SOI-continued-252_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_265a253f-2162-4cae-8d47-ccc9e5d33006_FS-continued-252_1)**  | &nbsp;&nbsp; **46** |
| **[Statements of Changes in Net Assets](#xx_265a253f-2162-4cae-8d47-ccc9e5d33006_FS-continued-252_1)**  | &nbsp;&nbsp; **46** |
| **[Financial Highlights](#xx_265a253f-2162-4cae-8d47-ccc9e5d33006_FIHI-continued-252_1)**  | &nbsp;&nbsp; **47** |
| **[Notes to Financial Statements](#xx_265a253f-2162-4cae-8d47-ccc9e5d33006_NTF-continued-252_1)**  | &nbsp;&nbsp; **49** |
| **[Report of Independent Registered Public Accounting Firm](#xx_265a253f-2162-4cae-8d47-ccc9e5d33006_AUDIT-continued-252_1)**  | &nbsp;&nbsp; **56** |

---

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–99.08%** | **ΔCOMMON STOCK–99.08%** | **ΔCOMMON STOCK–99.08%** |
| **Australia–6.08%** | **Australia–6.08%** | **Australia–6.08%** |
| †29Metals Ltd. | 118430 | $45357 |
| Accent Group Ltd. | 46710 | 29410 |
| Acrow Ltd. | 29936 | 20573 |
| Adairs Ltd. | 16558 | 19455 |
| AGL Energy Ltd. | 27208 | 168599 |
| †Ainsworth Game <br> Technology Ltd.<br>| 6705 | 4519 |
| †Alkane Resources Ltd. | 65765 | 57906 |
| Alliance Aviation Services <br> Ltd.<br>| 9515 | 7833 |
| ALS Ltd. | 21656 | 317252 |
| †AMA Group Ltd. | 18338 | 9790 |
| Amotiv Ltd. | 12973 | 77370 |
| AMP Ltd. | 265383 | 321970 |
| †Amplitude Energy Ltd. | 32431 | 63197 |
| Ampol Ltd. | 12059 | 256295 |
| Ansell Ltd. | 10726 | 250325 |
| ANZ Group Holdings Ltd. | 48035 | 1161371 |
| APA Group | 33759 | 201717 |
| †Appen Ltd. | 7413 | 3922 |
| ARB Corp. Ltd. | 6277 | 131218 |
| Aristocrat Leisure Ltd. | 7117 | 275530 |
| ARN Media Ltd. | 22200 | 5852 |
| †Articore Group Ltd. | 8524 | 1477 |
| ASX Ltd. | 2506 | 85811 |
| Atlas Arteria Ltd. | 43963 | 142991 |
| AUB Group Ltd. | 7361 | 151301 |
| †Audinate Group Ltd. | 3066 | 8289 |
| †Aurelia Metals Ltd. | 90985 | 15115 |
| Aurizon Holdings Ltd. | 182420 | 443883 |
| Aussie Broadband Ltd. | 17641 | 59243 |
| †Austal Ltd. | 43411 | 193511 |
| †Australian Agricultural Co. <br> Ltd.<br>| 17102 | 16492 |
| Australian Clinical Labs <br> Ltd.<br>| 21006 | 38492 |
| Australian Ethical <br> Investment Ltd.<br>| 7408 | 24926 |
| †Baby Bunting Group Ltd. | 5130 | 8764 |
| Bank of Queensland Ltd. | 57363 | 249520 |
| Bapcor Ltd. | 19286 | 26586 |
| Beach Energy Ltd. | 126125 | 98734 |
| Bega Cheese Ltd. | 30567 | 123350 |
| Bell Financial Group Ltd. | 20472 | 17966 |
| †Bellevue Gold Ltd. | 45336 | 50742 |
| Bendigo & Adelaide Bank <br> Ltd.<br>| 41860 | 293255 |
| BHP Group Ltd. | 101610 | 3066501 |
| BHP Group Ltd. ADR | 18699 | 1128859 |
| †Black Cat Syndicate Ltd. | 64134 | 52606 |
| BlueScope Steel Ltd. | 21188 | 338320 |
| Brambles Ltd. | 50220 | 766875 |
| Bravura Solutions Ltd. | 23881 | 40839 |
| Breville Group Ltd. | 7609 | 148972 |
| †Capricorn Metals Ltd. | 40328 | 381566 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| CAR Group Ltd. | 1512 | $30968 |
| Cedar Woods Properties <br> Ltd.<br>| 3865 | 22076 |
| †Cettire Ltd. | 20920 | 12167 |
| Challenger Ltd. | 56938 | 356520 |
| Champion Iron Ltd. | 26804 | 107958 |
| †Chrysos Corp. Ltd. | 2857 | 14052 |
| Cleanaway Waste <br> Management Ltd.<br>| 175072 | 301830 |
| †ClearView Wealth Ltd. | 34077 | 12508 |
| Clinuvel Pharmaceuticals <br> Ltd.<br>| 1998 | 16566 |
| †Coast Entertainment <br> Holdings Ltd.<br>| 56288 | 20696 |
| Cochlear Ltd. | 1570 | 272582 |
| Codan Ltd. | 8979 | 169770 |
| Cogstate Ltd. | 4311 | 6505 |
| Coles Group Ltd. | 48316 | 690593 |
| Collins Foods Ltd. | 10696 | 74021 |
| Commonwealth Bank of <br> Australia<br>| 11664 | 1245004 |
| Computershare Ltd. | 19011 | 430857 |
| †Core Lithium Ltd. | 391972 | 71692 |
| Coronado Global <br> Resources, Inc.<br>| 42154 | 8950 |
| =Corporate Travel <br> Management Ltd.<br>| 8685 | 69841 |
| CSL Ltd. | 6057 | 697048 |
| Dalrymple Bay <br> Infrastructure Ltd.<br>| 4869 | 16260 |
| Data#3 Ltd. | 14663 | 87810 |
| †Develop Global Ltd. | 9081 | 28057 |
| Dicker Data Ltd. | 7913 | 54197 |
| Domino's Pizza Enterprises <br> Ltd.<br>| 4529 | 63331 |
| Downer EDI Ltd. | 63399 | 335005 |
| Duratec Ltd. | 14417 | 18461 |
| Dyno Nobel Ltd. | 139191 | 297514 |
| Eagers Automotive Ltd. | 13850 | 227219 |
| =†Elanor Investor Group | 7930 | 815 |
| Elders Ltd. | 24374 | 111153 |
| †Electro Optic Systems <br> Holdings Ltd.<br>| 8726 | 54903 |
| †Emeco Holdings Ltd. | 23831 | 19619 |
| †Emerald Resources NL | 43531 | 181075 |
| †EML Payments Ltd. | 25538 | 15710 |
| Endeavour Group Ltd. | 130927 | 319217 |
| †Energy World Corp. Ltd. | 57823 | 2238 |
| Enero Group Ltd. | 5128 | 2160 |
| EQT Holdings Ltd. | 1794 | 28554 |
| Euroz Hartleys Group Ltd. | 6413 | 5050 |
| Evolution Mining Ltd. | 130811 | 1094723 |
| EVT Ltd. | 9381 | 78346 |
| FleetPartners Group Ltd. | 23440 | 44269 |
| Fleetwood Ltd. | 8185 | 14512 |

---

LVIP Dimensional International Core Equity Fund-1

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Flight Centre Travel Group <br> Ltd.<br>| 13918 | $139063 |
| Fortescue Ltd. | 64258 | 939612 |
| G8 Education Ltd. | 76969 | 35390 |
| †Genesis Minerals Ltd. | 39351 | 188238 |
| GR Engineering Services <br> Ltd.<br>| 8892 | 26424 |
| GrainCorp Ltd. Class A | 19403 | 92808 |
| †Grange Resources Ltd. | 19800 | 3766 |
| GWA Group Ltd. | 21802 | 36956 |
| Hansen Technologies Ltd. | 14725 | 51820 |
| Harvey Norman Holdings <br> Ltd.<br>| 45282 | 209094 |
| Healius Ltd. | 57785 | 34813 |
| Helia Group Ltd. | 31524 | 115550 |
| HUB24 Ltd. | 2110 | 134997 |
| IDP Education Ltd. | 8769 | 33697 |
| †IGO Ltd. | 34275 | 186793 |
| Iluka Resources Ltd. | 35372 | 135980 |
| Imdex Ltd. | 54450 | 124462 |
| †Immutep Ltd. ADR | 4950 | 14157 |
| Inghams Group Ltd. | 35938 | 59612 |
| †Insignia Financial Ltd. | 57131 | 173360 |
| Insurance Australia Group <br> Ltd.<br>| 107777 | 571996 |
| Integral Diagnostics Ltd. | 27556 | 46625 |
| IPH Ltd. | 11201 | 26249 |
| IRESS Ltd. | 18965 | 107120 |
| IVE Group Ltd. | 13275 | 26666 |
| JB Hi-Fi Ltd. | 4968 | 318012 |
| †Judo Capital Holdings Ltd. | 44277 | 50736 |
| Jumbo Interactive Ltd. | 1085 | 8320 |
| Jupiter Mines Ltd. | 61368 | 11233 |
| Karoon Energy Ltd. | 58285 | 59847 |
| Kelsian Group Ltd. | 11385 | 32232 |
| Kogan.com Ltd. | 10179 | 24889 |
| L1 Group Ltd. | 72566 | 51575 |
| Lendlease Corp. Ltd. | 70964 | 245200 |
| †Lifestyle Communities Ltd. | 6487 | 21742 |
| Lottery Corp. Ltd. | 80203 | 275575 |
| Lovisa Holdings Ltd. | 2892 | 56319 |
| Lycopodium Ltd. | 1603 | 14741 |
| †Lynas Rare Earths Ltd. | 6322 | 51849 |
| Maas Group Holdings Ltd. | 4542 | 16489 |
| Macmahon Holdings Ltd. | 102720 | 45516 |
| Macquarie Group Ltd. | 3936 | 531872 |
| †Macquarie Technology <br> Group Ltd. Class L<br>| 972 | 43049 |
| Magellan Financial Group <br> Ltd.<br>| 20549 | 136396 |
| †Mayne Pharma Group Ltd. | 10321 | 21421 |
| McMillan Shakespeare <br> Ltd.<br>| 3253 | 36965 |
| Medibank Pvt Ltd. | 83355 | 266016 |
| †Megaport Ltd. | 5140 | 41534 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| †Mesoblast Ltd. | 37595 | $67951 |
| Metcash Ltd. | 118955 | 261571 |
| †MGX Resources Ltd. | 40070 | 12169 |
| †Michael Hill International <br> Ltd.<br>| 14556 | 3351 |
| †Mineral Resources Ltd. | 5830 | 210451 |
| Monadelphous Group Ltd. | 10490 | 185213 |
| Monash IVF Group Ltd. | 48981 | 24025 |
| Myer Holdings Ltd. | 140226 | 44401 |
| MyState Ltd. | 16569 | 50583 |
| †Nanosonics Ltd. | 3177 | 8416 |
| National Australia Bank <br> Ltd.<br>| 45440 | 1277624 |
| Netwealth Group Ltd. | 8128 | 138554 |
| †Neuren Pharmaceuticals <br> Ltd.<br>| 1272 | 15712 |
| New Hope Corp. Ltd. | 58705 | 157487 |
| †NEXTDC Ltd. | 22470 | 187085 |
| nib holdings Ltd. | 36492 | 166754 |
| Nick Scali Ltd. | 9300 | 145883 |
| Nickel Industries Ltd. | 170602 | 94588 |
| Nine Entertainment Co. <br> Holdings Ltd.<br>| 114713 | 84737 |
| Northern Star Resources <br> Ltd.<br>| 47218 | 830926 |
| †Novonix Ltd. | 3822 | 1068 |
| NRW Holdings Ltd. | 46732 | 160058 |
| †Nufarm Ltd. | 28808 | 45042 |
| †Nuix Ltd. | 12142 | 14458 |
| Objective Corp. Ltd. | 1940 | 21336 |
| †OFX Group Ltd. | 15689 | 5058 |
| OM Holdings Ltd. | 23197 | 4102 |
| †Omni Bridgeway Ltd. | 13858 | 13502 |
| oOh!media Ltd. | 48209 | 41824 |
| †Ora Banda Mining Ltd. | 34163 | 34534 |
| Orica Ltd. | 27993 | 452116 |
| Origin Energy Ltd. | 51991 | 397030 |
| Orora Ltd. | 149724 | 220292 |
| †Pantoro Gold Ltd. | 30098 | 97187 |
| Peet Ltd. | 38309 | 50477 |
| †Peninsula Energy Ltd. | 48103 | 20652 |
| †PeopleIN Ltd. | 6712 | 3987 |
| Perenti Ltd. | 80124 | 148717 |
| Perpetual Ltd. | 9840 | 122072 |
| Perseus Mining Ltd. | 165494 | 622155 |
| †PEXA Group Ltd. | 10825 | 96896 |
| Pinnacle Investment <br> Management Group Ltd.<br>| 910 | 10349 |
| †PLS Group Ltd. | 68415 | 191653 |
| Praemium Ltd. | 19514 | 10329 |
| Premier Investments Ltd. | 9919 | 91000 |
| Pro Medicus Ltd. | 2584 | 379494 |
| Propel Funeral Partners <br> Ltd.<br>| 4499 | 14779 |
| PWR Holdings Ltd. | 5986 | 31321 |

---

LVIP Dimensional International Core Equity Fund-2

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Qantas Airways Ltd. | 20393 | $140889 |
| QBE Insurance Group Ltd. | 73538 | 973602 |
| Qube Holdings Ltd. | 85374 | 270850 |
| Ramelius Resources Ltd. | 131359 | 361289 |
| Ramsay Health Care Ltd. | 10610 | 242603 |
| REA Group Ltd. | 1419 | 172983 |
| Reece Ltd. | 8182 | 72830 |
| Regal Partners Ltd. | 4484 | 9583 |
| Regis Healthcare Ltd. | 9658 | 44755 |
| Regis Resources Ltd. | 78279 | 390415 |
| Reliance Worldwide Corp. <br> Ltd.<br>| 65331 | 167721 |
| †Resolute Mining Ltd. | 188886 | 152986 |
| †Retail Food Group Ltd. | 5148 | 5069 |
| Ridley Corp. Ltd. | 43411 | 76771 |
| Rio Tinto Ltd. | 14115 | 1376997 |
| †RPMGlobal Holdings Ltd. | 15918 | 52514 |
| †Sandfire Resources Ltd. | 47779 | 567533 |
| Santos Ltd. | 247171 | 1015177 |
| SEEK Ltd. | 7295 | 112023 |
| †Select Harvests Ltd. | 14731 | 49055 |
| Servcorp Ltd. | 2368 | 10746 |
| Service Stream Ltd. | 54665 | 81626 |
| SGH Ltd. | 6045 | 186573 |
| Shaver Shop Group Ltd. | 10483 | 10333 |
| Sigma Healthcare Ltd. | 48784 | 95500 |
| Sims Ltd. | 10907 | 130142 |
| SmartGroup Corp. Ltd. | 6414 | 38998 |
| Sonic Healthcare Ltd. | 22815 | 343525 |
| South32 Ltd. | 156051 | 369389 |
| Southern Cross Media <br> Group Ltd.<br>| 28988 | 15283 |
| SRG Global Ltd. | 75626 | 151102 |
| Stanmore Resources Ltd. | 23895 | 36894 |
| Steadfast Group Ltd. | 46257 | 162479 |
| †Strike Energy Ltd. | 83707 | 5860 |
| Suncorp Group Ltd. | 39080 | 458763 |
| Super Retail Group Ltd. | 17575 | 187616 |
| †Superloop Ltd. | 15056 | 26008 |
| †Syrah Resources Ltd. | 63525 | 14169 |
| Tabcorp Holdings Ltd. | 125239 | 82317 |
| Technology One Ltd. | 12834 | 238026 |
| †Telix Pharmaceuticals Ltd. | 3758 | 28093 |
| Telstra Group Ltd. | 101809 | 330325 |
| =†Ten Sixty Four Ltd. | 34142 | 2506 |
| TPG Telecom Ltd. | 26527 | 66933 |
| Transurban Group | 37191 | 351961 |
| Treasury Wine Estates Ltd. | 41410 | 144496 |
| †Tuas Ltd. | 7769 | 36578 |
| †Tyro Payments Ltd. | 63690 | 42538 |
| Universal Store Holdings <br> Ltd.<br>| 2598 | 13851 |
| †Vault Minerals Ltd. | 54814 | 197283 |
| Ventia Services Group Pty. <br> Ltd.<br>| 80878 | 320691 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Viva Energy Group Ltd. | 77576 | $105853 |
| †Vulcan Energy Resources <br> Ltd.<br>| 19971 | 58654 |
| Washington H Soul <br> Pattinson & Co. Ltd.<br>| 7908 | 195670 |
| †WEB Travel Group Ltd. | 20237 | 64368 |
| Webjet Group Ltd. | 46935 | 27472 |
| Wesfarmers Ltd. | 17922 | 965512 |
| †West African Resources <br> Ltd.<br>| 136558 | 270319 |
| Westgold Resources Ltd. | 83286 | 352769 |
| Westpac Banking Corp. | 54183 | 1390418 |
| Whitehaven Coal Ltd. | 59755 | 307589 |
| WiseTech Global Ltd. | 2789 | 126801 |
| Woodside Energy Group <br> Ltd.<br>| 62603 | 976144 |
| Woodside Energy Group <br> Ltd. ADR<br>| 9552 | 148916 |
| Woolworths Group Ltd. | 21965 | 429745 |
| Worley Ltd. | 30037 | 250833 |
| XRF Scientific Ltd. | 17554 | 24073 |
| Yancoal Australia Ltd. | 41066 | 135400 |
|  |  | **48549379** |
| **Austria–0.70%** | **Austria–0.70%** | **Austria–0.70%** |
| Agrana Beteiligungs AG | 1444 | 18497 |
| †ams-OSRAM AG | 5969 | 58025 |
| ANDRITZ AG | 6689 | 521599 |
| †AT&S Austria Technologie <br> & Systemtechnik AG<br>| 1508 | 56458 |
| BAWAG Group AG | 7025 | 1058062 |
| CA Immobilien Anlagen <br> AG<br>| 1135 | 29899 |
| DO & Co. AG | 520 | 126498 |
| Erste Group Bank AG | 7346 | 880854 |
| †Eurotelesites AG | 3469 | 18672 |
| Fabasoft AG | 435 | 8105 |
| †Lenzing AG | 1510 | 41300 |
| Mayr Melnhof Karton AG | 589 | 64012 |
| OMV AG | 14917 | 830092 |
| Palfinger AG | 713 | 27743 |
| †POLYTEC Holding AG | 1389 | 5387 |
| Porr AG | 1155 | 43440 |
| Raiffeisen Bank <br> International AG<br>| 4575 | 203847 |
| RHI Magnesita NV | 752 | 28038 |
| SBO AG | 676 | 21581 |
| Semperit AG Holding | 457 | 6668 |
| Strabag SE | 1033 | 98163 |
| Telekom Austria AG | 10299 | 108930 |
| †UBM Development AG | 240 | 5576 |
| UNIQA Insurance Group <br> AG<br>| 8361 | 151108 |
| Verbund AG | 1806 | 131136 |

---

LVIP Dimensional International Core Equity Fund-3

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Austria (continued)** | **Austria (continued)** | **Austria (continued)** |
| Vienna Insurance Group <br> AG Wiener Versicherung <br> Gruppe<br>| 4355 | $342984 |
| voestalpine AG | 10155 | 447231 |
| Wienerberger AG | 7225 | 257812 |
| Zumtobel Group AG | 1947 | 7798 |
|  |  | **5599515** |
| **Belgium–1.02%** | **Belgium–1.02%** | **Belgium–1.02%** |
| Ackermans & van Haaren <br> NV<br>| 2336 | 634268 |
| Ageas SA | 13927 | 975738 |
| †AGFA-Gevaert NV | 14619 | 8659 |
| Anheuser-Busch InBev SA | 24124 | 1548302 |
| †Atenor | 896 | 2548 |
| Azelis Group NV | 6407 | 69999 |
| Barco NV | 2553 | 35389 |
| Bekaert SA | 2166 | 95897 |
| †bpost SA | 6706 | 16039 |
| Cie d'Entreprises CFE | 740 | 7444 |
| CMB Tech NV | 7295 | 70750 |
| Colruyt Group NV | 3568 | 132083 |
| Deceuninck NV | 7755 | 20599 |
| Deme Group NV | 740 | 120842 |
| D'ieteren Group | 784 | 141215 |
| Econocom Group SA NV | 6908 | 13379 |
| Elia Group SA | 1420 | 182730 |
| EVS Broadcast Equipment <br> SA<br>| 1163 | 50215 |
| Fagron | 7355 | 183512 |
| †Immobel SA | 390 | 10748 |
| Jensen-Group NV | 278 | 19183 |
| KBC Group NV | 8948 | 1165351 |
| Kinepolis Group NV | 664 | 23341 |
| Lotus Bakeries NV | 23 | 211706 |
| Melexis NV | 850 | 57054 |
| †Ontex Group NV | 7771 | 44610 |
| †Orange Belgium SA | 1619 | 36721 |
| Proximus SADP | 11365 | 94383 |
| Recticel SA | 2992 | 34305 |
| Sipef NV | 408 | 38885 |
| Solvay SA | 8032 | 255559 |
| Syensqo SA | 4764 | 381588 |
| Tessenderlo Group SA | 1567 | 48077 |
| UCB SA | 4029 | 1122586 |
| Umicore SA | 9322 | 194866 |
| Van de Velde NV | 509 | 17972 |
| VGP NV | 684 | 78911 |
| What's Cooking BV | 51 | 6713 |
| †X-Fab Silicon Foundries <br> SE<br>| 4109 | 24838 |
|  |  | **8177005** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Bermuda–0.01%** | **Bermuda–0.01%** | **Bermuda–0.01%** |
| Conduit Holdings Ltd. | 9207 | $48548 |
|  |  | **48548** |
| **Britain–0.03%** | **Britain–0.03%** | **Britain–0.03%** |
| Hargreaves Services PLC | 2415 | 21290 |
| Travis Perkins PLC | 15128 | 129192 |
| Wickes Group PLC | 22473 | 71187 |
|  |  | **221669** |
| **Canada–12.40%** | **Canada–12.40%** | **Canada–12.40%** |
| †5N Plus, Inc. | 6300 | 81335 |
| Acadian Timber Corp. | 800 | 9267 |
| ADENTRA, Inc. | 720 | 17825 |
| ADF Group, Inc. | 1700 | 11407 |
| †Advantage Energy Ltd. | 16293 | 139361 |
| Aecon Group, Inc. | 6400 | 145854 |
| AG Growth International, <br> Inc.<br>| 1200 | 20283 |
| AGF Management Ltd. <br> Class B<br>| 5000 | 59306 |
| Agnico Eagle Mines Ltd. | 13578 | 2301878 |
| †Aimia, Inc. | 2700 | 5311 |
| †Air Canada | 8986 | 126290 |
| AirBoss of America Corp. | 1300 | 4395 |
| Alamos Gold, Inc. Class A | 16252 | 627147 |
| Algoma Central Corp. | 1600 | 22032 |
| Algoma Steel Group, Inc. | 4452 | 18253 |
| Algonquin Power & <br> Utilities Corp.<br>| 39629 | 243712 |
| Alimentation Couche-Tard, <br> Inc.<br>| 16000 | 873819 |
| AltaGas Ltd. | 22334 | 680979 |
| Altius Minerals Corp. | 1400 | 41657 |
| Altus Group Ltd. | 1496 | 61811 |
| Amerigo Resources Ltd. | 14300 | 47300 |
| Andrew Peller Ltd. Class A | 1500 | 5792 |
| ARC Resources Ltd. | 45153 | 847102 |
| †Aritzia, Inc. | 9200 | 786580 |
| Atco Ltd. Class I | 5000 | 205384 |
| †Athabasca Oil Corp. | 60142 | 308039 |
| AtkinsRealis Group, Inc. | 5527 | 356776 |
| †ATS Corp. | 2581 | 71096 |
| †Aurora Cannabis, Inc. | 6831 | 28827 |
| †AutoCanada, Inc. | 1479 | 25484 |
| B2Gold Corp. | 129968 | 585190 |
| Badger Infrastructure <br> Solutions Ltd.<br>| 3000 | 159841 |
| Bank of Montreal | 16112 | 2091404 |
| Bank of Nova Scotia | 28373 | 2091432 |
| Barrick Mining Corp. | 27924 | 1216090 |
| †Bausch & Lomb Corp. | 1231 | 21025 |
| †Bausch Health Cos., Inc. | 12220 | 84929 |
| Baytex Energy Corp. | 24468 | 79150 |
| BCE, Inc. | 2401 | 57192 |
| Birchcliff Energy Ltd. | 18053 | 98252 |

---

LVIP Dimensional International Core Equity Fund-4

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Bird Construction, Inc. | 6578 | $136683 |
| Black Diamond Group Ltd. | 4000 | 42723 |
| †BlackBerry Ltd. | 2334 | 8809 |
| †Bombardier, Inc. Class B | 3808 | 647822 |
| †Bonterra Energy Corp. | 2713 | 8934 |
| Boralex, Inc. Class A | 7775 | 143485 |
| Boyd Group, Inc. | 1056 | 168208 |
| †Bragg Gaming Group, Inc. | 1500 | 3147 |
| Brookfield Corp. Class A | 8792 | 403442 |
| Brookfield Infrastructure <br> Corp. Class A<br>| 2008 | 91163 |
| BRP, Inc. | 1741 | 123112 |
| †CAE, Inc. | 12860 | 391192 |
| †Calfrac Well Services Ltd. | 2200 | 6684 |
| Calian Group Ltd. | 1300 | 52585 |
| Cameco Corp. | 2498 | 228542 |
| Canaccord Genuity Group, <br> Inc.<br>| 9326 | 75149 |
| =†Canacol Energy Ltd. | 2620 | 2921 |
| †Canada Goose Holdings, <br> Inc.<br>| 2868 | 37141 |
| Canada Packers, Inc. | 759 | 8898 |
| Canadian Imperial Bank of <br> Commerce<br>| 16582 | 1502495 |
| Canadian National Railway <br> Co.<br>| 7337 | 725262 |
| Canadian Natural <br> Resources Ltd.<br>| 51766 | 1752279 |
| Canadian Pacific Kansas <br> City Ltd.<br>| 8825 | 649785 |
| Canadian Tire Corp. Ltd. <br> Class A<br>| 5715 | 724248 |
| Canadian Utilities Ltd. <br> Class A<br>| 6045 | 188192 |
| †Canfor Corp. | 7448 | 63652 |
| †Canopy Growth Corp. | 7038 | 8023 |
| Capital Power Corp. | 8688 | 370611 |
| †Capstone Copper Corp. | 39334 | 394902 |
| Cardinal Energy Ltd. | 13600 | 86105 |
| Cascades, Inc. | 7059 | 64082 |
| †Cavvy Energy Ltd. | 11200 | 7426 |
| CCL Industries, Inc. <br> Class B<br>| 11719 | 740255 |
| †Celestica, Inc. | 4288 | 1267576 |
| Cenovus Energy, Inc. | 101231 | 1712829 |
| Centerra Gold, Inc. | 26427 | 380458 |
| CES Energy Solutions <br> Corp.<br>| 29601 | 264620 |
| CGI, Inc. | 7759 | 716190 |
| China Gold International <br> Resources Corp. Ltd.<br>| 14900 | 299835 |
| †Cineplex, Inc. | 4200 | 32252 |
| Cogeco Communications, <br> Inc.<br>| 1466 | 70996 |
| Cogeco, Inc. | 600 | 27973 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Colliers International <br> Group, Inc.<br>| 2014 | $296078 |
| Computer Modelling Group <br> Ltd.<br>| 4000 | 15213 |
| Constellation Software, <br> Inc.<br>| 400 | 962122 |
| Corby Spirit & Wine Ltd. | 700 | 7548 |
| †Cronos Group, Inc. | 19611 | 51577 |
| Definity Financial Corp. | 9002 | 497994 |
| dentalcorp Holdings Ltd. | 1860 | 14852 |
| †Descartes Systems Group, <br> Inc.<br>| 1516 | 132893 |
| Dexterra Group, Inc. | 2620 | 22219 |
| †Docebo, Inc. | 900 | 19993 |
| Dollarama, Inc. | 10245 | 1531208 |
| Doman Building Materials <br> Group Ltd.<br>| 9128 | 62248 |
| †Dorel Industries, Inc. <br> Class B<br>| 1100 | 1194 |
| DPM Metals, Inc. | 24900 | 769559 |
| DREAM Unlimited Corp. <br> Class A<br>| 3919 | 55107 |
| =Dye & Durham Ltd. | 2000 | 6076 |
| Dynacor Group, Inc. | 4700 | 20101 |
| E-L Financial Corp. Ltd. | 13900 | 164769 |
| †Eldorado Gold Corp. | 23922 | 859392 |
| Element Fleet <br> Management Corp.<br>| 20569 | 540244 |
| Emera, Inc. | 7459 | 367584 |
| Empire Co. Ltd. Class A | 10959 | 381016 |
| Enbridge, Inc. | 21398 | 1023648 |
| Enerflex Ltd. | 9500 | 146479 |
| Enghouse Systems Ltd. | 3200 | 47468 |
| †Ensign Energy Services, <br> Inc.<br>| 21372 | 39550 |
| EQB, Inc. | 3312 | 250689 |
| †Equinox Gold Corp. | 44971 | 631520 |
| †ERO Copper Corp. | 6219 | 175937 |
| Evertz Technologies Ltd. | 1800 | 18150 |
| Exchange Income Corp. | 2708 | 161705 |
| Exco Technologies Ltd. | 2400 | 12013 |
| Extendicare, Inc. | 8400 | 130662 |
| Fairfax Financial Holdings <br> Ltd.<br>| 608 | 1158764 |
| Fiera Capital Corp. | 10282 | 46445 |
| Finning International, Inc. | 15344 | 831397 |
| First Majestic Silver Corp. | 26513 | 441707 |
| †First Quantum Minerals <br> Ltd.<br>| 28579 | 766243 |
| FirstService Corp. | 2407 | 374343 |
| Fortis, Inc. | 11929 | 619745 |
| †Fortuna Mining Corp. | 37864 | 371289 |
| Franco-Nevada Corp. | 2286 | 473842 |
| Frontera Energy Corp. | 4725 | 20827 |
| †Galiano Gold, Inc. | 4900 | 12459 |

---

LVIP Dimensional International Core Equity Fund-5

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| †GDI Integrated Facility <br> Services, Inc.<br>| 1200 | $31693 |
| George Weston Ltd. | 6588 | 454495 |
| GFL Environmental, Inc. | 2307 | 99086 |
| Gibson Energy, Inc. | 18672 | 341729 |
| Gildan Activewear, Inc. | 9462 | 590997 |
| †GoGold Resources, Inc. | 20100 | 42615 |
| Great-West Lifeco, Inc. | 2045 | 100853 |
| †Haivision Systems, Inc. | 3000 | 11453 |
| Hammond Power Solutions, <br> Inc.<br>| 600 | 69715 |
| Headwater Exploration, <br> Inc.<br>| 19954 | 136220 |
| High Liner Foods, Inc. | 2452 | 26440 |
| †HLS Therapeutics, Inc. | 2317 | 8137 |
| Hudbay Minerals, Inc. | 33294 | 660896 |
| Hydro One Ltd. | 7800 | 310511 |
| iA Financial Corp., Inc. | 7197 | 932456 |
| †IAMGOLD Corp. | 71214 | 1174691 |
| †Imperial Metals Corp. | 3600 | 26229 |
| Imperial Oil Ltd. | 5888 | 508193 |
| Information Services Corp. | 1000 | 33879 |
| InPlay Oil Corp. | 950 | 8583 |
| Intact Financial Corp. | 5527 | 1150581 |
| †Interfor Corp. | 3205 | 19988 |
| †International Petroleum <br> Corp.<br>| 8681 | 158947 |
| †Ivanhoe Mines Ltd. Class A | 7600 | 86435 |
| Jamieson Wellness, Inc. | 3200 | 78453 |
| †Journey Energy, Inc. | 3866 | 8957 |
| †K92 Mining, Inc. | 27300 | 451304 |
| K-Bro Linen, Inc. | 800 | 20464 |
| †Kelt Exploration Ltd. | 13500 | 75440 |
| Keyera Corp. | 17894 | 573630 |
| †Kinaxis, Inc. | 239 | 30138 |
| Kinross Gold Corp. | 92881 | 2616137 |
| †Knight Therapeutics, Inc. | 6900 | 30414 |
| Lassonde Industries, Inc. <br> Class A<br>| 400 | 63970 |
| Laurentian Bank of <br> Canada<br>| 4987 | 146425 |
| Leon's Furniture Ltd. | 2194 | 44758 |
| †Lightspeed Commerce, <br> Inc.<br>| 7805 | 94284 |
| Linamar Corp. | 2641 | 159628 |
| Loblaw Cos. Ltd. | 11208 | 506689 |
| †Lucara Diamond Corp. | 28465 | 4148 |
| Lundin Gold, Inc. | 14046 | 1166824 |
| Lundin Mining Corp. | 27865 | 598898 |
| Magellan Aerospace Corp. | 1000 | 13493 |
| Magna International, Inc. | 19865 | 1058805 |
| Mainstreet Equity Corp. | 200 | 26689 |
| †Major Drilling Group <br> International, Inc.<br>| 6566 | 61711 |
| Manulife Financial Corp. | 19473 | 706587 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Maple Leaf Foods, Inc. | 3796 | $68948 |
| Martinrea International, <br> Inc.<br>| 4900 | 36985 |
| †Mattr Corp. | 6434 | 37407 |
| †MDA Space Ltd. | 4463 | 86623 |
| Medical Facilities Corp. | 2900 | 33531 |
| Meren Energy, Inc. | 5800 | 7606 |
| Methanex Corp. | 4975 | 197596 |
| Metro, Inc. | 10218 | 735446 |
| Morguard Corp. | 186 | 15720 |
| MTY Food Group, Inc. | 1659 | 46076 |
| Mullen Group Ltd. | 10500 | 120411 |
| National Bank of Canada | 6691 | 841451 |
| Neo Performance <br> Materials, Inc.<br>| 900 | 10203 |
| †New Gold, Inc. | 98300 | 856412 |
| †NFI Group, Inc. | 3300 | 37314 |
| North American <br> Construction Group Ltd.<br>| 1200 | 17276 |
| North West Co., Inc. | 5900 | 210243 |
| Northland Power, Inc. | 25436 | 330795 |
| Nutrien Ltd. | 20727 | 1279272 |
| †NuVista Energy Ltd. | 10300 | 135978 |
| †Obsidian Energy Ltd. | 2900 | 17777 |
| OceanaGold Corp. | 26255 | 744104 |
| Open Text Corp. | 15573 | 507368 |
| OR Royalties, Inc. | 6532 | 231213 |
| †Organigram Global, Inc. | 1466 | 2463 |
| Pan American Silver Corp. | 28451 | 1474538 |
| Paramount Resources Ltd. <br> Class A<br>| 5950 | 104864 |
| Parex Resources, Inc. | 7512 | 100977 |
| Pason Systems, Inc. | 4862 | 42472 |
| Pembina Pipeline Corp. | 25307 | 963184 |
| Pet Valu Holdings Ltd. | 1700 | 34544 |
| Petrus Resources Ltd. | 1100 | 1483 |
| Peyto Exploration & <br> Development Corp.<br>| 22795 | 377163 |
| PHX Energy Services Corp. | 5110 | 27922 |
| Pine Cliff Energy Ltd. | 9500 | 5606 |
| Pizza Pizza Royalty Corp. | 3000 | 34119 |
| Polaris Renewable Energy, <br> Inc.<br>| 2900 | 24932 |
| Pollard Banknote Ltd. | 800 | 11307 |
| †Precision Drilling Corp. | 1160 | 83381 |
| Premium Brands Holdings <br> Corp.<br>| 4539 | 336353 |
| Pulse Seismic, Inc. | 4700 | 11266 |
| †Quarterhill, Inc. | 21100 | 14604 |
| Quebecor, Inc. Class B | 11198 | 421796 |
| RB Global, Inc. | 4494 | 462298 |
| †Real Matters, Inc. | 544 | 2299 |
| Restaurant Brands <br> International, Inc.<br>| 7205 | 491599 |
| Richelieu Hardware Ltd. | 3600 | 103760 |

---

LVIP Dimensional International Core Equity Fund-6

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Rogers Communications, <br> Inc. Class B<br>| 15866 | $598665 |
| Rogers Sugar, Inc. | 14422 | 62519 |
| Royal Bank of Canada | 51105 | 8712529 |
| Russel Metals, Inc. | 6029 | 192394 |
| Saputo, Inc. | 13162 | 396140 |
| Savaria Corp. | 3400 | 56429 |
| Secure Waste <br> Infrastructure Corp.<br>| 25950 | 326514 |
| †Shopify, Inc. Class A | 3058 | 492290 |
| Sienna Senior Living, Inc. | 7616 | 113362 |
| South Bow Corp. | 10939 | 300494 |
| †Spartan Delta Corp. | 12630 | 66713 |
| Spin Master Corp. | 2766 | 38390 |
| Sprott, Inc. | 1133 | 110943 |
| †SSR Mining, Inc. | 13025 | 285543 |
| Stantec, Inc. | 5345 | 504359 |
| Stella-Jones, Inc. | 5346 | 331576 |
| StorageVault Canada, Inc. | 8303 | 28250 |
| Strathcona Resources Ltd. | 508 | 10485 |
| Sun Life Financial, Inc. | 21732 | 1356282 |
| Suncor Energy, Inc. | 60608 | 2688571 |
| †SunOpta, Inc. | 4163 | 15819 |
| Superior Plus Corp. | 13574 | 69623 |
| Sylogist Ltd. | 1458 | 6129 |
| Tamarack Valley Energy <br> Ltd.<br>| 58860 | 342212 |
| †Taseko Mines Ltd. | 37300 | 211136 |
| TC Energy Corp. | 8141 | 447836 |
| Teck Resources Ltd. <br> Class B<br>| 18365 | 879442 |
| TerraVest Industries, Inc. | 1100 | 131843 |
| TFI International, Inc. | 3180 | 328682 |
| Thomson Reuters Corp. | 1240 | 163544 |
| †Tidewater Midstream & <br> Infrastructure Ltd.<br>| 909 | 3484 |
| †Tilray Brands, Inc. | 2052 | 18530 |
| TMX Group Ltd. | 6345 | 241448 |
| Torex Gold Resources, Inc. | 11288 | 539008 |
| Toromont Industries Ltd. | 6000 | 725875 |
| Toronto-Dominion Bank | 29625 | 2790736 |
| Total Energy Services, Inc. | 3299 | 35813 |
| Tourmaline Oil Corp. | 18685 | 838174 |
| TransAlta Corp. | 25498 | 322392 |
| Transcontinental, Inc. <br> Class A<br>| 9400 | 155599 |
| Trican Well Service Ltd. | 26370 | 114122 |
| Triple Flag Precious Metals <br> Corp.<br>| 2775 | 92186 |
| †Trisura Group Ltd. | 1500 | 46687 |
| Vermilion Energy, Inc. | 10323 | 86063 |
| VersaBank | 900 | 13442 |
| Wajax Corp. | 2500 | 49616 |
| †Well Health Technologies <br> Corp.<br>| 23405 | 68038 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| †Wesdome Gold Mines Ltd. | 15690 | $259947 |
| West Fraser Timber Co. <br> Ltd.<br>| 4571 | 279577 |
| †Western Forest Products, <br> Inc.<br>| 1140 | 9128 |
| Westshore Terminals <br> Investment Corp.<br>| 3878 | 73573 |
| Wheaton Precious Metals <br> Corp.<br>| 1169 | 137381 |
| Whitecap Resources, Inc. | 114260 | 957353 |
| Winpak Ltd. | 2447 | 79531 |
| WSP Global, Inc. | 4104 | 743088 |
| Yellow Pages Ltd. | 1229 | 9912 |
|  |  | **99044132** |
| **Chile–0.03%** | **Chile–0.03%** | **Chile–0.03%** |
| Antofagasta PLC | 5221 | 229335 |
|  |  | **229335** |
| **China–0.11%** | **China–0.11%** | **China–0.11%** |
| Belimo Holding AG | 432 | 422091 |
| Yangzijiang Shipbuilding <br> Holdings Ltd.<br>| 155900 | 421163 |
|  |  | **843254** |
| **Cyprus–0.01%** | **Cyprus–0.01%** | **Cyprus–0.01%** |
| Atalaya Mining Copper SA | 5531 | 63341 |
|  |  | **63341** |
| **Denmark–2.10%** | **Denmark–2.10%** | **Denmark–2.10%** |
| AL Sydbank | 6181 | 552075 |
| †ALK-Abello AS | 8883 | 317898 |
| Alm Brand AS | 89666 | 266643 |
| Ambu AS Class B | 14549 | 200480 |
| AP Moller - Maersk AS <br> Class A<br>| 99 | 227082 |
| AP Moller - Maersk AS <br> Class B<br>| 127 | 291408 |
| †Bang & Olufsen AS | 8549 | 18293 |
| †Bavarian Nordic AS | 9454 | 281962 |
| †Better Collective AS | 3283 | 40901 |
| †Cadeler AS | 3853 | 18148 |
| Carlsberg AS Class B | 5759 | 753758 |
| cBrain AS | 1143 | 20151 |
| Chemometec AS | 804 | 86047 |
| Coloplast AS Class B | 4344 | 372434 |
| Columbus AS | 4653 | 6966 |
| D/S Norden AS | 1734 | 68488 |
| Danske Bank AS | 23875 | 1192229 |
| †Demant AS | 7201 | 242634 |
| †Dfds AS | 2231 | 33355 |
| DSV AS | 2582 | 650293 |
| FLSmidth & Co. AS | 5118 | 355936 |
| †Genmab AS | 2506 | 776819 |
| †GN Store Nord AS | 10242 | 170231 |

---

LVIP Dimensional International Core Equity Fund-7

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| H Lundbeck AS | 32365 | $218671 |
| H Lundbeck AS Class A | 3565 | 20186 |
| †H&H International AS <br> Class B<br>| 1148 | 16753 |
| ISS AS | 15650 | 533191 |
| Jeudan AS | 571 | 17705 |
| Jyske Bank AS | 4724 | 646524 |
| Matas AS | 4345 | 85169 |
| †Netcompany Group AS | 4075 | 227964 |
| †Nilfisk Holding AS | 1443 | 31340 |
| †NKT AS | 5161 | 644490 |
| †NNIT AS | 488 | 3825 |
| Novo Nordisk AS Class B | 61482 | 3118272 |
| Novonesis Novozymes B <br> Class B<br>| 13192 | 844031 |
| †NTG Nordic Transport <br> Group AS Class A<br>| 319 | 9475 |
| †Orsted AS | 12077 | 230542 |
| Pandora AS | 5346 | 591192 |
| Per Aarsleff Holding AS | 1428 | 195637 |
| Ringkjoebing Landbobank <br> AS<br>| 2460 | 593123 |
| Rockwool AS Class A | 4020 | 141009 |
| Rockwool AS Class B | 9387 | 329802 |
| Royal Unibrew AS | 4748 | 428446 |
| †RTX AS | 299 | 5057 |
| Scandinavian Tobacco <br> Group AS Class A<br>| 5273 | 79119 |
| Schouw & Co. AS | 1213 | 125361 |
| Solar AS Class B | 701 | 22215 |
| SP Group AS | 573 | 31185 |
| Sparekassen Sjaelland-Fyn <br> AS<br>| 1222 | 71533 |
| Tivoli AS | 204 | 19100 |
| Tryg AS | 20459 | 535031 |
|  |  | **16760179** |
| **Faeroe Islands–0.10%** | **Faeroe Islands–0.10%** | **Faeroe Islands–0.10%** |
| Vestas Wind Systems AS | 30458 | 823804 |
|  |  | **823804** |
| **Finland–1.68%** | **Finland–1.68%** | **Finland–1.68%** |
| †Afarak Group SE | 29162 | 8842 |
| Aktia Bank OYJ | 3682 | 53430 |
| Alandsbanken Abp Class B | 968 | 51305 |
| Alma Media OYJ | 1259 | 21232 |
| Anora Group OYJ | 1138 | 5156 |
| Aspo OYJ | 1168 | 8950 |
| Atria OYJ | 742 | 13317 |
| †Citycon OYJ | 5407 | 25328 |
| Elisa OYJ | 13091 | 580138 |
| Enento Group OYJ | 540 | 10065 |
| eQ OYJ | 68 | 883 |
| Finnair OYJ | 6784 | 24904 |
| Fiskars OYJ Abp | 1943 | 28954 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Fortum OYJ | 25122 | $533488 |
| F-Secure OYJ | 4404 | 9976 |
| Gofore OYJ | 497 | 7849 |
| Harvia OYJ | 1547 | 77744 |
| Hiab OYJ Class B | 3729 | 215542 |
| Huhtamaki OYJ | 8841 | 307824 |
| †Incap OYJ | 669 | 7686 |
| Kalmar OYJ Class B | 2504 | 118551 |
| Kemira OYJ | 10616 | 243611 |
| Kesko OYJ Class A | 6926 | 156540 |
| Kesko OYJ Class B | 27825 | 627852 |
| †Kojamo OYJ | 4303 | 51732 |
| Kone OYJ Class B | 11940 | 845865 |
| Konecranes OYJ | 5517 | 604141 |
| Lassila & Tikanoja OYJ | 2818 | 35170 |
| †Lindex Group OYJ | 1585 | 4582 |
| Mandatum OYJ | 16915 | 136224 |
| Marimekko OYJ | 2270 | 34405 |
| Metsa Board OYJ Class B | 8243 | 29958 |
| Metso OYJ | 45112 | 784911 |
| Neste OYJ | 18352 | 415179 |
| Nokia OYJ | 163122 | 1051659 |
| Nordea Bank Abp | 53409 | 1004850 |
| Olvi OYJ Class A | 983 | 36152 |
| Oma Saastopankki OYJ | 488 | 6997 |
| Oriola OYJ Class B | 10932 | 14739 |
| Orion OYJ Class A | 1949 | 144694 |
| Orion OYJ Class B | 10627 | 792855 |
| Outokumpu OYJ | 40076 | 208464 |
| Ponsse OYJ | 944 | 28733 |
| Puuilo OYJ | 6098 | 90870 |
| †QT Group OYJ | 1937 | 74295 |
| Raisio OYJ Class V | 7767 | 23949 |
| Revenio Group OYJ | 1322 | 34623 |
| Sampo OYJ Class A | 89200 | 1079807 |
| Sanoma OYJ | 6672 | 74255 |
| Scanfil OYJ | 1600 | 18719 |
| Stora Enso OYJ Class R | 37529 | 468573 |
| Taaleri PLC | 1347 | 12363 |
| Terveystalo OYJ | 8626 | 99143 |
| TietoEVRY OYJ | 7552 | 161505 |
| Tokmanni Group Corp. | 3405 | 30805 |
| UPM-Kymmene OYJ | 23624 | 682956 |
| Vaisala OYJ Class A | 1389 | 71633 |
| Valmet OYJ | 8893 | 293894 |
| Wartsila OYJ Abp | 21202 | 750649 |
| †YIT OYJ | 11776 | 43085 |
|  |  | **13381601** |
| **France–7.15%** | **France–7.15%** | **France–7.15%** |
| †74Software SA | 654 | 31896 |
| ABC arbitrage | 1320 | 8365 |
| Accor SA | 4023 | 226802 |
| Aeroports de Paris SA | 2815 | 367345 |
| †Air France-KLM | 4267 | 57668 |

---

LVIP Dimensional International Core Equity Fund-8

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Air Liquide SA | 4220 | $793166 |
| Airbus SE | 7094 | 1647395 |
| AKWEL SADIR | 593 | 5715 |
| †Alstom SA | 24249 | 715392 |
| Alten SA | 1490 | 125850 |
| Amundi SA | 4489 | 371015 |
| Arkema SA | 5222 | 318248 |
| Assystem SA | 625 | 31299 |
| Aubay | 366 | 24545 |
| AXA SA | 22784 | 1093199 |
| Ayvens SA | 6728 | 90054 |
| †Bastide le Confort Medical | 242 | 6808 |
| Beneteau SACA | 2509 | 24361 |
| BioMerieux | 1487 | 192410 |
| BNP Paribas SA | 16646 | 1574828 |
| Boiron SA | 814 | 28985 |
| Bonduelle SCA | 1767 | 21743 |
| Bouygues SA | 18535 | 963548 |
| Bureau Veritas SA | 20722 | 659225 |
| Canal & SA | 53250 | 191103 |
| Capgemini SE | 4903 | 814134 |
| Carrefour SA | 51734 | 863211 |
| CBo Territoria | 2578 | 11028 |
| Cie de Saint-Gobain SA | 20418 | 2076345 |
| Cie des Alpes | 1197 | 35561 |
| Cie Generale des <br> Etablissements Michelin <br> SCA<br>| 31732 | 1051795 |
| †Clariane SE | 13955 | 64273 |
| Coface SA | 12523 | 230323 |
| Credit Agricole SA | 17941 | 369367 |
| Danone SA | 6145 | 554273 |
| Dassault Aviation SA | 251 | 80472 |
| Dassault Systemes SE | 7733 | 216046 |
| Derichebourg SA | 9326 | 74146 |
| Edenred SE | 5232 | 115658 |
| Eiffage SA | 7454 | 1068004 |
| Electricite de Strasbourg <br> SA<br>| 55 | 11958 |
| †Elior Group SA | 18422 | 59177 |
| Elis SA | 20316 | 576476 |
| Engie SA | 91920 | 2414677 |
| Eramet SA | 748 | 50362 |
| EssilorLuxottica SA | 1501 | 474613 |
| Etablissements Maurel et <br> Prom SA<br>| 5157 | 33306 |
| †Euroapi SA | 433 | 1152 |
| †Eutelsat Communications <br> SACA<br>| 22371 | 44609 |
| Exel Industries SA Class A | 95 | 4421 |
| FDJ UNITED | 8070 | 223384 |
| Fnac Darty SA | 1823 | 61875 |
| †Foraco International SA | 11100 | 19409 |
| †Forvia SE | 11277 | 178952 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Gaztransport Et Technigaz <br> SA<br>| 3642 | $668258 |
| Getlink SE | 17829 | 329106 |
| GL Events SACA | 866 | 30306 |
| Groupe Crit SA | 390 | 26675 |
| †Guerbet | 783 | 13141 |
| Haulotte Group SA | 610 | 1599 |
| Havas NV | 5325 | 106433 |
| Hermes International SCA | 569 | 1412741 |
| †ID Logistics Group SACA | 292 | 140679 |
| Imerys SA | 3470 | 97345 |
| Infotel SA | 163 | 8092 |
| Interparfums SA | 946 | 27951 |
| Ipsen SA | 3454 | 481935 |
| IPSOS SA | 2060 | 82666 |
| Jacquet Metals SACA | 1315 | 30723 |
| JCDecaux SE | 7067 | 128041 |
| Kaufman & Broad SA | 1136 | 39838 |
| Kering SA | 2865 | 1001139 |
| Legrand SA | 7205 | 1071114 |
| Linedata Services | 45 | 2422 |
| LISI SA | 720 | 44837 |
| LNA Sante SA | 494 | 14194 |
| L'Oreal SA | 2703 | 1160440 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 5805 | 4375436 |
| †Maisons du Monde SA | 3382 | 7444 |
| Manitou BF SA | 943 | 21295 |
| Mersen SA | 1140 | 31794 |
| Metropole Television SA | 2859 | 40826 |
| †Nacon SA | 1232 | 764 |
| Nexans SA | 3211 | 472017 |
| †Nexity SA | 4128 | 43374 |
| North Atlantic Energies | 331 | 16835 |
| Oeneo SA | 52 | 566 |
| Opmobility | 5226 | 97568 |
| Orange SA | 171915 | 2868669 |
| †OVH Groupe SA | 832 | 7108 |
| Pernod Ricard SA | 3849 | 329576 |
| Publicis Groupe SA | 9100 | 945014 |
| Quadient SA | 3215 | 54537 |
| Remy Cointreau SA | 889 | 38083 |
| Renault SA | 14140 | 585287 |
| Rexel SA | 18255 | 716000 |
| Robertet SA | 34 | 35082 |
| Rubis SCA | 5593 | 210003 |
| Safran SA | 5498 | 1915046 |
| Samse SACA | 6 | 931 |
| Sanofi SA | 13008 | 1258591 |
| Sartorius Stedim Biotech | 151 | 37089 |
| Savencia SA | 292 | 21407 |
| Schneider Electric SE | 3142 | 859573 |
| SCOR SE | 13199 | 444314 |
| SEB SA | 2192 | 126338 |

---

LVIP Dimensional International Core Equity Fund-9

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Seche Environnement <br> SACA<br>| 286 | $24574 |
| †SMCP SA | 2424 | 17821 |
| Societe BIC SA | 2741 | 165613 |
| Societe Generale SA | 26214 | 2110331 |
| Societe LDC SADIR | 388 | 40536 |
| Sodexo SA | 6397 | 327757 |
| †SOITEC | 1460 | 39449 |
| Sopra Steria Group | 929 | 168194 |
| SPIE SA | 14328 | 826029 |
| Stef SA | 359 | 55369 |
| STMicroelectronics NV | 13110 | 340073 |
| Synergie SE | 615 | 21827 |
| Technip Energies NV | 14158 | 539162 |
| Teleperformance SE | 4051 | 293170 |
| Television Francaise 1 SA | 5220 | 50978 |
| Thales SA | 1496 | 403570 |
| Thermador Groupe | 504 | 45903 |
| TotalEnergies SE | 50466 | 3290282 |
| Trigano SA | 519 | 106491 |
| †Ubisoft Entertainment SA | 6482 | 48485 |
| Valeo SE | 16467 | 223473 |
| Vallourec SACA | 15940 | 292784 |
| Veolia Environnement SA | 16333 | 568347 |
| Vetoquinol SA | 184 | 18042 |
| Vicat SACA | 1860 | 165522 |
| VIEL & Cie SA | 790 | 15757 |
| Vinci SA | 18920 | 2661724 |
| Virbac SACA | 258 | 108180 |
| †Viridien | 898 | 103233 |
| †Vivendi SE | 53250 | 147676 |
| †Voltalia SA | 4227 | 38600 |
| Wavestone | 400 | 26089 |
| †Worldline SA | 12722 | 23207 |
|  |  | **57138462** |
| **Georgia–0.03%** | **Georgia–0.03%** | **Georgia–0.03%** |
| TBC Bank Group PLC | 3641 | 198981 |
|  |  | **198981** |
| **Germany–7.26%** | **Germany–7.26%** | **Germany–7.26%** |
| 1&1 AG | 2936 | 85000 |
| †7C Solarparken AG | 6043 | 11487 |
| Adesso SE | 209 | 21737 |
| adidas AG | 4721 | 934220 |
| Adtran Networks SE | 574 | 14705 |
| All for One Group SE | 186 | 9377 |
| Allgeier SE | 430 | 10511 |
| Allianz SE | 4219 | 1950769 |
| AlzChem Group AG | 689 | 124456 |
| Amadeus Fire AG | 434 | 21951 |
| Atoss Software SE | 778 | 105123 |
| †Aumovio SE | 5805 | 292938 |
| Aurubis AG | 2584 | 374038 |
| BASF SE | 53956 | 2839088 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| †Basler AG | 591 | $10591 |
| Bayer AG | 75760 | 3286148 |
| Bayerische Motoren Werke <br> AG<br>| 7891 | 855663 |
| †BayWa AG | 3483 | 11074 |
| Bechtle AG | 5464 | 278304 |
| Beiersdorf AG | 1080 | 118603 |
| Bertrandt AG | 393 | 8539 |
| Bijou Brigitte AG | 197 | 9562 |
| Bilfinger SE | 2251 | 281645 |
| Borussia Dortmund GmbH <br> & Co. KGaA<br>| 4770 | 18431 |
| †BRANICKS Group AG | 2395 | 4839 |
| Brenntag SE | 8124 | 471550 |
| †Brockhaus Technologies <br> AG<br>| 330 | 6186 |
| CANCOM SE | 3172 | 98732 |
| Carl Zeiss Meditec AG | 589 | 27374 |
| †Ceconomy AG | 18578 | 97811 |
| †CENIT AG | 409 | 3528 |
| Cewe Stiftung & Co. KGaA | 635 | 77270 |
| Commerzbank AG | 28131 | 1187258 |
| Continental AG | 11610 | 921404 |
| CTS Eventim AG & Co. <br> KGaA<br>| 4171 | 381823 |
| Daimler Truck Holding AG | 27463 | 1189492 |
| Dermapharm Holding SE | 1296 | 59771 |
| Deutsche Bank AG | 30675 | 1182187 |
| Deutsche Boerse AG | 4824 | 1267850 |
| Deutsche Lufthansa AG | 40384 | 396730 |
| Deutsche Post AG | 43626 | 2378738 |
| Deutsche Telekom AG | 116469 | 3791188 |
| Deutsche Telekom AG ADR | 1237 | 40450 |
| Deutsche Wohnen SE | 2779 | 67395 |
| Draegerwerk AG & Co. <br> KGaA<br>| 351 | 23145 |
| Duerr AG | 4595 | 120521 |
| DWS Group GmbH & Co. <br> KGaA<br>| 3439 | 226025 |
| E.ON SE | 137079 | 2595580 |
| Eckert & Ziegler SE | 3729 | 66280 |
| †EDAG Engineering Group <br> AG<br>| 532 | 3156 |
| Elmos Semiconductor SE | 625 | 70515 |
| ElringKlinger AG | 2669 | 13519 |
| Energiekontor AG | 647 | 26946 |
| EuroEyes International Eye <br> Clinic Ltd. Class C<br>| 9000 | 3515 |
| Evonik Industries AG | 21923 | 342132 |
| †Evotec SE | 3436 | 21736 |
| Fielmann Group AG | 2749 | 140312 |
| flatexDEGIRO AG | 8369 | 358544 |
| †Fraport AG Frankfurt <br> Airport Services <br> Worldwide<br>| 4548 | 371902 |

---

LVIP Dimensional International Core Equity Fund-10

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Freenet AG | 12853 | $442751 |
| Fresenius Medical Care <br> AG<br>| 14806 | 707217 |
| Fresenius SE & Co. KGaA | 14982 | 858346 |
| Friedrich Vorwerk Group <br> SE<br>| 745 | 70581 |
| FUCHS SE | 2760 | 96798 |
| GEA Group AG | 14099 | 952842 |
| Gerresheimer AG | 2530 | 81504 |
| Gesco SE | 598 | 10014 |
| GFT Technologies SE | 1564 | 34538 |
| Hannover Rueck SE | 2300 | 715717 |
| Hapag-Lloyd AG | 917 | 125792 |
| Hawesko Holding SE | 179 | 4033 |
| Heidelberg Materials AG | 7001 | 1815057 |
| †Heidelberger <br> Druckmaschinen AG<br>| 22239 | 52411 |
| †HelloFresh SE | 9987 | 71643 |
| Henkel AG & Co. KGaA | 3863 | 293998 |
| Hensoldt AG | 4974 | 426020 |
| HOCHTIEF AG | 665 | 260335 |
| Hornbach Holding AG & <br> Co. KGaA<br>| 1130 | 110722 |
| HUGO BOSS AG | 2853 | 120216 |
| Indus Holding AG | 1095 | 36108 |
| Infineon Technologies AG | 42840 | 1869149 |
| Init Innovation in Traffic <br> Systems SE<br>| 792 | 43299 |
| Instone Real Estate Group <br> SE<br>| 2366 | 21364 |
| IVU Traffic Technologies <br> AG<br>| 706 | 17295 |
| Jenoptik AG | 4132 | 93817 |
| JOST Werke SE | 1256 | 79493 |
| K&S AG | 11345 | 165152 |
| KION Group AG | 5448 | 430486 |
| Kloeckner & Co. SE | 3199 | 30250 |
| †Knaus Tabbert AG | 280 | 4156 |
| Knorr-Bremse AG | 5158 | 572240 |
| †Koenig & Bauer AG | 1264 | 15852 |
| Kontron AG | 3697 | 98134 |
| Krones AG | 1487 | 235573 |
| KWS Saat SE & Co. KGaA | 831 | 66796 |
| Lanxess AG | 9388 | 192373 |
| LEG Immobilien SE | 4698 | 342653 |
| Leifheit AG | 726 | 12969 |
| †Medios AG | 155 | 2621 |
| Mercedes-Benz Group AG | 13071 | 906109 |
| Merck KGaA | 1380 | 196958 |
| MLP SE | 5885 | 47599 |
| MTU Aero Engines AG | 3091 | 1281306 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen<br>| 2371 | 1560323 |
| Mutares SE & Co. KGaA | 1324 | 46291 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Nagarro SE | 732 | $65152 |
| Nemetschek SE | 3597 | 389160 |
| †Nordex SE | 10634 | 360439 |
| Norma Group SE | 2359 | 40103 |
| †Pentixapharm Holding AG | 835 | 1454 |
| Pfeiffer Vacuum Technology <br> AG<br>| 210 | 39092 |
| ProCredit Holding AG | 1188 | 11734 |
| Puma SE | 7360 | 191016 |
| †PVA TePla AG | 1815 | 48205 |
| †q.beyond AG | 11002 | 8932 |
| Rational AG | 406 | 313469 |
| RENK Group AG | 3492 | 217626 |
| Rheinmetall AG | 1190 | 2171029 |
| RWE AG | 21132 | 1119718 |
| Salzgitter AG | 2086 | 97571 |
| SAP SE | 5323 | 1293321 |
| Schaeffler AG | 4150 | 40403 |
| Scout24 SE | 1829 | 183705 |
| Secunet Security Networks <br> AG<br>| 79 | 17095 |
| †SGL Carbon SE | 5077 | 18482 |
| Siemens AG | 3664 | 1026200 |
| †Siemens Energy AG | 2570 | 360542 |
| Siemens Healthineers AG | 2022 | 105988 |
| Siltronic AG | 1210 | 68508 |
| Sixt SE | 1296 | 107052 |
| †SMA Solar Technology AG | 531 | 20889 |
| STRATEC SE | 652 | 17148 |
| Stroeer SE & Co. KGaA | 3284 | 142027 |
| Suedzucker AG | 6024 | 64649 |
| Surteco Group SE | 396 | 5119 |
| SUSS MicroTec SE | 1510 | 68305 |
| Symrise AG | 8224 | 666321 |
| TAG Immobilien AG | 11343 | 175678 |
| Takkt AG | 2185 | 9475 |
| Talanx AG | 3083 | 409542 |
| †TeamViewer SE | 12516 | 88119 |
| Technotrans SE | 604 | 24239 |
| thyssenkrupp AG | 34721 | 373271 |
| †Tkms AG& Co. KGaA | 1736 | 134854 |
| †TUI AG | 44766 | 467867 |
| United Internet AG | 5741 | 185289 |
| †Verbio SE | 845 | 20887 |
| Volkswagen AG | 1799 | 219705 |
| Vonovia SE | 16795 | 483349 |
| Vossloh AG | 1249 | 111466 |
| Wacker Chemie AG | 1036 | 83676 |
| Wacker Neuson SE | 2330 | 66813 |
| Washtec AG | 765 | 42794 |
| †Westwing Group SE | 83 | 1117 |
| Wuestenrot & <br> Wuerttembergische AG<br>| 1974 | 33624 |
| †Zalando SE | 14434 | 425905 |

---

LVIP Dimensional International Core Equity Fund-11

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Zeal Network SE | 373 | $22937 |
|  |  | **57989326** |
| **Greece–0.00%** | **Greece–0.00%** | **Greece–0.00%** |
| Okeanis Eco Tankers Corp. | 941 | 31600 |
|  |  | **31600** |
| **Guernsey–0.00%** | **Guernsey–0.00%** | **Guernsey–0.00%** |
| =†πRaven Property Group Ltd. | 26309 | 0 |
|  |  | **0** |
| **Hong Kong–1.72%** | **Hong Kong–1.72%** | **Hong Kong–1.72%** |
| AIA Group Ltd. | 203400 | 2093615 |
| Analogue Holdings Ltd. | 86000 | 10166 |
| ASMPT Ltd. | 9100 | 90636 |
| Bank of East Asia Ltd. | 103424 | 176895 |
| BOC Hong Kong Holdings <br> Ltd.<br>| 61000 | 309574 |
| †Bright Smart Securities & <br> Commodities Group Ltd.<br>| 108000 | 112137 |
| =†Brightoil Petroleum <br> Holdings Ltd.<br>| 123000 | 0 |
| Budweiser Brewing Co. <br> APAC Ltd.<br>| 57600 | 56197 |
| =†Burwill Holdings Ltd. | 208000 | 0 |
| Cafe de Coral Holdings <br> Ltd.<br>| 34000 | 21493 |
| Cathay Pacific Airways <br> Ltd.<br>| 122909 | 196371 |
| †Central New Energy <br> Holding Group Ltd.<br>| 31000 | 32702 |
| †China Energy Development <br> Holdings Ltd.<br>| 21000 | 4182 |
| Chinese Estates Holdings <br> Ltd.<br>| 79500 | 12580 |
| Chow Sang Sang Holdings <br> International Ltd.<br>| 30000 | 47146 |
| CITIC Telecom <br> International Holdings <br> Ltd.<br>| 159000 | 50471 |
| CK Asset Holdings Ltd. | 65780 | 332642 |
| CK Hutchison Holdings <br> Ltd.<br>| 46180 | 313953 |
| CK Infrastructure Holdings <br> Ltd.<br>| 16500 | 122269 |
| †CK Life Sciences <br> International Holdings, <br> Inc.<br>| 194000 | 20430 |
| CLP Holdings Ltd. | 21500 | 192315 |
| C-Mer Medical Holdings <br> Ltd.<br>| 18000 | 3980 |
| †Cowell e Holdings, Inc. | 9000 | 31824 |
| Crystal International Group <br> Ltd.<br>| 46500 | 40035 |
| CTF Services Ltd. | 27560 | 26456 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Dah Sing Banking Group <br> Ltd.<br>| 44000 | $60381 |
| Dah Sing Financial <br> Holdings Ltd.<br>| 16800 | 76329 |
| †Deep Source Holdings Ltd. | 670000 | 60264 |
| Eagle Nice International <br> Holdings Ltd.<br>| 4000 | 1840 |
| †EC Healthcare | 28000 | 2123 |
| †Esprit Holdings Ltd. | 21200 | 3133 |
| Fairwood Holdings Ltd. | 6000 | 3600 |
| †Far East Consortium <br> International Ltd.<br>| 150022 | 13860 |
| First Pacific Co. Ltd. | 254000 | 194446 |
| FSE Lifestyle Services Ltd. | 22000 | 15961 |
| Galaxy Entertainment <br> Group Ltd.<br>| 39000 | 192302 |
| Giordano International <br> Ltd.<br>| 126000 | 23151 |
| =†Gold Financial Holdings <br> Ltd.<br>| 80000 | 0 |
| Great Eagle Holdings Ltd. | 14722 | 28584 |
| Guotai Junan International <br> Holdings Ltd.<br>| 148000 | 48542 |
| Hang Lung Group Ltd. | 70000 | 137073 |
| Hang Lung Properties Ltd. | 218494 | 241943 |
| Hang Seng Bank Ltd. | 10200 | 201221 |
| †Hanison Construction <br> Holdings Ltd.<br>| 16639 | 515 |
| Henderson Land <br> Development Co. Ltd.<br>| 49412 | 178935 |
| HK Electric Investments & <br> HK Electric Investments <br> Ltd.<br>| 105000 | 84996 |
| †HKR International Ltd. | 50160 | 6837 |
| HKT Trust & HKT Ltd. | 231000 | 342055 |
| Hong Kong & China Gas Co. <br> Ltd.<br>| 215362 | 194144 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 18743 | 980659 |
| Hong Kong Technology <br> Venture Co. Ltd.<br>| 17000 | 3057 |
| †Hongkong & Shanghai <br> Hotels Ltd.<br>| 43044 | 32687 |
| Hongkong Land Holdings <br> Ltd.<br>| 38800 | 269533 |
| Hutchison <br> Telecommunications <br> Hong Kong Holdings Ltd.<br>| 78000 | 11626 |
| Hysan Development Co. <br> Ltd.<br>| 34000 | 82607 |
| IGG, Inc. | 89000 | 43656 |
| Johnson Electric Holdings <br> Ltd.<br>| 47496 | 181671 |
| Karrie International <br> Holdings Ltd.<br>| 52000 | 16153 |

---

LVIP Dimensional International Core Equity Fund-12

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Kerry Properties Ltd. | 58000 | $151181 |
| KLN Logistics Group Ltd. | 43500 | 39673 |
| Kowloon Development Co. <br> Ltd.<br>| 38854 | 21417 |
| †Lai Sun Development Co. <br> Ltd.<br>| 45450 | 3489 |
| †Lai Sun Garment <br> International Ltd.<br>| 32185 | 2068 |
| Liu Chong Hing Investment <br> Ltd.<br>| 10000 | 5731 |
| Luk Fook Holdings <br> International Ltd.<br>| 30000 | 90583 |
| Man Wah Holdings Ltd. | 167200 | 98329 |
| Mandarin Oriental <br> International Ltd.<br>| 11700 | 38685 |
| †Melco International <br> Development Ltd.<br>| 52500 | 29376 |
| †Melco Resorts & <br> Entertainment Ltd. ADR<br>| 600 | 4542 |
| †Midland Holdings Ltd. | 68000 | 20116 |
| Modern Dental Group Ltd. | 35000 | 23970 |
| MTR Corp. Ltd. | 15438 | 59126 |
| NagaCorp Ltd. | 81321 | 48740 |
| Nameson Holdings Ltd. | 38000 | 5084 |
| †New World Development <br> Co. Ltd.<br>| 146769 | 137464 |
| =†NewOcean Energy Holdings <br> Ltd.<br>| 62000 | 0 |
| Nissin Foods Co. Ltd. | 36000 | 33998 |
| Oriental Watch Holdings | 24000 | 11287 |
| =†Pacific Andes International <br> Holdings Ltd.<br>| 338000 | 0 |
| Pacific Basin Shipping Ltd. | 544000 | 163114 |
| Pacific Textiles Holdings <br> Ltd.<br>| 82000 | 13167 |
| PAX Global Technology <br> Ltd.<br>| 26000 | 16917 |
| PCCW Ltd. | 202444 | 140540 |
| Perfect Medical Health <br> Management Ltd.<br>| 42000 | 6695 |
| Pico Far East Holdings <br> Ltd.<br>| 58000 | 19991 |
| Plover Bay Technologies <br> Ltd.<br>| 24000 | 18443 |
| Power Assets Holdings Ltd. | 23000 | 162983 |
| PRADA SpA | 11000 | 63603 |
| Prudential PLC | 47956 | 737711 |
| Public Financial Holdings <br> Ltd.<br>| 24000 | 4200 |
| †Regal Hotels International <br> Holdings Ltd.<br>| 18000 | 1319 |
| Regina Miracle <br> International Holdings <br> Ltd.<br>| 29000 | 9390 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Sa Sa International <br> Holdings Ltd.<br>| 78000 | $6013 |
| Samsonite Group SA | 89700 | 229081 |
| †Shandong Hi-Speed <br> Holdings Group Ltd.<br>| 22000 | 3844 |
| Shangri-La Asia Ltd. | 84000 | 51271 |
| †Shenwan Hongyuan HK <br> Ltd.<br>| 50000 | 8455 |
| †Shun Tak Holdings Ltd. | 92000 | 7699 |
| SITC International <br> Holdings Co. Ltd.<br>| 90000 | 322055 |
| †SJM Holdings Ltd. | 225250 | 69824 |
| SmarTone <br> Telecommunications <br> Holdings Ltd.<br>| 33500 | 20231 |
| †Soundwill Holdings Ltd. | 5000 | 4045 |
| Stella International <br> Holdings Ltd.<br>| 62000 | 119177 |
| Sun Hung Kai Properties <br> Ltd.<br>| 22500 | 273966 |
| SUNeVision Holdings Ltd. | 70000 | 41399 |
| Swire Pacific Ltd. Class A | 16000 | 128982 |
| Swire Pacific Ltd. Class B | 25000 | 37262 |
| Swire Properties Ltd. | 29000 | 78313 |
| Tai Hing Group Holdings <br> Ltd.<br>| 62000 | 8763 |
| Techtronic Industries Co. <br> Ltd.<br>| 41500 | 477380 |
| †Television Broadcasts Ltd. | 36000 | 14185 |
| Texhong International <br> Group Ltd.<br>| 34000 | 20096 |
| Transport International <br> Holdings Ltd.<br>| 15814 | 21539 |
| United Laboratories <br> International Holdings <br> Ltd.<br>| 104000 | 155067 |
| Vitasoy International <br> Holdings Ltd.<br>| 46000 | 36996 |
| †Viva Goods Co. Ltd. | 152000 | 12318 |
| VSTECS Holdings Ltd. | 60000 | 60194 |
| VTech Holdings Ltd. | 16900 | 133297 |
| †Wang On Group Ltd. | 1220000 | 3449 |
| WH Group Ltd. | 499841 | 556830 |
| Wharf Real Estate <br> Investment Co. Ltd.<br>| 69000 | 218080 |
| Wing Tai Properties Ltd. | 16000 | 3618 |
| Xinyi Glass Holdings Ltd. | 154145 | 163922 |
| Yue Yuen Industrial <br> Holdings Ltd.<br>| 99500 | 204024 |
|  |  | **13706260** |
| **Ireland–0.82%** | **Ireland–0.82%** | **Ireland–0.82%** |
| AIB Group PLC | 160528 | 1716100 |
| Bank of Ireland Group PLC | 69296 | 1325307 |
| C&C Group PLC | 30551 | 55595 |

---

LVIP Dimensional International Core Equity Fund-13

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| Cairn Homes PLC | 39555 | $96229 |
| COSMO Pharmaceuticals <br> NV<br>| 627 | 82582 |
| DCC PLC | 8018 | 499511 |
| Experian PLC | 22326 | 1006603 |
| FBD Holdings PLC | 1875 | 34705 |
| Glanbia PLC | 10529 | 180532 |
| †Glenveagh Properties PLC | 29794 | 67577 |
| Grafton Group PLC CDI | 13398 | 168423 |
| Hostelworld Group PLC | 9886 | 16657 |
| Irish Continental Group <br> PLC<br>| 11875 | 84012 |
| †James Hardie Industries <br> PLC CDI<br>| 8620 | 176961 |
| Kerry Group PLC Class A | 2738 | 250206 |
| Kingspan Group PLC | 8830 | 760872 |
| †Permanent TSB Group <br> Holdings PLC<br>| 929 | 3133 |
|  |  | **6525005** |
| **Isle Of Man–0.00%** | **Isle Of Man–0.00%** | **Isle Of Man–0.00%** |
| †Strix Group PLC | 6954 | 4413 |
|  |  | **4413** |
| **Israel–1.37%** | **Israel–1.37%** | **Israel–1.37%** |
| Afcon Holdings Ltd. | 294 | 33125 |
| †AFI Properties Ltd. | 893 | 65524 |
| Africa Israel Residences <br> Ltd.<br>| 328 | 28436 |
| †Airport City Ltd. | 3084 | 60383 |
| Alrov Properties & <br> Lodgings Ltd.<br>| 323 | 24951 |
| Amot Investments Ltd. | 3705 | 29096 |
| Arad Ltd. | 603 | 9721 |
| †Ashdod Refinery Ltd. | 681 | 12617 |
| Ashtrom Group Ltd. | 2536 | 55888 |
| AudioCodes Ltd. | 1429 | 12475 |
| Aura Investments Ltd. | 3437 | 21981 |
| Azorim-Investment <br> Development & <br> Construction Co. Ltd.<br>| 3495 | 20333 |
| Azrieli Group Ltd. | 561 | 63604 |
| Bank Hapoalim BM | 33331 | 753849 |
| Bank Leumi Le-Israel BM | 58512 | 1289470 |
| †Bet Shemesh Engines <br> Holdings 1997 Ltd.<br>| 666 | 156686 |
| Bezeq The Israeli <br> Telecommunication Corp. <br> Ltd.<br>| 68119 | 152062 |
| Big Shopping Centers Ltd. | 416 | 100081 |
| Blue Square Real Estate <br> Ltd.<br>| 300 | 37346 |
| †Carasso Motors Ltd. | 1579 | 17626 |
| Cellcom Israel Ltd. | 9940 | 117069 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Clal Insurance Enterprises <br> Holdings Ltd.<br>| 5502 | $355030 |
| Danel Adir Yeoshua Ltd. | 390 | 57753 |
| Delek Automotive Systems <br> Ltd.<br>| 1180 | 9005 |
| Delek Group Ltd. | 768 | 204969 |
| Delta Galil Ltd. | 858 | 46853 |
| Delta Israel Brands Ltd. | 528 | 19863 |
| Dor Alon Energy in Israel <br> 1988 Ltd.<br>| 819 | 41263 |
| †Doral Group Renewable <br> Energy Resources Ltd.<br>| 4821 | 55490 |
| †El Al Israel Airlines | 30369 | 155933 |
| Elbit Systems Ltd. | 59 | 34085 |
| Electra Consumer Products <br> 1970 Ltd.<br>| 515 | 17498 |
| Electra Ltd. | 2640 | 90294 |
| Energix-Renewable <br> Energies Ltd.<br>| 6392 | 32352 |
| †Enlight Renewable Energy <br> Ltd.<br>| 2022 | 91902 |
| †Equital Ltd. | 1918 | 97704 |
| †Fattal Holdings 1998 Ltd. | 340 | 69595 |
| First International Bank of <br> Israel Ltd.<br>| 3535 | 278002 |
| FMS Enterprises Migun <br> Ltd.<br>| 399 | 29416 |
| Formula Systems 1985 Ltd. | 762 | 128700 |
| Fox Wizel Ltd. | 970 | 95430 |
| Gav-Yam Lands Corp. Ltd. | 1 | 7 |
| †Gilat Satellite Networks <br> Ltd.<br>| 1455 | 18878 |
| †Hagag Group Real Estate <br> Development<br>| 2121 | 14759 |
| Hamat Group Ltd. | 832 | 4533 |
| Harel Insurance <br> Investments & Financial <br> Services Ltd.<br>| 4404 | 171737 |
| Hilan Ltd. | 1352 | 112043 |
| ICL Group Ltd. | 12701 | 73035 |
| IDI Insurance Co. Ltd. | 1056 | 80116 |
| Ilex Medical Ltd. | 301 | 6301 |
| Inrom Construction <br> Industries Ltd.<br>| 7985 | 55148 |
| Isracard Ltd. | 1 | 4 |
| Israel Canada TR Ltd. | 3989 | 20665 |
| Israel Discount Bank Ltd. <br> Class A<br>| 35845 | 380657 |
| Israel Shipyards Industries <br> Ltd.<br>| 315 | 15761 |
| Isras Investment Co. Ltd. | 128 | 39617 |
| Issta Ltd. | 731 | 25897 |
| Kamada Ltd. | 634 | 4499 |
| Kvutzat Acro Ltd. | 988 | 14306 |

---

LVIP Dimensional International Core Equity Fund-14

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Land Development Nimrodi <br> Group Ltd.<br>| 991 | $12942 |
| M Yochananof & Sons Ltd. | 297 | 31569 |
| Magic Software Enterprises <br> Ltd.<br>| 2298 | 59572 |
| †Malam - Team Ltd. | 1739 | 72628 |
| Matrix IT Ltd. | 2451 | 107463 |
| Max Stock Ltd. | 5071 | 40669 |
| †Maytronics Ltd. | 4037 | 5176 |
| Mediterranean Towers Ltd. | 4876 | 21313 |
| Mega Or Holdings Ltd. | 1052 | 89234 |
| Meitav Investment House <br> Ltd.<br>| 3316 | 120482 |
| Menora Mivtachim <br> Holdings Ltd.<br>| 1710 | 214190 |
| Meshulam Levinstein <br> Contracting & <br> Engineering Ltd.<br>| 119 | 20121 |
| †Migdal Insurance & <br> Financial Holdings Ltd.<br>| 23802 | 115504 |
| Mivne Real Estate KD Ltd. | 11443 | 56067 |
| Mizrahi Tefahot Bank Ltd. | 5895 | 411867 |
| Neto Malinda Trading Ltd. | 834 | 39512 |
| Next Vision Stabilized <br> Systems Ltd.<br>| 3272 | 215674 |
| †Nexxen International Ltd. | 1693 | 11072 |
| †Nice Ltd. Sponsored ADR | 256 | 28938 |
| †Nova Ltd. | 178 | 59504 |
| Oil Refineries Ltd. | 183266 | 57031 |
| One Software Technologies <br> Ltd.<br>| 3774 | 104428 |
| †OPC Energy Ltd. | 1 | 16 |
| Palram Industries 1990 <br> Ltd.<br>| 1245 | 21100 |
| Partner Communications <br> Co. Ltd.<br>| 13905 | 168060 |
| Paz Retail & Energy Ltd. | 978 | 219582 |
| †Perion Network Ltd. | 1094 | 10381 |
| Phoenix Financial Ltd. | 7741 | 320161 |
| Plasson Industries Ltd. | 216 | 12395 |
| Plus500 Ltd. | 7503 | 366473 |
| †Prashkovsky Investments & <br> Construction Ltd.<br>| 354 | 17416 |
| Qualitau Ltd. | 275 | 52143 |
| Rami Levy Chain Stores <br> Hashikma Marketing 2006 <br> Ltd.<br>| 855 | 94426 |
| Retailors Ltd. | 581 | 7752 |
| Sano-Brunos Enterprises <br> Ltd.<br>| 99 | 13763 |
| Scope Metals Group Ltd. | 396 | 21668 |
| Shapir Engineering & <br> Industry Ltd.<br>| 3710 | 36490 |
| †Shikun & Binui Ltd. | 5574 | 32233 |
| Shufersal Ltd. | 11447 | 142842 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Strauss Group Ltd. | 1472 | $51324 |
| Tadiran Group Ltd. | 222 | 9167 |
| Tamar Petroleum Ltd. | 6761 | 80444 |
| Tel Aviv Stock Exchange <br> Ltd.<br>| 7154 | 213196 |
| Telsys Ltd. | 266 | 19326 |
| †Teva Pharmaceutical <br> Industries Ltd.<br>| 3902 | 123000 |
| †Teva Pharmaceutical <br> Industries Ltd. ADR<br>| 23113 | 721357 |
| Tiv Taam Holdings 1 Ltd. | 2570 | 8860 |
| †Tower Semiconductor Ltd. | 1806 | 212061 |
| †Veridis Environment Ltd. | 1656 | 18719 |
| YH Dimri Construction & <br> Development Ltd.<br>| 218 | 25669 |
|  |  | **10926403** |
| **Italy–2.98%** | **Italy–2.98%** | **Italy–2.98%** |
| A2A SpA | 184125 | 498220 |
| ACEA SpA | 4679 | 121222 |
| Amplifon SpA | 7094 | 113733 |
| †Aquafil SpA | 1318 | 2158 |
| Ariston Holding NV | 7780 | 40444 |
| Arnoldo Mondadori Editore <br> SpA<br>| 9603 | 23869 |
| Ascopiave SpA | 6872 | 26554 |
| Avio SpA | 695 | 23707 |
| Azimut Holding SpA | 11685 | 486771 |
| Banca Generali SpA | 6043 | 403393 |
| Banca IFIS SpA | 3214 | 95449 |
| Banca Mediolanum SpA | 12830 | 291325 |
| Banca Monte dei Paschi di <br> Siena SpA<br>| 94222 | 1003200 |
| Banco BPM SpA | 61663 | 936348 |
| Banco di Desio e della <br> Brianza SpA<br>| 4685 | 51774 |
| Biesse SpA | 1326 | 11077 |
| BPER Banca SpA | 103896 | 1403892 |
| Brembo NV | 9727 | 106858 |
| Brunello Cucinelli SpA | 3463 | 397198 |
| Buzzi SpA | 5500 | 332481 |
| †Cairo Communication SpA | 9743 | 32097 |
| Cementir Holding NV | 4464 | 97938 |
| †CIR SpA-Compagnie <br> Industriali<br>| 42425 | 35050 |
| Credito Emiliano SpA | 11092 | 198170 |
| Danieli & C Officine <br> Meccaniche SpA<br>| 5052 | 229962 |
| Datalogic SpA | 1618 | 8738 |
| De' Longhi SpA | 701 | 29842 |
| †Digital Bros SpA | 331 | 5110 |
| Digital Value SpA | 184 | 6155 |
| †doValue SpA | 7178 | 25084 |
| Emak SpA | 9453 | 10254 |
| Enav SpA | 13493 | 74567 |

---

LVIP Dimensional International Core Equity Fund-15

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Enel SpA | 198135 | $2060076 |
| Eni SpA | 51311 | 972657 |
| ERG SpA | 2617 | 67335 |
| Esprinet SpA | 5374 | 38797 |
| Ferrari NV | 2203 | 818045 |
| Fila SpA | 4365 | 49875 |
| †Fincantieri SpA | 6244 | 121329 |
| FinecoBank Banca Fineco <br> SpA<br>| 33587 | 870224 |
| Gefran SpA | 845 | 10549 |
| Generali | 4415 | 184496 |
| †Geox SpA | 1114 | 408 |
| Hera SpA | 78787 | 371510 |
| IMMSI SpA | 4790 | 3088 |
| Intercos SpA | 2105 | 27360 |
| Intesa Sanpaolo SpA | 168838 | 1166688 |
| Iren SpA | 40187 | 120366 |
| Italgas SpA | 37951 | 423290 |
| Italmobiliare SpA | 465 | 14904 |
| Iveco Group NV | 21372 | 468024 |
| Leonardo SpA | 5189 | 296814 |
| LU-VE SpA | 721 | 33215 |
| Maire SpA | 17619 | 267622 |
| MARR SpA | 3111 | 32834 |
| MFE-MediaForEurope NV <br> Class A<br>| 44454 | 158366 |
| MFE-MediaForEurope NV <br> Class B<br>| 6267 | 30138 |
| Moltiply Group SpA | 912 | 36952 |
| Moncler SpA | 9205 | 588385 |
| †NewPrinces SpA | 1500 | 33955 |
| Nexi SpA | 52890 | 260689 |
| Orsero SpA | 801 | 17452 |
| OVS SpA | 21746 | 123403 |
| Pharmanutra SpA | 227 | 14438 |
| Piaggio & C SpA | 13390 | 28464 |
| Pirelli & C SpA | 43304 | 295710 |
| Poste Italiane SpA | 9286 | 233115 |
| Prysmian SpA | 4376 | 436538 |
| RAI Way SpA | 11719 | 76821 |
| Recordati Industria <br> Chimica e Farmaceutica <br> SpA<br>| 4975 | 282425 |
| Reply SpA | 1653 | 221328 |
| Rizzoli Corriere Della Sera <br> Mediagroup SpA<br>| 17359 | 20007 |
| Sabaf SpA | 510 | 8348 |
| †Safilo Group SpA | 12675 | 28555 |
| Saipem SpA | 135361 | 383206 |
| †Salvatore Ferragamo SpA | 2493 | 23849 |
| Sanlorenzo SpA | 1112 | 39346 |
| Sesa SpA | 435 | 45469 |
| Snam SpA | 32018 | 212755 |
| Sogefi SpA | 6494 | 25754 |
| SOL SpA | 2599 | 149510 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Technogym SpA | 12854 | $242579 |
| †Telecom Italia SpA | 1292475 | 802848 |
| Terna - Rete Elettrica <br> Nazionale<br>| 32902 | 350034 |
| Tinexta SpA | 2677 | 46850 |
| TXT e-solutions SpA | 355 | 12704 |
| UniCredit SpA | 23154 | 1917769 |
| Unipol Assicurazioni SpA | 35766 | 858085 |
| Webuild SpA | 60945 | 242738 |
| Wiit SpA | 1331 | 31473 |
| Zignago Vetro SpA | 1442 | 13112 |
|  |  | **23835316** |
| **Japan–21.85%** | **Japan–21.85%** | **Japan–21.85%** |
| & ST HD Co. Ltd. | 3000 | 55111 |
| &Do Holdings Co. Ltd. | 1500 | 10128 |
| 77 Bank Ltd. | 5800 | 279297 |
| A&D HOLON Holdings Co. <br> Ltd.<br>| 2600 | 33909 |
| AB & Company Co. Ltd. | 1700 | 13078 |
| ABC-Mart, Inc. | 1800 | 30502 |
| Achilles Corp. | 800 | 7389 |
| AD Works Group Co. Ltd. | 8700 | 23416 |
| ADEKA Corp. | 9000 | 223183 |
| Ad-sol Nissin Corp. | 2600 | 27019 |
| Advantest Corp. | 14300 | 1808204 |
| Adventure, Inc. | 300 | 3145 |
| Aeon Co. Ltd. | 33480 | 528887 |
| †Aeon Fantasy Co. Ltd. | 1000 | 19273 |
| Aeon Hokkaido Corp. | 4200 | 24513 |
| AGC, Inc. | 9000 | 298474 |
| Ahresty Corp. | 1900 | 9697 |
| Ai Holdings Corp. | 2000 | 36103 |
| Aica Kogyo Co. Ltd. | 5600 | 125862 |
| Aichi Financial Group, Inc. | 4498 | 132229 |
| Ain Holdings, Inc. | 2300 | 98012 |
| Air Water, Inc. | 18500 | 266788 |
| Airman Corp. | 2000 | 23295 |
| Airport Facilities Co. Ltd. | 2700 | 17466 |
| Airtrip Corp. | 1500 | 7268 |
| Aisan Industry Co. Ltd. | 4400 | 62936 |
| Aisin Corp. | 22200 | 415945 |
| Ajinomoto Co., Inc. | 11700 | 247338 |
| †Akebono Brake Industry <br> Co. Ltd.<br>| 7100 | 5320 |
| Akita Bank Ltd. | 1500 | 38489 |
| Albis Co. Ltd. | 600 | 10285 |
| Alconix Corp. | 2700 | 43328 |
| Alfresa Holdings Corp. | 13100 | 203706 |
| Alinco, Inc. | 2100 | 15042 |
| Alleanza Holdings Co. Ltd. | 1600 | 12484 |
| Alpen Co. Ltd. | 2200 | 32287 |
| AlphaPolis Co. Ltd. | 1800 | 18771 |
| Alps Alpine Co. Ltd. | 20324 | 259425 |
| ALSOK Co. Ltd. | 16700 | 131191 |

---

LVIP Dimensional International Core Equity Fund-16

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Altech Corp. | 1980 | $34213 |
| Amada Co. Ltd. | 25300 | 299319 |
| Amano Corp. | 6200 | 167149 |
| Amiyaki Tei Co. Ltd. | 900 | 8100 |
| Amvis Holdings, Inc. | 6500 | 19619 |
| ANA Holdings, Inc. | 4300 | 81664 |
| Anest Iwata Corp. | 1300 | 13561 |
| Anicom Holdings, Inc. | 8900 | 57222 |
| Anycolor, Inc. | 2500 | 77121 |
| AOKI Holdings, Inc. | 3000 | 34689 |
| Aoyama Trading Co. Ltd. | 3400 | 55055 |
| Aoyama Zaisan Networks <br> Co. Ltd.<br>| 1300 | 13114 |
| Aozora Bank Ltd. | 10600 | 169541 |
| Arakawa Chemical <br> Industries Ltd.<br>| 1000 | 7792 |
| Arata Corp. | 2200 | 43222 |
| Araya Industrial Co. Ltd. | 700 | 22381 |
| ARCLANDS Corp. | 4918 | 60698 |
| Arcs Co. Ltd. | 3600 | 77796 |
| ARE Holdings, Inc. | 5500 | 112077 |
| Arealink Co. Ltd. | 2800 | 19062 |
| †Arent, Inc. | 500 | 9343 |
| Argo Graphics, Inc. | 4000 | 41403 |
| Arisawa Manufacturing Co. <br> Ltd.<br>| 3800 | 41787 |
| Artience Co. Ltd. | 4500 | 98950 |
| As One Corp. | 4400 | 67443 |
| Asahi Co. Ltd. | 1900 | 15833 |
| Asahi Diamond Industrial <br> Co. Ltd.<br>| 2300 | 12208 |
| Asahi Group Holdings Ltd. | 39100 | 409838 |
| Asahi Intecc Co. Ltd. | 8200 | 153713 |
| Asahi Kasei Corp. | 57500 | 511103 |
| Asahi Net, Inc. | 1400 | 6266 |
| Asahi Yukizai Corp. | 1500 | 51875 |
| Asanuma Corp. | 5000 | 32642 |
| Asia Pile Holdings Corp. | 1700 | 15296 |
| Asics Corp. | 24000 | 576155 |
| ASKA Pharmaceutical <br> Holdings Co. Ltd.<br>| 1600 | 20820 |
| ASKUL Corp. | 5300 | 47380 |
| Astellas Pharma, Inc. | 78100 | 1039473 |
| Astena Holdings Co. Ltd. | 2300 | 7086 |
| Aucnet, Inc. | 2400 | 31716 |
| Autobacs Seven Co. Ltd. | 5600 | 58962 |
| Avant Group Corp. | 2000 | 22354 |
| Avantia Co. Ltd. | 1400 | 7724 |
| Awa Bank Ltd. | 2500 | 69933 |
| Axial Retailing, Inc. | 6400 | 47109 |
| Azbil Corp. | 20800 | 189160 |
| AZ-COM MARUWA <br> Holdings, Inc.<br>| 6400 | 40305 |
| AZOOM Co. Ltd. | 600 | 20408 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Bandai Namco Holdings, <br> Inc.<br>| 16800 | $447150 |
| Bando Chemical Industries <br> Ltd.<br>| 3400 | 44464 |
| †Bank of Innovation, Inc. | 400 | 15660 |
| Bank of Iwate Ltd. | 1400 | 46415 |
| Bank of Kochi Ltd. | 500 | 3078 |
| Bank of Nagoya Ltd. | 3900 | 108232 |
| Bank of Saga Ltd. | 1500 | 38736 |
| Bank of the Ryukyus Ltd. | 3500 | 41387 |
| Bank of Toyama Ltd. | 500 | 6159 |
| Base Co. Ltd. | 600 | 12261 |
| †baudroie, Inc. | 800 | 11633 |
| BayCurrent, Inc. | 4400 | 182440 |
| Beauty Garage, Inc. | 1200 | 11884 |
| Belc Co. Ltd. | 900 | 43328 |
| Bell System24 Holdings, <br> Inc.<br>| 5100 | 46858 |
| Belluna Co. Ltd. | 6100 | 38803 |
| Bic Camera, Inc. | 8900 | 95506 |
| BIPROGY, Inc. | 5200 | 179624 |
| B-Lot Co. Ltd. | 2900 | 27066 |
| Blue Zones Holdings Co. <br> Ltd.<br>| 1700 | 92538 |
| Bourbon Corp. | 500 | 8334 |
| Br Holdings Corp. | 2000 | 4430 |
| Bridgestone Corp. | 25800 | 580481 |
| Brother Industries Ltd. | 18700 | 373583 |
| Buffalo, Inc. | 1000 | 30897 |
| Bull-Dog Sauce Co. Ltd. | 1000 | 11856 |
| Bunka Shutter Co. Ltd. | 5500 | 71950 |
| Business Brain Showa-Ota, <br> Inc.<br>| 700 | 15920 |
| C Uyemura & Co. Ltd. | 500 | 46824 |
| Calbee, Inc. | 6300 | 120166 |
| Canon Marketing Japan, <br> Inc.<br>| 3800 | 167198 |
| Canon, Inc. | 11600 | 343228 |
| Capcom Co. Ltd. | 10400 | 241582 |
| Careerlink Co. Ltd. | 700 | 11623 |
| Carlit Co. Ltd. | 2400 | 28883 |
| Casio Computer Co. Ltd. | 12700 | 102957 |
| Cawachi Ltd. | 1200 | 23008 |
| CCI Group, Inc. | 27000 | 139459 |
| Celsys, Inc. | 2400 | 25590 |
| Central Automotive <br> Products Ltd.<br>| 1200 | 14437 |
| Central Glass Co. Ltd. | 2700 | 60177 |
| Central Japan Railway Co. | 9700 | 268690 |
| Central Security Patrols <br> Co. Ltd.<br>| 900 | 17501 |
| Central Sports Co. Ltd. | 600 | 9484 |
| Ceres, Inc. | 1000 | 12360 |
| Change Holdings, Inc. | 3100 | 19574 |
| Charm Care Corp. KK | 3000 | 24342 |

---

LVIP Dimensional International Core Equity Fund-17

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Chiba Bank Ltd. | 21100 | $235483 |
| Chiba Kogyo Bank Ltd. | 4900 | 52922 |
| Chori Co. Ltd. | 700 | 18299 |
| Chubu Electric Power Co., <br> Inc.<br>| 15600 | 240342 |
| Chubu Shiryo Co. Ltd. | 1700 | 18776 |
| Chuetsu Pulp & Paper Co. <br> Ltd.<br>| 800 | 10326 |
| Chugai Pharmaceutical Co. <br> Ltd.<br>| 12500 | 655769 |
| Chugin Financial Group, <br> Inc.<br>| 16800 | 265284 |
| Chugoku Electric Power <br> Co., Inc.<br>| 14000 | 89064 |
| Chugoku Marine Paints <br> Ltd.<br>| 2700 | 76014 |
| Citizen Watch Co. Ltd. | 22100 | 179804 |
| CKD Corp. | 5200 | 101693 |
| CK-San-Etsu Co. Ltd. | 700 | 18444 |
| Cleanup Corp. | 500 | 2789 |
| CMK Corp. | 8100 | 27200 |
| Coca-Cola Bottlers Japan <br> Holdings, Inc.<br>| 9475 | 191444 |
| Colowide Co. Ltd. | 7900 | 88664 |
| Computer Engineering & <br> Consulting Ltd.<br>| 1800 | 28157 |
| COMSYS Holdings Corp. | 9600 | 279443 |
| Comture Corp. | 2300 | 25086 |
| Cosmo Energy Holdings Co. <br> Ltd.<br>| 13400 | 357413 |
| Cosmos Pharmaceutical <br> Corp.<br>| 2600 | 131656 |
| Cota Co. Ltd. | 1064 | 7706 |
| †Cover Corp. | 3500 | 33623 |
| CREAL, Inc. | 2500 | 14858 |
| Create Restaurants <br> Holdings, Inc.<br>| 23000 | 113904 |
| Create SD Holdings Co. <br> Ltd.<br>| 3100 | 66074 |
| Creek & River Co. Ltd. | 1100 | 10614 |
| Cresco Ltd. | 1800 | 20019 |
| †CrowdWorks, Inc. | 2100 | 10970 |
| CTI Engineering Co. Ltd. | 2000 | 37995 |
| CTS Co. Ltd. | 2700 | 18076 |
| Curves Holdings Co. Ltd. | 5800 | 29724 |
| CyberAgent, Inc. | 21500 | 183202 |
| Cybozu, Inc. | 3000 | 53835 |
| Dai Nippon Printing Co. <br> Ltd.<br>| 11000 | 189354 |
| Dai Nippon Toryo Co. Ltd. | 2000 | 17194 |
| Daicel Corp. | 27300 | 244412 |
| Dai-Dan Co. Ltd. | 8400 | 132914 |
| Daido Metal Co. Ltd. | 3800 | 23775 |
| Daido Steel Co. Ltd. | 15000 | 153364 |
| Daifuku Co. Ltd. | 8500 | 267543 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Daihatsu Infinearth Mfg <br> Co. Ltd.<br>| 2100 | $34029 |
| Daiho Corp. | 5000 | 25058 |
| Daiichi Jitsugyo Co. Ltd. | 1800 | 34853 |
| Daiichi Kigenso <br> Kagaku-Kogyo Co. Ltd.<br>| 1000 | 7209 |
| Dai-ichi Life Holdings, Inc. | 81600 | 678142 |
| Daiichi Sankyo Co. Ltd. | 9500 | 201728 |
| Daiichikosho Co. Ltd. | 8100 | 87144 |
| Daiken Medical Co. Ltd. | 2500 | 7122 |
| Daiki Aluminium Industry <br> Co. Ltd.<br>| 3000 | 23078 |
| Daikin Industries Ltd. | 6200 | 792929 |
| Daikoku Denki Co. Ltd. | 1000 | 18258 |
| Daikokutenbussan Co. Ltd. | 400 | 14603 |
| Daikyonishikawa Corp. | 4000 | 20356 |
| Dainichiseika Color & <br> Chemicals Manufacturing <br> Co. Ltd.<br>| 600 | 15912 |
| Daio Paper Corp. | 10600 | 63076 |
| Daiseki Co. Ltd. | 4400 | 95440 |
| Daishi Hokuetsu Financial <br> Group, Inc.<br>| 23400 | 243174 |
| Daishinku Corp. | 1000 | 3701 |
| Daito Pharmaceutical Co. <br> Ltd.<br>| 3520 | 30441 |
| Daito Trust Construction <br> Co. Ltd.<br>| 13500 | 257067 |
| Daitron Co. Ltd. | 1600 | 24805 |
| Daiwa House Industry Co. <br> Ltd.<br>| 23500 | 780642 |
| Daiwa Securities Group, <br> Inc.<br>| 34300 | 300598 |
| Daiwabo Holdings Co. Ltd. | 9200 | 181310 |
| DCM Holdings Co. Ltd. | 10400 | 107954 |
| Dear Life Co. Ltd. | 2300 | 16585 |
| Denka Co. Ltd. | 9800 | 172359 |
| Denso Corp. | 28600 | 395026 |
| Dentsu Group, Inc. | 5100 | 108239 |
| Dentsu Soken, Inc. | 5400 | 94389 |
| Dexerials Corp. | 10700 | 180180 |
| DIC Corp. | 8900 | 207756 |
| Digital Arts, Inc. | 1300 | 51903 |
| Digital Hearts Holdings Co. <br> Ltd.<br>| 1000 | 5806 |
| Digital Information <br> Technologies Corp.<br>| 3800 | 31720 |
| Dip Corp. | 3200 | 45160 |
| Disco Corp. | 1700 | 517925 |
| DKS Co. Ltd. | 600 | 31521 |
| DMG Mori Co. Ltd. | 11400 | 192109 |
| Double Standard, Inc. | 1200 | 13296 |
| Doutor Nichires Holdings <br> Co. Ltd.<br>| 3100 | 51427 |
| Dowa Holdings Co. Ltd. | 6300 | 299126 |

---

LVIP Dimensional International Core Equity Fund-18

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| DTS Corp. | 9600 | $75470 |
| DyDo Group Holdings, Inc. | 1800 | 29086 |
| Eagle Industry Co. Ltd. | 2500 | 45601 |
| Earth Corp. | 400 | 12690 |
| East Japan Railway Co. | 11400 | 300468 |
| EAT&HOLDINGS Co. Ltd. | 1400 | 18079 |
| Ebara Corp. | 19100 | 450183 |
| Ebara Foods Industry, Inc. | 500 | 8008 |
| Ebara Jitsugyo Co. Ltd. | 2400 | 32899 |
| Ebase Co. Ltd. | 1200 | 3382 |
| Eco's Co. Ltd. | 1500 | 28974 |
| EDION Corp. | 8500 | 114987 |
| EF-ON, Inc. | 960 | 2166 |
| eGuarantee, Inc. | 2400 | 27571 |
| E-Guardian, Inc. | 300 | 3203 |
| Ehime Bank Ltd. | 2500 | 23803 |
| Eidai Co. Ltd. | 3200 | 4683 |
| Eisai Co. Ltd. | 7100 | 210805 |
| Elan Corp. | 400 | 1847 |
| Elecom Co. Ltd. | 3600 | 39666 |
| Electric Power <br> Development Co. Ltd.<br>| 7000 | 141554 |
| EM Systems Co. Ltd. | 1900 | 9625 |
| en, Inc. | 3700 | 36468 |
| Endo Lighting Corp. | 1600 | 24889 |
| ENEOS Holdings, Inc. | 114450 | 809746 |
| Enomoto Co. Ltd. | 1000 | 15308 |
| Enplas Corp. | 300 | 17859 |
| ERI Holdings Co. Ltd. | 900 | 27271 |
| ES-Con Japan Ltd. | 3800 | 28806 |
| Eslead Corp. | 400 | 17119 |
| ESPEC Corp. | 1500 | 32126 |
| Eternal Hospitality Group <br> Co. Ltd.<br>| 1000 | 21896 |
| Exedy Corp. | 3400 | 121940 |
| EXEO Group, Inc. | 16100 | 267309 |
| Ezaki Glico Co. Ltd. | 4500 | 155591 |
| F&M Co. Ltd. | 600 | 9290 |
| FALCO HOLDINGS Co. <br> Ltd.<br>| 900 | 15405 |
| FANUC Corp. | 3700 | 143988 |
| Fast Retailing Co. Ltd. | 3600 | 1305318 |
| †FDK Corp. | 400 | 894 |
| Feed One Co. Ltd. | 1840 | 12433 |
| Ferrotec Corp. | 3700 | 118806 |
| FIDEA Holdings Co. Ltd. | 1800 | 21852 |
| FINDEX, Inc. | 1400 | 8110 |
| Fintech Global, Inc. | 20000 | 17598 |
| First Bank of Toyama Ltd. | 6200 | 71968 |
| First Brothers Co. Ltd. | 1700 | 13256 |
| Fixstars Corp. | 3500 | 35058 |
| Food & Life Cos. Ltd. | 5500 | 277452 |
| Foster Electric Co. Ltd. | 1900 | 32907 |
| FP Corp. | 5200 | 87245 |
| FP Partner, Inc. | 1300 | 17551 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| France Bed Holdings Co. <br> Ltd.<br>| 1400 | $11790 |
| Freebit Co. Ltd. | 2700 | 29208 |
| F-Tech, Inc. | 1100 | 5623 |
| Fudo Tetra Corp. | 1890 | 32018 |
| Fuji Co. Ltd. | 900 | 12272 |
| Fuji Corp. | 8800 | 205041 |
| Fuji Corp. Ltd. | 3100 | 16220 |
| Fuji Electric Co. Ltd. | 6100 | 462594 |
| Fuji Kyuko Co. Ltd. | 2000 | 26481 |
| Fuji Oil Co. Ltd. | 4200 | 97854 |
| Fuji Pharma Co. Ltd. | 700 | 8420 |
| Fuji Seal International, <br> Inc.<br>| 4100 | 82263 |
| Fuji United Holdings Co. <br> Ltd.<br>| 800 | 6408 |
| Fujibo Holdings, Inc. | 1300 | 68769 |
| Fujicco Co. Ltd. | 2400 | 24226 |
| FUJIFILM Holdings Corp. | 13300 | 282205 |
| Fujikura Composites, Inc. | 1400 | 18411 |
| Fujikura Ltd. | 5300 | 587746 |
| Fujimi, Inc. | 2400 | 36405 |
| Fujisash Co. Ltd. | 1330 | 7779 |
| Fujita Kanko, Inc. | 4000 | 67295 |
| Fujitsu Ltd. | 28800 | 791508 |
| Fujiya Co. Ltd. | 600 | 9674 |
| FuKoKu Co. Ltd. | 1800 | 22304 |
| Fukuda Corp. | 400 | 19204 |
| Fukuda Denshi Co. Ltd. | 1400 | 67587 |
| Fukui Bank Ltd. | 1800 | 29766 |
| Fukui Computer Holdings, <br> Inc.<br>| 1100 | 22043 |
| Fukuoka Financial Group, <br> Inc.<br>| 6900 | 223184 |
| Fukuyama Transporting Co. <br> Ltd.<br>| 1900 | 53604 |
| FULLCAST Holdings Co. <br> Ltd.<br>| 1600 | 17034 |
| Funai Soken Holdings, Inc. | 7200 | 52684 |
| Furukawa Co. Ltd. | 3300 | 81063 |
| Furukawa Electric Co. Ltd. | 5600 | 357069 |
| Furuno Electric Co. Ltd. | 2500 | 126937 |
| Furuya Metal Co. Ltd. | 2000 | 44846 |
| Furyu Corp. | 2700 | 18363 |
| Fuso Chemical Co. Ltd. | 1900 | 77450 |
| Fuso Pharmaceutical <br> Industries Ltd.<br>| 400 | 5902 |
| Futaba Industrial Co. Ltd. | 7100 | 47487 |
| Future Corp. | 4000 | 50601 |
| G-7 Holdings, Inc. | 3200 | 28896 |
| GA Technologies Co. Ltd. | 3000 | 33971 |
| Gakken Holdings Co. Ltd. | 2200 | 15720 |
| Gakkyusha Co. Ltd. | 900 | 13719 |
| Galilei Co. Ltd. | 2000 | 48608 |
| Gecoss Corp. | 900 | 8341 |

---

LVIP Dimensional International Core Equity Fund-19

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Genki Global Dining <br> Concepts Corp.<br>| 1400 | $27777 |
| Genky DrugStores Co. Ltd. | 2000 | 63228 |
| Geo Holdings Corp. | 3500 | 41888 |
| Gift Holdings, Inc. | 1500 | 32128 |
| Giken Ltd. | 1700 | 21161 |
| GLOBERIDE, Inc. | 1400 | 19433 |
| Glory Ltd. | 5000 | 126595 |
| GMO Financial Gate, Inc. | 300 | 9939 |
| GMO Financial Holdings, <br> Inc.<br>| 5000 | 27824 |
| GMO GlobalSign Holdings <br> KK<br>| 800 | 12005 |
| GMO Payment Gateway, <br> Inc.<br>| 2800 | 173656 |
| Godo Steel Ltd. | 1200 | 30222 |
| Goldwin, Inc. | 3000 | 48032 |
| Grandy House Corp. | 2900 | 11354 |
| Greens Co. Ltd. | 1100 | 16414 |
| grems, Inc. | 1700 | 27397 |
| GS Yuasa Corp. | 10000 | 239794 |
| G-Tekt Corp. | 2800 | 35125 |
| Gunma Bank Ltd. | 25500 | 281741 |
| Gunze Ltd. | 3000 | 82061 |
| H.U. Group Holdings, Inc. | 5400 | 116619 |
| H2O Retailing Corp. | 11100 | 145932 |
| HABA Laboratories, Inc. | 400 | 4415 |
| Hachijuni Bank Ltd. | 26378 | 285649 |
| Hagihara Industries, Inc. | 1300 | 14016 |
| Hagiwara Electric Holdings <br> Co. Ltd.<br>| 1200 | 28361 |
| Hakudo Co. Ltd. | 1100 | 16432 |
| Hakuhodo DY Holdings, <br> Inc.<br>| 18100 | 134945 |
| Halows Co. Ltd. | 800 | 23573 |
| Hamakyorex Co. Ltd. | 7200 | 81513 |
| Hamamatsu Photonics KK | 10100 | 107432 |
| Hankyu Hanshin Holdings, <br> Inc.<br>| 10500 | 264083 |
| Hanwa Co. Ltd. | 4000 | 183272 |
| Happinet Corp. | 3200 | 60120 |
| Hard Off Corp. Co. Ltd. | 2100 | 26849 |
| Harima Chemicals Group, <br> Inc.<br>| 1400 | 8294 |
| Haseko Corp. | 21400 | 425175 |
| Hashimoto Sogyo Holdings <br> Co. Ltd.<br>| 1400 | 11695 |
| Hazama Ando Corp. | 9500 | 114808 |
| Heiwa Corp. | 1200 | 15567 |
| Heiwa Real Estate Co. Ltd. | 1500 | 21387 |
| Heiwado Co. Ltd. | 3300 | 60800 |
| Hennge KK | 1900 | 15482 |
| Hiday Hidaka Corp. | 2700 | 59480 |
| †Hino Motors Ltd. | 41500 | 102458 |
| Hioki EE Corp. | 600 | 23400 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hirakawa Hewtech Corp. | 1300 | $23840 |
| Hirano Tecseed Co. Ltd. | 700 | 7493 |
| Hirata Corp. | 4200 | 63131 |
| Hirogin Holdings, Inc. | 25300 | 255799 |
| Hirose Electric Co. Ltd. | 1200 | 132797 |
| HIS Co. Ltd. | 6400 | 53843 |
| Hitachi Construction <br> Machinery Co. Ltd.<br>| 7500 | 221698 |
| Hitachi Ltd. | 81000 | 2540287 |
| Hochiki Corp. | 1300 | 36858 |
| Hodogaya Chemical Co. <br> Ltd.<br>| 800 | 11444 |
| Hokkaido Coca-Cola <br> Bottling Co. Ltd.<br>| 400 | 10100 |
| Hokkaido Electric Power <br> Co., Inc.<br>| 9500 | 63716 |
| Hokkaido Gas Co. Ltd. | 4000 | 19412 |
| Hokkan Holdings Ltd. | 800 | 12120 |
| Hokko Chemical Industry <br> Co. Ltd.<br>| 2100 | 22129 |
| Hokuetsu Corp. | 7400 | 42286 |
| Hokuhoku Financial Group, <br> Inc.<br>| 9900 | 289900 |
| Hokuriku Electric Industry <br> Co. Ltd.<br>| 1300 | 24124 |
| Hokuriku Electric Power <br> Co.<br>| 12300 | 76860 |
| Hokuto Corp. | 3100 | 40063 |
| Honda Motor Co. Ltd. | 74900 | 735119 |
| H-One Co. Ltd. | 800 | 7223 |
| Honeys Holdings Co. Ltd. | 2300 | 22448 |
| †Honma Golf Ltd. | 17500 | 7031 |
| Hoosiers Holdings Co. Ltd. | 2900 | 24352 |
| Horiba Ltd. | 3000 | 306221 |
| Hoshizaki Corp. | 3100 | 103258 |
| Hosokawa Micron Corp. | 1200 | 43184 |
| Hotland Holdings Co. Ltd. | 800 | 10213 |
| House Foods Group, Inc. | 6600 | 121285 |
| Howa Machinery Ltd. | 1300 | 9885 |
| Hoya Corp. | 6500 | 985852 |
| HS Holdings Co. Ltd. | 1600 | 11945 |
| Hulic Co. Ltd. | 21000 | 229765 |
| Hyakugo Bank Ltd. | 23100 | 169027 |
| Hyakujushi Bank Ltd. | 2400 | 102053 |
| Ibiden Co. Ltd. | 10200 | 440557 |
| IBJ, Inc. | 1500 | 7528 |
| Ichibanya Co. Ltd. | 4200 | 24478 |
| Ichiken Co. Ltd. | 500 | 15281 |
| Ichikoh Industries Ltd. | 2000 | 6565 |
| Ichinen Holdings Co. Ltd. | 2500 | 33989 |
| Ichiyoshi Securities Co. <br> Ltd.<br>| 4600 | 31855 |
| ID Holdings Corp. | 1100 | 15324 |
| IDEA Consultants, Inc. | 700 | 17747 |
| Idec Corp. | 2000 | 37309 |

---

LVIP Dimensional International Core Equity Fund-20

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Idemitsu Kosan Co. Ltd. | 35080 | $265600 |
| IDOM, Inc. | 9200 | 75356 |
| IG Port, Inc. | 1300 | 10853 |
| IHI Corp. | 21200 | 372708 |
| Iida Group Holdings Co. <br> Ltd.<br>| 11700 | 188042 |
| Iino Kaiun Kaisha Ltd. | 10000 | 90625 |
| IKK Holdings, Inc. | 2500 | 12702 |
| I'll, Inc. | 900 | 14617 |
| Imura & Co. Ltd. | 1100 | 7078 |
| Imuraya Group Co. Ltd. | 800 | 13065 |
| Inaba Denki Sangyo Co. <br> Ltd.<br>| 6000 | 97887 |
| Inaba Seisakusho Co. Ltd. | 900 | 9164 |
| Inabata & Co. Ltd. | 5500 | 131575 |
| I-NE Co. Ltd. | 700 | 5917 |
| Infomart Corp. | 17100 | 46252 |
| INFRONEER Holdings, <br> Inc.<br>| 20340 | 277933 |
| Innotech Corp. | 2200 | 29492 |
| Inpex Corp. | 60600 | 1212032 |
| Insource Co. Ltd. | 6800 | 37225 |
| Intage Holdings, Inc. | 500 | 5641 |
| Internet Initiative Japan, <br> Inc.<br>| 7600 | 134441 |
| Inui Global Logistics Co. <br> Ltd.<br>| 1200 | 10528 |
| IPS, Inc. | 600 | 11627 |
| IR Japan Holdings Ltd. | 800 | 4028 |
| Iriso Electronics Co. Ltd. | 2700 | 55430 |
| ISB Corp. | 1100 | 12169 |
| Iseki & Co. Ltd. | 2300 | 27309 |
| Isetan Mitsukoshi Holdings <br> Ltd.<br>| 12600 | 183016 |
| Ishihara Sangyo Kaisha <br> Ltd.<br>| 4200 | 73619 |
| Istyle, Inc. | 6900 | 20720 |
| Isuzu Motors Ltd. | 48000 | 749142 |
| Itfor, Inc. | 2000 | 21898 |
| ITmedia, Inc. | 600 | 6188 |
| Ito En Ltd. | 6200 | 121633 |
| ITOCHU Corp. | 40000 | 505472 |
| Itochu Enex Co. Ltd. | 6000 | 72670 |
| Itochu-Shokuhin Co. Ltd. | 300 | 21471 |
| Itoham Yonekyu Holdings, <br> Inc.<br>| 3080 | 110051 |
| Itoki Corp. | 4300 | 66952 |
| IwaiCosmo Holdings, Inc. | 2000 | 41818 |
| Iwaki Co. Ltd. | 1400 | 23366 |
| Iwatani Corp. | 16700 | 175526 |
| Iyogin Holdings, Inc. | 17100 | 278639 |
| Izumi Co. Ltd. | 3600 | 68934 |
| J Front Retailing Co. Ltd. | 24100 | 337850 |
| J Trust Co. Ltd. | 7800 | 23779 |
| JAC Recruitment Co. Ltd. | 5200 | 35336 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| †Jade Group, Inc. | 900 | $8292 |
| JANOME Corp. | 1000 | 7435 |
| Japan Airlines Co. Ltd. | 12400 | 229967 |
| Japan Airport Terminal Co. <br> Ltd.<br>| 5100 | 143063 |
| Japan Aviation Electronics <br> Industry Ltd.<br>| 4400 | 70859 |
| †Japan Communications, <br> Inc.<br>| 7800 | 7258 |
| Japan Electronic Materials <br> Corp.<br>| 1700 | 41687 |
| Japan Elevator Service <br> Holdings Co. Ltd.<br>| 15000 | 166237 |
| Japan Engine Corp. | 500 | 38747 |
| Japan Exchange Group, <br> Inc.<br>| 37000 | 394922 |
| Japan Hospice Holdings, <br> Inc.<br>| 800 | 5719 |
| Japan Investment Adviser <br> Co. Ltd.<br>| 3400 | 44265 |
| Japan Lifeline Co. Ltd. | 6000 | 60262 |
| Japan Material Co. Ltd. | 3800 | 37557 |
| Japan Medical Dynamic <br> Marketing, Inc.<br>| 1400 | 4346 |
| Japan Post Holdings Co. <br> Ltd.<br>| 31700 | 334480 |
| Japan Post Insurance Co. <br> Ltd.<br>| 7200 | 216529 |
| Japan Property <br> Management Center Co. <br> Ltd.<br>| 1500 | 12353 |
| Japan Pulp & Paper Co. <br> Ltd.<br>| 8000 | 44979 |
| Japan Securities Finance <br> Co. Ltd.<br>| 4600 | 59464 |
| Japan Steel Works Ltd. | 2400 | 118197 |
| Japan System Techniques <br> Co. Ltd.<br>| 2000 | 32164 |
| Japan Tobacco, Inc. | 6900 | 248002 |
| Japan Transcity Corp. | 3000 | 21751 |
| Japan Wool Textile Co. Ltd. | 4700 | 53308 |
| JBCC Holdings, Inc. | 3200 | 32623 |
| JCU Corp. | 2100 | 65849 |
| JDC Corp. | 4600 | 15854 |
| Jeol Ltd. | 5000 | 160697 |
| JFE Holdings, Inc. | 24500 | 312348 |
| †JIG-SAW, Inc. | 300 | 5138 |
| JINS Holdings, Inc. | 1500 | 52945 |
| JINUSHI Co. Ltd. | 1800 | 35000 |
| JK Holdings Co. Ltd. | 1500 | 12928 |
| J-Lease Co. Ltd. | 1200 | 11101 |
| JM Holdings Co. Ltd. | 1600 | 17181 |
| JMS Co. Ltd. | 1500 | 4230 |
| J-Oil Mills, Inc. | 1400 | 17877 |
| Joshin Denki Co. Ltd. | 2200 | 38122 |

---

LVIP Dimensional International Core Equity Fund-21

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Joyful Honda Co. Ltd. | 3900 | $53033 |
| JP-Holdings, Inc. | 4300 | 19729 |
| JSB Co. Ltd. | 1100 | 25064 |
| JSP Corp. | 1400 | 21875 |
| JTEKT Corp. | 20500 | 227194 |
| Juki Corp. | 2600 | 8315 |
| Juroku Financial Group, <br> Inc.<br>| 3100 | 142573 |
| Justsystems Corp. | 2400 | 77588 |
| JVCKenwood Corp. | 18300 | 140920 |
| Kadoya Sesame Mills, Inc. | 300 | 7659 |
| Kaga Electronics Co. Ltd. | 4000 | 99062 |
| Kagome Co. Ltd. | 6200 | 106675 |
| Kajima Corp. | 6200 | 231182 |
| Kakaku.com, Inc. | 8800 | 129727 |
| Kamakura Shinsho Ltd. | 2300 | 9223 |
| Kameda Seika Co. Ltd. | 900 | 22380 |
| Kamei Corp. | 1600 | 30902 |
| Kamigumi Co. Ltd. | 6900 | 223129 |
| Kanaden Corp. | 1100 | 15059 |
| Kanadevia Corp. | 20600 | 124820 |
| Kanagawa Chuo Kotsu Co. <br> Ltd.<br>| 400 | 9582 |
| Kanamic Network Co. Ltd. | 1800 | 5993 |
| Kanamoto Co. Ltd. | 3100 | 77540 |
| Kandenko Co. Ltd. | 4300 | 138109 |
| Kaneka Corp. | 5000 | 140236 |
| Kaneko Seeds Co. Ltd. | 900 | 9320 |
| Kanematsu Corp. | 17000 | 195607 |
| Kanro, Inc. | 3900 | 41182 |
| Kansai Electric Power Co., <br> Inc.<br>| 14000 | 219866 |
| Kansai Paint Co. Ltd. | 14200 | 224319 |
| Kanto Denka Kogyo Co. <br> Ltd.<br>| 3900 | 27557 |
| Kao Corp. | 8500 | 339248 |
| Kappa Create Co. Ltd. | 2100 | 20705 |
| Katitas Co. Ltd. | 4900 | 99644 |
| Kato Sangyo Co. Ltd. | 2100 | 86084 |
| Kato Works Co. Ltd. | 400 | 3359 |
| Kawada Technologies, Inc. | 1800 | 50253 |
| Kawai Musical Instruments <br> Manufacturing Co. Ltd.<br>| 500 | 8763 |
| Kawasaki Heavy Industries <br> Ltd.<br>| 5600 | 371372 |
| KDDI Corp. | 76900 | 1330962 |
| KeePer Technical <br> Laboratory Co. Ltd.<br>| 1600 | 35958 |
| Keihan Holdings Co. Ltd. | 9300 | 200610 |
| Keihanshin Building Co. <br> Ltd.<br>| 1600 | 19703 |
| Keikyu Corp. | 11400 | 111606 |
| Keio Corp. | 4600 | 118980 |
| Keisei Electric Railway Co. <br> Ltd.<br>| 9300 | 76345 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| KEIWA, Inc. | 1000 | $7980 |
| Keiyo Bank Ltd. | 13500 | 143625 |
| Kenko Mayonnaise Co. Ltd. | 1500 | 18064 |
| Kewpie Corp. | 3800 | 104946 |
| Keyence Corp. | 1000 | 361725 |
| KH Neochem Co. Ltd. | 3300 | 52206 |
| Kibun Foods, Inc. | 2200 | 15118 |
| Kikkoman Corp. | 16400 | 148922 |
| Kimura Unity Co. Ltd. | 4000 | 22764 |
| Kinden Corp. | 700 | 30364 |
| King Jim Co. Ltd. | 1800 | 9454 |
| Kintetsu Department Store <br> Co. Ltd.<br>| 700 | 8199 |
| Kintetsu Group Holdings <br> Co. Ltd.<br>| 8000 | 156727 |
| Kirin Holdings Co. Ltd. | 20900 | 312852 |
| Ki-Star Real Estate Co. <br> Ltd.<br>| 1400 | 58796 |
| Kitagawa Corp. | 600 | 6649 |
| Kita-Nippon Bank Ltd. | 400 | 11543 |
| Kitz Corp. | 7400 | 82458 |
| Kiyo Bank Ltd. | 6700 | 139786 |
| †KNT-CT Holdings Co. Ltd. | 700 | 7326 |
| Koa Corp. | 5400 | 47173 |
| Koatsu Gas Kogyo Co. Ltd. | 2000 | 13369 |
| Kobe Bussan Co. Ltd. | 5800 | 139610 |
| Kobe Electric Railway Co. <br> Ltd.<br>| 500 | 7915 |
| Kobe Steel Ltd. | 42600 | 562908 |
| Koei Tecmo Holdings Co. <br> Ltd.<br>| 2600 | 31573 |
| Kohnan Shoji Co. Ltd. | 2500 | 64065 |
| Kohoku Kogyo Co. Ltd. | 1000 | 19730 |
| Kohsoku Corp. | 800 | 15182 |
| Koito Manufacturing Co. <br> Ltd.<br>| 14300 | 211283 |
| Kojima Co. Ltd. | 3000 | 22809 |
| Kokuyo Co. Ltd. | 12000 | 67045 |
| Komatsu Ltd. | 35400 | 1123329 |
| KOMEDA Holdings Co. <br> Ltd.<br>| 3600 | 69782 |
| Komehyo Holdings Co. Ltd. | 1100 | 20114 |
| Komeri Co. Ltd. | 3600 | 78696 |
| Konaka Co. Ltd. | 2400 | 3740 |
| Konami Group Corp. | 1500 | 203711 |
| Kondotec, Inc. | 2100 | 21124 |
| Konica Minolta, Inc. | 42700 | 185754 |
| Konishi Co. Ltd. | 5000 | 42492 |
| Konoike Transport Co. Ltd. | 2700 | 56654 |
| Konoshima Chemical Co. <br> Ltd.<br>| 1400 | 13703 |
| Kosaido Holdings Co. Ltd. | 5000 | 14457 |
| Kose Corp. | 1800 | 60259 |
| Koshidaka Holdings Co. <br> Ltd.<br>| 5700 | 44508 |

---

LVIP Dimensional International Core Equity Fund-22

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kotobuki Spirits Co. Ltd. | 7900 | $92524 |
| Kozo Keikaku Engineering <br> Holdings, Inc.<br>| 1000 | 19551 |
| KPP Group Holdings Co. <br> Ltd.<br>| 3400 | 17849 |
| Kraftia Corp. | 3500 | 172134 |
| Krosaki Harima Corp. | 2000 | 52925 |
| KRS Corp. | 1200 | 21953 |
| K's Holdings Corp. | 16000 | 165222 |
| KU Holdings Co. Ltd. | 1500 | 11674 |
| Kubota Corp. | 32900 | 466215 |
| Kumagai Gumi Co. Ltd. | 15200 | 150145 |
| Kumiai Chemical Industry <br> Co. Ltd.<br>| 9070 | 40783 |
| Kura Sushi, Inc. | 1100 | 22774 |
| Kurabo Industries Ltd. | 800 | 43328 |
| Kuraray Co. Ltd. | 25900 | 262738 |
| Kureha Corp. | 4200 | 109423 |
| Kurimoto Ltd. | 4000 | 42669 |
| Kurita Water Industries <br> Ltd.<br>| 5100 | 207227 |
| Kuriyama Holdings Corp. | 1400 | 14809 |
| Kusuri No. Aoki Holdings <br> Co. Ltd.<br>| 4000 | 119530 |
| KYB Corp. | 4400 | 125554 |
| Kyodo Printing Co. Ltd. | 1600 | 16131 |
| Kyoei Steel Ltd. | 2300 | 35958 |
| Kyokuto Boeki Kaisha Ltd. | 1400 | 16481 |
| Kyokuto Kaihatsu Kogyo <br> Co. Ltd.<br>| 3700 | 73909 |
| Kyokuyo Co. Ltd. | 1000 | 31117 |
| Kyorin Pharmaceutical Co. <br> Ltd.<br>| 5400 | 53003 |
| KYORITSU Co. Ltd. | 3400 | 4747 |
| Kyoritsu Maintenance Co. <br> Ltd.<br>| 7000 | 124784 |
| Kyosan Electric <br> Manufacturing Co. Ltd.<br>| 4100 | 15979 |
| Kyoto Financial Group, <br> Inc.<br>| 11200 | 245292 |
| Kyowa Kirin Co. Ltd. | 9000 | 144852 |
| Kyushu Electric Power Co., <br> Inc.<br>| 15000 | 160926 |
| Kyushu Financial Group, <br> Inc.<br>| 35900 | 233156 |
| Kyushu Railway Co. | 6600 | 171657 |
| LA Holdings Co. Ltd. | 300 | 16012 |
| Lacto Japan Co. Ltd. | 1100 | 24257 |
| Lasertec Corp. | 3000 | 571628 |
| LEC, Inc. | 1800 | 12055 |
| Leopalace21 Corp. | 18500 | 77718 |
| Life Corp. | 5600 | 91379 |
| Lifedrink Co., Inc. | 3200 | 35445 |
| LIFULL Co. Ltd. | 5900 | 6701 |
| LIKE, Inc. | 2300 | 22635 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Link & Motivation, Inc. | 4400 | $14382 |
| Lintec Corp. | 4500 | 126966 |
| Lion Corp. | 10600 | 111590 |
| LITALICO, Inc. | 2400 | 19785 |
| Lixil Corp. | 24700 | 298732 |
| Loadstar Capital KK | 1000 | 19210 |
| Look Holdings, Inc. | 1000 | 16030 |
| LY Corp. | 65200 | 173494 |
| M3, Inc. | 5600 | 75336 |
| Mabuchi Motor Co. Ltd. | 21200 | 194973 |
| Macbee Planet, Inc. | 700 | 6755 |
| Macnica Holdings, Inc. | 11800 | 180882 |
| Maeda Kosen Co. Ltd. | 4100 | 51917 |
| Maezawa Industries, Inc. | 2700 | 34817 |
| Makino Milling Machine <br> Co. Ltd.<br>| 3000 | 211331 |
| Makita Corp. | 6000 | 181854 |
| Management Solutions Co. <br> Ltd.<br>| 800 | 7047 |
| Mandom Corp. | 5600 | 97106 |
| Mani, Inc. | 5600 | 51905 |
| MarkLines Co. Ltd. | 1600 | 15397 |
| Marubeni Corp. | 17700 | 492945 |
| Marubun Corp. | 2400 | 19986 |
| Maruchiyo Yamaokaya <br> Corp.<br>| 2000 | 38986 |
| Marudai Food Co. Ltd. | 1600 | 22453 |
| Maruha Nichiro Corp. | 16500 | 135514 |
| Marui Group Co. Ltd. | 12400 | 254742 |
| MARUKA FURUSATO <br> Corp.<br>| 1261 | 18160 |
| Maruwa Co. Ltd. | 400 | 108706 |
| Maruzen CHI Holdings Co. <br> Ltd.<br>| 2600 | 5592 |
| Maruzen Showa Unyu Co. <br> Ltd.<br>| 1300 | 68133 |
| Marvelous, Inc. | 2500 | 8100 |
| Matching Service Japan Co. <br> Ltd.<br>| 900 | 5983 |
| Matsuda Sangyo Co. Ltd. | 800 | 26927 |
| Matsui Securities Co. Ltd. | 12400 | 67681 |
| MatsukiyoCocokara & Co. | 13260 | 229578 |
| Matsuyafoods Holdings Co. <br> Ltd.<br>| 900 | 37289 |
| Max Co. Ltd. | 1300 | 57520 |
| Maxell Ltd. | 4500 | 68994 |
| Maxvalu Tokai Co. Ltd. | 500 | 11833 |
| Mazda Motor Corp. | 54100 | 417771 |
| McDonald's Holdings Co. <br> Japan Ltd.<br>| 3600 | 146690 |
| MCJ Co. Ltd. | 6300 | 64849 |
| Mebuki Financial Group, <br> Inc.<br>| 46390 | 307607 |
| MEC Co. Ltd. | 1600 | 52117 |
| Media Do Co. Ltd. | 300 | 3440 |

---

LVIP Dimensional International Core Equity Fund-23

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Medical System Network <br> Co. Ltd.<br>| 4100 | $13632 |
| Medipal Holdings Corp. | 11700 | 207123 |
| Medius Holdings Co. Ltd. | 1600 | 8340 |
| Megmilk Snow Brand Co. <br> Ltd.<br>| 5400 | 111427 |
| Meidensha Corp. | 4000 | 142449 |
| Meiji Electric Industries <br> Co. Ltd.<br>| 1100 | 16657 |
| MEIJI Holdings Co. Ltd. | 14900 | 331158 |
| Meiko Electronics Co. Ltd. | 1900 | 129951 |
| MEITEC Group Holdings, <br> Inc.<br>| 6900 | 156209 |
| Meiwa Corp. | 2500 | 15104 |
| Meiwa Estate Co. Ltd. | 1700 | 12346 |
| Menicon Co. Ltd. | 6400 | 65330 |
| †Mercari, Inc. | 9000 | 181204 |
| METAWATER Co. Ltd. | 2000 | 42906 |
| Micronics Japan Co. Ltd. | 2900 | 130495 |
| Midac Holdings Co. Ltd. | 800 | 9807 |
| Mie Kotsu Group Holdings, <br> Inc.<br>| 2500 | 8620 |
| Mikuni Corp. | 1600 | 3638 |
| Milbon Co. Ltd. | 1600 | 24834 |
| MIMAKI ENGINEERING <br> Co. Ltd.<br>| 2700 | 28228 |
| Minebea Mitsumi, Inc. | 23032 | 463440 |
| Mirait One Corp. | 10000 | 223881 |
| Mirarth Holdings, Inc. | 9900 | 24424 |
| Miroku Jyoho Service Co. <br> Ltd.<br>| 900 | 11433 |
| MISUMI Group, Inc. | 14000 | 218473 |
| Mitani Corp. | 1400 | 20518 |
| Mitsuba Corp. | 2400 | 16034 |
| Mitsubishi Chemical Group <br> Corp.<br>| 80600 | 471803 |
| Mitsubishi Corp. | 38000 | 869162 |
| Mitsubishi Electric Corp. | 16100 | 469425 |
| Mitsubishi Estate Co. Ltd. | 13900 | 337702 |
| Mitsubishi Gas Chemical <br> Co., Inc.<br>| 12600 | 228863 |
| Mitsubishi Heavy <br> Industries Ltd.<br>| 28700 | 700637 |
| Mitsubishi Logisnext Co. <br> Ltd.<br>| 3300 | 32387 |
| Mitsubishi Logistics Corp. | 19200 | 146678 |
| Mitsubishi Materials Corp. | 12700 | 298075 |
| Mitsubishi Motors Corp. | 71900 | 170937 |
| Mitsubishi Paper Mills Ltd. | 2100 | 8773 |
| Mitsubishi Research <br> Institute, Inc.<br>| 1000 | 31841 |
| Mitsubishi Steel <br> Manufacturing Co. Ltd.<br>| 600 | 7192 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 147800 | 2345744 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mitsuboshi Belting Ltd. | 600 | $15041 |
| Mitsui & Co. Ltd. | 28500 | 846374 |
| Mitsui Chemicals, Inc. | 31400 | 401515 |
| Mitsui DM Sugar Co. Ltd. | 1200 | 25527 |
| Mitsui E&S Co. Ltd. | 6300 | 224907 |
| Mitsui Fudosan Co. Ltd. | 28200 | 320472 |
| Mitsui High-Tec, Inc. | 13300 | 64483 |
| Mitsui Kinzoku Co. Ltd. | 6500 | 733113 |
| Mitsui-Soko Holdings Co. <br> Ltd.<br>| 6300 | 149761 |
| Mitsuuroko Group Holdings <br> Co. Ltd.<br>| 2900 | 40818 |
| Miura Co. Ltd. | 3500 | 67977 |
| Miyaji Engineering Group, <br> Inc.<br>| 2200 | 26432 |
| Miyazaki Bank Ltd. | 900 | 37520 |
| Miyoshi Oil & Fat Co. Ltd. | 1500 | 22139 |
| Mizuho Financial Group, <br> Inc.<br>| 37070 | 1352853 |
| Mizuho Medy Co. Ltd. | 1700 | 18506 |
| Mizuno Corp. | 5100 | 100769 |
| Mochida Pharmaceutical <br> Co. Ltd.<br>| 1400 | 31601 |
| Monogatari Corp. | 3700 | 104084 |
| MonotaRO Co. Ltd. | 8900 | 141717 |
| MORESCO Corp. | 700 | 6843 |
| Morinaga & Co. Ltd. | 7600 | 128787 |
| Morinaga Milk Industry Co. <br> Ltd.<br>| 7100 | 168799 |
| Moriroku Co. Ltd. | 1700 | 27085 |
| Morita Holdings Corp. | 3000 | 52879 |
| Moriya Transportation <br> Engineering & <br> Manufacturing Co. Ltd.<br>| 700 | 21800 |
| Mory Industries, Inc. | 1000 | 6524 |
| MOS Food Services, Inc. | 1200 | 32550 |
| MrMax Holdings Ltd. | 2600 | 13377 |
| MS&AD Insurance Group <br> Holdings, Inc.<br>| 36600 | 859259 |
| Mugen Estate Co. Ltd. | 2200 | 26157 |
| m-up Holdings, Inc. | 8200 | 47443 |
| Murata Manufacturing Co. <br> Ltd.<br>| 13300 | 274884 |
| Musashi Seimitsu Industry <br> Co. Ltd.<br>| 4800 | 78248 |
| Musashino Bank Ltd. | 2100 | 65244 |
| Nabtesco Corp. | 2200 | 52699 |
| NAC Co. Ltd. | 4800 | 16746 |
| Nachi-Fujikoshi Corp. | 2400 | 66660 |
| Nafco Co. Ltd. | 1600 | 22686 |
| Nagano Keiki Co. Ltd. | 1200 | 18590 |
| Nagase & Co. Ltd. | 8100 | 197221 |
| Nagase Brothers, Inc. | 800 | 13159 |
| Nagoya Railroad Co. Ltd. | 9700 | 104178 |
| Nakabayashi Co. Ltd. | 2100 | 7842 |

---

LVIP Dimensional International Core Equity Fund-24

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nakamoto Packs Co. Ltd. | 800 | $9859 |
| Nakamuraya Co. Ltd. | 500 | 9804 |
| Nakanishi, Inc. | 3300 | 41785 |
| Nakayama Steel Works Ltd. | 7200 | 28287 |
| Namura Shipbuilding Co. <br> Ltd.<br>| 5500 | 124145 |
| Nankai Electric Railway <br> Co. Ltd.<br>| 6500 | 123400 |
| Nanto Bank Ltd. | 3000 | 113985 |
| Natori Co. Ltd. | 700 | 8507 |
| NEC Corp. | 10000 | 338355 |
| Nexon Co. Ltd. | 3000 | 73279 |
| Nextage Co. Ltd. | 6300 | 111305 |
| †NexTone, Inc. | 400 | 4225 |
| NGK Insulators Ltd. | 21300 | 457082 |
| NH Foods Ltd. | 6600 | 275590 |
| NHK Spring Co. Ltd. | 15700 | 252964 |
| Nichias Corp. | 4300 | 185809 |
| Nichiban Co. Ltd. | 600 | 7643 |
| Nichicon Corp. | 5500 | 57585 |
| Nichiden Corp. | 1300 | 21161 |
| Nichiha Corp. | 2600 | 54243 |
| Nichirei Corp. | 18000 | 213996 |
| Nichireki Group Co. Ltd. | 1000 | 15590 |
| Nichirin Co. Ltd. | 1300 | 30658 |
| NIDEC Corp. | 28100 | 381542 |
| Nifco, Inc. | 8200 | 253966 |
| Nihon Dempa Kogyo Co. <br> Ltd.<br>| 5000 | 32587 |
| Nihon Denkei Co. Ltd. | 1200 | 17384 |
| Nihon House Holdings Co. <br> Ltd.<br>| 2600 | 5290 |
| Nihon Kohden Corp. | 1100 | 11837 |
| Nihon M&A Center <br> Holdings, Inc.<br>| 32200 | 147850 |
| Nihon Nohyaku Co. Ltd. | 2400 | 15544 |
| Nihon Plast Co. Ltd. | 1900 | 5008 |
| Nihon Yamamura Glass Co. <br> Ltd.<br>| 1000 | 19316 |
| Nikkiso Co. Ltd. | 6300 | 63994 |
| Nikko Co. Ltd. | 2100 | 10598 |
| Nikkon Holdings Co. Ltd. | 4400 | 95828 |
| Nikon Corp. | 20500 | 228871 |
| Nintendo Co. Ltd. | 3000 | 202544 |
| Nippn Corp. | 6400 | 97282 |
| Nippon Air Conditioning <br> Services Co. Ltd.<br>| 1800 | 14823 |
| Nippon Aqua Co. Ltd. | 2100 | 11583 |
| Nippon Avionics Co. Ltd. | 700 | 19899 |
| Nippon Carbide Industries <br> Co., Inc.<br>| 800 | 13084 |
| Nippon Carbon Co. Ltd. | 1000 | 28189 |
| Nippon Chemical <br> Industrial Co. Ltd.<br>| 600 | 10646 |
| †Nippon Chemi-Con Corp. | 2100 | 19416 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| †Nippon Coke & <br> Engineering Co. Ltd.<br>| 18200 | $12550 |
| Nippon Concrete Industries <br> Co. Ltd.<br>| 2600 | 5522 |
| Nippon Denko Co. Ltd. | 13700 | 31329 |
| Nippon Electric Glass Co. <br> Ltd.<br>| 8200 | 322393 |
| Nippon Express Holdings, <br> Inc.<br>| 24000 | 513662 |
| Nippon Gas Co. Ltd. | 10500 | 199126 |
| Nippon Kayaku Co. Ltd. | 15800 | 169653 |
| Nippon Kodoshi Corp. | 800 | 17509 |
| Nippon Light Metal <br> Holdings Co. Ltd.<br>| 7070 | 115058 |
| Nippon Paint Holdings Co. <br> Ltd.<br>| 14900 | 99766 |
| Nippon Paper Industries <br> Co. Ltd.<br>| 12500 | 92763 |
| Nippon Parking <br> Development Co. Ltd.<br>| 28800 | 47614 |
| Nippon Rietec Co. Ltd. | 700 | 10169 |
| Nippon Sanso Holdings <br> Corp.<br>| 7500 | 224056 |
| Nippon Seisen Co. Ltd. | 1000 | 7620 |
| Nippon Sharyo Ltd. | 900 | 21740 |
| †Nippon Sheet Glass Co. <br> Ltd.<br>| 16000 | 60289 |
| Nippon Shinyaku Co. Ltd. | 5800 | 209000 |
| Nippon Shokubai Co. Ltd. | 13700 | 175507 |
| Nippon Signal Co. Ltd. | 3400 | 28426 |
| Nippon Soda Co. Ltd. | 4900 | 113349 |
| Nippon Steel Corp. | 102050 | 417594 |
| Nippon Thompson Co. Ltd. | 6000 | 31327 |
| Nippon Yakin Kogyo Co. <br> Ltd.<br>| 1540 | 44447 |
| Nipro Corp. | 15700 | 148201 |
| Nishimatsu Construction <br> Co. Ltd.<br>| 2600 | 94941 |
| Nishi-Nippon Financial <br> Holdings, Inc.<br>| 13000 | 266684 |
| Nishi-Nippon Railroad Co. <br> Ltd.<br>| 5000 | 89142 |
| Nishio Holdings Co. Ltd. | 2000 | 60473 |
| Nissan Chemical Corp. | 9500 | 326447 |
| †Nissan Motor Co. Ltd. | 89900 | 223395 |
| Nissei ASB Machine Co. <br> Ltd.<br>| 1000 | 40066 |
| Nissei Plastic Industrial Co. <br> Ltd.<br>| 1500 | 8437 |
| Nissha Co. Ltd. | 4700 | 37527 |
| Nisshin Oillio Group Ltd. | 3400 | 113943 |
| Nisshin Seifun Group, Inc. | 14000 | 171512 |
| Nisshinbo Holdings, Inc. | 19468 | 163309 |
| Nissin Foods Holdings Co. <br> Ltd.<br>| 9800 | 182164 |

---

LVIP Dimensional International Core Equity Fund-25

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nisso Holdings Co. Ltd. | 2200 | $10013 |
| Nissui Corp. | 33300 | 242873 |
| Niterra Co. Ltd. | 11000 | 484641 |
| Nitori Holdings Co. Ltd. | 17800 | 310684 |
| Nitto Denko Corp. | 27900 | 664291 |
| Nitto Fuji Flour Milling Co. <br> Ltd.<br>| 600 | 27036 |
| Nitto Kogyo Corp. | 2100 | 55216 |
| Nitto Seiko Co. Ltd. | 3100 | 14055 |
| Nittoc Construction Co. <br> Ltd.<br>| 3400 | 28173 |
| Nittoku Co. Ltd. | 500 | 7750 |
| Noevir Holdings Co. Ltd. | 1700 | 49719 |
| NOF Corp. | 8600 | 165756 |
| Nojima Corp. | 21600 | 164080 |
| Nomura Holdings, Inc. | 40300 | 335718 |
| Nomura Holdings, Inc. <br> ADR<br>| 13054 | 109523 |
| Nomura Micro Science Co. <br> Ltd.<br>| 900 | 17171 |
| Nomura Real Estate <br> Holdings, Inc.<br>| 38000 | 234587 |
| Nomura Research Institute <br> Ltd.<br>| 7420 | 282365 |
| Noritake Co. Ltd. | 1900 | 69368 |
| Noritz Corp. | 2000 | 25428 |
| North Pacific Bank Ltd. | 30900 | 167155 |
| NPC, Inc. | 3900 | 16922 |
| NPR-RIKEN Corp. | 1616 | 37312 |
| NS Solutions Corp. | 1200 | 33838 |
| NS United Kaiun Kaisha <br> Ltd.<br>| 1200 | 46733 |
| NSD Co. Ltd. | 6200 | 137112 |
| NSK Ltd. | 42700 | 266431 |
| NSW, Inc. | 1500 | 24224 |
| NTN Corp. | 51300 | 120540 |
| NTT, Inc. | 374700 | 378256 |
| Obara Group, Inc. | 900 | 22014 |
| Obayashi Corp. | 19500 | 408094 |
| OBIC Business Consultants <br> Co. Ltd.<br>| 400 | 21591 |
| Obic Co. Ltd. | 3400 | 106721 |
| Odakyu Electric Railway <br> Co. Ltd.<br>| 14500 | 157982 |
| Oenon Holdings, Inc. | 3500 | 11383 |
| Ogaki Kyoritsu Bank Ltd. | 3100 | 92873 |
| Ohara, Inc. | 1600 | 10521 |
| Ohsho Food Service Corp. | 1400 | 28704 |
| OIE Sangyo Co. Ltd. | 900 | 13282 |
| Oiles Corp. | 2600 | 39049 |
| Oita Bank Ltd. | 1400 | 57853 |
| Oji Holdings Corp. | 61900 | 339848 |
| Okabe Co. Ltd. | 2800 | 17240 |
| Okamoto Industries, Inc. | 800 | 27937 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Okamoto Machine Tool <br> Works Ltd.<br>| 700 | $20096 |
| Okamura Corp. | 4800 | 70231 |
| Okasan Securities Group, <br> Inc.<br>| 14000 | 67351 |
| Oki Electric Industry Co. <br> Ltd.<br>| 7000 | 89046 |
| Okinawa Cellular <br> Telephone Co.<br>| 4800 | 86769 |
| Okinawa Electric Power <br> Co., Inc.<br>| 5348 | 38123 |
| Okinawa Financial Group, <br> Inc.<br>| 1580 | 48003 |
| OKUMA Corp. | 5600 | 129767 |
| Okumura Corp. | 3800 | 150372 |
| Okura Industrial Co. Ltd. | 800 | 24864 |
| Okuwa Co. Ltd. | 2100 | 11337 |
| Olympus Corp. | 36900 | 467864 |
| Omron Corp. | 8700 | 220109 |
| Ono Pharmaceutical Co. <br> Ltd.<br>| 13500 | 187034 |
| Onoken Co. Ltd. | 1400 | 12767 |
| Onward Holdings Co. Ltd. | 10600 | 49719 |
| Open House Group Co. Ltd. | 3700 | 217188 |
| Open Up Group, Inc. | 5000 | 58863 |
| Optex Group Co. Ltd. | 3900 | 63715 |
| †Optim Corp. | 1200 | 3864 |
| Optorun Co. Ltd. | 1600 | 19507 |
| Oracle Corp. Japan | 1500 | 126074 |
| Organo Corp. | 1600 | 132469 |
| Oriental Land Co. Ltd. | 13400 | 247900 |
| Oriental Shiraishi Corp. | 8700 | 23016 |
| Oro Co. Ltd. | 500 | 6700 |
| Osaka Gas Co. Ltd. | 8800 | 305772 |
| Osaka Organic Chemical <br> Industry Ltd.<br>| 1700 | 43550 |
| Osaka Steel Co. Ltd. | 1100 | 19501 |
| OSAKA Titanium <br> Technologies Co. Ltd.<br>| 2100 | 25308 |
| Osaki Electric Co. Ltd. | 4100 | 32549 |
| OSG Corp. | 7500 | 109484 |
| Otsuka Corp. | 6800 | 140118 |
| Otsuka Holdings Co. Ltd. | 7000 | 395914 |
| OUG Holdings, Inc. | 500 | 12413 |
| Pacific Industrial Co. Ltd. | 3500 | 72166 |
| PAL GROUP Holdings Co. <br> Ltd.<br>| 7000 | 90705 |
| PALTAC Corp. | 3000 | 92477 |
| Pan Pacific International <br> Holdings Corp.<br>| 39500 | 235298 |
| Panasonic Holdings Corp. | 62200 | 806363 |
| Park24 Co. Ltd. | 12900 | 172035 |
| Pegasus Co. Ltd. | 1900 | 9426 |
| Penta-Ocean Construction <br> Co. Ltd.<br>| 20400 | 205750 |

---

LVIP Dimensional International Core Equity Fund-26

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| People Dreams & <br> Technologies Group Co. <br> Ltd.<br>| 1100 | $11318 |
| Persol Holdings Co. Ltd. | 120500 | 223648 |
| Pharma Foods <br> International Co. Ltd.<br>| 2200 | 9533 |
| †PIA Corp. | 500 | 8475 |
| Pickles Holdings Co. Ltd. | 1200 | 10133 |
| Pigeon Corp. | 4700 | 48317 |
| PILLAR Corp. | 1800 | 55113 |
| Pilot Corp. | 2300 | 71694 |
| Plus Alpha Consulting Co. <br> Ltd.<br>| 2000 | 30632 |
| Pole To Win Holdings, Inc. | 1400 | 2914 |
| PR Times Corp. | 700 | 12387 |
| Premium Water Holdings, <br> Inc.<br>| 800 | 16792 |
| Press Kogyo Co. Ltd. | 6300 | 32679 |
| Prestige International, <br> Inc.<br>| 9300 | 43226 |
| Prima Meat Packers Ltd. | 3300 | 56135 |
| Procrea Holdings, Inc. | 2720 | 37840 |
| Pro-Ship, Inc. | 3200 | 35075 |
| PS Construction Co. Ltd. | 700 | 12798 |
| Punch Industry Co. Ltd. | 1000 | 3131 |
| QB Net Holdings Co. Ltd. | 900 | 7999 |
| Qol Holdings Co. Ltd. | 2700 | 36886 |
| Quick Co. Ltd. | 2100 | 12311 |
| Raccoon Holdings, Inc. | 800 | 3304 |
| Raito Kogyo Co. Ltd. | 3600 | 77778 |
| Raiznext Corp. | 3000 | 46638 |
| Raksul, Inc. | 5900 | 66390 |
| Rakus Co. Ltd. | 12000 | 79659 |
| †Rakuten Bank Ltd. | 3000 | 132447 |
| †Rakuten Group, Inc. | 16900 | 108295 |
| Rasa Corp. | 1300 | 15114 |
| Rasa Industries Ltd. | 900 | 36013 |
| Recruit Holdings Co. Ltd. | 25500 | 1432885 |
| Relo Group, Inc. | 11900 | 130215 |
| Renaissance, Inc. | 1500 | 10395 |
| †Renesas Electronics Corp. | 27600 | 378033 |
| Rengo Co. Ltd. | 21800 | 169150 |
| †RENOVA, Inc. | 6500 | 28372 |
| Resona Holdings, Inc. | 29891 | 284494 |
| Resonac Holdings Corp. | 16600 | 692144 |
| Resorttrust, Inc. | 17000 | 212700 |
| Restar Corp. | 1800 | 32122 |
| Retail Partners Co. Ltd. | 3700 | 31711 |
| Rheon Automatic <br> Machinery Co. Ltd.<br>| 900 | 8361 |
| Ricoh Co. Ltd. | 33100 | 291248 |
| Riken Keiki Co. Ltd. | 2200 | 44979 |
| Riken Technos Corp. | 2900 | 28481 |
| Riken Vitamin Co. Ltd. | 1000 | 18924 |
| Ringer Hut Co. Ltd. | 1600 | 23381 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Rinnai Corp. | 6600 | $166990 |
| Rion Co. Ltd. | 500 | 8380 |
| Riso Kyoiku Group Corp. | 3300 | 4240 |
| Rix Corp. | 600 | 14210 |
| Rohto Pharmaceutical Co. <br> Ltd.<br>| 7800 | 130754 |
| Rokko Butter Co. Ltd. | 1000 | 7633 |
| Roland Corp. | 1500 | 34197 |
| Rorze Corp. | 10800 | 154814 |
| Round One Corp. | 19000 | 135662 |
| Royal Holdings Co. Ltd. | 7400 | 62265 |
| Ryobi Ltd. | 3500 | 61288 |
| RYODEN Corp. | 1300 | 29945 |
| Ryohin Keikaku Co. Ltd. | 19000 | 335492 |
| Ryoyo Ryosan Holdings, <br> Inc.<br>| 1884 | 37315 |
| S Foods, Inc. | 2300 | 39941 |
| S&B Foods, Inc. | 1200 | 30848 |
| Sac's Bar Holdings, Inc. | 900 | 4420 |
| Saibu Gas Holdings Co. <br> Ltd.<br>| 1000 | 14396 |
| Saizeriya Co. Ltd. | 3000 | 104753 |
| Sakai Chemical Industry <br> Co. Ltd.<br>| 2100 | 42685 |
| Sakai Heavy Industries <br> Ltd.<br>| 600 | 8034 |
| Sakai Moving Service Co. <br> Ltd.<br>| 2000 | 36575 |
| Sakata INX Corp. | 5000 | 75669 |
| Sakata Seed Corp. | 3200 | 87296 |
| Sala Corp. | 3600 | 26063 |
| San Holdings, Inc. | 1800 | 17247 |
| San ju San Financial <br> Group, Inc.<br>| 2840 | 79837 |
| San-A Co. Ltd. | 3600 | 68097 |
| San-Ai Obbli Co. Ltd. | 4300 | 58078 |
| Sangetsu Corp. | 2700 | 53660 |
| San-In Godo Bank Ltd. | 15400 | 146380 |
| †Sanken Electric Co. Ltd. | 1900 | 70013 |
| Sanki Engineering Co. Ltd. | 3200 | 117209 |
| Sanko Gosei Ltd. | 3800 | 21535 |
| Sankyo Co. Ltd. | 16300 | 264563 |
| Sankyo Frontier Co. Ltd. | 1000 | 13575 |
| Sankyo Tateyama, Inc. | 2400 | 9745 |
| Sankyu, Inc. | 4700 | 254022 |
| Sanoh Industrial Co. Ltd. | 4800 | 26291 |
| Sanrio Co. Ltd. | 6300 | 197128 |
| Sansei Technologies, Inc. | 1700 | 26320 |
| Sansha Electric <br> Manufacturing Co. Ltd.<br>| 2300 | 13541 |
| Sanshin Electronics Co. <br> Ltd.<br>| 1200 | 23961 |
| Santen Pharmaceutical Co. <br> Ltd.<br>| 18400 | 190857 |
| Sanwa Holdings Corp. | 7200 | 187475 |

---

LVIP Dimensional International Core Equity Fund-27

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sanyo Chemical Industries <br> Ltd.<br>| 1100 | $36672 |
| Sanyo Denki Co. Ltd. | 2700 | 72366 |
| Sanyo Electric Railway Co. <br> Ltd.<br>| 600 | 7987 |
| Sanyo Trading Co. Ltd. | 2000 | 19059 |
| Sapporo Holdings Ltd. | 14600 | 156938 |
| Sato Corp. | 2500 | 38325 |
| Sato Shoji Corp. | 700 | 10074 |
| Satori Electric Co. Ltd. | 1400 | 16743 |
| Sawai Group Holdings Co. <br> Ltd.<br>| 11700 | 176067 |
| SBI Global Asset <br> Management Co. Ltd.<br>| 2400 | 9313 |
| SBI Holdings, Inc. | 18600 | 400830 |
| SBS Holdings, Inc. | 1400 | 33735 |
| SCREEN Holdings Co. Ltd. | 3700 | 360396 |
| Scroll Corp. | 4000 | 34215 |
| Secom Co. Ltd. | 8000 | 284273 |
| Seed Co. Ltd. | 1000 | 3671 |
| Sega Sammy Holdings, Inc. | 5400 | 84304 |
| Seibu Holdings, Inc. | 8400 | 230803 |
| Seika Corp. | 2700 | 40956 |
| Seikitokyu Kogyo Co. Ltd. | 2300 | 24204 |
| Seiko Epson Corp. | 16700 | 211660 |
| Seiko Group Corp. | 3100 | 144218 |
| Seino Holdings Co. Ltd. | 5300 | 79698 |
| Seiren Co. Ltd. | 3400 | 66325 |
| Sekisui Chemical Co. Ltd. | 15100 | 253940 |
| Sekisui House Ltd. | 22400 | 499817 |
| †Sekisui Kasei Co. Ltd. | 2500 | 6375 |
| SEMITEC Corp. | 1200 | 17814 |
| Senko Group Holdings Co. <br> Ltd.<br>| 13100 | 163336 |
| Senshu Electric Co. Ltd. | 1200 | 41217 |
| Senshu Ikeda Holdings, <br> Inc.<br>| 29000 | 146536 |
| Seria Co. Ltd. | 4300 | 95236 |
| Seven & i Holdings Co. Ltd. | 58600 | 841907 |
| Seven Bank Ltd. | 59500 | 115809 |
| SG Holdings Co. Ltd. | 12000 | 109819 |
| †Sharp Corp. | 11700 | 57552 |
| Shibaura Machine Co. Ltd. | 3200 | 87553 |
| Shibaura Mechatronics <br> Corp.<br>| 1300 | 157093 |
| Shibusawa Logistics Corp. | 2800 | 22772 |
| Shibuya Corp. | 1300 | 28618 |
| †SHIFT, Inc. | 13800 | 86242 |
| Shiga Bank Ltd. | 3900 | 178696 |
| Shikibo Ltd. | 1500 | 9993 |
| Shikoku Bank Ltd. | 4500 | 50557 |
| Shikoku Electric Power <br> Co., Inc.<br>| 10700 | 106083 |
| Shima Seiki Manufacturing <br> Ltd.<br>| 2800 | 18049 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Shimadaya Corp. | 1000 | $11186 |
| Shimadzu Corp. | 4500 | 119797 |
| Shimano, Inc. | 900 | 94114 |
| Shimizu Bank Ltd. | 1100 | 17039 |
| Shimizu Corp. | 17700 | 302204 |
| Shimojima Co. Ltd. | 500 | 4327 |
| Shin Nippon Air <br> Technologies Co. Ltd.<br>| 2200 | 44233 |
| Shinagawa Refra Co. Ltd. | 3500 | 47254 |
| Shindengen Electric <br> Manufacturing Co. Ltd.<br>| 800 | 17199 |
| Shin-Etsu Chemical Co. <br> Ltd.<br>| 25600 | 795165 |
| Shin-Etsu Polymer Co. Ltd. | 4100 | 52497 |
| Shinko Shoji Co. Ltd. | 2200 | 14993 |
| Shinmaywa Industries Ltd. | 6500 | 79506 |
| Shinnihonseiyaku Co. Ltd. | 800 | 10340 |
| Shinsho Corp. | 2100 | 33862 |
| Shinwa Co. Ltd. | 3800 | 34884 |
| Shionogi & Co. Ltd. | 13100 | 237108 |
| Ship Healthcare Holdings, <br> Inc.<br>| 9300 | 155825 |
| Shiseido Co. Ltd. | 20300 | 295424 |
| Shizuoka Financial Group, <br> Inc.<br>| 17200 | 267059 |
| SHO-BOND Holdings Co. <br> Ltd.<br>| 14000 | 118472 |
| Shoei Co. Ltd. | 4400 | 49967 |
| Shoei Foods Corp. | 800 | 20746 |
| Showa Sangyo Co. Ltd. | 1500 | 28861 |
| SIGMAXYZ Holdings, Inc. | 8000 | 42185 |
| Siix Corp. | 2900 | 24244 |
| Simplex Holdings, Inc. | 14000 | 94034 |
| Sinanen Holdings Co. Ltd. | 600 | 24132 |
| Sinfonia Technology Co. <br> Ltd.<br>| 2100 | 121728 |
| Sinko Industries Ltd. | 1200 | 10845 |
| SKY Perfect JSAT Holdings, <br> Inc.<br>| 16700 | 213430 |
| Skylark Holdings Co. Ltd. | 14500 | 311495 |
| Smaregi, Inc. | 1300 | 25412 |
| SMC Corp. | 500 | 173000 |
| SMK Corp. | 200 | 3368 |
| SMS Co. Ltd. | 7200 | 62002 |
| Socionext, Inc. | 11600 | 162523 |
| Soda Nikka Co. Ltd. | 2000 | 13832 |
| SoftBank Corp. | 522200 | 716959 |
| Softcreate Holdings Corp. | 1400 | 19324 |
| Software Service, Inc. | 200 | 17315 |
| Sojitz Corp. | 9420 | 292960 |
| Soken Chemical & <br> Engineering Co. Ltd.<br>| 2200 | 36933 |
| Solasto Corp. | 4200 | 22732 |
| Soliton Systems KK | 500 | 6555 |
| Sompo Holdings, Inc. | 17700 | 600777 |

---

LVIP Dimensional International Core Equity Fund-28

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| †Sony Financial Group, Inc. | 156900 | $166276 |
| Sony Group Corp. | 156900 | 4024637 |
| Sotetsu Holdings, Inc. | 5200 | 93518 |
| SPK Corp. | 1000 | 15134 |
| S-Pool, Inc. | 4800 | 8340 |
| Square Enix Holdings Co. <br> Ltd.<br>| 2400 | 43813 |
| SRE Holdings Corp. | 1100 | 23424 |
| ST Corp. | 1200 | 11611 |
| St. Marc Holdings Co. Ltd. | 900 | 15474 |
| Star Mica Holdings Co. <br> Ltd.<br>| 3600 | 31183 |
| Star Micronics Co. Ltd. | 1700 | 23749 |
| Starts Corp., Inc. | 3000 | 91778 |
| Starzen Co. Ltd. | 2400 | 19229 |
| Stella Chemifa Corp. | 1300 | 36408 |
| Strike Co. Ltd. | 1200 | 31282 |
| Studio Alice Co. Ltd. | 900 | 11575 |
| Subaru Corp. | 52700 | 1134695 |
| Sugi Holdings Co. Ltd. | 7700 | 181018 |
| Sugimoto & Co. Ltd. | 1600 | 14291 |
| SUMCO Corp. | 37400 | 342152 |
| Sumida Corp. | 4700 | 34379 |
| Suminoe Co. Ltd. | 1600 | 12793 |
| Sumiseki Holdings, Inc. | 3800 | 12861 |
| Sumitomo Bakelite Co. <br> Ltd.<br>| 3800 | 125729 |
| Sumitomo Chemical Co. <br> Ltd.<br>| 110700 | 315199 |
| Sumitomo Corp. | 17500 | 605718 |
| Sumitomo Electric <br> Industries Ltd.<br>| 23100 | 930405 |
| Sumitomo Forestry Co. <br> Ltd.<br>| 31200 | 317589 |
| Sumitomo Heavy Industries <br> Ltd.<br>| 10600 | 281110 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 47100 | 1514803 |
| Sumitomo Mitsui Financial <br> Group, Inc. ADR<br>| 10815 | 209054 |
| Sumitomo Mitsui Trust <br> Group, Inc.<br>| 14600 | 444933 |
| Sumitomo Osaka Cement <br> Co. Ltd.<br>| 4000 | 97201 |
| Sumitomo Realty & <br> Development Co. Ltd.<br>| 15600 | 391653 |
| Sumitomo Rubber <br> Industries Ltd.<br>| 16800 | 259707 |
| Sumitomo Seika Chemicals <br> Co. Ltd.<br>| 600 | 20688 |
| Sun Frontier Fudousan Co. <br> Ltd.<br>| 2200 | 33689 |
| Suncall Corp. | 2900 | 17084 |
| Sundrug Co. Ltd. | 4900 | 134700 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Suntory Beverage & Food <br> Ltd.<br>| 5100 | $153375 |
| Sun-Wa Technos Corp. | 1500 | 28426 |
| Suruga Bank Ltd. | 16400 | 178855 |
| Suzuden Corp. | 800 | 8597 |
| Suzuken Co. Ltd. | 4800 | 187848 |
| Suzuki Co. Ltd. | 2700 | 41542 |
| Suzuki Motor Corp. | 61700 | 922752 |
| SWCC Corp. | 3000 | 197848 |
| Sysmex Corp. | 23000 | 225864 |
| Systems Engineering <br> Consultants Co. Ltd.<br>| 1000 | 19920 |
| Systena Corp. | 25800 | 84819 |
| Syuppin Co. Ltd. | 3400 | 24963 |
| T Hasegawa Co. Ltd. | 2300 | 41466 |
| T RAD Co. Ltd. | 800 | 42074 |
| T&D Holdings, Inc. | 15500 | 357789 |
| Tachibana Eletech Co. Ltd. | 800 | 15698 |
| Tachi-S Co. Ltd. | 4100 | 54566 |
| Tadano Ltd. | 9900 | 67214 |
| Taihei Dengyo Kaisha Ltd. | 3000 | 41463 |
| Taiheiyo Cement Corp. | 11900 | 295624 |
| Taiho Kogyo Co. Ltd. | 900 | 4693 |
| Taikisha Ltd. | 3400 | 71689 |
| Taisei Corp. | 2400 | 227450 |
| Taisei Lamick Group Head <br> Quarter & Innovation Co. <br> Ltd.<br>| 500 | 8469 |
| Taiyo Holdings Co. Ltd. | 7400 | 224999 |
| Taiyo Yuden Co. Ltd. | 13800 | 311760 |
| Takamatsu Construction <br> Group Co. Ltd.<br>| 1100 | 28245 |
| Takamiya Co. Ltd. | 2400 | 6465 |
| Takaoka Toko Co. Ltd. | 700 | 17364 |
| Takara & Co. Ltd. | 700 | 21019 |
| Takara Bio, Inc. | 3200 | 16221 |
| Takara Holdings, Inc. | 14900 | 152541 |
| Takara Standard Co. Ltd. | 3600 | 67119 |
| Takasago International <br> Corp.<br>| 8500 | 80096 |
| Takasago Thermal <br> Engineering Co. Ltd.<br>| 3200 | 90649 |
| Takashima & Co. Ltd. | 3200 | 17588 |
| Takashimaya Co. Ltd. | 25600 | 268526 |
| Take & Give Needs Co. Ltd. | 1500 | 7448 |
| TAKEBISHI Corp. | 800 | 11372 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>| 42323 | 1314774 |
| Takeuchi Manufacturing <br> Co. Ltd.<br>| 3800 | 163621 |
| Tama Home Co. Ltd. | 1400 | 32004 |
| Tamron Co. Ltd. | 16400 | 108381 |
| Tamura Corp. | 7000 | 27140 |
| Tanseisha Co. Ltd. | 4300 | 43188 |
| Taoka Chemical Co. Ltd. | 1000 | 7888 |

---

LVIP Dimensional International Core Equity Fund-29

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tayca Corp. | 1900 | $15002 |
| Tazmo Co. Ltd. | 1900 | 24968 |
| Tbk Co. Ltd. | 4000 | 9186 |
| TDC Soft, Inc. | 2000 | 17429 |
| TDK Corp. | 50500 | 714461 |
| TechMatrix Corp. | 3800 | 56593 |
| Teijin Ltd. | 17100 | 148164 |
| Teikoku Electric <br> Manufacturing Co. Ltd.<br>| 1200 | 23550 |
| Tekken Corp. | 1100 | 31892 |
| Temairazu, Inc. | 600 | 11799 |
| †Tera Probe, Inc. | 600 | 24129 |
| Terumo Corp. | 7100 | 103200 |
| Tess Holdings Co. Ltd. | 3200 | 7159 |
| THK Co. Ltd. | 4400 | 112635 |
| TIS, Inc. | 6100 | 204933 |
| TKC Corp. | 1600 | 44063 |
| Toa Corp. | 8300 | 150210 |
| TOA ROAD Corp. | 3000 | 32803 |
| Toagosei Co. Ltd. | 2200 | 23090 |
| TOBISHIMA HOLDINGS, <br> Inc.<br>| 2080 | 31287 |
| Tobu Railway Co. Ltd. | 8400 | 141518 |
| Tocalo Co. Ltd. | 5800 | 82458 |
| Tochigi Bank Ltd. | 7700 | 35702 |
| Toda Corp. | 25500 | 206346 |
| Toei Animation Co. Ltd. | 2500 | 43304 |
| Toenec Corp. | 5000 | 61765 |
| Toho Bank Ltd. | 28600 | 98809 |
| Toho Co. Ltd. | 1400 | 63508 |
| Toho Gas Co. Ltd. | 3500 | 104314 |
| Toho Holdings Co. Ltd. | 3200 | 95363 |
| Toho Titanium Co. Ltd. | 3100 | 26182 |
| †Toho Zinc Co. Ltd. | 900 | 5935 |
| Tohoku Bank Ltd. | 1100 | 10055 |
| Tohoku Electric Power Co., <br> Inc.<br>| 16800 | 123813 |
| Tokai Carbon Co. Ltd. | 23200 | 143583 |
| Tokai Corp. | 2300 | 36919 |
| TOKAI Holdings Corp. | 9100 | 62810 |
| Tokai Rika Co. Ltd. | 6100 | 121667 |
| Tokai Tokyo Financial <br> Holdings, Inc.<br>| 23700 | 104005 |
| Tokio Marine Holdings, <br> Inc.<br>| 43900 | 1622812 |
| Tokushu Tokai Paper Co. <br> Ltd.<br>| 2400 | 24207 |
| Tokuyama Corp. | 7500 | 197376 |
| Tokyo Base Co. Ltd. | 1700 | 5007 |
| †Tokyo Electric Power Co. <br> Holdings, Inc.<br>| 47300 | 198893 |
| Tokyo Electron Device Ltd. | 2600 | 56477 |
| Tokyo Electron Ltd. | 8000 | 1781818 |
| Tokyo Gas Co. Ltd. | 8400 | 333013 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tokyo Individualized <br> Educational Institute, <br> Inc.<br>| 2700 | $7629 |
| Tokyo Kiraboshi Financial <br> Group, Inc.<br>| 2700 | 150021 |
| Tokyo Ohka Kogyo Co. Ltd. | 3300 | 122317 |
| Tokyo Rope Manufacturing <br> Co. Ltd.<br>| 1200 | 12448 |
| Tokyo Sangyo Co. Ltd. | 2400 | 15259 |
| Tokyo Seimitsu Co. Ltd. | 2800 | 198504 |
| Tokyo Steel Manufacturing <br> Co. Ltd.<br>| 6400 | 60343 |
| Tokyo Tatemono Co. Ltd. | 17400 | 394455 |
| Tokyo Tekko Co. Ltd. | 1200 | 47345 |
| Tokyotokeiba Co. Ltd. | 1700 | 61652 |
| Tokyu Construction Co. <br> Ltd.<br>| 6200 | 51823 |
| Tokyu Corp. | 12100 | 141407 |
| Tokyu Fudosan Holdings <br> Corp.<br>| 56000 | 511560 |
| Toli Corp. | 2800 | 13294 |
| Tomato Bank Ltd. | 1400 | 13267 |
| Tomoe Engineering Co. <br> Ltd.<br>| 3300 | 37705 |
| Tomoku Co. Ltd. | 800 | 18041 |
| TOMONY Holdings, Inc. | 17900 | 89598 |
| Tomy Co. Ltd. | 6300 | 110987 |
| Topre Corp. | 3600 | 54512 |
| Topy Industries Ltd. | 1200 | 23742 |
| Toray Industries, Inc. | 53400 | 348156 |
| Torex Semiconductor Ltd. | 900 | 8281 |
| Toridoll Holdings Corp. | 3300 | 89242 |
| Torishima Pump <br> Manufacturing Co. Ltd.<br>| 1600 | 20633 |
| Tosei Corp. | 6200 | 67951 |
| Toshiba TEC Corp. | 3900 | 68422 |
| Tosho Co. Ltd. | 1600 | 7959 |
| Tosoh Corp. | 23800 | 357647 |
| Totech Corp. | 1200 | 28008 |
| Totetsu Kogyo Co. Ltd. | 2500 | 72539 |
| TOTO Ltd. | 6600 | 182360 |
| Tottori Bank Ltd. | 600 | 5932 |
| Towa Bank Ltd. | 3300 | 22661 |
| Towa Pharmaceutical Co. <br> Ltd.<br>| 2900 | 67344 |
| Toyo Gosei Co. Ltd. | 800 | 36021 |
| Toyo Innovex Co. Ltd. | 2400 | 10092 |
| Toyo Kanetsu KK | 2400 | 38046 |
| Toyo Seikan Group <br> Holdings Ltd.<br>| 8900 | 217307 |
| Toyo Suisan Kaisha Ltd. | 2400 | 164644 |
| Toyo Tanso Co. Ltd. | 1400 | 43145 |
| Toyo Tire Corp. | 9400 | 260879 |
| Toyobo Co. Ltd. | 10000 | 80458 |
| Toyoda Gosei Co. Ltd. | 7300 | 184038 |

---

LVIP Dimensional International Core Equity Fund-30

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Toyota Boshoku Corp. | 9700 | $156069 |
| Toyota Motor Corp. | 141405 | 3036968 |
| Toyota Tsusho Corp. | 25000 | 842980 |
| Traders Holdings Co. Ltd. | 4800 | 29190 |
| Transaction Co. Ltd. | 2400 | 16823 |
| Transcosmos, Inc. | 1900 | 47061 |
| TRE Holdings Corp. | 4300 | 44247 |
| Treasure Factory Co. Ltd. | 2800 | 29900 |
| Trend Micro, Inc. | 4300 | 178589 |
| Trenders, Inc. | 900 | 5755 |
| Trusco Nakayama Corp. | 3400 | 52252 |
| †Tsubaki Nakashima Co. <br> Ltd.<br>| 5600 | 12631 |
| Tsubakimoto Chain Co. | 9100 | 134371 |
| Tsubakimoto Kogyo Co. <br> Ltd.<br>| 1200 | 22071 |
| Tsuburaya Fields Holdings, <br> Inc.<br>| 4100 | 48423 |
| Tsugami Corp. | 3600 | 66154 |
| Tsukada Global Holdings, <br> Inc.<br>| 1600 | 5775 |
| Tsukishima Holdings Co. <br> Ltd.<br>| 1500 | 27035 |
| Tsukuba Bank Ltd. | 14800 | 39345 |
| Tsumura & Co. | 3200 | 83108 |
| Tsuruha Holdings, Inc. | 21085 | 387402 |
| Tsuzuki Denki Co. Ltd. | 400 | 8921 |
| UACJ Corp. | 16800 | 227559 |
| UBE Corp. | 11100 | 182284 |
| Ubicom Holdings, Inc. | 500 | 3326 |
| Uchida Yoko Co. Ltd. | 700 | 47870 |
| Ultrafabrics Holdings Co. <br> Ltd.<br>| 1200 | 5520 |
| Ulvac, Inc. | 4000 | 181177 |
| U-Next Holdings Co. Ltd. | 3900 | 49794 |
| Unicharm Corp. | 33900 | 193696 |
| Unipres Corp. | 5600 | 45921 |
| United Arrows Ltd. | 2900 | 45503 |
| United Super Markets <br> Holdings, Inc.<br>| 5384 | 31072 |
| UNITED, Inc. | 1400 | 4451 |
| †Universal Entertainment <br> Corp.<br>| 2400 | 12187 |
| Urbanet Corp. Co. Ltd. | 5600 | 20407 |
| User Local, Inc. | 1000 | 12444 |
| Ushio, Inc. | 9700 | 155228 |
| USS Co. Ltd. | 16300 | 178365 |
| UT Group Co. Ltd. | 28500 | 36115 |
| V Technology Co. Ltd. | 600 | 11396 |
| Valor Holdings Co. Ltd. | 3800 | 81759 |
| Valqua Ltd. | 1300 | 33680 |
| Value HR Co. Ltd. | 1600 | 16246 |
| ValueCommerce Co. Ltd. | 1200 | 5099 |
| Vector, Inc. | 2500 | 19132 |
| Vertex Corp. | 4200 | 35078 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Vision, Inc. | 2200 | $18169 |
| †Visional, Inc. | 2200 | 140614 |
| Vital KSK Holdings, Inc. | 4200 | 36731 |
| VT Holdings Co. Ltd. | 7200 | 24647 |
| Wacoal Holdings Corp. | 3000 | 84648 |
| Wacom Co. Ltd. | 11800 | 61170 |
| Wakachiku Construction <br> Co. Ltd.<br>| 1000 | 30457 |
| Wakita & Co. Ltd. | 3800 | 46808 |
| Warabeya Nichiyo Holdings <br> Co. Ltd.<br>| 1300 | 27231 |
| Waseda Academy Co. Ltd. | 1100 | 15973 |
| Watahan & Co. Ltd. | 1000 | 9467 |
| Wavelock Holdings Co. Ltd. | 1500 | 13049 |
| WDB Holdings Co. Ltd. | 1300 | 13431 |
| Weathernews, Inc. | 1400 | 35224 |
| West Holdings Corp. | 2028 | 19737 |
| West Japan Railway Co. | 10600 | 211206 |
| Will Group, Inc. | 1900 | 14505 |
| WingArc1st, Inc. | 1200 | 27879 |
| Wood One Co. Ltd. | 1400 | 8602 |
| Workman Co. Ltd. | 900 | 37725 |
| World Co. Ltd. | 3400 | 67128 |
| World Holdings Co. Ltd. | 800 | 13212 |
| †W-Scope Corp. | 9700 | 9284 |
| Xebio Holdings Co. Ltd. | 2000 | 13654 |
| YAC Holdings Co. Ltd. | 3200 | 21530 |
| Yagi & Co. Ltd. | 500 | 11060 |
| Yahagi Construction Co. <br> Ltd.<br>| 1500 | 22324 |
| Yakult Honsha Co. Ltd. | 5800 | 90651 |
| YAKUODO Holdings Co. <br> Ltd.<br>| 1100 | 15205 |
| YAMABIKO Corp. | 3700 | 70286 |
| YAMADA Consulting Group <br> Co. Ltd.<br>| 500 | 5639 |
| Yamada Holdings Co. Ltd. | 44800 | 148389 |
| Yamae Group Holdings Co. <br> Ltd.<br>| 2200 | 35593 |
| Yamagata Bank Ltd. | 1900 | 23439 |
| Yamaguchi Financial <br> Group, Inc.<br>| 16500 | 223987 |
| Yamaha Corp. | 20200 | 140879 |
| Yamaha Motor Co. Ltd. | 43900 | 325575 |
| Yamaichi Electronics Co. <br> Ltd.<br>| 2800 | 104428 |
| Yamami Co. | 500 | 15770 |
| Yamanashi Chuo Bank Ltd. | 2800 | 72171 |
| Yamatane Corp. | 1800 | 27111 |
| Yamato Holdings Co. Ltd. | 8300 | 116860 |
| Yamaya Corp. | 400 | 5653 |
| Yamazaki Baking Co. Ltd. | 6900 | 144776 |
| Yamazen Corp. | 5500 | 52199 |
| Yashima Denki Co. Ltd. | 1300 | 23954 |
| Yaskawa Electric Corp. | 4800 | 145927 |

---

LVIP Dimensional International Core Equity Fund-31

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Yellow Hat Ltd. | 6900 | $72246 |
| Yokogawa Bridge Holdings <br> Corp.<br>| 3600 | 69540 |
| Yokogawa Electric Corp. | 8600 | 275807 |
| Yokohama Financial Group, <br> Inc.<br>| 41469 | 342825 |
| Yokohama Rubber Co. Ltd. | 10800 | 415614 |
| Yokorei Co. Ltd. | 3900 | 31474 |
| Yokowo Co. Ltd. | 1800 | 25928 |
| Yondenko Corp. | 4200 | 41754 |
| Yondoshi Holdings, Inc. | 1300 | 14832 |
| Yonex Co. Ltd. | 6800 | 144032 |
| Yorozu Corp. | 1000 | 6417 |
| †Yoshimura Food Holdings <br> KK<br>| 1300 | 5732 |
| Yoshinoya Holdings Co. <br> Ltd.<br>| 4500 | 88047 |
| Yotai Refractories Co. Ltd. | 200 | 2309 |
| Yuasa Trading Co. Ltd. | 1300 | 44305 |
| Yukiguni Factory Co. Ltd. | 1100 | 7387 |
| Yurtec Corp. | 5700 | 100238 |
| Yushin Co. | 1300 | 5904 |
| Zacros Corp. | 3600 | 26577 |
| Zenrin Co. Ltd. | 1700 | 11440 |
| Zensho Holdings Co. Ltd. | 3969 | 227437 |
| Zeon Corp. | 15900 | 181974 |
| ZERIA Pharmaceutical Co. <br> Ltd.<br>| 2800 | 37520 |
| ZIGExN Co. Ltd. | 7100 | 21789 |
| Zojirushi Corp. | 1100 | 10986 |
| ZOZO, Inc. | 15300 | 126177 |
| Zuiko Corp. | 2100 | 13588 |
|  |  | **174511501** |
| **Jordan–0.02%** | **Jordan–0.02%** | **Jordan–0.02%** |
| Hikma Pharmaceuticals <br> PLC<br>| 8444 | 176032 |
|  |  | **176032** |
| **Luxembourg–0.21%** | **Luxembourg–0.21%** | **Luxembourg–0.21%** |
| Befesa SA | 1602 | 55364 |
| d'Amico International <br> Shipping SA<br>| 8265 | 48072 |
| Eurofins Scientific SE | 11052 | 808215 |
| Grand City Properties SA | 5248 | 60506 |
| RTL Group SA | 3893 | 156717 |
| SES SA | 37259 | 240963 |
| Stabilus SE | 1672 | 39817 |
| Sword Group | 504 | 21235 |
| Tenaris SA | 11324 | 218506 |
| Tenaris SA ADR | 826 | 31760 |
|  |  | **1681155** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Macau–0.03%** | **Macau–0.03%** | **Macau–0.03%** |
| †MECOM Power & <br> Construction Ltd.<br>| 139500 | $2424 |
| MGM China Holdings Ltd. | 41600 | 70103 |
| Sands China Ltd. | 40800 | 102915 |
| Wynn Macau Ltd. | 95200 | 72776 |
|  |  | **248218** |
| **Mauritius–0.00%** | **Mauritius–0.00%** | **Mauritius–0.00%** |
| Capital Ltd. | 466 | 716 |
|  |  | **716** |
| **Mexico–0.02%** | **Mexico–0.02%** | **Mexico–0.02%** |
| Fresnillo PLC | 3670 | 163647 |
|  |  | **163647** |
| **Mongolia–0.01%** | **Mongolia–0.01%** | **Mongolia–0.01%** |
| †Mongolian Mining Corp. | 60000 | 81233 |
|  |  | **81233** |
| **Netherlands–3.84%** | **Netherlands–3.84%** | **Netherlands–3.84%** |
| Aalberts NV | 5804 | 191317 |
| ABN AMRO Bank NV | 19386 | 677325 |
| Acomo NV | 2190 | 62644 |
| †Adyen NV | 207 | 333803 |
| Aegon Ltd. | 102373 | 794523 |
| Akzo Nobel NV | 11672 | 812143 |
| †Alfen NV | 625 | 7720 |
| AMG Critical Materials NV | 2191 | 72991 |
| Aperam SA | 4066 | 167926 |
| Arcadis NV | 6307 | 263086 |
| ArcelorMittal SA | 17008 | 775055 |
| †Argenx SE ADR | 294 | 247239 |
| †Argo Properties NV | 368 | 14997 |
| ASM International NV | 1434 | 868136 |
| ASML Holding NV | 1273 | 1371683 |
| ASML Holding NV. | 6106 | 6532565 |
| ASR Nederland NV | 16445 | 1170075 |
| †Avantium NV | 1351 | 10846 |
| †Basic-Fit NV | 2849 | 98906 |
| BE Semiconductor <br> Industries NV<br>| 3530 | 551866 |
| Brunel International NV | 2490 | 22638 |
| Corbion NV | 4861 | 105957 |
| CTP NV | 9788 | 205101 |
| Euronext NV | 4086 | 613790 |
| Ferrovial SE | 12221 | 791806 |
| †Flow Traders Ltd. | 4363 | 128890 |
| ForFarmers NV | 2935 | 15242 |
| Fugro NV | 8999 | 89625 |
| HAL Trust | 1039 | 172461 |
| Heineken NV | 8037 | 663108 |
| IMCD NV | 4470 | 405708 |
| ING Groep NV | 51024 | 1434194 |
| JDE Peet's NV | 4013 | 150078 |
| Kendrion NV | 1761 | 28898 |

---

LVIP Dimensional International Core Equity Fund-32

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Koninklijke Ahold Delhaize <br> NV<br>| 34305 | $1406741 |
| Koninklijke BAM Groep NV | 31392 | 342348 |
| Koninklijke Heijmans NV | 3002 | 238205 |
| Koninklijke KPN NV | 335052 | 1565603 |
| Koninklijke Philips NV | 28538 | 774316 |
| Koninklijke Vopak NV | 6612 | 294628 |
| †Magnum Ice Cream Co. NV | 6019 | 95401 |
| Nedap NV | 289 | 30520 |
| NN Group NV | 25254 | 1948210 |
| †Pharming Group NV | 49651 | 82970 |
| Pluxee NV | 1504 | 23588 |
| PostNL NV | 29160 | 36275 |
| Qiagen NV | 4207 | 189583 |
| Randstad NV | 8272 | 314047 |
| SBM Offshore NV | 17311 | 498073 |
| †SIF Holding NV | 1080 | 8548 |
| Signify NV | 8400 | 206568 |
| Sligro Food Group NV | 1675 | 19859 |
| Stellantis NV | 68416 | 748603 |
| TKH Group NV | 4644 | 199110 |
| †TomTom NV | 3375 | 21644 |
| Universal Music Group NV | 29907 | 779670 |
| Van Lanschot Kempen NV | 3690 | 228770 |
| Wolters Kluwer NV | 7494 | 776202 |
|  |  | **30681824** |
| **New Zealand–0.31%** | **New Zealand–0.31%** | **New Zealand–0.31%** |
| a2 Milk Co. Ltd. | 9054 | 56194 |
| Air New Zealand Ltd. | 113751 | 37986 |
| Auckland International <br> Airport Ltd.<br>| 22316 | 107028 |
| Briscoe Group Ltd. | 2316 | 6854 |
| Channel Infrastructure NZ <br> Ltd.<br>| 29429 | 49476 |
| Chorus Ltd. | 28344 | 153399 |
| Contact Energy Ltd. | 22724 | 120888 |
| EBOS Group Ltd. | 5447 | 86619 |
| Fisher & Paykel Healthcare <br> Corp. Ltd.<br>| 7448 | 161822 |
| †Fletcher Building Ltd. | 77186 | 163409 |
| Freightways Group Ltd. | 14946 | 124372 |
| Genesis Energy Ltd. | 39815 | 55016 |
| †Gentrack Group Ltd. | 3379 | 16381 |
| Hallenstein Glasson <br> Holdings Ltd.<br>| 5127 | 29046 |
| Heartland Group Holdings <br> Ltd.<br>| 52841 | 35595 |
| Infratil Ltd. | 12047 | 76874 |
| †KMD Brands Ltd. | 50540 | 8293 |
| Mainfreight Ltd. | 2537 | 100232 |
| Mercury NZ Ltd. | 12388 | 46152 |
| Meridian Energy Ltd. | 16018 | 51735 |
| NZX Ltd. | 20698 | 18590 |
| †Oceania Healthcare Ltd. | 68674 | 36364 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **New Zealand (continued)** | **New Zealand (continued)** | **New Zealand (continued)** |
| †Pacific Edge Ltd. | 16563 | $1764 |
| PGG Wrightson Ltd. | 3482 | 4330 |
| Port of Tauranga Ltd. | 9842 | 43689 |
| †Rakon Ltd. | 8848 | 4203 |
| †Ryman Healthcare Ltd. | 36618 | 61106 |
| Sanford Ltd. | 3824 | 16292 |
| Scales Corp. Ltd. | 10942 | 37547 |
| Skellerup Holdings Ltd. | 17661 | 53384 |
| SKY Network Television <br> Ltd.<br>| 10160 | 19955 |
| †SKYCITY Entertainment <br> Group Ltd.<br>| 79522 | 41206 |
| Spark New Zealand Ltd. | 60070 | 78864 |
| †Steel & Tube Holdings Ltd. | 4332 | 1621 |
| Summerset Group Holdings <br> Ltd.<br>| 21250 | 150364 |
| Tourism Holdings Ltd. | 5819 | 8626 |
| TOWER Ltd. | 21343 | 24822 |
| Turners Automotive Group <br> Ltd.<br>| 4027 | 19221 |
| Vector Ltd. | 9108 | 25590 |
| †Vista Group International <br> Ltd.<br>| 10648 | 15992 |
| Vulcan Steel Ltd. | 2401 | 11120 |
| †Warehouse Group Ltd. | 6110 | 2551 |
| †Xero Ltd. | 4329 | 327939 |
|  |  | **2492511** |
| **Norway–0.71%** | **Norway–0.71%** | **Norway–0.71%** |
| 2020 Bulkers Ltd. | 2462 | 35241 |
| ABG Sundal Collier Holding <br> ASA<br>| 35090 | 28650 |
| AF Gruppen ASA | 1402 | 26115 |
| Akastor ASA | 6130 | 6750 |
| Aker ASA Class A | 362 | 27507 |
| †Aker BioMarine ASA | 1763 | 17263 |
| Aker BP ASA | 12670 | 322403 |
| Aker Solutions ASA | 18311 | 55981 |
| Atea ASA | 7568 | 118249 |
| Austevoll Seafood ASA | 7454 | 71840 |
| Bakkafrost P | 535 | 27344 |
| Bluenord ASA | 933 | 41215 |
| Bonheur ASA | 1345 | 33467 |
| Borregaard ASA | 2895 | 57268 |
| Bouvet ASA | 5428 | 33171 |
| BW Offshore Ltd. | 8430 | 37801 |
| †Cloudberry Clean Energy <br> ASA<br>| 18751 | 23922 |
| DNB Bank ASA | 11171 | 311233 |
| DNO ASA | 52313 | 82558 |
| DOF Group ASA | 2621 | 24677 |
| Elkem ASA | 27134 | 81822 |
| Elmera Group ASA | 7374 | 28091 |
| Elopak ASA | 9930 | 54674 |
| Entra ASA | 2782 | 31905 |

---

LVIP Dimensional International Core Equity Fund-33

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Equinor ASA | 34666 | $817487 |
| Europris ASA | 16557 | 157012 |
| †FLEX LNG Ltd. | 2113 | 52719 |
| Frontline PLC | 2406 | 52965 |
| Gjensidige Forsikring ASA | 1010 | 30187 |
| †Grieg Seafood ASA | 6008 | 46297 |
| †Hexagon Composites ASA | 11362 | 8682 |
| †Hexagon Purus ASA | 2131 | 302 |
| Hoegh Autoliners ASA | 11013 | 106590 |
| Kid ASA | 1895 | 25374 |
| Kitron ASA | 9962 | 71758 |
| Klaveness Combination <br> Carriers ASA<br>| 3137 | 24648 |
| †Kongsberg Automotive <br> ASA<br>| 79968 | 16462 |
| Kongsberg Gruppen ASA | 5535 | 141836 |
| Leroy Seafood Group ASA | 7631 | 38294 |
| †LINK Mobility Group <br> Holding ASA<br>| 10332 | 34652 |
| Magnora ASA | 4688 | 9125 |
| Medistim ASA | 229 | 5884 |
| Morrow Bank ASA | 13708 | 21753 |
| Mowi ASA | 3718 | 89436 |
| MPC Container Ships ASA | 46238 | 80587 |
| Multiconsult ASA | 618 | 10852 |
| †NEL ASA | 12155 | 2674 |
| Norbit ASA | 1217 | 22522 |
| †Nordic Semiconductor ASA | 2012 | 26365 |
| Norsk Hydro ASA | 18131 | 139956 |
| †Norske Skog ASA | 2906 | 4882 |
| Norwegian Air Shuttle ASA | 19708 | 33972 |
| †NRC Group ASA | 6134 | 5757 |
| Odfjell Drilling Ltd. | 10099 | 87379 |
| Odfjell SE Class A | 3481 | 43721 |
| †OKEA ASA | 5631 | 12435 |
| Orkla ASA | 1817 | 20234 |
| Pareto Bank ASA | 2045 | 18482 |
| Protector Forsikring ASA | 1317 | 68215 |
| Rana Gruber ASA | 3511 | 26874 |
| Rogaland Sparebank | 1014 | 14486 |
| Salmar ASA | 457 | 27931 |
| SATS ASA | 17001 | 68234 |
| †Scatec ASA | 13621 | 143188 |
| Sea1 offshore, Inc. | 8784 | 19764 |
| Selvaag Bolig ASA | 3629 | 13213 |
| Solstad Maritime Holding <br> AS<br>| 4536 | 8208 |
| Solstad Offshore ASA | 4318 | 18549 |
| Sparebank 1 Oestlandet | 1833 | 37396 |
| SpareBank 1 Sor-Norge <br> ASA<br>| 6339 | 124562 |
| Sparebanken More | 3012 | 34961 |
| Stolt-Nielsen Ltd. | 1420 | 45777 |
| Storebrand ASA | 18459 | 315478 |
| Telenor ASA | 13244 | 192627 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| TGS ASA | 11440 | $103705 |
| TOMRA Systems ASA | 2053 | 27516 |
| Var Energi ASA | 19203 | 62782 |
| Veidekke ASA | 8333 | 147570 |
| Vend Marketplaces ASA <br> Class B<br>| 550 | 15278 |
| Wallenius Wilhelmsen ASA | 8327 | 82909 |
| Wilh Wilhelmsen Holding <br> ASA Class A<br>| 900 | 52679 |
| Wilh Wilhelmsen Holding <br> ASA Class B<br>| 293 | 15900 |
| Yara International ASA | 2963 | 121252 |
|  |  | **5629482** |
| **Peru–0.03%** | **Peru–0.03%** | **Peru–0.03%** |
| Hochschild Mining PLC | 33269 | 228715 |
|  |  | **228715** |
| **Philippines–0.00%** | **Philippines–0.00%** | **Philippines–0.00%** |
| †Del Monte Pacific Ltd. | 48800 | 3645 |
|  |  | **3645** |
| **Poland–0.03%** | **Poland–0.03%** | **Poland–0.03%** |
| †InPost SA | 22465 | 276066 |
|  |  | **276066** |
| **Portugal–0.39%** | **Portugal–0.39%** | **Portugal–0.39%** |
| Altri SGPS SA | 5363 | 28348 |
| Banco Comercial Portugues <br> SA Class R<br>| 731351 | 769862 |
| Corticeira Amorim SGPS <br> SA<br>| 735 | 5702 |
| CTT-Correios de Portugal <br> SA<br>| 2709 | 23621 |
| EDP Renovaveis SA | 20595 | 290848 |
| EDP SA | 136985 | 630923 |
| Galp Energia SGPS SA | 38932 | 670422 |
| Jeronimo Martins SGPS SA | 7618 | 181280 |
| Mota-Engil SGPS SA | 8785 | 50999 |
| Navigator Co. SA | 16615 | 61279 |
| NOS SGPS SA | 20735 | 97743 |
| REN - Redes Energeticas <br> Nacionais SGPS SA<br>| 24428 | 92296 |
| Sonae SGPS SA | 92083 | 174444 |
|  |  | **3077767** |
| **Singapore–1.14%** | **Singapore–1.14%** | **Singapore–1.14%** |
| †AEM Holdings Ltd. | 41804 | 55727 |
| Aztech Global Ltd. | 15800 | 8044 |
| Banyan Tree Holdings Ltd. | 48800 | 23701 |
| BRC Asia Ltd. | 5600 | 18249 |
| BW LPG Ltd. | 6687 | 87088 |
| Centurion Corp. Ltd. | 27500 | 28634 |
| China Aviation Oil <br> Singapore Corp. Ltd.<br>| 34700 | 44793 |

---

LVIP Dimensional International Core Equity Fund-34

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| City Developments Ltd. | 38000 | $236361 |
| ComfortDelGro Corp. Ltd. | 130300 | 149868 |
| †COSCO Shipping <br> International Singapore <br> Co. Ltd.<br>| 243600 | 22915 |
| CSE Global Ltd. | 35360 | 27017 |
| DBS Group Holdings Ltd. | 39884 | 1747103 |
| Delfi Ltd. | 22000 | 13763 |
| DFI Retail Group Holdings <br> Ltd.<br>| 29100 | 114857 |
| =†Ezion Holdings Ltd. | 288390 | 0 |
| Far East Orchard Ltd. | 21691 | 20926 |
| First Resources Ltd. | 50700 | 82425 |
| Food Empire Holdings Ltd. | 18200 | 33945 |
| Frasers Property Ltd. | 33300 | 29246 |
| Frencken Group Ltd. | 21400 | 22891 |
| †Fu Yu Corp. Ltd. | 30400 | 2318 |
| Genting Singapore Ltd. | 405000 | 228170 |
| Geo Energy Resources Ltd. | 109100 | 35579 |
| Golden Agri-Resources <br> Ltd.<br>| 512000 | 113390 |
| GuocoLand Ltd. | 27500 | 46187 |
| Hafnia Ltd. | 17140 | 92325 |
| Ho Bee Land Ltd. | 12200 | 20967 |
| Hong Fok Corp. Ltd. | 19800 | 12700 |
| Hong Leong Asia Ltd. | 34700 | 64645 |
| Hotel Grand Central Ltd. | 19945 | 10939 |
| Hour Glass Ltd. | 21300 | 37284 |
| Hutchison Port Holdings <br> Trust<br>| 545900 | 120098 |
| =†Hyflux Ltd. | 16000 | 0 |
| iFAST Corp. Ltd. | 6500 | 48081 |
| Indofood Agri Resources <br> Ltd.<br>| 26500 | 7628 |
| Kenon Holdings Ltd. | 1146 | 75542 |
| Keppel Infrastructure <br> Trust<br>| 193846 | 73827 |
| Keppel Ltd. | 44400 | 356961 |
| =†Midas Holdings Ltd. | 143100 | 0 |
| Nanofilm Technologies <br> International Ltd.<br>| 17800 | 8082 |
| Netlink NBN Trust | 145100 | 108878 |
| Olam Group Ltd. | 52900 | 39455 |
| OUE Ltd. | 20900 | 19349 |
| Oversea-Chinese Banking <br> Corp. Ltd.<br>| 52413 | 805233 |
| †Oxley Holdings Ltd. | 104878 | 7180 |
| Propnex Ltd. | 16800 | 24531 |
| Q&M Dental Group <br> Singapore Ltd.<br>| 30500 | 13050 |
| QAF Ltd. | 12400 | 8634 |
| Raffles Medical Group Ltd. | 49313 | 39131 |
| Riverstone Holdings Ltd. | 70100 | 47409 |
| SATS Ltd. | 54211 | 160464 |
| SBS Transit Ltd. | 4800 | 11950 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Seatrium Ltd. | 156242 | $261951 |
| Sembcorp Industries Ltd. | 63200 | 295436 |
| Sheng Siong Group Ltd. | 46800 | 95675 |
| SIA Engineering Co. Ltd. | 9600 | 26874 |
| Singapore Airlines Ltd. | 94950 | 471423 |
| Singapore Exchange Ltd. | 26600 | 350160 |
| Singapore Land Group Ltd. | 14500 | 35378 |
| Singapore Technologies <br> Engineering Ltd.<br>| 55300 | 361335 |
| Singapore <br> Telecommunications Ltd.<br>| 20700 | 73237 |
| StarHub Ltd. | 49400 | 43043 |
| Straits Trading Co. Ltd. | 11108 | 13825 |
| †Thomson Medical Group <br> Ltd.<br>| 181300 | 8463 |
| Tuan Sing Holdings Ltd. | 59258 | 14936 |
| UMS Integration Ltd. | 34531 | 38064 |
| United Overseas Bank Ltd. | 25662 | 698918 |
| UOB-Kay Hian Holdings <br> Ltd.<br>| 47826 | 95528 |
| UOL Group Ltd. | 38700 | 262836 |
| †Valeura Energy, Inc. | 10600 | 63173 |
| Venture Corp. Ltd. | 22500 | 264703 |
| Vicom Ltd. | 4200 | 5359 |
| Wee Hur Holdings Ltd. | 64100 | 37059 |
| Wilmar International Ltd. | 66700 | 159523 |
| Wing Tai Holdings Ltd. | 34200 | 37781 |
| †XP Power Ltd. | 1325 | 16010 |
|  |  | **9138230** |
| **Spain–2.79%** | **Spain–2.79%** | **Spain–2.79%** |
| Acciona SA | 1955 | 425485 |
| Acerinox SA | 16279 | 240964 |
| ACS Actividades de <br> Construccion y Servicios <br> SA<br>| 9520 | 945006 |
| Aedas Homes SA | 1320 | 36989 |
| Aena SME SA | 19200 | 536464 |
| Almirall SA | 4378 | 65806 |
| Amadeus IT Group SA | 14595 | 1080191 |
| †Amper SA | 149559 | 29677 |
| Atresmedia Corp. de <br> Medios de Comunicacion <br> SA<br>| 9729 | 55650 |
| †Audax Renovables SA | 8946 | 14471 |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 120231 | 2820282 |
| Banco Bilbao Vizcaya <br> Argentaria SA ADR<br>| 93763 | 2185616 |
| Banco de Sabadell SA | 427409 | 1684354 |
| Banco Santander SA | 221924 | 2612154 |
| Bankinter SA | 51043 | 846047 |
| CaixaBank SA | 57599 | 704212 |
| †Cellnex Telecom SA | 12737 | 410153 |
| CIE Automotive SA | 1997 | 69635 |

---

LVIP Dimensional International Core Equity Fund-35

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Construcciones y Auxiliar <br> de Ferrocarriles SA<br>| 2140 | $147760 |
| Corp. ACCIONA Energias <br> Renovables SA<br>| 2251 | 59072 |
| †Distribuidora Internacional <br> de Alimentacion SA<br>| 883 | 37991 |
| Ebro Foods SA | 2022 | 43683 |
| †eDreams ODIGEO SA | 2861 | 13375 |
| Elecnor SA | 2925 | 83823 |
| Enagas SA | 8459 | 130725 |
| †Ence Energia y Celulosa <br> SA<br>| 12971 | 36584 |
| Endesa SA | 11507 | 414210 |
| †Ercros SA | 10000 | 40251 |
| Faes Farma SA | 12829 | 77571 |
| Fluidra SA | 2515 | 68136 |
| Gestamp Automocion SA | 12435 | 44261 |
| Global Dominion Access <br> SA<br>| 7450 | 28882 |
| †Grenergy Renovables SA | 713 | 71920 |
| Grifols SA | 13475 | 168433 |
| Grupo Empresarial San <br> Jose SA<br>| 3554 | 31351 |
| Iberdrola SA | 24012 | 519941 |
| Indra Sistemas SA | 5158 | 293208 |
| Industria de Diseno Textil <br> SA<br>| 16813 | 1109064 |
| Laboratorios <br> Farmaceuticos Rovi SA<br>| 530 | 39421 |
| Linea Directa Aseguradora <br> SA Cia de Seguros y <br> Reaseguros<br>| 21910 | 28787 |
| Logista Integral SA | 6043 | 213689 |
| Mapfre SA | 97878 | 491170 |
| Melia Hotels International <br> SA<br>| 5514 | 51148 |
| Miquel y Costas & Miquel <br> SA<br>| 1868 | 31612 |
| Naturgy Energy Group SA | 5662 | 172398 |
| Neinor Homes SA | 1873 | 41737 |
| †Obrascon Huarte Lain SA | 25168 | 10543 |
| †Pharma Mar SA | 425 | 37245 |
| †Promotora de <br> Informaciones SA Class A<br>| 23606 | 9826 |
| Prosegur Cash SA | 36519 | 27154 |
| †Realia Business SA | 11794 | 13639 |
| Redeia Corp. SA | 16985 | 302788 |
| Repsol SA | 49947 | 931932 |
| Sacyr SA | 18708 | 84700 |
| †Solaria Energia y Medio <br> Ambiente SA<br>| 4978 | 105806 |
| †Tecnicas Reunidas SA | 4025 | 130156 |
| Telefonica SA | 158332 | 649945 |
| Tubacex SA | 11128 | 43437 |
| Unicaja Banco SA | 77646 | 252660 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Vidrala SA | 2144 | $226491 |
| Viscofan SA | 3482 | 218313 |
|  |  | **22297994** |
| **Sweden–2.76%** | **Sweden–2.76%** | **Sweden–2.76%** |
| AAK AB | 3471 | 98985 |
| AcadeMedia AB | 8341 | 89394 |
| AddLife AB Class B | 8354 | 143593 |
| Addnode Group AB | 6878 | 71972 |
| AddTech AB Class B | 7794 | 274494 |
| AFRY AB | 10969 | 177557 |
| Alfa Laval AB | 2620 | 131370 |
| Alimak Group AB | 2910 | 45694 |
| Alleima AB | 17620 | 155258 |
| Alligo AB Class B | 927 | 12908 |
| Ambea AB | 10557 | 162027 |
| †Annehem Fastigheter AB <br> Class B<br>| 4488 | 8560 |
| AQ Group AB | 4710 | 100291 |
| Arise AB | 3049 | 14529 |
| Arjo AB Class B | 14744 | 51044 |
| †Asmodee Group AB <br> Class B<br>| 5670 | 65042 |
| Assa Abloy AB Class B | 7219 | 278876 |
| Atlas Copco AB Class A | 35416 | 630496 |
| Atlas Copco AB Class B | 20952 | 334953 |
| Atrium Ljungberg AB <br> Class B<br>| 15075 | 54270 |
| Attendo AB | 13630 | 120720 |
| Avanza Bank Holding AB | 8077 | 306738 |
| Axfood AB | 2905 | 91473 |
| Beijer Alma AB | 2835 | 90989 |
| Beijer Ref AB | 4607 | 73932 |
| Bergman & Beving AB | 1531 | 53563 |
| Betsson AB Class B | 12884 | 205638 |
| †BHG Group AB | 16473 | 57019 |
| Bilia AB Class A | 6930 | 100834 |
| Billerud Aktiebolag | 18361 | 186273 |
| BioGaia AB Class B | 4284 | 49264 |
| Bjorn Borg AB | 2586 | 17640 |
| †Boliden AB | 11926 | 660656 |
| †Bonava AB Class B | 20526 | 24537 |
| †Boozt AB | 4107 | 50292 |
| Bravida Holding AB | 20331 | 197496 |
| Bufab AB | 8765 | 95281 |
| Bulten AB | 815 | 4536 |
| Byggmax Group AB | 7274 | 43243 |
| †Camurus AB | 488 | 32398 |
| Castellum AB | 9893 | 113990 |
| Catena AB | 1654 | 80989 |
| Cellavision AB | 841 | 14360 |
| †Cint Group AB | 24365 | 7532 |
| Clas Ohlson AB Class B | 3793 | 124708 |
| Cloetta AB Class B | 25436 | 111784 |

---

LVIP Dimensional International Core Equity Fund-36

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| †Coffee Stain Group AB <br> Class B<br>| 5670 | $14257 |
| Coor Service Management <br> Holding AB<br>| 11679 | 62241 |
| Corem Property Group AB <br> Class B<br>| 47668 | 22409 |
| Corem Property Group AB <br> Class D<br>| 419 | 10902 |
| CTT Systems AB | 561 | 12138 |
| Dios Fastigheter AB | 8151 | 57936 |
| Dometic Group AB | 18128 | 91395 |
| †Dustin Group AB | 57504 | 11208 |
| †Dynavox Group AB | 6844 | 75590 |
| Eastnine AB | 7448 | 40563 |
| Elanders AB Class B | 1811 | 13376 |
| †Electrolux AB Class B | 12821 | 87988 |
| Electrolux Professional AB <br> Class B<br>| 13262 | 93208 |
| Elekta AB Class B | 21721 | 132838 |
| †Eltel AB | 11132 | 11043 |
| †Embracer Group AB | 5670 | 37125 |
| †Enea AB | 1287 | 9805 |
| Engcon AB | 1349 | 12134 |
| Ependion AB | 1878 | 23050 |
| Epiroc AB Class A | 9438 | 212750 |
| Epiroc AB Class B | 5498 | 110612 |
| Essity AB Class A | 759 | 21854 |
| Essity AB Class B | 8578 | 246629 |
| Evolution AB | 3131 | 212600 |
| Fabege AB | 10758 | 96462 |
| Fagerhult Group AB | 5179 | 23210 |
| †Fastighets AB Balder <br> Class B<br>| 15301 | 112941 |
| †Fastighets AB Trianon | 1416 | 3054 |
| †Fastighetsbolaget Emilshus <br> AB Class B<br>| 94 | 549 |
| FastPartner AB Class A | 2918 | 15039 |
| †Ferronordic AB | 578 | 2725 |
| G5 Entertainment AB | 477 | 4730 |
| †GARO AB | 962 | 1789 |
| Getinge AB Class B | 9911 | 233996 |
| Granges AB | 11410 | 179879 |
| H & M Hennes & Mauritz <br> AB Class B<br>| 11065 | 221786 |
| Hanza AB | 2312 | 31804 |
| Heba Fastighets AB <br> Class B<br>| 7470 | 24830 |
| Hemnet Group AB | 5990 | 111988 |
| Hexagon AB Class B | 22249 | 262064 |
| †Hexatronic Group AB | 15691 | 38932 |
| Hexpol AB | 13858 | 131807 |
| †HMS Networks AB | 577 | 26121 |
| Holmen AB Class B | 2770 | 106253 |
| Hufvudstaden AB Class A | 4947 | 66512 |
| Humana AB | 3911 | 21410 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Husqvarna AB Class A | 1491 | $7452 |
| Husqvarna AB Class B | 15777 | 79090 |
| Indutrade AB | 3453 | 89505 |
| Instalco AB | 24898 | 69990 |
| INVISIO AB | 2645 | 75193 |
| Inwido AB | 5503 | 97610 |
| JM AB | 3598 | 54104 |
| Kabe Group AB Class B | 418 | 9625 |
| †Karnov Group AB | 3802 | 41312 |
| †K-fast Holding AB | 5922 | 8311 |
| KNOW IT AB | 1633 | 20899 |
| Lagercrantz Group AB <br> Class B<br>| 12341 | 283077 |
| Lifco AB Class B | 3017 | 114340 |
| Lime Technologies AB | 713 | 22227 |
| Lindab International AB | 5809 | 130560 |
| Loomis AB | 8080 | 341304 |
| †Medcap AB | 820 | 48829 |
| Medicover AB Class B | 4332 | 103436 |
| MEKO AB | 4193 | 33039 |
| Midsona AB Class B | 1338 | 1232 |
| †Modern Times Group MTG <br> AB Class B<br>| 9134 | 113467 |
| Momentum Group AB | 927 | 15400 |
| Munters Group AB | 5335 | 97845 |
| Mycronic AB | 7410 | 177991 |
| †NCAB Group AB | 5265 | 27336 |
| NCC AB Class B | 10538 | 250938 |
| Nederman Holding AB | 1654 | 30470 |
| †Net Insight AB Class B | 38456 | 16374 |
| New Wave Group AB <br> Class B<br>| 7813 | 96574 |
| Nibe Industrier AB Class B | 8525 | 32586 |
| Nivika Fastigheter AB <br> Class B<br>| 2716 | 12612 |
| †Nobia AB | 40308 | 18764 |
| Nokian Renkaat OYJ | 5552 | 61453 |
| Nolato AB Class B | 12742 | 85297 |
| Nordnet AB publ | 4962 | 144740 |
| Note AB | 1549 | 30437 |
| NP3 Fastigheter AB | 2360 | 66392 |
| Nyfosa AB | 9733 | 78317 |
| OEM International AB <br> Class B<br>| 5867 | 92659 |
| †Orron Energy AB | 20424 | 10218 |
| †Ovzon AB | 3666 | 16844 |
| Peab AB Class B | 19265 | 177668 |
| Platzer Fastigheter Holding <br> AB Class B<br>| 4133 | 33445 |
| Prevas AB Class B | 951 | 9782 |
| †Pricer AB Class B | 11063 | 4970 |
| Proact IT Group AB | 2340 | 28676 |
| Ratos AB Class B | 24548 | 100792 |
| RaySearch Laboratories <br> AB<br>| 2208 | 54305 |

---

LVIP Dimensional International Core Equity Fund-37

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Rejlers AB | 587 | $12076 |
| †Rottneros AB | 13965 | 4361 |
| Rvrc Holding AB | 7740 | 55686 |
| Saab AB Class B | 1385 | 80358 |
| Sagax AB Class B | 4413 | 94385 |
| †Samhallsbyggnads-<br> bolaget i Norden AB<br>| 23162 | 11565 |
| †Samhallsbyggnads-<br> bolaget i Norden AB <br> Class D<br>| 8533 | 7966 |
| Sandvik AB | 15818 | 510939 |
| Scandi Standard AB | 3932 | 42270 |
| Scandic Hotels Group AB | 18966 | 199355 |
| †Sdiptech AB Class B | 1862 | 38540 |
| Sectra AB Class B | 5273 | 143104 |
| Securitas AB Class B | 18979 | 301825 |
| †Sensys Gatso Group AB | 1884 | 8186 |
| †Sinch AB | 56576 | 190596 |
| Skandinaviska Enskilda <br> Banken AB Class A<br>| 26239 | 553215 |
| Skanska AB Class B | 13330 | 363220 |
| SKF AB Class A | 1011 | 26946 |
| SKF AB Class B | 13871 | 367149 |
| SkiStar AB | 4465 | 80063 |
| Solid Forsakring AB | 881 | 8258 |
| SSAB AB Class A | 10517 | 79660 |
| SSAB AB Class B | 23870 | 178726 |
| †Stendorren Fastigheter AB | 889 | 19448 |
| †Stillfront Group AB | 48955 | 34300 |
| Storskogen Group AB <br> Class B<br>| 124752 | 157220 |
| Svenska Cellulosa AB SCA <br> Class A<br>| 1121 | 14860 |
| Svenska Cellulosa AB SCA <br> Class B<br>| 18238 | 241869 |
| Svenska Handelsbanken <br> AB Class A<br>| 23706 | 343441 |
| Svenska Handelsbanken <br> AB Class B<br>| 1074 | 26940 |
| Sweco AB Class B | 7951 | 129716 |
| Swedbank AB Class A | 15445 | 535865 |
| †Swedish Orphan Biovitrum <br> AB<br>| 2505 | 89897 |
| Synsam AB | 5833 | 42669 |
| Systemair AB | 5564 | 52437 |
| Tele2 AB Class B | 24782 | 415262 |
| Telefonaktiebolaget LM <br> Ericsson Class A<br>| 2154 | 21082 |
| Telefonaktiebolaget LM <br> Ericsson Class B<br>| 66643 | 648572 |
| Telia Co. AB | 97749 | 417776 |
| TF Bank AB | 2142 | 37845 |
| Thule Group AB | 2446 | 63177 |
| Trelleborg AB Class B | 7052 | 298099 |
| Troax Group AB | 3566 | 57558 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Truecaller AB Class B | 27904 | $58010 |
| VBG Group AB Class B | 1747 | 75133 |
| †Viaplay Group AB | 27828 | 2720 |
| Vitec Software Group AB <br> Class B<br>| 1631 | 54579 |
| Vitrolife AB | 4335 | 64171 |
| Volati AB | 837 | 9728 |
| Volvo AB Class A | 6233 | 198706 |
| Volvo AB Class B | 49752 | 1583339 |
| †Volvo Car AB Class B | 29294 | 96614 |
| Wallenstam AB Class B | 16228 | 72714 |
| Wihlborgs Fastigheter AB | 12258 | 121239 |
|  |  | **22019652** |
| **Switzerland–8.06%** | **Switzerland–8.06%** | **Switzerland–8.06%** |
| ABB Ltd. | 16499 | 1216265 |
| Accelleron Industries AG | 9916 | 764785 |
| Adecco Group AG | 9030 | 260064 |
| Alcon AG | 17251 | 1360982 |
| Allreal Holding AG | 1569 | 403770 |
| ALSO Holding AG | 475 | 128203 |
| †Amrize Ltd. | 2445 | 132226 |
| APG SGA SA | 98 | 25982 |
| Arbonia AG | 5155 | 34009 |
| †Aryzta AG | 2700 | 174652 |
| Ascom Holding AG | 1382 | 6618 |
| Autoneum Holding AG | 240 | 50643 |
| Avolta AG | 8874 | 523387 |
| Banque Cantonale de <br> Geneve<br>| 1990 | 61704 |
| Banque Cantonale <br> Vaudoise<br>| 2043 | 258276 |
| Barry Callebaut AG | 188 | 307363 |
| Bell Food Group AG | 177 | 49943 |
| Bellevue Group AG | 933 | 11884 |
| Berner Kantonalbank AG | 447 | 174658 |
| BKW AG | 1113 | 236079 |
| Bossard Holding AG <br> Class A<br>| 439 | 86275 |
| Bucher Industries AG | 696 | 321218 |
| Burckhardt Compression <br> Holding AG<br>| 298 | 204178 |
| Burkhalter Holding AG | 416 | 73420 |
| Bystronic AG | 97 | 32978 |
| Calida Holding AG | 19 | 285 |
| †Carlo Gavazzi Holding AG | 46 | 9408 |
| Cembra Money Bank AG | 3250 | 407041 |
| Cham Swiss Properties AG | 203 | 5971 |
| Chocoladefabriken Lindt & <br> Spruengli AG<br>| 2 | 293312 |
| †Cicor Technologies Ltd. | 245 | 39054 |
| Cie Financiere Richemont <br> SA Class A<br>| 7613 | 1641750 |
| Cie Financiere Tradition <br> SA<br>| 108 | 38952 |

---

LVIP Dimensional International Core Equity Fund-38

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Clariant AG | 13412 | $119975 |
| Coca-Cola HBC AG | 6427 | 332492 |
| Coltene Holding AG | 332 | 22477 |
| Daetwyler Holding AG | 289 | 59333 |
| DKSH Holding AG | 3948 | 283822 |
| †DocMorris AG | 4288 | 31909 |
| dormakaba Holding AG | 3300 | 266978 |
| DSM-Firmenich AG | 246 | 19845 |
| EFG International AG | 12001 | 287818 |
| Emmi AG | 174 | 161065 |
| EMS-Chemie Holding AG | 164 | 113132 |
| †Feintool International <br> Holding AG<br>| 837 | 11993 |
| Fenix Outdoor <br> International AG<br>| 263 | 13684 |
| Flughafen Zurich AG | 2199 | 696125 |
| Forbo Holding AG | 47 | 51430 |
| Galderma Group AG | 2522 | 513562 |
| Galenica AG | 5476 | 675426 |
| †GAM Holding AG | 7109 | 1315 |
| Geberit AG | 1376 | 1068632 |
| Georg Fischer AG | 6615 | 443156 |
| Givaudan SA | 83 | 328369 |
| †Glencore PLC | 203078 | 1110159 |
| †Gurit Holding AG Class BR | 240 | 3484 |
| Helvetia Baloise Holding <br> AG<br>| 6145 | 1616215 |
| Holcim AG | 18040 | 1756199 |
| Huber & Suhner AG | 1300 | 235766 |
| Hypothekarbank Lenzburg <br> AG<br>| 7 | 35703 |
| Implenia AG | 1461 | 140115 |
| Inficon Holding AG | 644 | 79684 |
| Interroll Holding AG | 57 | 157714 |
| Intershop Holding AG | 270 | 55953 |
| Investis Holding SA | 307 | 56005 |
| Julius Baer Group Ltd. | 11728 | 916318 |
| Jungfraubahn Holding AG | 552 | 198835 |
| Kardex Holding AG | 301 | 104245 |
| †Komax Holding AG | 253 | 20295 |
| †Kudelski SA | 1531 | 2377 |
| Kuehne & Nagel <br> International AG<br>| 1511 | 324042 |
| Landis & Gyr Group AG | 1668 | 107252 |
| †LEM Holding SA | 42 | 15504 |
| Liechtensteinische <br> Landesbank AG<br>| 1193 | 126213 |
| Logitech International SA | 4042 | 407878 |
| Lonza Group AG | 1937 | 1305963 |
| Luzerner Kantonalbank <br> AG<br>| 1951 | 227877 |
| Medacta Group SA | 258 | 50711 |
| Medmix AG | 1270 | 17865 |
| Metall Zug AG Class B | 22 | 22664 |
| Mobilezone Holding AG | 1836 | 30551 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Mobimo Holding AG | 673 | $310595 |
| Naturenergie Holding AG | 556 | 22761 |
| Nestle SA | 56348 | 5593053 |
| Novartis AG | 19330 | 2663594 |
| Novartis AG ADR | 36937 | 5092504 |
| Novavest Real Estate AG | 237 | 11941 |
| OC Oerlikon Corp. AG <br> Pfaffikon<br>| 8825 | 35671 |
| †Orior AG | 492 | 8415 |
| Partners Group Holding <br> AG<br>| 663 | 813488 |
| †Peach Property Group AG | 946 | 7499 |
| Phoenix Mecano AG | 34 | 19141 |
| Plazza AG Class A | 93 | 48676 |
| PSP Swiss Property AG | 3165 | 572664 |
| Rieter Holding AG | 9178 | 36715 |
| Roche Holding AG | 13132 | 5428210 |
| Romande Energie Holding <br> SA<br>| 625 | 34244 |
| Sandoz Group AG | 29455 | 2138615 |
| Sandoz Group AG ADR | 2671 | 194382 |
| Schindler Holding AG | 416 | 147198 |
| Schweiter Technologies <br> AG<br>| 88 | 27926 |
| SFS Group AG | 1646 | 223926 |
| SGS SA | 9793 | 1123333 |
| Siegfried Holding AG | 2980 | 279738 |
| SIG Group AG | 28641 | 408533 |
| Sika AG | 2260 | 458837 |
| Softwareone Holding AG | 11423 | 130129 |
| Sonova Holding AG | 1471 | 380499 |
| St. Galler Kantonalbank <br> AG<br>| 321 | 231140 |
| Stadler Rail AG | 2889 | 73033 |
| STMicroelectronics NV | 16656 | 435306 |
| Straumann Holding AG | 1209 | 141216 |
| Sulzer AG | 1772 | 327161 |
| Sunrise Communications <br> AG Class A<br>| 951 | 50775 |
| Swatch Group AG | 5969 | 582152 |
| Swiss Life Holding AG | 1183 | 1362631 |
| Swiss Prime Site AG | 7418 | 1151776 |
| Swiss Re AG | 10690 | 1780843 |
| Swisscom AG | 1527 | 1109147 |
| Swissquote Group Holding <br> SA<br>| 1395 | 846954 |
| Tecan Group AG | 890 | 142891 |
| Temenos AG | 4573 | 454793 |
| TX Group AG | 202 | 41983 |
| †UBS Group AG | 52976 | 2450194 |
| Valiant Holding AG | 1625 | 309120 |
| VAT Group AG | 1119 | 537232 |
| Vaudoise Assurances <br> Holding SA<br>| 70 | 64254 |
| Vetropack Holding AG | 950 | 26254 |

---

LVIP Dimensional International Core Equity Fund-39

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Vontobel Holding AG | 3592 | $290192 |
| VP Bank AG Class A | 349 | 37078 |
| V-ZUG Holding AG | 220 | 11655 |
| Walliser Kantonalbank | 94 | 15902 |
| Warteck Invest AG | 10 | 24618 |
| Ypsomed Holding AG | 79 | 32501 |
| Zehnder Group AG | 1078 | 110020 |
| Zug Estates Holding AG <br> Class B<br>| 24 | 67567 |
| Zuger Kantonalbank | 9 | 100442 |
| Zurich Insurance Group <br> AG<br>| 1849 | 1399142 |
|  |  | **64383719** |
| **Taiwan–0.01%** | **Taiwan–0.01%** | **Taiwan–0.01%** |
| †FIT Hon Teng Ltd. | 184000 | 116701 |
|  |  | **116701** |
| **United Arab Emirates–0.00%** | **United Arab Emirates–0.00%** | **United Arab Emirates–0.00%** |
| †Gulf Marine Services PLC | 49627 | 13044 |
| =†NMC Health PLC | 2337 | 0 |
|  |  | **13044** |
| **United Kingdom–10.81%** | **United Kingdom–10.81%** | **United Kingdom–10.81%** |
| 4imprint Group PLC | 1868 | 96145 |
| †Accesso Technology Group <br> PLC<br>| 1549 | 6911 |
| Admiral Group PLC | 10339 | 442280 |
| Advanced Medical <br> Solutions Group PLC<br>| 13001 | 38129 |
| AG Barr PLC | 6257 | 52560 |
| Airtel Africa PLC | 85953 | 411736 |
| AJ Bell PLC | 28544 | 169756 |
| Alfa Financial Software <br> Holdings PLC<br>| 4940 | 14055 |
| Allfunds Group PLC | 21610 | 204066 |
| Anglo American PLC | 19932 | 824437 |
| †AO World PLC | 25690 | 39200 |
| Ashmore Group PLC | 22572 | 53702 |
| Ashtead Group PLC | 17220 | 1174046 |
| Ashtead Technology <br> Holdings PLC<br>| 5826 | 24159 |
| †ASOS PLC | 2441 | 9328 |
| Associated British Foods <br> PLC<br>| 11066 | 316082 |
| †Aston Martin Lagonda <br> Global Holdings PLC<br>| 4044 | 3442 |
| AstraZeneca PLC | 5400 | 999320 |
| AstraZeneca PLC ADR | 41756 | 3838629 |
| †Auction Technology Group <br> PLC<br>| 5851 | 22004 |
| Auto Trader Group PLC | 56277 | 443990 |
| Aviva PLC | 113471 | 1043357 |
| Avon Technologies PLC | 597 | 14598 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| B&M European Value <br> Retail SA<br>| 58134 | $131784 |
| Babcock International <br> Group PLC<br>| 30221 | 503627 |
| BAE Systems PLC | 21865 | 503224 |
| Bakkavor Group PLC | 16224 | 52049 |
| Balfour Beatty PLC | 39985 | 381372 |
| Barclays PLC | 237750 | 1521868 |
| Barratt Redrow PLC | 99892 | 513164 |
| Beazley PLC | 60437 | 675842 |
| Begbies Traynor Group <br> PLC<br>| 6705 | 10258 |
| Bellway PLC | 13066 | 481111 |
| Berkeley Group Holdings <br> PLC<br>| 6695 | 352366 |
| Bloomsbury Publishing <br> PLC<br>| 5977 | 38535 |
| Bodycote PLC | 14011 | 131825 |
| †boohoo Group PLC | 35966 | 11272 |
| BP PLC | 284253 | 1657753 |
| BP PLC ADR | 49288 | 1711772 |
| Braemar PLC | 3535 | 10191 |
| Breedon Group PLC | 17511 | 77704 |
| British American Tobacco <br> PLC<br>| 25392 | 1439490 |
| British American Tobacco <br> PLC ADR<br>| 3264 | 184808 |
| BT Group PLC | 464328 | 1150345 |
| Bunzl PLC | 4747 | 132555 |
| †Burberry Group PLC | 16009 | 272218 |
| Bytes Technology Group <br> PLC<br>| 25519 | 122791 |
| †Capita PLC | 7023 | 37982 |
| Card Factory PLC | 38688 | 35224 |
| †Carnival PLC | 1149 | 34815 |
| †Carnival PLC ADR | 1165 | 35334 |
| Central Asia Metals PLC | 23831 | 60391 |
| Centrica PLC | 208702 | 475853 |
| Chemring Group PLC | 20014 | 126978 |
| Chesnara PLC | 20342 | 82534 |
| Clarkson PLC | 1580 | 81065 |
| †Close Brothers Group PLC | 12123 | 85252 |
| CMC Markets PLC | 11645 | 46934 |
| Coats Group PLC | 141000 | 160248 |
| Coca-Cola Europacific <br> Partners PLC<br>| 6225 | 566560 |
| Compass Group PLC | 30239 | 958125 |
| Computacenter PLC | 2786 | 109497 |
| Convatec Group PLC | 47551 | 155250 |
| Costain Group PLC | 18094 | 38926 |
| Cranswick PLC | 3197 | 213531 |
| Crest Nicholson Holdings <br> PLC<br>| 28366 | 54579 |
| Croda International PLC | 2984 | 108253 |
| Currys PLC | 71356 | 120866 |

---

LVIP Dimensional International Core Equity Fund-40

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| CVS Group PLC | 4289 | $74234 |
| †DFS Furniture PLC | 17021 | 39719 |
| Diageo PLC | 15003 | 323283 |
| Diageo PLC ADR | 2421 | 208860 |
| Diploma PLC | 2859 | 203413 |
| DiscoverIE Group PLC | 5469 | 44232 |
| Domino's Pizza Group PLC | 17047 | 39759 |
| dotdigital group PLC | 7534 | 6834 |
| Dowlais Group PLC | 58441 | 66049 |
| Dr. Martens PLC | 29668 | 30633 |
| Drax Group PLC | 44319 | 500022 |
| Dunelm Group PLC | 12014 | 182995 |
| easyJet PLC | 15233 | 104498 |
| †EKF Diagnostics Holdings <br> PLC<br>| 5002 | 1780 |
| Elementis PLC | 46705 | 104507 |
| Endeavour Mining PLC | 16380 | 843495 |
| Energean PLC | 17683 | 210350 |
| EnQuest PLC | 185362 | 26549 |
| Essentra PLC | 21902 | 28519 |
| FDM Group Holdings PLC | 7488 | 13525 |
| Fevara PLC | 1603 | 2904 |
| Firstgroup PLC | 55434 | 142421 |
| Foresight Group Holdings <br> Ltd.<br>| 7643 | 44255 |
| Forterra PLC | 15583 | 38814 |
| Foxtons Group PLC | 30068 | 24006 |
| †Frasers Group PLC | 6580 | 59841 |
| †Frontier Developments <br> PLC<br>| 992 | 5884 |
| Fuller Smith & Turner PLC <br> Class A<br>| 2606 | 25288 |
| Future PLC | 9735 | 69089 |
| Galliford Try Holdings PLC | 9912 | 69144 |
| Games Workshop Group <br> PLC<br>| 2612 | 664505 |
| †Gaming Realms PLC | 880 | 471 |
| Gamma Communications <br> PLC<br>| 5521 | 68764 |
| GB Group PLC | 19697 | 68217 |
| Genuit Group PLC | 18116 | 79430 |
| †Georgia Capital PLC | 4171 | 173894 |
| Gooch & Housego PLC | 1112 | 8971 |
| Goodwin PLC | 187 | 53389 |
| Grainger PLC | 74491 | 182453 |
| Greencore Group PLC | 43007 | 147247 |
| Greggs PLC | 5518 | 124381 |
| GSK PLC | 57200 | 1402385 |
| Gulf Keystone Petroleum <br> Ltd.<br>| 21757 | 51909 |
| †Gym Group PLC | 10516 | 21129 |
| Haleon PLC | 175648 | 887616 |
| Halfords Group PLC | 18444 | 35005 |
| Halma PLC | 4512 | 214161 |
| Harbour Energy PLC | 20193 | 53128 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Harworth Group PLC | 15020 | $33704 |
| Hays PLC | 46506 | 35168 |
| †Headlam Group PLC | 2792 | 1769 |
| Helical PLC | 8725 | 22181 |
| †Helios Towers PLC | 62269 | 137510 |
| Henry Boot PLC | 9398 | 28503 |
| Hill & Smith PLC | 4192 | 120323 |
| Hilton Food Group PLC | 7393 | 50226 |
| Hiscox Ltd. | 24545 | 469321 |
| Hollywood Bowl Group <br> PLC<br>| 21626 | 80310 |
| Howden Joinery Group <br> PLC<br>| 49040 | 548833 |
| HSBC Holdings PLC ADR | 23768 | 1869829 |
| HSBC Holdings PLC <br> (London Shares)<br>| 137478 | 2163345 |
| Hunting PLC | 17421 | 86465 |
| Ibstock PLC | 37628 | 70675 |
| IG Group Holdings PLC | 15961 | 282567 |
| IMI PLC | 21515 | 717673 |
| Impax Asset Management <br> Group PLC<br>| 8484 | 17299 |
| Imperial Brands PLC | 29271 | 1229095 |
| Inchcape PLC | 36515 | 378505 |
| Informa PLC | 42519 | 504498 |
| IntegraFin Holdings PLC | 13392 | 64742 |
| InterContinental Hotels <br> Group PLC<br>| 412 | 57898 |
| InterContinental Hotels <br> Group PLC ADR<br>| 2814 | 396296 |
| International Consolidated <br> Airlines Group SA<br>| 7894 | 43775 |
| International Workplace <br> Group PLC<br>| 64279 | 200411 |
| Intertek Group PLC | 7754 | 480877 |
| Investec PLC | 32603 | 242009 |
| iomart Group PLC | 7195 | 1697 |
| †IQE PLC | 58773 | 3961 |
| ITV PLC | 270133 | 297948 |
| J D Wetherspoon PLC | 9040 | 89868 |
| J Sainsbury PLC | 141619 | 620410 |
| †James Fisher & Sons PLC | 3307 | 16716 |
| James Halstead PLC | 16114 | 29611 |
| JD Sports Fashion PLC | 179246 | 203173 |
| JET2 PLC | 4940 | 93158 |
| †John Wood Group PLC | 54047 | 17266 |
| Johnson Matthey PLC | 12854 | 368745 |
| Johnson Service Group <br> PLC<br>| 36041 | 65585 |
| Jupiter Fund Management <br> PLC<br>| 49935 | 106705 |
| Just Group PLC | 86034 | 249684 |
| Kainos Group PLC | 2612 | 35273 |
| Keller Group PLC | 7639 | 171548 |
| Kier Group PLC | 29901 | 89114 |

---

LVIP Dimensional International Core Equity Fund-41

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Kingfisher PLC | 143422 | $603742 |
| Kitwave Group PLC | 2572 | 7801 |
| Knights Group Holdings <br> PLC<br>| 783 | 1890 |
| Lancashire Holdings Ltd. | 17047 | 147042 |
| Legal & General Group <br> PLC<br>| 211209 | 743370 |
| Lion Finance Group PLC | 3870 | 483841 |
| Liontrust Asset <br> Management PLC<br>| 5738 | 20408 |
| Lloyds Banking Group PLC | 1059995 | 1402070 |
| London Stock Exchange <br> Group PLC<br>| 1549 | 186327 |
| LSL Property Services PLC | 6396 | 22675 |
| Luceco PLC | 14452 | 25613 |
| M&C Saatchi PLC | 5989 | 10574 |
| Macfarlane Group PLC | 14596 | 14169 |
| Man Group PLC | 75043 | 230457 |
| Marks & Spencer Group <br> PLC<br>| 96264 | 428378 |
| Marshalls PLC | 17993 | 43802 |
| †Marston's PLC | 68675 | 54709 |
| McBride PLC | 15062 | 29764 |
| Me Group International <br> PLC<br>| 19139 | 38882 |
| Mears Group PLC | 10609 | 51195 |
| Melrose Industries PLC | 13008 | 102593 |
| †Metro Bank Holdings PLC | 26335 | 42811 |
| Midwich Group PLC | 1944 | 4844 |
| †Mitchells & Butlers PLC | 32436 | 114333 |
| Mitie Group PLC | 121809 | 273216 |
| MJ Gleeson PLC | 5712 | 32338 |
| Mondi PLC | 25928 | 316327 |
| MONY Group PLC | 35323 | 87265 |
| Moonpig Group PLC | 13162 | 36016 |
| Morgan Advanced <br> Materials PLC<br>| 22119 | 64997 |
| Morgan Sindall Group PLC | 2641 | 165537 |
| Mortgage Advice Bureau <br> Holdings Ltd.<br>| 3472 | 32151 |
| MP Evans Group PLC | 2058 | 33983 |
| National Grid PLC | 32244 | 494574 |
| National Grid PLC ADR | 5328 | 412121 |
| NatWest Group PLC | 113322 | 994092 |
| NatWest Group PLC ADR | 29201 | 511018 |
| NCC Group PLC | 21063 | 39417 |
| Next 15 Group PLC | 4840 | 20703 |
| Next PLC | 4244 | 781321 |
| Ninety One PLC | 5720 | 16666 |
| Norcros PLC | 5059 | 22845 |
| †Ocado Group PLC | 16195 | 51233 |
| Odfjell Technology Ltd. | 1683 | 9409 |
| On the Beach Group PLC | 10599 | 32717 |
| OSB Group PLC | 42937 | 367714 |
| Oxford Instruments PLC | 2638 | 72334 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Pagegroup PLC | 20094 | $63316 |
| Pan African Resources <br> PLC<br>| 187960 | 305979 |
| Paragon Banking Group <br> PLC<br>| 1906 | 21954 |
| PayPoint PLC | 7154 | 45573 |
| Pearson PLC | 12719 | 179834 |
| Pennon Group PLC | 19875 | 140864 |
| Persimmon PLC | 24381 | 445655 |
| Pets at Home Group PLC | 36513 | 97194 |
| Pharos Energy PLC | 14884 | 4233 |
| Phoenix Group Holdings <br> PLC<br>| 8283 | 82000 |
| †Pinewood Technologies <br> Group PLC<br>| 6987 | 33717 |
| Playtech PLC | 19897 | 75654 |
| Polar Capital Holdings <br> PLC<br>| 6027 | 43098 |
| Porvair PLC | 1608 | 18348 |
| PPHE Hotel Group Ltd. | 770 | 18576 |
| Premier Foods PLC | 57794 | 134461 |
| Prudential PLC ADR | 29314 | 912252 |
| PZ Cussons PLC | 17088 | 16967 |
| QinetiQ Group PLC | 29164 | 172814 |
| Rank Group PLC | 8180 | 10949 |
| Reach PLC | 25344 | 18824 |
| Reckitt Benckiser Group <br> PLC<br>| 20340 | 1645900 |
| RELX PLC | 8237 | 333753 |
| RELX PLC ADR | 24827 | 1003507 |
| Renew Holdings PLC | 4013 | 48076 |
| Rentokil Initial PLC | 23283 | 138918 |
| Rightmove PLC | 49221 | 343893 |
| Rio Tinto PLC | 7867 | 633695 |
| Rio Tinto PLC ADR | 10858 | 868966 |
| Robert Walters PLC | 3858 | 7073 |
| Rolls-Royce Holdings PLC | 127492 | 1971755 |
| Rotork PLC | 48856 | 213871 |
| RS Group PLC | 17867 | 149799 |
| RWS Holdings PLC | 14982 | 17448 |
| S4 Capital PLC | 20890 | 5758 |
| Sabre Insurance Group <br> PLC<br>| 19055 | 33285 |
| †Saga PLC | 13212 | 69499 |
| Sage Group PLC | 38719 | 563148 |
| †Savannah Energy PLC | 28585 | 2716 |
| Savills PLC | 10749 | 144312 |
| Schroders PLC | 44674 | 244209 |
| Secure Trust Bank PLC | 1370 | 22881 |
| Senior PLC | 18309 | 48141 |
| Serco Group PLC | 92861 | 349068 |
| Serica Energy PLC | 15438 | 36261 |
| Severfield PLC | 10593 | 4089 |
| Severn Trent PLC | 6207 | 233079 |
| Shell PLC | 136635 | 5035308 |

---

LVIP Dimensional International Core Equity Fund-42

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Shell PLC ADR | 20996 | $1542786 |
| †SIG PLC | 58377 | 7900 |
| Smith & Nephew PLC | 11135 | 185186 |
| Smith & Nephew PLC ADR | 2317 | 76021 |
| Smiths Group PLC | 8689 | 274835 |
| Smiths News PLC | 11631 | 11884 |
| Softcat PLC | 12874 | 245058 |
| Speedy Hire PLC | 45398 | 15299 |
| Spirax Group PLC | 1432 | 130881 |
| Spire Healthcare Group <br> PLC<br>| 13483 | 30351 |
| SSE PLC | 29180 | 855497 |
| SSP Group PLC | 47075 | 130576 |
| St. James's Place PLC | 42049 | 781035 |
| Standard Chartered PLC | 45124 | 1101045 |
| SThree PLC | 7462 | 19393 |
| STV Group PLC | 2471 | 3514 |
| Subsea 7 SA | 7831 | 157168 |
| †Synthomer PLC | 13236 | 11294 |
| Tate & Lyle PLC | 16470 | 83035 |
| Tatton Asset Management <br> PLC<br>| 5219 | 46431 |
| Taylor Wimpey PLC | 317061 | 458789 |
| †Team Internet Group PLC | 9144 | 6064 |
| Telecom Plus PLC | 7410 | 135641 |
| Tesco PLC | 263482 | 1566883 |
| †THG PLC | 61212 | 37671 |
| Topps Tiles PLC | 15052 | 8116 |
| TORM PLC Class A | 3894 | 77558 |
| TP ICAP Group PLC | 70026 | 244526 |
| †Trainline PLC | 18113 | 53702 |
| †TT Electronics PLC | 12612 | 19448 |
| †Tullow Oil PLC | 65046 | 5305 |
| Unilever PLC | 26751 | 1749515 |
| United Utilities Group PLC | 19074 | 306451 |
| †Vanquis Banking Group <br> PLC<br>| 16016 | 25820 |
| Vertu Motors PLC | 36292 | 30526 |
| Vesuvius PLC | 14198 | 75729 |
| Victrex PLC | 3374 | 29789 |
| †Vistry Group PLC | 20407 | 175603 |
| Vodafone Group PLC | 635457 | 847070 |
| Vodafone Group PLC ADR | 8708 | 115033 |
| Volex PLC | 9310 | 52457 |
| Volution Group PLC | 5998 | 52148 |
| Vp PLC | 1013 | 7360 |
| †Watches of Switzerland <br> Group PLC<br>| 18564 | 117664 |
| †Watkin Jones PLC | 10791 | 4252 |
| Weir Group PLC | 9357 | 357653 |
| WH Smith PLC | 9159 | 78734 |
| Whitbread PLC | 11820 | 405133 |
| †Wise PLC Class A | 3874 | 46411 |
| WPP PLC | 15914 | 71489 |
| WPP PLC ADR | 4463 | 100239 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| †Xaar PLC | 886 | $1258 |
| XPS Pensions Group PLC | 15775 | 72085 |
| Young & Co.'s Brewery PLC <br> Class A<br>| 2151 | 21491 |
| Zigup PLC | 26892 | 139015 |
| Zotefoams PLC | 3613 | 19627 |
|  |  | **86379677** |
| **United States–0.46%** | **United States–0.46%** | **United States–0.46%** |
| †ADTRAN Holdings, Inc. | 600 | 5167 |
| †Amrize Ltd. | 20362 | 1105273 |
| Diversified Energy Co. | 1389 | 20133 |
| †Frontage Holdings Corp. | 64000 | 8276 |
| GSK PLC Sponsored ADR | 23066 | 1131157 |
| International Paper Co. | 11874 | 451273 |
| Royal Gold, Inc. | 1202 | 267193 |
| †SSR Mining, Inc. | 495 | 10850 |
| †Sunococorp LLC | 3032 | 149417 |
| †Viemed Healthcare, Inc. | 785 | 5832 |
| Waste Connections, Inc. | 3027 | 530815 |
|  |  | **3685386** |
| **Total Common Stock** <br>**(Cost $532,173,746)** | **Total Common Stock** <br>**(Cost $532,173,746)** | **791384443** |
| **ΔCONVERTIBLE PREFERRED STOCK–0.02%** | **ΔCONVERTIBLE PREFERRED STOCK–0.02%** | **ΔCONVERTIBLE PREFERRED STOCK–0.02%** |
| **Germany–0.02%** | **Germany–0.02%** | **Germany–0.02%** |
| Dr. Ing hc F Porsche AG | 3440 | 183223 |
| **Total Convertible Preferred Stock** <br>**(Cost $290,567)** | **Total Convertible Preferred Stock** <br>**(Cost $290,567)** | **183223** |
| **ΔPREFERRED STOCKS–0.40%** | **ΔPREFERRED STOCKS–0.40%** | **ΔPREFERRED STOCKS–0.40%** |
| **Germany–0.40%** | **Germany–0.40%** | **Germany–0.40%** |
| Bayerische Motoren Werke <br> AG 4.71%<br>| 1391 | 148225 |
| Draegerwerk AG & Co. KGaA <br> 2.93%<br>| 847 | 68706 |
| Einhell Germany AG 1.78% | 192 | 18999 |
| FUCHS SE 3.07% | 6201 | 276172 |
| Henkel AG & Co. KGaA <br> 2.92%<br>| 5908 | 482003 |
| Jungheinrich AG 2.26% | 3605 | 148617 |
| Porsche Automobil Holding <br> SE 4.80%<br>| 9894 | 461608 |
| Sartorius AG 0.30% | 104 | 29948 |
| Sixt SE 5.13% | 2063 | 127758 |
| STO SE & Co. KGaA 2.73% | 210 | 29751 |
| Villeroy & Boch AG 5.47% | 830 | 15983 |
| Volkswagen AG 6.11% | 11621 | 1418211 |
| **Total Preferred Stocks** <br>**(Cost $3,349,575)** | **Total Preferred Stocks** <br>**(Cost $3,349,575)** | **3225981** |

---

LVIP Dimensional International Core Equity Fund-43

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔRIGHTS–0.00%** | **ΔRIGHTS–0.00%** | **ΔRIGHTS–0.00%** |
| **United Kingdom–0.00%** | **United Kingdom–0.00%** | **United Kingdom–0.00%** |
| †Videndum PLC | 6099 | $904 |
| **Total Rights**<br> **(Cost $45,902)** | **Total Rights**<br> **(Cost $45,902)** | **904** |
| **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** | **ΔWARRANTS–0.00%** |
| **Canada–0.00%** | **Canada–0.00%** | **Canada–0.00%** |
| =†Constellation Software, Inc. <br> exp 3/31/40 exercise price <br> CAD 1.0000<br>| 300 | 0 |
|  |  | **0** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** | **ΔWARRANTS (continued)** |
| **Italy–0.00%** | **Italy–0.00%** | **Italy–0.00%** |
| †Geox SpA exp 9/30/26 <br> exercise price EUR 0.3420<br>| 325 | $19 |
| =†Webuild SpA exp 8/02/30 <br> exercise price EUR 1.0000<br>| 746 | 0 |
|  |  | **19** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **19** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.50% (Cost $535,859,790)** | **794794570** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.50%** | **3960529** |
| **NET ASSETS APPLICABLE TO 50,422,691 SHARES OUTSTANDING–100.00%** | **$798755099** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND STANDARD CLASS** <br>**($570,820,028 / 36,004,720 Shares)** | **$15.854** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND SERVICE CLASS** <br>**($227,935,071 / 14,417,971 Shares)** | **$15.809** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$545749650** |
| Distributable earnings/(accumulated loss) | **253005449** |
| **TOTAL NET ASSETS** | **$798755099** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| πRestricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, or have certain <br> restrictions on resale which may limit their liquidity. At December 31, 2025, the aggregate value of restricted securities was $0, which <br> represented 0.00% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with <br> respect to these securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Raven Property Group Ltd. | 7/26/2005 | &nbsp;&nbsp; $11879 | &nbsp;&nbsp; $0 |
| **Total** |  | &nbsp;&nbsp; $11879 | &nbsp;&nbsp; $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $30,662 expense reimbursement receivable from Lincoln Financial Investments Corporation, $797,351 payable for fund shares <br> redeemed, $105,988 other accrued expenses payable, $458,230 due to manager and affiliates, $467,236 due to custodian, $19,687 payable for <br> audit fee and $22,913 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Dimensional International Core Equity Fund-44

------

**LVIP Dimensional International Core Equity Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CAD–Canadian Dollar |
| CDI–Chess Depository Interest |
| EUR–Euro |
| LNG–Liquefied Natural Gas |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-45

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional International Core Equity Fund** | **LVIP Dimensional International Core Equity Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $25896520 |
| Foreign taxes withheld | (2543019)<br>|
|  | 23353501 |
| **EXPENSES:** |  |
| Management fees | 4330116 |
| Distribution fees-Service Class | 491855 |
| Shareholder servicing fees | 216506 |
| Custodian fees | 156601 |
| Professional fees | 154624 |
| Pricing fees | 143457 |
| Accounting and administration expenses | 140072 |
| Trustees' fees and expenses | 21430 |
| Consulting fees | 17169 |
| Reports and statements to shareholders | 14375 |
| Other | 18015 |
|  | 5704220 |
| Less:  |  |
| Expenses reimbursed | (583620)<br>|
| Total operating expenses | 5120600 |
| **NET INVESTMENT INCOME**  | 18232901 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 19961811 |
| Foreign currencies | 287513 |
| Net realized gain | 20249324 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 184472797 |
| Foreign currencies | 206228 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 184679025 |
| **NET REALIZED AND UNREALIZED GAIN** | 204928349 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $223161250 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional International Core Equity Fund** | **LVIP Dimensional International Core Equity Fund** | **LVIP Dimensional International Core Equity Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $18232901 | $13673723 |
| Net realized gain | 20249324 | 7181199 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 184679025 | (5697041)<br>|
| Net increase in net assets resulting <br> from operations<br>| 223161250 | 15157881 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (17549799)<br>| (12035642)<br>|
| Service Class | (6448621)<br>| (3641713)<br>|
|  | (23998420)<br>| (15677355)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 30863794 | 198909230 |
| Service Class | 46860660 | 23689454 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 17549799 | 12035642 |
| Service Class | 6448621 | 3641713 |
|  | 101722874 | 238276039 |
| Cost of shares redeemed: |  |  |
| Standard Class | (158629746)<br>| (44292504)<br>|
| Service Class | (49041486)<br>| (25098633)<br>|
|  | (207671232)<br>| (69391137)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (105948358)<br>| 168884902 |
| **NET INCREASE IN NET ASSETS** | 93214472 | 168365428 |
| **NET ASSETS:** |  |  |
| Beginning of year | 705540627 | 537175199 |
| End of year | $798755099 | $705540627 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-46

------

**LVIP Dimensional International Core Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** | **LVIP Dimensional International Core Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.098 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $10.668 | &nbsp;&nbsp; $12.760 | &nbsp;&nbsp; $11.539 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.356 | 0.312 | 0.302 | 0.312 | 0.280 |
| Net realized and unrealized gain (loss) | 3.896 | 0.067 | 1.393 | &nbsp;&nbsp; (2.030)<br>| 1.235 |
| Total from investment operations | 4.252 | 0.379 | 1.695 | &nbsp;&nbsp; (1.718)<br>| 1.515 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.496)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.374)<br>| &nbsp;&nbsp; (0.294)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.496)<br>| &nbsp;&nbsp; (0.295)<br>| &nbsp;&nbsp; (0.349)<br>| &nbsp;&nbsp; (0.374)<br>| &nbsp;&nbsp; (0.294)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.854 | &nbsp;&nbsp; $12.098 | &nbsp;&nbsp; $12.014 | &nbsp;&nbsp; $10.668 | &nbsp;&nbsp; $12.760 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 35.26% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; 16.01% | &nbsp;&nbsp; (13.42%)<br>| &nbsp;&nbsp; 13.22% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $570820 | &nbsp;&nbsp; $533611 | &nbsp;&nbsp; $368621 | &nbsp;&nbsp; $343995 | &nbsp;&nbsp; $407047 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 2.21% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.12% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-47

------

**LVIP Dimensional International Core Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** | **LVIP Dimensional International Core Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.069 | &nbsp;&nbsp; $11.986 | &nbsp;&nbsp; $10.645 | &nbsp;&nbsp; $12.739 | &nbsp;&nbsp; $11.522 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.321 | 0.280 | 0.272 | 0.283 | 0.248 |
| Net realized and unrealized gain (loss) | 3.880 | 0.067 | 1.390 | &nbsp;&nbsp; (2.026)<br>| 1.234 |
| Total from investment operations | 4.201 | 0.347 | 1.662 | &nbsp;&nbsp; (1.743)<br>| 1.482 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.461)<br>| &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.265)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.461)<br>| &nbsp;&nbsp; (0.264)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.265)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $15.809 | &nbsp;&nbsp; $12.069 | &nbsp;&nbsp; $11.986 | &nbsp;&nbsp; $10.645 | &nbsp;&nbsp; $12.739 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 34.91% | &nbsp;&nbsp; 2.81% | &nbsp;&nbsp; 15.72% | &nbsp;&nbsp; (13.64%)<br>| &nbsp;&nbsp; 12.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $227935 | &nbsp;&nbsp; $171929 | &nbsp;&nbsp; $168554 | &nbsp;&nbsp; $152083 | &nbsp;&nbsp; $140511 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.97% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.96% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 1.87% |
| Portfolio turnover | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Core Equity Fund-48

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional International Core Equity Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of

LVIP Dimensional International Core Equity Fund-49

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP Dimensional International Core Equity Fund is $301,168 and $297,125 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.58% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.62% of the Fund's average daily net assets for the Standard Class and 0.87% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $518071 | &nbsp;&nbsp; $685317 | &nbsp;&nbsp; $583620 | &nbsp;&nbsp; $1787008 |

---

Dimensional Fund Advisors LP (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

LVIP Dimensional International Core Equity Fund-50

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $61168 |
| Legal | &nbsp;&nbsp; 10168 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,030 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $30662 |
| Management fees payable to LFI | &nbsp;&nbsp; 390953 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 47729 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 19548 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $34454679 |
| Sales | &nbsp;&nbsp; 140200888 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $546194747 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $294536231 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (45780795)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $248755436 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for

LVIP Dimensional International Core Equity Fund-51

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $2279198 | &nbsp;&nbsp; $46197019 | &nbsp;&nbsp; $73162 | &nbsp;&nbsp; $48549379 |
| Austria | &nbsp;&nbsp; 277984 | &nbsp;&nbsp; 5321531 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5599515 |
| Belgium | &nbsp;&nbsp; 237848 | &nbsp;&nbsp; 7939157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8177005 |
| Bermuda | &nbsp;&nbsp; — | &nbsp;&nbsp; 48548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48548 |
| Britain | &nbsp;&nbsp; 92477 | &nbsp;&nbsp; 129192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 221669 |
| Canada | &nbsp;&nbsp; 98882013 | &nbsp;&nbsp; 153122 | &nbsp;&nbsp; 8997 | &nbsp;&nbsp; 99044132 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp; 229335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 229335 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 843254 | &nbsp;&nbsp; — | &nbsp;&nbsp; 843254 |
| Cyprus | &nbsp;&nbsp; — | &nbsp;&nbsp; 63341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63341 |
| Denmark | &nbsp;&nbsp; 330894 | &nbsp;&nbsp; 16429285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16760179 |
| Faeroe Islands | &nbsp;&nbsp; — | &nbsp;&nbsp; 823804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 823804 |
| Finland | &nbsp;&nbsp; 485723 | &nbsp;&nbsp; 12895878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13381601 |
| France | &nbsp;&nbsp; 618762 | &nbsp;&nbsp; 56519700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57138462 |
| Georgia | &nbsp;&nbsp; — | &nbsp;&nbsp; 198981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198981 |
| Germany | &nbsp;&nbsp; 748398 | &nbsp;&nbsp; 57240928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57989326 |
| Greece | &nbsp;&nbsp; 31600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31600 |
| Guernsey | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Hong Kong | &nbsp;&nbsp; 930775 | &nbsp;&nbsp; 12775485 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 13706260 |
| Ireland | &nbsp;&nbsp; 439078 | &nbsp;&nbsp; 6085927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6525005 |
| Isle Of Man | &nbsp;&nbsp; — | &nbsp;&nbsp; 4413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4413 |
| Israel | &nbsp;&nbsp; 1882485 | &nbsp;&nbsp; 9043918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10926403 |
| Italy | &nbsp;&nbsp; 454071 | &nbsp;&nbsp; 23381245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23835316 |
| Japan | &nbsp;&nbsp; 3228061 | &nbsp;&nbsp; 171283440 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174511501 |
| Jordan | &nbsp;&nbsp; — | &nbsp;&nbsp; 176032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 176032 |
| Luxembourg | &nbsp;&nbsp; 31760 | &nbsp;&nbsp; 1649395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1681155 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 248218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248218 |
| Mauritius | &nbsp;&nbsp; 716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 716 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 163647 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163647 |
| Mongolia | &nbsp;&nbsp; — | &nbsp;&nbsp; 81233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81233 |
| Netherlands | &nbsp;&nbsp; 8592882 | &nbsp;&nbsp; 22088942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30681824 |
| New Zealand | &nbsp;&nbsp; 1198413 | &nbsp;&nbsp; 1294098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2492511 |
| Norway | &nbsp;&nbsp; 630250 | &nbsp;&nbsp; 4999232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5629482 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp; 228715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 228715 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 3645 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3645 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 276066 | &nbsp;&nbsp; — | &nbsp;&nbsp; 276066 |
| Portugal | &nbsp;&nbsp; 266740 | &nbsp;&nbsp; 2811027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3077767 |
| Singapore | &nbsp;&nbsp; 435380 | &nbsp;&nbsp; 8702850 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 9138230 |
| Spain | &nbsp;&nbsp; 2714115 | &nbsp;&nbsp; 19583879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22297994 |
| Sweden | &nbsp;&nbsp; 1053325 | &nbsp;&nbsp; 20966327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22019652 |
| Switzerland | &nbsp;&nbsp; 10579953 | &nbsp;&nbsp; 53803766 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64383719 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 116701 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116701 |

---

LVIP Dimensional International Core Equity Fund-52

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United Arab Emirates | &nbsp;&nbsp; $13044 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $13044 |
| United Kingdom | &nbsp;&nbsp; 22545568 | &nbsp;&nbsp; 63834109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86379677 |
| United States | &nbsp;&nbsp; 2095264 | &nbsp;&nbsp; 1590122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3685386 |
| Convertible Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 183223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183223 |
| Preferred Stocks |  |  |  |  |
| Germany | &nbsp;&nbsp; 18999 | &nbsp;&nbsp; 3206982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3225981 |
| Rights | &nbsp;&nbsp; 904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 904 |
| Warrants | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 19 |
| **Total Investments** | &nbsp;&nbsp; $161096699 | &nbsp;&nbsp; $633615712 | &nbsp;&nbsp; $82159 | &nbsp;&nbsp; $794794570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and mark-to-market adjustments on Passive Foreign Investment Companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $23998420 | &nbsp;&nbsp; $15677355 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1438901 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 2811112 |
| Net unrealized appreciation | &nbsp;&nbsp; 248755436 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $253005449 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

In 2025, the Fund utilized $15,140,323 of capital loss carryforwards.

LVIP Dimensional International Core Equity Fund-53

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 2128073 | &nbsp;&nbsp; 15990621 |
| Service Class | &nbsp;&nbsp; 3248693 | &nbsp;&nbsp; 1901124 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1136974 | &nbsp;&nbsp; 957017 |
| Service Class | &nbsp;&nbsp; 418908 | &nbsp;&nbsp; 289653 |
|  | &nbsp;&nbsp; 6932648 | &nbsp;&nbsp; 19138415 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (11366087)<br>| &nbsp;&nbsp; (3523890)<br>|
| Service Class | &nbsp;&nbsp; (3495524)<br>| &nbsp;&nbsp; (2007057)<br>|
|  | &nbsp;&nbsp; (14861611)<br>| &nbsp;&nbsp; (5530947)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (7928963)<br>| &nbsp;&nbsp; 13607468 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly amplifying already existing geo-political tensions. The United States and many other countries have instituted various sanctions against Russian individuals and entities (including corporate and banking). The extent and duration of the military action, sanctions and other punitive actions taken, and resulting future market disruptions – both in Europe and globally – cannot easily be predicted but could be significant and have a severe adverse effect on Russia and Europe in general. In addition, there are significant risks due to the relatively recent formation of the Russian securities markets as well as the underdeveloped state of Russia's banking system, settlement, clearing and registration of securities transactions.

LVIP Dimensional International Core Equity Fund-54

------

**LVIP Dimensional International Core Equity Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Risk Factors (continued)**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1. Restricted securities have been identified on the Statement of Net Assets.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional International Core Equity Fund-55

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Dimensional International Core Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Dimensional International Core Equity Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img02d117ec2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Dimensional International Core Equity Fund–56

------

![](img0e9deeed1.jpg)

![](img6e605dca2.jpg)

LVIP Dimensional International Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Dimensional International Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_ae5ba4db-1bc4-4cee-9a86-3279ed73f74e_SOI-continued-279_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_ae5ba4db-1bc4-4cee-9a86-3279ed73f74e_FS-continued-279_1)**  | &nbsp;&nbsp; **3** |
| **[Statement of Operations](#xx_ae5ba4db-1bc4-4cee-9a86-3279ed73f74e_FS-continued-279_2)**  | &nbsp;&nbsp; **4** |
| **[Statements of Changes in Net Assets](#xx_ae5ba4db-1bc4-4cee-9a86-3279ed73f74e_FS-continued-279_2)**  | &nbsp;&nbsp; **4** |
| **[Financial Highlights](#xx_ae5ba4db-1bc4-4cee-9a86-3279ed73f74e_FIHI-continued-279_1)**  | &nbsp;&nbsp; **5** |
| **[Notes to Financial Statements](#xx_ae5ba4db-1bc4-4cee-9a86-3279ed73f74e_NTF-continued-279_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_ae5ba4db-1bc4-4cee-9a86-3279ed73f74e_AUDIT-continued-279_1)**  | &nbsp;&nbsp; **14** |

---

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–47.78%** | **AFFILIATED INVESTMENT–47.78%** | **AFFILIATED INVESTMENT–47.78%** |
| **INVESTMENT COMPANY–47.78%** | **INVESTMENT COMPANY–47.78%** | **INVESTMENT COMPANY–47.78%** |
| **International Equity Fund–47.78%** | **International Equity Fund–47.78%** | **International Equity Fund–47.78%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP Dimensional <br> International Core Equity <br> Fund<br>| 17290780 | $274128018 |
| **Total Affiliated Investment** <br>**(Cost $158,139,568)**<br>|  | **274128018** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–51.91%** | **UNAFFILIATED INVESTMENTS–51.91%** | **UNAFFILIATED INVESTMENTS–51.91%** |
| **INVESTMENT COMPANIES–51.91%** | **INVESTMENT COMPANIES–51.91%** | **INVESTMENT COMPANIES–51.91%** |
| **International Equity Fund–48.16%** | **International Equity Fund–48.16%** | **International Equity Fund–48.16%** |
| \*Dimensional Investment <br> Group–<br> DFA International Value <br> Portfolio<br>| 9663011 | 276265505 |
|  |  | **276265505** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–3.75%** | **Money Market Fund–3.75%** | **Money Market Fund–3.75%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 21504627 | $21504627 |
|  |  | **21504627** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $150,953,071)**<br>|  | **297770132** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.69% (Cost $309,092,639)** | **571898150** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.31%** | **1760622** |
| **NET ASSETS APPLICABLE TO 42,683,948 SHARES OUTSTANDING–100.00%** | **$573658772** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 69 | CME British Pound Currency Futures | &nbsp;&nbsp; $5803762 | &nbsp;&nbsp; $5743138 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $60624 | &nbsp;&nbsp; $— |
| 65 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 9571250 | &nbsp;&nbsp; 9495632 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 75618 | &nbsp;&nbsp; — |
| 85 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 6819656 | &nbsp;&nbsp; 6888412 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (68756)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 136242 | &nbsp;&nbsp; (68756)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 2 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 249800 | &nbsp;&nbsp; 261365 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11565)<br>|
| 1 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 344625 | &nbsp;&nbsp; 344561 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — |
| 1 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 332520 | &nbsp;&nbsp; 337570 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5050)<br>|
| 141 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 9678724 | &nbsp;&nbsp; 9541599 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 137124 | &nbsp;&nbsp; — |
| 43 | FTSE 100 Index Futures | &nbsp;&nbsp; 5761990 | &nbsp;&nbsp; 5622077 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 139913 | &nbsp;&nbsp; — |
| 7 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 493990 | &nbsp;&nbsp; 486412 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 7578 | &nbsp;&nbsp; — |
| 22 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 7078652 | &nbsp;&nbsp; 7091295 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12643)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 284680 | &nbsp;&nbsp; (29258)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $420922 | &nbsp;&nbsp; $(98014)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

LVIP Dimensional International Equity Managed Volatility Fund-1

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| DFA–Dimensional Fund Advisors |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OSE–Osaka Securities Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional International Equity Managed Volatility Fund** | **LVIP Dimensional International Equity Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 |
| **ASSETS:** |  |
| Unaffiliated investments, at value | &nbsp;&nbsp; $297770132 |
| Affiliated investments, at value | &nbsp;&nbsp; 274128018 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2043385 |
| Receivable for fund shares sold | &nbsp;&nbsp; 437262 |
| Receivable for securities sold | &nbsp;&nbsp; 294092 |
| Dividends and interest receivable  | &nbsp;&nbsp; 69047 |
| Prepaid expenses | &nbsp;&nbsp; 2040 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 574743976 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 746832 |
| Due to manager and affiliates | &nbsp;&nbsp; 251407 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 48272 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13826 |
| Other accrued expenses payable | &nbsp;&nbsp; 7796 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1085204 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $573658772 |
| Affiliated investments, at cost | &nbsp;&nbsp; $158139568 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 150953071 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $29310644 |
| Shares Outstanding | &nbsp;&nbsp; 2178904 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.452 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $544348128 |
| Shares Outstanding | &nbsp;&nbsp; 40505044 |
| Net Asset Value Per Share | &nbsp;&nbsp; $13.439 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $366026453 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 207632319 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $573658772 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** | **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $13197261 |
| Dividends from affiliated investments | 8473349 |
|  | 21670610 |
| **EXPENSES:** |  |
| Management fees | 1411780 |
| Distribution fees-Service Class | 1346123 |
| Shareholder servicing fees | 163767 |
| Accounting and administration expenses | 93277 |
| Professional fees | 48791 |
| Reports and statements to shareholders | 16874 |
| Trustees' fees and expenses | 16391 |
| Custodian fees | 8236 |
| Consulting fees | 7939 |
| Pricing fees | 2559 |
| Other | 11368 |
| Total operating expenses | 3127105 |
| **NET INVESTMENT INCOME**  | 18543505 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 16203868 |
| Sale of unaffiliated investments | 30858122 |
| Foreign currencies | (25604)<br>|
| Futures contracts | (12200902)<br>|
| Net realized gain | 34835484 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | 56262867 |
| Unaffiliated investments | 57749118 |
| Foreign currencies | 9877 |
| Futures contracts | 1262681 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 115284543 |
| **NET REALIZED AND UNREALIZED GAIN** | 150120027 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $168663532 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** | **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** | **LVIP Dimensional International Equity Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |
| Net investment income | $18543505 | $14686984 |
| Net realized gain | 34835484 | 12632109 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 115284543 | (923404)<br>|
| Net increase in net assets resulting <br> from operations<br>| 168663532 | 26395689 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (932095)<br>| (677901)<br>|
| Service Class | (16036076)<br>| (13699355)<br>|
|  | (16968171)<br>| (14377256)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 5236914 | 9047318 |
| Service Class | 16451974 | 26017132 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 932095 | 677901 |
| Service Class | 16036076 | 13699355 |
|  | 38657059 | 49441706 |
| Cost of shares redeemed: |  |  |
| Standard Class | (7937754)<br>| (8577624)<br>|
| Service Class | (166434386)<br>| (69763887)<br>|
|  | (174372140)<br>| (78341511)<br>|
| Decrease in net assets derived from <br> capital share transactions<br>| (135715081)<br>| (28899805)<br>|
| **NET INCREASE (DECREASE) IN** <br> **NET ASSETS**<br>| 15980280 | (16881372)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 557678492 | 574559864 |
| End of year | $573658772 | $557678492 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-4

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional International Equity Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.281 | &nbsp;&nbsp; $10.110 | &nbsp;&nbsp; $8.960 | &nbsp;&nbsp; $10.430 | &nbsp;&nbsp; $9.317 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.422 | 0.297 | 0.337 | 0.290 | 0.295 |
| Net realized and unrealized gain (loss) | 3.187 | 0.173 | 1.159 | &nbsp;&nbsp; (1.456)<br>| 1.137 |
| Total from investment operations | 3.609 | 0.470 | 1.496 | &nbsp;&nbsp; (1.166)<br>| 1.432 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.438)<br>| &nbsp;&nbsp; (0.299)<br>| &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.319)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.438)<br>| &nbsp;&nbsp; (0.299)<br>| &nbsp;&nbsp; (0.346)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.319)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.452 | &nbsp;&nbsp; $10.281 | &nbsp;&nbsp; $10.110 | &nbsp;&nbsp; $8.960 | &nbsp;&nbsp; $10.430 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 35.09% | &nbsp;&nbsp; 4.69% | &nbsp;&nbsp; 16.69% | &nbsp;&nbsp; (11.15%)<br>| &nbsp;&nbsp; 15.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $29311 | &nbsp;&nbsp; $24114 | &nbsp;&nbsp; $22550 | &nbsp;&nbsp; $20137 | &nbsp;&nbsp; $23352 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.26% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.52% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 2.84% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.52% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 3.08% | &nbsp;&nbsp; 2.79% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-5

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** | **LVIP Dimensional International Equity Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.272 | &nbsp;&nbsp; $10.100 | &nbsp;&nbsp; $8.952 | &nbsp;&nbsp; $10.420 | &nbsp;&nbsp; $9.309 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.390 | 0.270 | 0.312 | 0.266 | 0.268 |
| Net realized and unrealized gain (loss) | 3.181 | 0.174 | 1.157 | &nbsp;&nbsp; (1.454)<br>| 1.135 |
| Total from investment operations | 3.571 | 0.444 | 1.469 | &nbsp;&nbsp; (1.188)<br>| 1.403 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.272)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.292)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.272)<br>| &nbsp;&nbsp; (0.321)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.292)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $13.439 | &nbsp;&nbsp; $10.272 | &nbsp;&nbsp; $10.100 | &nbsp;&nbsp; $8.952 | &nbsp;&nbsp; $10.420 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 34.75% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 16.40% | &nbsp;&nbsp; (11.38%)<br>| &nbsp;&nbsp; 15.08% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $544348 | &nbsp;&nbsp; $533564 | &nbsp;&nbsp; $552010 | &nbsp;&nbsp; $528359 | &nbsp;&nbsp; $641983 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.51% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 2.59% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 3.23% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 2.54% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-6

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional International Equity Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") or other unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the Fund is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Dimensional International Equity Managed Volatility Fund-7

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $46645 |
| Legal | &nbsp;&nbsp; 7726 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $7,724 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Trust's Board of Trustees (the "Board"). The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $121736 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 115550 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14121 |

---

LVIP Dimensional International Equity Managed Volatility Fund-8

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

**<u>LVIP Dimensional International Equity Managed Volatility Fund</u>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT COMPANY-47.78%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **International Equity** <br> **Fund-47.78%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional International Core <br> Equity Fund<br>| $264810552 | $18564605 | $81713874 | $16203868 | $56262867 | $274128018 | 17290780 | $8473349 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $32257527 |
| Sales | &nbsp;&nbsp; 172824562 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $340160633 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $231826499 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (100885)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $231725614 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP Dimensional International Equity Managed Volatility Fund-9

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $274128018 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $274128018 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 297770132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 297770132 |
| **Total Investments** | &nbsp;&nbsp; $571898150 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $571898150 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $420922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $420922 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(98014)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(98014)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $16968171 | &nbsp;&nbsp; $14377256 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1937213 |
| Capital loss carryforward | &nbsp;&nbsp; (26027636)<br>|
| Other temporary differences | &nbsp;&nbsp; (2872)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 231725614 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $207632319 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025 the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | |
|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Total**  |
| $26027636 | &nbsp;&nbsp; $26027636 |

---

In 2025, the Fund utilized $34,959,571 of capital loss carryforwards.

LVIP Dimensional International Equity Managed Volatility Fund-10

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 444182 | &nbsp;&nbsp; 851335 |
| Service Class | &nbsp;&nbsp; 1367646 | &nbsp;&nbsp; 2458322 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 69035 | &nbsp;&nbsp; 66796 |
| Service Class | &nbsp;&nbsp; 1188981 | &nbsp;&nbsp; 1350858 |
|  | &nbsp;&nbsp; 3069844 | &nbsp;&nbsp; 4727311 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (679839)<br>| &nbsp;&nbsp; (803001)<br>|
| Service Class | &nbsp;&nbsp; (13995912)<br>| &nbsp;&nbsp; (6518689)<br>|
|  | &nbsp;&nbsp; (14675751)<br>| &nbsp;&nbsp; (7321690)<br>|
| Net decrease | &nbsp;&nbsp; (11605907)<br>| &nbsp;&nbsp; (2594379)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

LVIP Dimensional International Equity Managed Volatility Fund-11

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $284680 | Variation margin due to broker on futures <br> contracts<br>| $(29258)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 136242 | Variation margin due to broker on futures <br> contracts<br>| (68756)<br>|
| Total |  | $420922 |  | $(98014)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(7910476)<br>| &nbsp;&nbsp; $613058 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (4290426)<br>| &nbsp;&nbsp; 649623 |
| Total |  | &nbsp;&nbsp; $(12200902)<br>| &nbsp;&nbsp; $1262681 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $45768463 | $— |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

LVIP Dimensional International Equity Managed Volatility Fund-12

------

**LVIP Dimensional International Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional International Equity Managed Volatility Fund-13

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Dimensional International Equity Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP Dimensional International Equity Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img4d7d699b3.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Dimensional International Equity Managed Volatility Fund–14

------

![](imgc4c5c8a31.jpg)

LVIP Dimensional U.S. Core Equity 1 Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Dimensional U.S. Core Equity 1 Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_89148c74-5580-4057-89b5-efd3df7ebc66_SOI-continued-266_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_89148c74-5580-4057-89b5-efd3df7ebc66_FS-continued-266_1)**  | &nbsp;&nbsp; **26** |
| **[Statements of Changes in Net Assets](#xx_89148c74-5580-4057-89b5-efd3df7ebc66_FS-continued-266_1)**  | &nbsp;&nbsp; **26** |
| **[Financial Highlights](#xx_89148c74-5580-4057-89b5-efd3df7ebc66_FIHI-continued-266_1)**  | &nbsp;&nbsp; **27** |
| **[Notes to Financial Statements](#xx_89148c74-5580-4057-89b5-efd3df7ebc66_NTF-continued-266_1)**  | &nbsp;&nbsp; **29** |
| **[Report of Independent Registered Public Accounting Firm](#xx_89148c74-5580-4057-89b5-efd3df7ebc66_AUDIT-continued-266_1)**  | &nbsp;&nbsp; **36** |

---

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.82%** | **COMMON STOCK–99.82%** | **COMMON STOCK–99.82%** |
| **Aerospace & Defense–2.13%** | **Aerospace & Defense–2.13%** | **Aerospace & Defense–2.13%** |
| †AAR Corp. | 2743 | $227093 |
| †AeroVironment, Inc. | 484 | 117075 |
| †AerSale Corp. | 2240 | 15926 |
| †Astronics Corp. | 3806 | 206385 |
| †ATI, Inc. | 8853 | 1015970 |
| †Axon Enterprise, Inc. | 1459 | 828610 |
| †Boeing Co. | 13849 | 3006895 |
| BWX Technologies, Inc. | 5427 | 938003 |
| Cadre Holdings, Inc. | 1500 | 61260 |
| Carpenter Technology Corp. | 2893 | 910832 |
| Curtiss-Wright Corp. | 2006 | 1105848 |
| †Ducommun, Inc. | 1600 | 152208 |
| General Dynamics Corp. | 5374 | 1809211 |
| General Electric Co. | 17013 | 5240514 |
| HEICO Corp. | 3064 | 871576 |
| Hexcel Corp. | 4368 | 322795 |
| Howmet Aerospace, Inc. | 8400 | 1722168 |
| Huntington Ingalls <br> Industries, Inc.<br>| 2018 | 686261 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 8962 | 680305 |
| L3Harris Technologies, Inc. | 5243 | 1539188 |
| Leonardo DRS, Inc. | 2017 | 68760 |
| †Loar Holdings, Inc. | 962 | 65416 |
| Lockheed Martin Corp. | 6177 | 2987630 |
| †Mercury Systems, Inc. | 3446 | 251592 |
| Moog, Inc. Class A | 2096 | 510481 |
| National Presto Industries, <br> Inc.<br>| 749 | 79963 |
| Northrop Grumman Corp. | 3135 | 1787608 |
| Park Aerospace Corp. | 2423 | 51707 |
| †Rocket Lab Corp. | 7265 | 506806 |
| RTX Corp. | 29131 | 5342625 |
| Textron, Inc. | 9122 | 795165 |
| TransDigm Group, Inc. | 1120 | 1489432 |
| †V2X, Inc. | 1921 | 104791 |
| VSE Corp. | 600 | 103662 |
| Woodward, Inc. | 3948 | 1193559 |
|  |  | **36797320** |
| **Air Freight & Logistics–0.48%** | **Air Freight & Logistics–0.48%** | **Air Freight & Logistics–0.48%** |
| CH Robinson Worldwide, Inc. | 6928 | 1113745 |
| Expeditors International of <br> Washington, Inc.<br>| 8972 | 1336918 |
| FedEx Corp. | 9596 | 2771901 |
| †GXO Logistics, Inc. | 8507 | 447809 |
| Hub Group, Inc. Class A | 4554 | 194046 |
| †Radiant Logistics, Inc. | 2507 | 15869 |
| United Parcel Service, Inc. <br> Class B<br>| 24196 | 2400001 |
|  |  | **8280289** |
| **Automobile Components–0.33%** | **Automobile Components–0.33%** | **Automobile Components–0.33%** |
| †Adient PLC | 5509 | 105608 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 9931 | $63658 |
| †Aptiv PLC | 8717 | 663276 |
| Autoliv, Inc. | 7926 | 940816 |
| BorgWarner, Inc. | 18680 | 841721 |
| †Cooper-Standard Holdings, <br> Inc.<br>| 2502 | 82141 |
| Dana, Inc. | 13970 | 331927 |
| †Dorman Products, Inc. | 2364 | 291221 |
| †Fox Factory Holding Corp. | 3534 | 60467 |
| Garrett Motion, Inc. | 10267 | 178954 |
| Gentex Corp. | 13825 | 321708 |
| †Gentherm, Inc. | 1903 | 69212 |
| †Goodyear Tire & Rubber Co. | 20525 | 179799 |
| LCI Industries | 2022 | 245349 |
| Lear Corp. | 3939 | 451409 |
| †Motorcar Parts of America, <br> Inc.<br>| 2029 | 25038 |
| Patrick Industries, Inc. | 3530 | 382758 |
| Phinia, Inc. | 3446 | 216030 |
| †QuantumScape Corp. | 4735 | 49339 |
| Standard Motor Products, <br> Inc.<br>| 2638 | 97210 |
| †Stoneridge, Inc. | 3532 | 20450 |
| Visteon Corp. | 1685 | 160243 |
|  |  | **5778334** |
| **Automobiles–1.28%** | **Automobiles–1.28%** | **Automobiles–1.28%** |
| Ford Motor Co. | 171297 | 2247417 |
| General Motors Co. | 55158 | 4485449 |
| Harley-Davidson, Inc. | 7509 | 153859 |
| †Lucid Group, Inc. | 2102 | 22218 |
| †Rivian Automotive, Inc. <br> Class A<br>| 36244 | 714369 |
| †Tesla, Inc. | 31019 | 13949865 |
| Thor Industries, Inc. | 4199 | 431111 |
| Winnebago Industries, Inc. | 2269 | 91940 |
|  |  | **22096228** |
| **Banks–5.40%** | **Banks–5.40%** | **Banks–5.40%** |
| 1st Source Corp. | 2665 | 166536 |
| ACNB Corp. | 150 | 7253 |
| Amalgamated Financial <br> Corp.<br>| 3253 | 104194 |
| Amerant Bancorp, Inc. | 1464 | 28563 |
| Ameris Bancorp | 6498 | 482606 |
| Arrow Financial Corp. | 542 | 17019 |
| Associated Banc-Corp. | 14971 | 385653 |
| Atlantic Union Bankshares <br> Corp.<br>| 11288 | 398466 |
| †Axos Financial, Inc. | 5233 | 450875 |
| BancFirst Corp. | 2846 | 301733 |
| †Bancorp, Inc. | 4585 | 309579 |
| Bank First Corp. | 215 | 26191 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-1

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. | 134590 | $7402450 |
| Bank of Hawaii Corp. | 3306 | 226031 |
| Bank of Marin Bancorp | 800 | 20808 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 4430 | 220703 |
| Bank OZK | 10177 | 468346 |
| BankUnited, Inc. | 6608 | 294519 |
| Banner Corp. | 3031 | 189922 |
| Bar Harbor Bankshares | 127 | 3943 |
| BayCom Corp. | 863 | 25372 |
| BCB Bancorp, Inc. | 1717 | 13856 |
| Beacon Financial Corp. | 8884 | 234271 |
| †Blue Foundry Bancorp | 1457 | 18111 |
| Blue Ridge Bankshares, Inc. | 1073 | 4582 |
| BOK Financial Corp. | 5728 | 678539 |
| †Bridgewater Bancshares, <br> Inc.<br>| 2389 | 41879 |
| Business First Bancshares, <br> Inc.<br>| 3000 | 78420 |
| Byline Bancorp, Inc. | 2137 | 62294 |
| Cadence Bank | 16387 | 702019 |
| Camden National Corp. | 1998 | 86673 |
| Capital Bancorp, Inc. | 557 | 15691 |
| Capital City Bank Group, Inc. | 800 | 34056 |
| Capitol Federal Financial, <br> Inc.<br>| 11777 | 80201 |
| †Carter Bankshares, Inc. | 2800 | 55048 |
| Cathay General Bancorp | 6259 | 302873 |
| Central Pacific Financial <br> Corp.<br>| 3160 | 98466 |
| Citigroup, Inc. | 41180 | 4805294 |
| Citizens & Northern Corp. | 836 | 16862 |
| Citizens Financial Group, <br> Inc.<br>| 19084 | 1114696 |
| City Holding Co. | 1426 | 169979 |
| Civista Bancshares, Inc. | 1212 | 26931 |
| CNB Financial Corp. | 543 | 14210 |
| †Coastal Financial Corp. | 775 | 88807 |
| Columbia Banking System, <br> Inc.<br>| 8182 | 228687 |
| †Columbia Financial, Inc. | 6136 | 95353 |
| Comerica, Inc. | 8347 | 725605 |
| Commerce Bancshares, Inc. | 10940 | 572597 |
| Community Financial System, <br> Inc.<br>| 4266 | 245039 |
| Community Trust Bancorp, <br> Inc.<br>| 1991 | 112491 |
| Community West Bancshares | 2384 | 53640 |
| ConnectOne Bancorp, Inc. | 4762 | 124860 |
| Cullen/Frost Bankers, Inc. | 4148 | 525261 |
| †Customers Bancorp, Inc. | 2638 | 192891 |
| CVB Financial Corp. | 11830 | 220038 |
| Dime Community <br> Bancshares, Inc.<br>| 4783 | 143920 |
| Eagle Bancorp, Inc. | 3549 | 76020 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| East West Bancorp, Inc. | 10588 | $1189985 |
| Eastern Bankshares, Inc. | 11184 | 206130 |
| Enterprise Financial Services <br> Corp.<br>| 3126 | 168804 |
| Equity Bancshares, Inc. <br> Class A<br>| 1380 | 61617 |
| Esquire Financial Holdings, <br> Inc.<br>| 328 | 33479 |
| Farmers National Banc Corp. | 3472 | 46247 |
| FB Financial Corp. | 4853 | 270797 |
| Fifth Third Bancorp | 24961 | 1168424 |
| Financial Institutions, Inc. | 763 | 23783 |
| First BanCorp | 14842 | 307675 |
| First Bancorp, Inc. | 962 | 25435 |
| First Bancorp/Southern Pines <br> NC<br>| 4235 | 215096 |
| First Busey Corp. | 6834 | 162581 |
| First Business Financial <br> Services, Inc.<br>| 810 | 43983 |
| First Citizens BancShares, <br> Inc. Class A<br>| 422 | 905688 |
| First Commonwealth <br> Financial Corp.<br>| 8163 | 137628 |
| First Community Bankshares, <br> Inc.<br>| 1307 | 44085 |
| First Financial Bancorp | 8783 | 219751 |
| First Financial Bankshares, <br> Inc.<br>| 8922 | 266500 |
| First Financial Corp. | 880 | 53170 |
| †First Foundation, Inc. | 5112 | 31490 |
| First Hawaiian, Inc. | 5650 | 142945 |
| First Horizon Corp. | 31988 | 764513 |
| First Internet Bancorp | 622 | 12981 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 8840 | 305864 |
| First Merchants Corp. | 4769 | 178742 |
| First Mid Bancshares, Inc. | 773 | 30147 |
| Flagstar Bank NA | 16326 | 205544 |
| Flushing Financial Corp. | 2658 | 40322 |
| FNB Corp. | 32839 | 561547 |
| Fulton Financial Corp. | 15079 | 291477 |
| FVCBankcorp, Inc. | 1285 | 17874 |
| German American Bancorp, <br> Inc.<br>| 3237 | 126826 |
| Glacier Bancorp, Inc. | 8021 | 353325 |
| Great Southern Bancorp, Inc. | 1280 | 78797 |
| Greene County Bancorp, Inc. | 457 | 10159 |
| Hancock Whitney Corp. | 7981 | 508230 |
| Hanmi Financial Corp. | 3217 | 86956 |
| HBT Financial, Inc. | 916 | 23679 |
| Heritage Commerce Corp. | 3648 | 43812 |
| Heritage Financial Corp. | 3628 | 85802 |
| Hilltop Holdings, Inc. | 6334 | 214976 |
| Hingham Institution For <br> Savings<br>| 127 | 36063 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-2

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Home BancShares, Inc. | 18464 | $512930 |
| HomeTrust Bancshares, Inc. | 901 | 38689 |
| Hope Bancorp, Inc. | 11520 | 126259 |
| Horizon Bancorp, Inc. | 5686 | 96435 |
| Huntington Bancshares, Inc. | 57947 | 1005380 |
| Independent Bank Corp. | 6980 | 418091 |
| International Bancshares <br> Corp.<br>| 6070 | 403291 |
| JPMorgan Chase & Co. | 80329 | 25883610 |
| Kearny Financial Corp. | 6001 | 44467 |
| KeyCorp | 36485 | 753050 |
| Lakeland Financial Corp. | 1993 | 113721 |
| Live Oak Bancshares, Inc. | 3171 | 108924 |
| M&T Bank Corp. | 5864 | 1181479 |
| Mechanics Bancorp Class A | 2845 | 41622 |
| Mercantile Bank Corp. | 1436 | 69072 |
| Metrocity Bankshares, Inc. | 602 | 15977 |
| Metropolitan Bank Holding <br> Corp.<br>| 707 | 53987 |
| Mid Penn Bancorp, Inc. | 1043 | 32354 |
| Midland States Bancorp, Inc. | 1400 | 29638 |
| MidWestOne Financial Group, <br> Inc.<br>| 600 | 23100 |
| MVB Financial Corp. | 502 | 12967 |
| National Bank Holdings Corp. <br> Class A<br>| 3351 | 127372 |
| NBT Bancorp, Inc. | 4369 | 181401 |
| Nicolet Bankshares, Inc. | 573 | 69505 |
| Northeast Bank | 446 | 46353 |
| Northfield Bancorp, Inc. | 6724 | 76855 |
| Northwest Bancshares, Inc. | 14286 | 171432 |
| Norwood Financial Corp. | 666 | 18681 |
| OceanFirst Financial Corp. | 5198 | 93304 |
| OFG Bancorp | 4537 | 185926 |
| Old National Bancorp | 30209 | 673963 |
| Old Second Bancorp, Inc. | 1794 | 34983 |
| Origin Bancorp, Inc. | 1679 | 63147 |
| Orrstown Financial Services, <br> Inc.<br>| 519 | 18383 |
| Park National Corp. | 1406 | 213965 |
| Parke Bancorp, Inc. | 914 | 22887 |
| Pathward Financial, Inc. | 2479 | 176009 |
| PCB Bancorp | 1065 | 23057 |
| Peapack-Gladstone Financial <br> Corp.<br>| 2407 | 67035 |
| Peoples Bancorp, Inc. | 3493 | 104895 |
| Peoples Financial Services <br> Corp.<br>| 200 | 9742 |
| Pinnacle Financial Partners, <br> Inc.<br>| 5488 | 523610 |
| †Pioneer Bancorp, Inc. | 1350 | 18198 |
| PNC Financial Services <br> Group, Inc.<br>| 9055 | 1890050 |
| †Ponce Financial Group, Inc. | 1264 | 20666 |
| Popular, Inc. | 5925 | 737781 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Preferred Bank | 1313 | $123987 |
| Primis Financial Corp. | 868 | 12074 |
| Prosperity Bancshares, Inc. | 7651 | 528761 |
| Provident Financial Services, <br> Inc.<br>| 12310 | 243122 |
| QCR Holdings, Inc. | 1263 | 105208 |
| Red River Bancshares, Inc. | 323 | 23072 |
| Regions Financial Corp. | 38162 | 1034190 |
| Renasant Corp. | 7961 | 280386 |
| Republic Bancorp, Inc. <br> Class A<br>| 1755 | 121077 |
| S&T Bancorp, Inc. | 3737 | 147051 |
| Seacoast Banking Corp. of <br> Florida<br>| 1194 | 37515 |
| ServisFirst Bancshares, Inc. | 4189 | 300728 |
| Shore Bancshares, Inc. | 844 | 14922 |
| Sierra Bancorp | 742 | 24249 |
| Simmons First National Corp. <br> Class A<br>| 8767 | 165258 |
| SmartFinancial, Inc. | 928 | 34327 |
| South Plains Financial, Inc. | 960 | 37248 |
| †Southern First Bancshares, <br> Inc.<br>| 592 | 30500 |
| Southern Missouri Bancorp, <br> Inc.<br>| 396 | 23412 |
| Southside Bancshares, Inc. | 3274 | 99497 |
| Southstate Bank Corp. | 8370 | 787701 |
| Stellar Bancorp, Inc. | 1282 | 39665 |
| =†Sterling Bancorp, Inc. | 1664 | 0 |
| Stock Yards Bancorp, Inc. | 2112 | 137174 |
| Synovus Financial Corp. | 11068 | 553953 |
| †Texas Capital Bancshares, <br> Inc.<br>| 4382 | 396746 |
| TFS Financial Corp. | 9915 | 132663 |
| Tompkins Financial Corp. | 1579 | 114509 |
| Towne Bank | 7647 | 255180 |
| TriCo Bancshares | 3318 | 157174 |
| †Triumph Financial, Inc. | 1588 | 99456 |
| Truist Financial Corp. | 32455 | 1597111 |
| TrustCo Bank Corp. | 1781 | 73609 |
| Trustmark Corp. | 5905 | 230000 |
| U.S. Bancorp | 36187 | 1930938 |
| UMB Financial Corp. | 7030 | 808731 |
| United Bankshares, Inc. | 11448 | 439603 |
| United Community Banks, <br> Inc.<br>| 9910 | 309390 |
| Unity Bancorp, Inc. | 1592 | 82338 |
| Univest Financial Corp. | 3247 | 106307 |
| Valley National Bancorp | 39046 | 456057 |
| WaFd, Inc. | 5848 | 187311 |
| Washington Trust Bancorp, <br> Inc.<br>| 2170 | 64123 |
| Webster Financial Corp. | 12603 | 793233 |
| Wells Fargo & Co. | 83495 | 7781734 |
| WesBanco, Inc. | 8319 | 276524 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-3

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| West BanCorp, Inc. | 852 | $18906 |
| Westamerica BanCorp | 2447 | 117040 |
| Western Alliance Bancorp | 8256 | 694082 |
| Wintrust Financial Corp. | 4836 | 676170 |
| WSFS Financial Corp. | 5169 | 285536 |
| Zions Bancorp NA | 11022 | 645228 |
|  |  | **93462870** |
| **Beverages–0.91%** | **Beverages–0.91%** | **Beverages–0.91%** |
| †Boston Beer Co., Inc. Class A | 469 | 91516 |
| Brown-Forman Corp. Class A | 11259 | 293671 |
| †Celsius Holdings, Inc. | 493 | 22550 |
| Coca-Cola Co. | 91469 | 6394598 |
| Coca-Cola Consolidated, Inc. | 5882 | 901711 |
| Constellation Brands, Inc. <br> Class A<br>| 6028 | 831623 |
| Keurig Dr. Pepper, Inc. | 31827 | 891474 |
| MGP Ingredients, Inc. | 1497 | 36377 |
| Molson Coors Beverage Co. <br> Class B<br>| 10324 | 481924 |
| †Monster Beverage Corp. | 12228 | 937521 |
| †National Beverage Corp. | 3798 | 121118 |
| PepsiCo, Inc. | 32133 | 4611728 |
| †Vita Coco Co., Inc. | 3750 | 198787 |
|  |  | **15814598** |
| **Biotechnology–1.77%** | **Biotechnology–1.77%** | **Biotechnology–1.77%** |
| †4D Molecular Therapeutics, <br> Inc.<br>| 2900 | 21750 |
| AbbVie, Inc. | 35702 | 8157550 |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 2033 | 54301 |
| †ADMA Biologics, Inc. | 7106 | 129613 |
| †Agios Pharmaceuticals, Inc. | 1787 | 48642 |
| †Aldeyra Therapeutics, Inc. | 6436 | 33338 |
| †Alector, Inc. | 5362 | 8365 |
| †Alkermes PLC | 4526 | 126637 |
| †Allogene Therapeutics, Inc. | 10092 | 13826 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 1644 | 653737 |
| Amgen, Inc. | 14776 | 4836333 |
| †Anika Therapeutics, Inc. | 1937 | 18615 |
| †Arcturus Therapeutics <br> Holdings, Inc.<br>| 2800 | 17164 |
| †Arcus Biosciences, Inc. | 2997 | 71418 |
| †Beam Therapeutics, Inc. | 1976 | 54775 |
| †Biogen, Inc. | 4340 | 763797 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 7947 | 472290 |
| †CareDx, Inc. | 1422 | 26790 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 6124 | 142934 |
| †Cullinan Therapeutics, Inc. | 1271 | 13155 |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 2358 | 21977 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Denali Therapeutics, Inc. | 4195 | $69259 |
| †Dynavax Technologies Corp. | 5571 | 85682 |
| †Emergent BioSolutions, Inc. | 5759 | 71181 |
| †Enanta Pharmaceuticals, <br> Inc.<br>| 2114 | 33338 |
| †Exact Sciences Corp. | 4843 | 491855 |
| †Exelixis, Inc. | 20982 | 919641 |
| †Fate Therapeutics, Inc. | 3581 | 3519 |
| Gilead Sciences, Inc. | 32395 | 3976162 |
| †GRAIL, Inc. | 424 | 36290 |
| †Halozyme Therapeutics, Inc. | 5662 | 381053 |
| †Ideaya Biosciences, Inc. | 359 | 12411 |
| †Incyte Corp. | 5965 | 589163 |
| †Insmed, Inc. | 3574 | 622019 |
| †Intellia Therapeutics, Inc. | 2940 | 26431 |
| †Kiniksa Pharmaceuticals <br> International PLC<br>| 3129 | 129071 |
| †Kodiak Sciences, Inc. | 915 | 25583 |
| †Krystal Biotech, Inc. | 1200 | 295848 |
| †Kymera Therapeutics, Inc. | 498 | 38749 |
| †MacroGenics, Inc. | 2941 | 4735 |
| †MiMedx Group, Inc. | 3949 | 26735 |
| †Moderna, Inc. | 8656 | 255265 |
| †Myriad Genetics, Inc. | 6072 | 37343 |
| †Natera, Inc. | 2862 | 655656 |
| †Neurocrine Biosciences, Inc. | 4841 | 686599 |
| †Olema Pharmaceuticals, Inc. | 3387 | 84675 |
| †ORIC Pharmaceuticals, Inc. | 1829 | 14961 |
| =†PDL BioPharma, Inc. | 21857 | 9180 |
| †PMV Pharmaceuticals, Inc. | 356 | 445 |
| †Prothena Corp. PLC | 2660 | 25403 |
| †RAPT Therapeutics, Inc. | 275 | 9314 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 1878 | 1449572 |
| †REGENXBIO, Inc. | 2474 | 35626 |
| †Relay Therapeutics, Inc. | 2767 | 23409 |
| †Replimune Group, Inc. | 3297 | 32047 |
| †Revolution Medicines, Inc. | 4532 | 360974 |
| †Roivant Sciences Ltd. | 12616 | 273767 |
| †Sarepta Therapeutics, Inc. | 2493 | 53649 |
| †Stoke Therapeutics, Inc. | 1567 | 49737 |
| †United Therapeutics Corp. | 2357 | 1148448 |
| †Vanda Pharmaceuticals, Inc. | 5302 | 46764 |
| †Veracyte, Inc. | 2721 | 114554 |
| †Vericel Corp. | 1820 | 65538 |
| †Vertex Pharmaceuticals, Inc. | 3324 | 1506969 |
| †Voyager Therapeutics, Inc. | 3489 | 13712 |
| †Xencor, Inc. | 5219 | 79903 |
| †Zentalis Pharmaceuticals, <br> Inc.<br>| 3380 | 4563 |
| †Zymeworks, Inc. | 2467 | 64956 |
|  |  | **30628761** |
| **Broadline Retail–3.01%** | **Broadline Retail–3.01%** | **Broadline Retail–3.01%** |
| †Amazon.com, Inc. | 204980 | 47313484 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-4

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Broadline Retail (continued)** | **Broadline Retail (continued)** | **Broadline Retail (continued)** |
| †Coupang, Inc. | 19217 | $453329 |
| Dillard's, Inc. Class A | 1486 | 901021 |
| eBay, Inc. | 21761 | 1895383 |
| †Etsy, Inc. | 4697 | 260402 |
| Kohl's Corp. | 6703 | 136808 |
| Macy's, Inc. | 27616 | 608933 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 3936 | 431425 |
|  |  | **52000785** |
| **Building Products–0.89%** | **Building Products–0.89%** | **Building Products–0.89%** |
| A.O. Smith Corp. | 8970 | 599914 |
| AAON, Inc. | 4316 | 329095 |
| Advanced Drainage Systems, <br> Inc.<br>| 6620 | 958775 |
| Allegion PLC | 4973 | 791801 |
| †American Woodmark Corp. | 1298 | 69962 |
| Apogee Enterprises, Inc. | 1602 | 58329 |
| Armstrong World Industries, <br> Inc.<br>| 3484 | 665792 |
| AZZ, Inc. | 2429 | 260340 |
| †Builders FirstSource, Inc. | 8928 | 918602 |
| Carlisle Cos., Inc. | 2931 | 937510 |
| Carrier Global Corp. | 14166 | 748531 |
| CSW Industrials, Inc. | 1175 | 344898 |
| Fortune Brands Innovations, <br> Inc.<br>| 7346 | 367447 |
| †Gibraltar Industries, Inc. | 2152 | 106395 |
| Griffon Corp. | 2288 | 168511 |
| †Hayward Holdings, Inc. | 10449 | 161437 |
| Insteel Industries, Inc. | 1756 | 55613 |
| †Janus International Group, <br> Inc.<br>| 5222 | 34152 |
| †JELD-WEN Holding, Inc. | 6383 | 15702 |
| Johnson Controls <br> International PLC<br>| 10906 | 1305993 |
| Lennox International, Inc. | 1443 | 700692 |
| Masco Corp. | 8712 | 552863 |
| †Masterbrand, Inc. | 8148 | 89954 |
| †Modine Manufacturing Co. | 3252 | 434175 |
| Owens Corning | 7740 | 866183 |
| Quanex Building Products <br> Corp.<br>| 4360 | 67057 |
| †Resideo Technologies, Inc. | 13286 | 466604 |
| Simpson Manufacturing Co., <br> Inc.<br>| 2782 | 449210 |
| Tecnoglass, Inc. | 1413 | 71102 |
| Trane Technologies PLC | 5372 | 2090782 |
| †Trex Co., Inc. | 6320 | 221706 |
| UFP Industries, Inc. | 4018 | 365839 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 2631 | 122315 |
|  |  | **15397281** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets–3.48%** | **Capital Markets–3.48%** | **Capital Markets–3.48%** |
| Acadian Asset Management, <br> Inc.<br>| 2445 | $114915 |
| Affiliated Managers Group, <br> Inc.<br>| 2555 | 736555 |
| Ameriprise Financial, Inc. | 4404 | 2159457 |
| ARES Management Corp. <br> Class A<br>| 2453 | 396478 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 3789 | 154364 |
| †B Riley Financial, Inc. | 702 | 3278 |
| Bank of New York Mellon <br> Corp.<br>| 22761 | 2642325 |
| BGC Group, Inc. Class A | 25841 | 230760 |
| Blackrock, Inc. | 2428 | 2598786 |
| Blackstone, Inc. | 9142 | 1409148 |
| Carlyle Group, Inc. | 14680 | 867735 |
| Cboe Global Markets, Inc. | 3883 | 974633 |
| Charles Schwab Corp. | 32340 | 3231089 |
| CME Group, Inc. | 5943 | 1622915 |
| Cohen & Steers, Inc. | 4071 | 255577 |
| †Coinbase Global, Inc. Class A | 3396 | 767971 |
| Diamond Hill Investment <br> Group, Inc.<br>| 442 | 74919 |
| DigitalBridge Group, Inc. | 3152 | 48352 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 2708 | 126437 |
| Evercore, Inc. Class A | 2409 | 819662 |
| FactSet Research Systems, <br> Inc.<br>| 1701 | 493613 |
| Federated Hermes, Inc. | 7936 | 413228 |
| Franklin Resources, Inc. | 20323 | 485517 |
| Goldman Sachs Group, Inc. | 7942 | 6981018 |
| Hamilton Lane, Inc. Class A | 1959 | 263113 |
| Houlihan Lokey, Inc. | 2921 | 508809 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 6232 | 400780 |
| Intercontinental Exchange, <br> Inc.<br>| 13125 | 2125725 |
| Invesco Ltd. | 28923 | 759807 |
| Janus Henderson Group PLC | 11212 | 533355 |
| Jefferies Financial Group, <br> Inc.<br>| 13526 | 838206 |
| KKR & Co., Inc. | 9780 | 1246754 |
| Lazard, Inc. | 3063 | 148739 |
| LPL Financial Holdings, Inc. | 3385 | 1209021 |
| MarketAxess Holdings, Inc. | 1677 | 303956 |
| Moody's Corp. | 3871 | 1977500 |
| Morgan Stanley | 35904 | 6374037 |
| Morningstar, Inc. | 2645 | 574785 |
| MSCI, Inc. | 1954 | 1121068 |
| Nasdaq, Inc. | 17227 | 1673259 |
| Northern Trust Corp. | 7854 | 1072778 |
| †Open Lending Corp. Class A | 1499 | 2324 |
| Oppenheimer Holdings, Inc. <br> Class A<br>| 566 | 40916 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-5

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Piper Sandler Cos. | 1128 | $383193 |
| PJT Partners, Inc. Class A | 887 | 148306 |
| Raymond James Financial, <br> Inc.<br>| 8250 | 1324868 |
| †Robinhood Markets, Inc. <br> Class A<br>| 11242 | 1271470 |
| S&P Global, Inc. | 5065 | 2646918 |
| SEI Investments Co. | 9050 | 742281 |
| State Street Corp. | 10685 | 1378472 |
| Stifel Financial Corp. | 6641 | 831586 |
| †StoneX Group, Inc. | 3888 | 369865 |
| T. Rowe Price Group, Inc. | 9926 | 1016224 |
| TPG, Inc. | 1488 | 94994 |
| Tradeweb Markets, Inc. <br> Class A<br>| 4301 | 462530 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 3143 | 198292 |
| Virtu Financial, Inc. Class A | 8744 | 291350 |
| Virtus Investment Partners, <br> Inc.<br>| 594 | 96911 |
| Westwood Holdings Group, <br> Inc.<br>| 147 | 2530 |
| WisdomTree, Inc. | 12702 | 154837 |
|  |  | **60198291** |
| **Chemicals–1.31%** | **Chemicals–1.31%** | **Chemicals–1.31%** |
| AdvanSix, Inc. | 2954 | 51104 |
| Air Products & Chemicals, <br> Inc.<br>| 4756 | 1174827 |
| Albemarle Corp. | 3911 | 553172 |
| †American Vanguard Corp. | 3629 | 13863 |
| Ashland, Inc. | 3087 | 181114 |
| †Aspen Aerogels, Inc. | 4300 | 12169 |
| Avient Corp. | 6598 | 206122 |
| †Axalta Coating Systems Ltd. | 21171 | 684035 |
| Balchem Corp. | 1984 | 304266 |
| Cabot Corp. | 4541 | 300977 |
| Celanese Corp. | 4848 | 204973 |
| CF Industries Holdings, Inc. | 14281 | 1104493 |
| Chemours Co. | 6490 | 76517 |
| Corteva, Inc. | 20820 | 1395565 |
| Dow, Inc. | 29060 | 679423 |
| DuPont de Nemours, Inc. | 12964 | 521153 |
| Eastman Chemical Co. | 7160 | 457023 |
| Ecolab, Inc. | 6174 | 1620799 |
| †Ecovyst, Inc. | 11383 | 110757 |
| Element Solutions, Inc. | 19266 | 481457 |
| FMC Corp. | 5172 | 71736 |
| Hawkins, Inc. | 1638 | 232694 |
| HB Fuller Co. | 3315 | 197110 |
| Huntsman Corp. | 11514 | 115140 |
| †Ingevity Corp. | 3224 | 190796 |
| Innospec, Inc. | 1778 | 136088 |
| International Flavors & <br> Fragrances, Inc.<br>| 10862 | 731990 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| †Intrepid Potash, Inc. | 612 | $16971 |
| Koppers Holdings, Inc. | 1784 | 48311 |
| Kronos Worldwide, Inc. | 8371 | 37000 |
| Linde PLC | 9954 | 4244286 |
| †LSB Industries, Inc. | 3347 | 28450 |
| LyondellBasell Industries NV <br> Class A<br>| 13353 | 578185 |
| Mativ Holdings, Inc. | 2000 | 24300 |
| Minerals Technologies, Inc. | 2114 | 128848 |
| Mosaic Co. | 18737 | 451374 |
| NewMarket Corp. | 834 | 573175 |
| Olin Corp. | 7068 | 147226 |
| Orion SA | 1161 | 6130 |
| †Perimeter Solutions, Inc. | 7699 | 211953 |
| PPG Industries, Inc. | 8250 | 845295 |
| Quaker Chemical Corp. | 333 | 45724 |
| †Rayonier Advanced Materials, <br> Inc.<br>| 8749 | 51532 |
| RPM International, Inc. | 7154 | 744016 |
| Sensient Technologies Corp. | 3297 | 309753 |
| Sherwin-Williams Co. | 5732 | 1857340 |
| †Solstice Advanced Materials, <br> Inc.<br>| 3813 | 185236 |
| Stepan Co. | 1698 | 80417 |
| Tronox Holdings PLC | 12136 | 50607 |
| Westlake Corp. | 2797 | 206810 |
|  |  | **22682302** |
| **Commercial Services & Supplies–0.75%** | **Commercial Services & Supplies–0.75%** | **Commercial Services & Supplies–0.75%** |
| ABM Industries, Inc. | 5293 | 223894 |
| ACCO Brands Corp. | 11109 | 41437 |
| †ACV Auctions, Inc. Class A | 1324 | 10619 |
| Brady Corp. Class A | 3406 | 266928 |
| †BrightView Holdings, Inc. | 4456 | 56458 |
| Brink's Co. | 2796 | 326377 |
| †Casella Waste Systems, Inc. <br> Class A<br>| 2209 | 216349 |
| †Cimpress PLC | 1769 | 117798 |
| Cintas Corp. | 8812 | 1657273 |
| Civeo Corp. | 683 | 15620 |
| †Clean Harbors, Inc. | 6059 | 1420714 |
| †Copart, Inc. | 16096 | 630158 |
| Deluxe Corp. | 4595 | 102606 |
| Ennis, Inc. | 3323 | 59847 |
| †Enviri Corp. | 9121 | 163448 |
| =†GCI Liberty, Inc. | 8309 | 0 |
| †Healthcare Services Group, <br> Inc.<br>| 2712 | 51853 |
| HNI Corp. | 5983 | 251505 |
| Interface, Inc. | 5970 | 166682 |
| †Liquidity Services, Inc. | 356 | 10790 |
| MillerKnoll, Inc. | 5200 | 95056 |
| †Montrose Environmental <br> Group, Inc.<br>| 573 | 14228 |
| MSA Safety, Inc. | 1744 | 279284 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-6

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| †OPENLANE, Inc. | 10378 | $309057 |
| Quad/Graphics, Inc. | 5244 | 32880 |
| Republic Services, Inc. | 9295 | 1969889 |
| Rollins, Inc. | 14637 | 878513 |
| Tetra Tech, Inc. | 15865 | 532112 |
| UniFirst Corp. | 1252 | 241511 |
| Veralto Corp. | 4043 | 403411 |
| Vestis Corp. | 9019 | 60157 |
| Waste Management, Inc. | 10465 | 2299265 |
|  |  | **12905719** |
| **Communications Equipment–0.82%** | **Communications Equipment–0.82%** | **Communications Equipment–0.82%** |
| †Applied Optoelectronics, Inc. | 2558 | 89172 |
| †Arista Networks, Inc. | 15830 | 2074205 |
| †Aviat Networks, Inc. | 681 | 14560 |
| †Calix, Inc. | 3340 | 176786 |
| †Ciena Corp. | 6936 | 1622122 |
| Cisco Systems, Inc. | 65934 | 5078896 |
| †Clearfield, Inc. | 700 | 20405 |
| †Comtech <br> Telecommunications Corp.<br>| 2467 | 13050 |
| †Digi International, Inc. | 2900 | 125541 |
| †F5, Inc. | 4029 | 1028443 |
| †Harmonic, Inc. | 8852 | 87546 |
| †Lumentum Holdings, Inc. | 3547 | 1307389 |
| Motorola Solutions, Inc. | 4388 | 1682008 |
| †NETGEAR, Inc. | 3638 | 89240 |
| †NetScout Systems, Inc. | 6463 | 174889 |
| †Ribbon Communications, <br> Inc.<br>| 7554 | 21756 |
| †Viasat, Inc. | 6887 | 237326 |
| †Viavi Solutions, Inc. | 16999 | 302922 |
|  |  | **14146256** |
| **Construction & Engineering–0.75%** | **Construction & Engineering–0.75%** | **Construction & Engineering–0.75%** |
| AECOM | 6721 | 640713 |
| †Ameresco, Inc. Class A | 1754 | 51375 |
| †API Group Corp. | 10626 | 406551 |
| Arcosa, Inc. | 3673 | 390513 |
| Argan, Inc. | 1122 | 351545 |
| †Bowman Consulting Group <br> Ltd.<br>| 773 | 25524 |
| †Cadeler AS ADR | 1367 | 25413 |
| Comfort Systems USA, Inc. | 1611 | 1503530 |
| †Construction Partners, Inc. <br> Class A<br>| 2698 | 292868 |
| †Dycom Industries, Inc. | 2610 | 881919 |
| EMCOR Group, Inc. | 2253 | 1378363 |
| †Everus Construction Group, <br> Inc.<br>| 3893 | 333085 |
| †Fluor Corp. | 6492 | 257278 |
| Granite Construction, Inc. | 3330 | 384116 |
| †Great Lakes Dredge & Dock <br> Corp.<br>| 8569 | 112425 |
| †IES Holdings, Inc. | 955 | 371514 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| †Limbach Holdings, Inc. | 595 | $46321 |
| †MasTec, Inc. | 5425 | 1179232 |
| †Matrix Service Co. | 3017 | 35299 |
| †MYR Group, Inc. | 909 | 198617 |
| †NWPX Infrastructure, Inc. | 417 | 26058 |
| Primoris Services Corp. | 4046 | 502270 |
| Quanta Services, Inc. | 3851 | 1625353 |
| †Sterling Infrastructure, Inc. | 2292 | 701879 |
| Tutor Perini Corp. | 5568 | 373167 |
| Valmont Industries, Inc. | 1472 | 592215 |
| WillScot Holdings Corp. | 15344 | 288928 |
|  |  | **12976071** |
| **Construction Materials–0.28%** | **Construction Materials–0.28%** | **Construction Materials–0.28%** |
| CRH PLC | 7686 | 959213 |
| Eagle Materials, Inc. | 3675 | 759549 |
| †Knife River Corp. | 3862 | 271692 |
| Martin Marietta Materials, <br> Inc.<br>| 2256 | 1404721 |
| U.S. Lime & Minerals, Inc. | 740 | 88607 |
| Vulcan Materials Co. | 4935 | 1407561 |
|  |  | **4891343** |
| **Consumer Finance–0.89%** | **Consumer Finance–0.89%** | **Consumer Finance–0.89%** |
| Ally Financial, Inc. | 19931 | 902675 |
| American Express Co. | 12646 | 4678388 |
| †Atlanticus Holdings Corp. | 1483 | 99287 |
| Bread Financial Holdings, <br> Inc.<br>| 4174 | 309001 |
| Capital One Financial Corp. | 14740 | 3572386 |
| †Credit Acceptance Corp. | 761 | 337473 |
| †Encore Capital Group, Inc. | 2403 | 130603 |
| †Enova International, Inc. | 2370 | 372564 |
| †EZCORP, Inc. Class A | 6690 | 129920 |
| FirstCash Holdings, Inc. | 4088 | 651545 |
| †Green Dot Corp. Class A | 3997 | 51202 |
| †LendingClub Corp. | 11516 | 218113 |
| †LendingTree, Inc. | 513 | 27235 |
| Navient Corp. | 9256 | 120328 |
| Nelnet, Inc. Class A | 2378 | 316179 |
| †NerdWallet, Inc. Class A | 3266 | 44254 |
| OneMain Holdings, Inc. | 11443 | 772975 |
| †PRA Group, Inc. | 3756 | 66444 |
| PROG Holdings, Inc. | 2385 | 70334 |
| Regional Management Corp. | 1098 | 42547 |
| SLM Corp. | 18727 | 506753 |
| †SoFi Technologies, Inc. | 27377 | 716730 |
| Synchrony Financial | 15175 | 1266050 |
| †World Acceptance Corp. | 483 | 67808 |
|  |  | **15470794** |
| **Consumer Staples Distribution & Retail–2.00%** | **Consumer Staples Distribution & Retail–2.00%** | **Consumer Staples Distribution & Retail–2.00%** |
| Albertsons Cos., Inc. Class A | 31435 | 539739 |
| Andersons, Inc. | 2651 | 140954 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-7

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 10299 | $927219 |
| Casey's General Stores, Inc. | 2515 | 1390066 |
| †Chefs' Warehouse, Inc. | 2580 | 160811 |
| Costco Wholesale Corp. | 8945 | 7713631 |
| Dollar General Corp. | 8239 | 1093892 |
| †Dollar Tree, Inc. | 9085 | 1117546 |
| †Grocery Outlet Holding Corp. | 1953 | 19725 |
| †HF Foods Group, Inc. | 4692 | 10088 |
| Ingles Markets, Inc. Class A | 1101 | 75473 |
| Kroger Co. | 58993 | 3685883 |
| †Maplebear, Inc. | 5270 | 237045 |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 3652 | 91483 |
| †Performance Food Group Co. | 10826 | 973474 |
| PriceSmart, Inc. | 1845 | 226326 |
| †Sprouts Farmers Market, Inc. | 7452 | 593701 |
| Sysco Corp. | 17582 | 1295618 |
| Target Corp. | 17502 | 1710820 |
| †U.S. Foods Holding Corp. | 16963 | 1277653 |
| †United Natural Foods, Inc. | 6297 | 212020 |
| Village Super Market, Inc. <br> Class A<br>| 618 | 21874 |
| Walmart, Inc. | 97345 | 10845206 |
| Weis Markets, Inc. | 2619 | 167852 |
|  |  | **34528099** |
| **Containers & Packaging–0.51%** | **Containers & Packaging–0.51%** | **Containers & Packaging–0.51%** |
| Amcor PLC | 149591 | 1247589 |
| AptarGroup, Inc. | 4355 | 531136 |
| Ardagh Metal Packaging SA | 6180 | 25338 |
| Avery Dennison Corp. | 4042 | 735159 |
| Ball Corp. | 14967 | 792802 |
| Crown Holdings, Inc. | 7001 | 720893 |
| Graphic Packaging Holding <br> Co.<br>| 34506 | 519660 |
| Greif, Inc. Class A | 3741 | 256774 |
| International Paper Co. | 16118 | 634888 |
| Myers Industries, Inc. | 2920 | 54663 |
| †O-I Glass, Inc. | 15403 | 227348 |
| Packaging Corp. of America | 7234 | 1491868 |
| †Ranpak Holdings Corp. | 2426 | 13125 |
| Sealed Air Corp. | 8211 | 340182 |
| Silgan Holdings, Inc. | 8214 | 331599 |
| Smurfit WestRock PLC | 12881 | 498108 |
| Sonoco Products Co. | 7856 | 342836 |
| TriMas Corp. | 3949 | 139992 |
|  |  | **8903960** |
| **Distributors–0.11%** | **Distributors–0.11%** | **Distributors–0.11%** |
| Genuine Parts Co. | 8090 | 994746 |
| Gold.com, Inc. | 1648 | 56114 |
| LKQ Corp. | 12418 | 375024 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** |
| Pool Corp. | 1930 | $441487 |
| Weyco Group, Inc. | 723 | 22117 |
|  |  | **1889488** |
| **Diversified Consumer Services–0.25%** | **Diversified Consumer Services–0.25%** | **Diversified Consumer Services–0.25%** |
| ADT, Inc. | 33492 | 270280 |
| †Adtalem Global Education, <br> Inc.<br>| 2912 | 301305 |
| †American Public Education, <br> Inc.<br>| 2213 | 83651 |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 3064 | 310690 |
| Carriage Services, Inc. | 1873 | 79228 |
| †Chegg, Inc. | 2936 | 2730 |
| †Coursera, Inc. | 7019 | 51660 |
| †Driven Brands Holdings, Inc. | 3542 | 52492 |
| †Duolingo, Inc. | 948 | 166374 |
| †Frontdoor, Inc. | 5297 | 305584 |
| Graham Holdings Co. Class B | 306 | 336172 |
| †Grand Canyon Education, <br> Inc.<br>| 1909 | 317486 |
| H&R Block, Inc. | 5685 | 247752 |
| †Laureate Education, Inc. | 2483 | 83603 |
| Matthews International Corp. <br> Class A<br>| 2172 | 56733 |
| †Mister Car Wash, Inc. | 6772 | 37652 |
| OneSpaWorld Holdings Ltd. | 4641 | 96254 |
| Perdoceo Education Corp. | 6682 | 195983 |
| Service Corp. International | 10608 | 827106 |
| Strategic Education, Inc. | 2155 | 172831 |
| †Stride, Inc. | 4231 | 274719 |
| †Universal Technical Institute, <br> Inc.<br>| 3270 | 85445 |
|  |  | **4355730** |
| **Diversified Telecommunication Services–0.88%** | **Diversified Telecommunication Services–0.88%** | **Diversified Telecommunication Services–0.88%** |
| †Anterix, Inc. | 1256 | 27419 |
| †AST SpaceMobile, Inc. | 878 | 63769 |
| AT&T, Inc. | 230519 | 5726092 |
| ATN International, Inc. | 2414 | 55039 |
| †Bandwidth, Inc. Class A | 2736 | 42271 |
| †Frontier Communications <br> Parent, Inc.<br>| 12661 | 482004 |
| †GCI Liberty, Inc. Class A | 1783 | 66262 |
| IDT Corp. Class B | 2430 | 124440 |
| Iridium Communications, <br> Inc.<br>| 9651 | 167734 |
| †Liberty Global Ltd. Class A | 19127 | 212380 |
| †Liberty Latin America Ltd. <br> Class A<br>| 11079 | 82457 |
| †Lumen Technologies, Inc. | 6601 | 51290 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-8

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Shenandoah <br> Telecommunications Co.<br>| 4651 | $53766 |
| Verizon Communications, <br> Inc.<br>| 196220 | 7992041 |
|  |  | **15146964** |
| **Electric Utilities–1.29%** | **Electric Utilities–1.29%** | **Electric Utilities–1.29%** |
| Alliant Energy Corp. | 9792 | 636578 |
| American Electric Power Co., <br> Inc.<br>| 12638 | 1457288 |
| Constellation Energy Corp. | 6309 | 2228780 |
| Duke Energy Corp. | 15345 | 1798587 |
| Edison International | 11997 | 720060 |
| Entergy Corp. | 11406 | 1054257 |
| Evergy, Inc. | 7526 | 545560 |
| Eversource Energy | 11554 | 777931 |
| Exelon Corp. | 26594 | 1159232 |
| FirstEnergy Corp. | 16222 | 726259 |
| Genie Energy Ltd. Class B | 2298 | 31666 |
| †Hawaiian Electric Industries, <br> Inc.<br>| 8248 | 101450 |
| IDACORP, Inc. | 3450 | 436632 |
| MGE Energy, Inc. | 2148 | 168446 |
| NextEra Energy, Inc. | 41051 | 3295574 |
| NRG Energy, Inc. | 9053 | 1441600 |
| OGE Energy Corp. | 8515 | 363591 |
| †Oklo, Inc. | 874 | 62718 |
| Otter Tail Corp. | 2220 | 179398 |
| PG&E Corp. | 22397 | 359920 |
| Pinnacle West Capital Corp. | 5231 | 463990 |
| Portland General Electric <br> Co.<br>| 5391 | 258714 |
| PPL Corp. | 20901 | 731953 |
| Southern Co. | 21766 | 1897995 |
| TXNM Energy, Inc. | 5952 | 350454 |
| Xcel Energy, Inc. | 14781 | 1091725 |
|  |  | **22340358** |
| **Electrical Equipment–0.95%** | **Electrical Equipment–0.95%** | **Electrical Equipment–0.95%** |
| Acuity, Inc. | 2185 | 786687 |
| Allient, Inc. | 980 | 52675 |
| †American Superconductor <br> Corp.<br>| 1761 | 50682 |
| AMETEK, Inc. | 8278 | 1699556 |
| Atkore, Inc. | 1795 | 113534 |
| Eaton Corp. PLC | 5929 | 1888446 |
| Emerson Electric Co. | 10417 | 1382544 |
| EnerSys | 3479 | 510543 |
| †FuelCell Energy, Inc. | 834 | 6097 |
| GE Vernova, Inc. | 4344 | 2839108 |
| †Generac Holdings, Inc. | 1996 | 272195 |
| Hubbell, Inc. | 2749 | 1220858 |
| LSI Industries, Inc. | 2323 | 42557 |
| †Nextpower, Inc. Class A | 2207 | 192252 |
| nVent Electric PLC | 8024 | 818207 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| †Plug Power, Inc. | 4000 | $7880 |
| Powell Industries, Inc. | 981 | 312723 |
| Preformed Line Products Co. | 206 | 42582 |
| Regal Rexnord Corp. | 3774 | 529568 |
| Rockwell Automation, Inc. | 3123 | 1215066 |
| Sensata Technologies Holding <br> PLC<br>| 10828 | 360464 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 3212 | 27302 |
| †Sunrun, Inc. | 12414 | 228418 |
| †Thermon Group Holdings, <br> Inc.<br>| 2031 | 75472 |
| Vertiv Holdings Co. Class A | 10143 | 1643267 |
| †Vicor Corp. | 1501 | 164510 |
|  |  | **16483193** |
| **Electronic Equipment, Instruments & Components–1.48%** | **Electronic Equipment, Instruments & Components–1.48%** | **Electronic Equipment, Instruments & Components–1.48%** |
| Advanced Energy Industries, <br> Inc.<br>| 2497 | 522797 |
| Amphenol Corp. Class A | 27098 | 3662024 |
| †Arrow Electronics, Inc. | 4495 | 495259 |
| Avnet, Inc. | 7659 | 368245 |
| Badger Meter, Inc. | 1528 | 266498 |
| Bel Fuse, Inc. Class B | 852 | 144525 |
| Belden, Inc. | 2793 | 325524 |
| Benchmark Electronics, Inc. | 3874 | 165652 |
| CDW Corp. | 5099 | 694484 |
| Cognex Corp. | 7440 | 267691 |
| †Coherent Corp. | 5209 | 961425 |
| Corning, Inc. | 19775 | 1731499 |
| Crane NXT Co. | 3815 | 179572 |
| CTS Corp. | 2424 | 103917 |
| †Daktronics, Inc. | 4546 | 89874 |
| ePlus, Inc. | 2428 | 212936 |
| †Fabrinet | 1900 | 865032 |
| †Flex Ltd. | 25333 | 1530620 |
| †Insight Enterprises, Inc. | 2044 | 166525 |
| †IPG Photonics Corp. | 3160 | 226256 |
| †Itron, Inc. | 2913 | 270501 |
| Jabil, Inc. | 7810 | 1780836 |
| †Keysight Technologies, Inc. | 5352 | 1087473 |
| †Kimball Electronics, Inc. | 343 | 9542 |
| †Knowles Corp. | 7337 | 157232 |
| Littelfuse, Inc. | 2042 | 516463 |
| Methode Electronics, Inc. | 3476 | 23081 |
| †Mirion Technologies, Inc. | 5893 | 138014 |
| Napco Security Technologies, <br> Inc.<br>| 1900 | 79230 |
| †nLight, Inc. | 2861 | 107316 |
| †Novanta, Inc. | 1853 | 220488 |
| †OSI Systems, Inc. | 1275 | 325201 |
| PC Connection, Inc. | 2421 | 139837 |
| †Plexus Corp. | 1891 | 277977 |
| Ralliant Corp. | 4364 | 222171 |
| Richardson Electronics Ltd. | 2073 | 22554 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-9

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| †Rogers Corp. | 1279 | $117118 |
| †Sanmina Corp. | 5268 | 790569 |
| †ScanSource, Inc. | 2396 | 93588 |
| †SmartRent, Inc. | 9964 | 20127 |
| TD SYNNEX Corp. | 5365 | 805984 |
| TE Connectivity PLC | 8552 | 1945665 |
| †Teledyne Technologies, Inc. | 1799 | 918803 |
| †Trimble, Inc. | 9996 | 783187 |
| †TTM Technologies, Inc. | 10770 | 743130 |
| Vishay Intertechnology, Inc. | 7940 | 115051 |
| †Vishay Precision Group, Inc. | 858 | 33033 |
| Vontier Corp. | 10620 | 394852 |
| †Zebra Technologies Corp. <br> Class A<br>| 1852 | 449703 |
|  |  | **25569081** |
| **Energy Equipment & Services–0.54%** | **Energy Equipment & Services–0.54%** | **Energy Equipment & Services–0.54%** |
| Archrock, Inc. | 13582 | 353404 |
| Baker Hughes Co. | 31272 | 1424127 |
| †Bristow Group, Inc. | 670 | 24535 |
| Cactus, Inc. Class A | 3339 | 152526 |
| Core Laboratories, Inc. | 3764 | 60337 |
| †DMC Global, Inc. | 1792 | 11988 |
| †Expro Group Holdings NV | 4117 | 54962 |
| †Forum Energy Technologies, <br> Inc.<br>| 581 | 21468 |
| Halliburton Co. | 41586 | 1175220 |
| †Helix Energy Solutions Group, <br> Inc.<br>| 13767 | 86319 |
| Helmerich & Payne, Inc. | 5699 | 163447 |
| †Innovex International, Inc. | 4298 | 93997 |
| Liberty Energy, Inc. | 13753 | 253880 |
| †Mammoth Energy Services, <br> Inc.<br>| 3494 | 6464 |
| †Nabors Industries Ltd. | 845 | 45883 |
| Noble Corp. PLC | 7063 | 199459 |
| NOV, Inc. | 21887 | 342094 |
| †Oceaneering International, <br> Inc.<br>| 10362 | 248999 |
| †Oil States International, Inc. | 6670 | 45156 |
| Patterson-UTI Energy, Inc. | 2932 | 17915 |
| †ProPetro Holding Corp. | 7913 | 75253 |
| RPC, Inc. | 14752 | 80251 |
| †SEACOR Marine Holdings, <br> Inc.<br>| 2951 | 17765 |
| †Seadrill Ltd. | 1119 | 38717 |
| Select Water Solutions, Inc. | 10426 | 109682 |
| SLB Ltd. | 56512 | 2168931 |
| Solaris Energy Infrastructure, <br> Inc. Class A<br>| 2482 | 114098 |
| TechnipFMC PLC | 24993 | 1113688 |
| †TETRA Technologies, Inc. | 6536 | 61242 |
| †Tidewater, Inc. | 1101 | 55611 |
| †Transocean Ltd. | 38916 | 160723 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| †Valaris Ltd. | 2689 | $135526 |
| Weatherford International <br> PLC<br>| 5032 | 393804 |
|  |  | **9307471** |
| **Entertainment–1.26%** | **Entertainment–1.26%** | **Entertainment–1.26%** |
| †Atlanta Braves Holdings, Inc. <br> Class A<br>| 2109 | 85006 |
| Cinemark Holdings, Inc. | 8070 | 187547 |
| Electronic Arts, Inc. | 6314 | 1290140 |
| †Eventbrite, Inc. Class A | 6000 | 26700 |
| †IMAX Corp. | 3351 | 123853 |
| †Liberty Live Holdings, Inc. <br> Class A<br>| 5359 | 443060 |
| †Liberty Media Corp.-Liberty <br> Formula One Class A<br>| 8778 | 857124 |
| †Lionsgate Studios Corp. | 18814 | 171772 |
| †Live Nation Entertainment, <br> Inc.<br>| 7565 | 1078012 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 2599 | 140060 |
| Marcus Corp. | 2728 | 42311 |
| †Netflix, Inc. | 78670 | 7376099 |
| †ROBLOX Corp. Class A | 5329 | 431809 |
| †Roku, Inc. | 3130 | 339574 |
| †Sphere Entertainment Co. | 2782 | 264513 |
| †Spotify Technology SA | 1414 | 821124 |
| †Starz Entertainment Corp. | 1254 | 14672 |
| †Take-Two Interactive <br> Software, Inc.<br>| 3444 | 881767 |
| TKO Group Holdings, Inc. | 1859 | 388531 |
| Walt Disney Co. | 36996 | 4209035 |
| †Warner Bros Discovery, Inc. | 88464 | 2549532 |
| Warner Music Group Corp. <br> Class A<br>| 2536 | 77779 |
|  |  | **21800020** |
| **Financial Services–3.48%** | **Financial Services–3.48%** | **Financial Services–3.48%** |
| †Affirm Holdings, Inc. | 7184 | 534705 |
| Apollo Global Management, <br> Inc.<br>| 6950 | 1006082 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 37368 | 18783025 |
| †Block, Inc. | 7175 | 467021 |
| †Cantaloupe, Inc. | 2736 | 29056 |
| Cass Information Systems, <br> Inc.<br>| 1874 | 77808 |
| Corebridge Financial, Inc. | 34913 | 1053325 |
| †Corpay, Inc. | 4205 | 1265411 |
| Enact Holdings, Inc. | 1869 | 74087 |
| Equitable Holdings, Inc. | 15703 | 748248 |
| Essent Group Ltd. | 9087 | 590746 |
| †Euronet Worldwide, Inc. | 4413 | 335873 |
| EVERTEC, Inc. | 623 | 18123 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-10

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Federal Agricultural <br> Mortgage Corp. Class C<br>| 874 | $153448 |
| Fidelity National Information <br> Services, Inc.<br>| 18405 | 1223196 |
| †Fiserv, Inc. | 12330 | 828206 |
| †Flywire Corp. | 2304 | 32625 |
| Global Payments, Inc. | 8159 | 631507 |
| †International Money Express, <br> Inc.<br>| 2436 | 37417 |
| Jack Henry & Associates, <br> Inc.<br>| 3078 | 561673 |
| Jackson Financial, Inc. <br> Class A<br>| 3086 | 329122 |
| †Marqeta, Inc. Class A | 7290 | 34628 |
| Mastercard, Inc. Class A | 20278 | 11576305 |
| Merchants Bancorp | 1218 | 41485 |
| MGIC Investment Corp. | 19607 | 572917 |
| †NCR Atleos Corp. | 6538 | 249163 |
| †NMI Holdings, Inc. Class A | 7717 | 314776 |
| †Onity Group, Inc. | 819 | 37502 |
| †Paymentus Holdings, Inc. <br> Class A<br>| 2017 | 63717 |
| †Payoneer Global, Inc. | 9310 | 52322 |
| PayPal Holdings, Inc. | 31185 | 1820580 |
| †Paysafe Ltd. | 3600 | 29124 |
| PennyMac Financial Services, <br> Inc.<br>| 1310 | 172710 |
| Radian Group, Inc. | 12361 | 444872 |
| †Remitly Global, Inc. | 4416 | 60941 |
| †Repay Holdings Corp. | 5100 | 18615 |
| Rocket Cos., Inc. Class A | 48816 | 945078 |
| †Toast, Inc. Class A | 7723 | 274244 |
| †Velocity Financial, Inc. | 535 | 11107 |
| Visa, Inc. Class A | 37774 | 13247720 |
| Voya Financial, Inc. | 8511 | 633984 |
| Walker & Dunlop, Inc. | 2443 | 146946 |
| Waterstone Financial, Inc. | 3925 | 64959 |
| Western Union Co. | 21608 | 201171 |
| †WEX, Inc. | 3024 | 450516 |
|  |  | **60246086** |
| **Food Products–0.71%** | **Food Products–0.71%** | **Food Products–0.71%** |
| Alico, Inc. | 234 | 8513 |
| Archer-Daniels-Midland Co. | 8837 | 508039 |
| B&G Foods, Inc. | 5511 | 23697 |
| Bunge Global SA | 6999 | 623471 |
| Calavo Growers, Inc. | 1666 | 36236 |
| Cal-Maine Foods, Inc. | 3432 | 273084 |
| Campbell's Co. | 16121 | 449292 |
| Conagra Brands, Inc. | 20072 | 347446 |
| †Darling Ingredients, Inc. | 8222 | 295992 |
| Dole PLC | 4165 | 62433 |
| †Farmer Bros Co. | 400 | 584 |
| Flowers Foods, Inc. | 13824 | 150405 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Fresh Del Monte Produce, <br> Inc.<br>| 4948 | $176297 |
| †Freshpet, Inc. | 1480 | 90176 |
| General Mills, Inc. | 22454 | 1044111 |
| †Hain Celestial Group, Inc. | 7400 | 7918 |
| Hershey Co. | 5771 | 1050207 |
| Hormel Foods Corp. | 18651 | 442029 |
| Ingredion, Inc. | 5139 | 566626 |
| J&J Snack Foods Corp. | 984 | 88924 |
| J.M. Smucker Co. | 5410 | 529152 |
| John B Sanfilippo & Son, Inc. | 748 | 52809 |
| Kraft Heinz Co. | 31697 | 768652 |
| Lamb Weston Holdings, Inc. | 5940 | 248827 |
| Marzetti Co. | 1572 | 258468 |
| McCormick & Co., Inc. | 9201 | 626668 |
| Mondelez International, Inc. <br> Class A<br>| 27705 | 1491360 |
| Pilgrim's Pride Corp. | 10200 | 397698 |
| †Post Holdings, Inc. | 4512 | 446914 |
| Seaboard Corp. | 14 | 62228 |
| †Simply Good Foods Co. | 7603 | 152668 |
| Tootsie Roll Industries, Inc. | 1638 | 60000 |
| †TreeHouse Foods, Inc. | 3727 | 87920 |
| Tyson Foods, Inc. Class A | 12030 | 705199 |
| Utz Brands, Inc. | 3854 | 40005 |
| †Vital Farms, Inc. | 2677 | 85503 |
|  |  | **12259551** |
| **Gas Utilities–0.20%** | **Gas Utilities–0.20%** | **Gas Utilities–0.20%** |
| Atmos Energy Corp. | 4768 | 799260 |
| Chesapeake Utilities Corp. | 776 | 96814 |
| MDU Resources Group, Inc. | 18965 | 370197 |
| National Fuel Gas Co. | 5275 | 422317 |
| New Jersey Resources Corp. | 8468 | 390544 |
| Northwest Natural Holding <br> Co.<br>| 2733 | 127740 |
| ONE Gas, Inc. | 2955 | 228274 |
| Southwest Gas Holdings, Inc. | 3302 | 264226 |
| Spire, Inc. | 3336 | 275887 |
| UGI Corp. | 11119 | 416184 |
|  |  | **3391443** |
| **Ground Transportation–0.98%** | **Ground Transportation–0.98%** | **Ground Transportation–0.98%** |
| ArcBest Corp. | 1512 | 112175 |
| Covenant Logistics Group, <br> Inc.<br>| 2834 | 62461 |
| CSX Corp. | 68716 | 2490955 |
| FTAI Infrastructure, Inc. | 4825 | 22243 |
| Heartland Express, Inc. | 6467 | 58397 |
| †Hertz Global Holdings, Inc. | 17404 | 89456 |
| JB Hunt Transport Services, <br> Inc.<br>| 6558 | 1274482 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 10537 | 550874 |
| Landstar System, Inc. | 1735 | 249319 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-11

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| †Lyft, Inc. Class A | 6092 | $118002 |
| Marten Transport Ltd. | 6469 | 73617 |
| Norfolk Southern Corp. | 6599 | 1905263 |
| Old Dominion Freight Line, <br> Inc.<br>| 7164 | 1123315 |
| †PAMT Corp. | 1224 | 14786 |
| †RXO, Inc. | 9670 | 122229 |
| Ryder System, Inc. | 5398 | 1033123 |
| †Saia, Inc. | 1186 | 387253 |
| Schneider National, Inc. <br> Class B<br>| 6237 | 165468 |
| †Uber Technologies, Inc. | 19994 | 1633710 |
| †U-Haul Holding Co. | 12126 | 572873 |
| Union Pacific Corp. | 15321 | 3544054 |
| Universal Logistics Holdings, <br> Inc.<br>| 2500 | 37975 |
| Werner Enterprises, Inc. | 4283 | 128533 |
| †XPO, Inc. | 8315 | 1130092 |
|  |  | **16900655** |
| **Health Care Equipment & Supplies–1.64%** | **Health Care Equipment & Supplies–1.64%** | **Health Care Equipment & Supplies–1.64%** |
| Abbott Laboratories | 33572 | 4206236 |
| †Align Technology, Inc. | 2128 | 332287 |
| †AngioDynamics, Inc. | 5678 | 72906 |
| †Artivion, Inc. | 3491 | 159225 |
| †AtriCure, Inc. | 1380 | 54593 |
| †Avanos Medical, Inc. | 4232 | 47525 |
| †Axogen, Inc. | 3071 | 100514 |
| Baxter International, Inc. | 20388 | 389615 |
| Becton Dickinson & Co. | 6238 | 1210609 |
| †Bioventus, Inc. Class A | 3090 | 22990 |
| †Boston Scientific Corp. | 19203 | 1831006 |
| CONMED Corp. | 1948 | 79089 |
| †Cooper Cos., Inc. | 8507 | 697234 |
| Dentsply Sirona, Inc. | 11110 | 126987 |
| †Dexcom, Inc. | 4904 | 325478 |
| †Edwards Lifesciences Corp. | 13454 | 1146953 |
| Embecta Corp. | 1053 | 12510 |
| †Enovis Corp. | 3676 | 97929 |
| †Envista Holdings Corp. | 10550 | 229041 |
| GE HealthCare Technologies, <br> Inc.<br>| 16357 | 1341601 |
| †Globus Medical, Inc. Class A | 2238 | 195400 |
| †Haemonetics Corp. | 2876 | 230511 |
| †Hologic, Inc. | 9212 | 686202 |
| †ICU Medical, Inc. | 1184 | 168921 |
| †IDEXX Laboratories, Inc. | 2544 | 1721092 |
| †Inogen, Inc. | 1392 | 9354 |
| †Inspire Medical Systems, Inc. | 361 | 33295 |
| †Insulet Corp. | 2075 | 589798 |
| †Integer Holdings Corp. | 2452 | 192310 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 4660 | 57877 |
| †Intuitive Surgical, Inc. | 4441 | 2515205 |
| iRadimed Corp. | 465 | 45235 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Lantheus Holdings, Inc. | 4262 | $283636 |
| LeMaitre Vascular, Inc. | 1018 | 82560 |
| †LENSAR, Inc. | 1658 | 19283 |
| †LivaNova PLC | 3345 | 205818 |
| †Masimo Corp. | 524 | 68151 |
| Medtronic PLC | 25795 | 2477868 |
| †Merit Medical Systems, Inc. | 3296 | 290509 |
| =†OmniAb, Inc. Earnout Shares | 435 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 435 | 0 |
| †Omnicell, Inc. | 2223 | 100702 |
| †OraSure Technologies, Inc. | 3636 | 8799 |
| †Orthofix Medical, Inc. | 3866 | 58609 |
| †OrthoPediatrics Corp. | 984 | 17476 |
| †Penumbra, Inc. | 873 | 271424 |
| †QuidelOrtho Corp. | 744 | 21249 |
| ResMed, Inc. | 4522 | 1089214 |
| †RxSight, Inc. | 1447 | 15078 |
| †SI-BONE, Inc. | 2500 | 49300 |
| †Solventum Corp. | 2726 | 216008 |
| †STAAR Surgical Co. | 700 | 16163 |
| STERIS PLC | 3660 | 927883 |
| Stryker Corp. | 5551 | 1951010 |
| †Tactile Systems Technology, <br> Inc.<br>| 3443 | 99847 |
| Teleflex, Inc. | 1857 | 226628 |
| †TransMedics Group, Inc. | 454 | 55229 |
| †UFP Technologies, Inc. | 348 | 77266 |
| Utah Medical Products, Inc. | 166 | 9289 |
| †Varex Imaging Corp. | 3549 | 41346 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 8329 | 748944 |
|  |  | **28358817** |
| **Health Care Providers & Services–1.83%** | **Health Care Providers & Services–1.83%** | **Health Care Providers & Services–1.83%** |
| †Acadia Healthcare Co., Inc. | 5457 | 77435 |
| †AdaptHealth Corp. | 6653 | 66264 |
| †Addus HomeCare Corp. | 1490 | 160011 |
| †agilon health, Inc. | 10936 | 7532 |
| †AMN Healthcare Services, <br> Inc.<br>| 3474 | 54750 |
| †Astrana Health, Inc. | 2925 | 72569 |
| †BrightSpring Health Services, <br> Inc.<br>| 1392 | 52130 |
| †Brookdale Senior Living, Inc. | 20953 | 226083 |
| Cardinal Health, Inc. | 6266 | 1287663 |
| †Castle Biosciences, Inc. | 1800 | 70020 |
| Cencora, Inc. | 5599 | 1891062 |
| †Centene Corp. | 17165 | 706340 |
| Chemed Corp. | 941 | 402616 |
| Cigna Group | 8739 | 2405235 |
| †Community Health Systems, <br> Inc.<br>| 14031 | 43777 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 10679 | 210163 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-12

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| †CorVel Corp. | 3449 | $233394 |
| †Cross Country Healthcare, <br> Inc.<br>| 2295 | 18589 |
| CVS Health Corp. | 28367 | 2251205 |
| †DaVita, Inc. | 3625 | 411836 |
| Elevance Health, Inc. | 5599 | 1962729 |
| Encompass Health Corp. | 9108 | 966723 |
| †Enhabit, Inc. | 5241 | 48322 |
| Ensign Group, Inc. | 4158 | 724324 |
| †Fulgent Genetics, Inc. | 3138 | 82435 |
| HCA Healthcare, Inc. | 3411 | 1592459 |
| †HealthEquity, Inc. | 2091 | 191557 |
| †Henry Schein, Inc. | 6745 | 509787 |
| Humana, Inc. | 3124 | 800150 |
| Labcorp Holdings, Inc. | 3473 | 871306 |
| McKesson Corp. | 2469 | 2025296 |
| †Molina Healthcare, Inc. | 2528 | 438709 |
| National HealthCare Corp. | 1217 | 166839 |
| National Research Corp. | 414 | 7771 |
| †NeoGenomics, Inc. | 6172 | 72583 |
| †OPKO Health, Inc. | 26983 | 33999 |
| †Option Care Health, Inc. | 8414 | 268070 |
| †Owens & Minor, Inc. | 7025 | 19670 |
| †Pediatrix Medical Group, <br> Inc.<br>| 8411 | 179911 |
| †Pennant Group, Inc. | 2839 | 79918 |
| †Privia Health Group, Inc. | 4493 | 106529 |
| †Progyny, Inc. | 1799 | 46198 |
| Quest Diagnostics, Inc. | 4790 | 831209 |
| †RadNet, Inc. | 2573 | 183584 |
| Select Medical Holdings <br> Corp.<br>| 9121 | 135447 |
| †Surgery Partners, Inc. | 2745 | 42410 |
| †Tenet Healthcare Corp. | 9313 | 1850679 |
| U.S. Physical Therapy, Inc. | 1000 | 78090 |
| UnitedHealth Group, Inc. | 17556 | 5795411 |
| Universal Health Services, <br> Inc. Class B<br>| 4342 | 946643 |
|  |  | **31707432** |
| **Health Care Technology–0.07%** | **Health Care Technology–0.07%** | **Health Care Technology–0.07%** |
| †American Well Corp. Class A | 668 | 3280 |
| †Certara, Inc. | 5749 | 50649 |
| †Definitive Healthcare Corp. | 5123 | 14703 |
| †Doximity, Inc. Class A | 3034 | 134346 |
| †Evolent Health, Inc. Class A | 7583 | 30332 |
| †GoodRx Holdings, Inc. <br> Class A<br>| 3965 | 10745 |
| HealthStream, Inc. | 2606 | 60120 |
| †Phreesia, Inc. | 2143 | 36260 |
| †Schrodinger, Inc. | 1980 | 35402 |
| †Simulations Plus, Inc. | 1079 | 19670 |
| †Teladoc Health, Inc. | 5765 | 40355 |
| †TruBridge, Inc. | 971 | 21430 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| †Veeva Systems, Inc. Class A | 2983 | $665895 |
| †Waystar Holding Corp. | 256 | 8384 |
|  |  | **1131571** |
| **Hotels, Restaurants & Leisure–1.95%** | **Hotels, Restaurants & Leisure–1.95%** | **Hotels, Restaurants & Leisure–1.95%** |
| †Airbnb, Inc. Class A | 6484 | 880009 |
| Aramark | 18038 | 664881 |
| †Biglari Holdings, Inc. Class B | 1 | 332 |
| †BJ's Restaurants, Inc. | 1988 | 78327 |
| Bloomin' Brands, Inc. | 5220 | 32207 |
| Booking Holdings, Inc. | 645 | 3454188 |
| Boyd Gaming Corp. | 3303 | 281548 |
| †Brinker International, Inc. | 3450 | 495144 |
| †Caesars Entertainment, Inc. | 9211 | 215445 |
| †Carnival Corp. | 46385 | 1416598 |
| †Cava Group, Inc. | 1819 | 106757 |
| Cheesecake Factory, Inc. | 3055 | 154216 |
| †Chipotle Mexican Grill, Inc. | 33192 | 1228104 |
| Choice Hotels International, <br> Inc.<br>| 3240 | 308642 |
| Churchill Downs, Inc. | 3270 | 372061 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 1445 | 36703 |
| Darden Restaurants, Inc. | 4743 | 872807 |
| †Dave & Buster's <br> Entertainment, Inc.<br>| 2917 | 47285 |
| †Denny's Corp. | 3860 | 24009 |
| Dine Brands Global, Inc. | 793 | 25487 |
| Domino's Pizza, Inc. | 1117 | 465588 |
| †DoorDash, Inc. Class A | 4546 | 1029578 |
| †DraftKings, Inc. Class A | 9094 | 313379 |
| †Dutch Bros, Inc. Class A | 1237 | 75729 |
| †El Pollo Loco Holdings, Inc. | 3990 | 41735 |
| Expedia Group, Inc. | 4278 | 1212000 |
| †First Watch Restaurant <br> Group, Inc.<br>| 5102 | 76938 |
| †Flutter Entertainment PLC | 2758 | 593080 |
| †Global Business Travel Group <br> I<br>| 2436 | 18635 |
| Golden Entertainment, Inc. | 2073 | 56365 |
| †Hilton Grand Vacations, Inc. | 2114 | 94602 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 5784 | 1661454 |
| Hyatt Hotels Corp. Class A | 2033 | 325931 |
| Krispy Kreme, Inc. | 3368 | 13539 |
| Las Vegas Sands Corp. | 18162 | 1182165 |
| †Life Time Group Holdings, <br> Inc.<br>| 6305 | 167587 |
| Marriott International, Inc. <br> Class A<br>| 4580 | 1420899 |
| Marriott Vacations Worldwide <br> Corp.<br>| 2792 | 161070 |
| McDonald's Corp. | 14332 | 4380289 |
| †MGM Resorts International | 11398 | 415913 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-13

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †Norwegian Cruise Line <br> Holdings Ltd.<br>| 22595 | $504320 |
| Papa John's International, <br> Inc.<br>| 1657 | 63778 |
| †Penn Entertainment, Inc. | 9276 | 136821 |
| †Planet Fitness, Inc. Class A | 5682 | 616327 |
| †Pursuit Attractions & <br> Hospitality, Inc.<br>| 2398 | 80765 |
| Red Rock Resorts, Inc. <br> Class A<br>| 2566 | 158964 |
| Royal Caribbean Cruises Ltd. | 7699 | 2147405 |
| †Sabre Corp. | 19559 | 26600 |
| †Shake Shack, Inc. Class A | 1397 | 113395 |
| Starbucks Corp. | 22050 | 1856831 |
| †Sweetgreen, Inc. Class A | 4300 | 29068 |
| Texas Roadhouse, Inc. | 4908 | 814728 |
| Travel & Leisure Co. | 3900 | 275067 |
| †United Parks & Resorts, Inc. | 3939 | 142986 |
| Vail Resorts, Inc. | 1925 | 255640 |
| Wendy's Co. | 12897 | 107432 |
| Wingstop, Inc. | 415 | 98973 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 4719 | 356568 |
| Wynn Resorts Ltd. | 3118 | 375189 |
| Yum! Brands, Inc. | 7403 | 1119926 |
|  |  | **33682009** |
| **Household Durables–0.84%** | **Household Durables–0.84%** | **Household Durables–0.84%** |
| †Beazer Homes USA, Inc. | 1618 | 32797 |
| †Cavco Industries, Inc. | 524 | 309548 |
| Century Communities, Inc. | 1656 | 98284 |
| †Champion Homes, Inc. | 3677 | 310706 |
| DR Horton, Inc. | 11635 | 1675789 |
| †Dream Finders Homes, Inc. <br> Class A<br>| 3347 | 57234 |
| Ethan Allen Interiors, Inc. | 2976 | 67972 |
| Flexsteel Industries, Inc. | 262 | 10346 |
| Garmin Ltd. | 6913 | 1402302 |
| †GoPro, Inc. Class A | 2300 | 3243 |
| †Green Brick Partners, Inc. | 1200 | 75192 |
| Hamilton Beach Brands <br> Holding Co. Class A<br>| 400 | 6580 |
| †Helen of Troy Ltd. | 1542 | 32768 |
| Hooker Furnishings Corp. | 1803 | 20356 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 484 | 47209 |
| Installed Building Products, <br> Inc.<br>| 1861 | 482725 |
| KB Home | 4264 | 240532 |
| La-Z-Boy, Inc. | 2917 | 108717 |
| Leggett & Platt, Inc. | 9984 | 109824 |
| Lennar Corp. Class A | 8385 | 858039 |
| †LGI Homes, Inc. | 1623 | 69724 |
| †Lovesac Co. | 1377 | 20311 |
| †M/I Homes, Inc. | 2270 | 290447 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Meritage Homes Corp. | 5660 | $372428 |
| †Mohawk Industries, Inc. | 2934 | 320686 |
| Newell Brands, Inc. | 25447 | 94663 |
| †NVR, Inc. | 224 | 1633580 |
| PulteGroup, Inc. | 11163 | 1308973 |
| †SharkNinja, Inc. | 6137 | 686730 |
| Somnigroup International, <br> Inc.<br>| 9791 | 874140 |
| †Sonos, Inc. | 2851 | 50064 |
| †Taylor Morrison Home Corp. | 8021 | 472196 |
| Toll Brothers, Inc. | 7413 | 1002386 |
| †TopBuild Corp. | 2258 | 942015 |
| †Tri Pointe Homes, Inc. | 6094 | 191778 |
| †Universal Electronics, Inc. | 1276 | 4606 |
| Whirlpool Corp. | 4124 | 297505 |
|  |  | **14582395** |
| **Household Products–0.72%** | **Household Products–0.72%** | **Household Products–0.72%** |
| †Central Garden & Pet Co. | 4619 | 135531 |
| Church & Dwight Co., Inc. | 8917 | 747690 |
| Clorox Co. | 4176 | 421066 |
| Colgate-Palmolive Co. | 18519 | 1463371 |
| Energizer Holdings, Inc. | 5132 | 102075 |
| Kimberly-Clark Corp. | 9668 | 975404 |
| Procter & Gamble Co. | 58626 | 8401692 |
| Reynolds Consumer Products, <br> Inc.<br>| 1713 | 39262 |
| Spectrum Brands Holdings, <br> Inc.<br>| 1520 | 89802 |
| WD-40 Co. | 802 | 157914 |
|  |  | **12533807** |
| **Independent Power and Renewable Electricity Producers–0.21%** | **Independent Power and Renewable Electricity Producers–0.21%** | **Independent Power and Renewable Electricity Producers–0.21%** |
| AES Corp. | 23697 | 339815 |
| Clearway Energy, Inc. Class A | 7924 | 258752 |
| †Hallador Energy Co. | 3076 | 58567 |
| †Montauk Renewables, Inc. | 4020 | 6713 |
| Ormat Technologies, Inc. | 5007 | 553123 |
| †Talen Energy Corp. | 420 | 157433 |
| Vistra Corp. | 14348 | 2314763 |
|  |  | **3689166** |
| **Industrial Conglomerates–0.27%** | **Industrial Conglomerates–0.27%** | **Industrial Conglomerates–0.27%** |
| 3M Co. | 10907 | 1746211 |
| Honeywell International, Inc. | 15255 | 2976098 |
|  |  | **4722309** |
| **Insurance–2.99%** | **Insurance–2.99%** | **Insurance–2.99%** |
| Aflac, Inc. | 16168 | 1782845 |
| Allstate Corp. | 9725 | 2024259 |
| American Coastal Insurance <br> Corp. Class C<br>| 1612 | 20360 |
| American Financial Group, <br> Inc.<br>| 6291 | 859854 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-14

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| American International <br> Group, Inc.<br>| 20610 | $1763185 |
| AMERISAFE, Inc. | 1652 | 63453 |
| Aon PLC Class A | 5433 | 1917197 |
| †Arch Capital Group Ltd. | 15306 | 1468152 |
| Arthur J Gallagher & Co. | 3988 | 1032055 |
| Assurant, Inc. | 3897 | 938592 |
| Assured Guaranty Ltd. | 3774 | 339169 |
| Axis Capital Holdings Ltd. | 6050 | 647894 |
| †Baldwin Insurance Group, <br> Inc.<br>| 1800 | 43254 |
| †Brighthouse Financial, Inc. | 5618 | 363990 |
| Brown & Brown, Inc. | 11834 | 943170 |
| Chubb Ltd. | 8667 | 2705144 |
| Cincinnati Financial Corp. | 6091 | 994782 |
| CNO Financial Group, Inc. | 2788 | 118406 |
| Crawford & Co. Class A | 2669 | 29470 |
| Donegal Group, Inc. Class A | 1349 | 26953 |
| †eHealth, Inc. | 2423 | 11146 |
| Employers Holdings, Inc. | 2331 | 100629 |
| Erie Indemnity Co. Class A | 918 | 263145 |
| Everest Group Ltd. | 2122 | 720101 |
| F&G Annuities & Life, Inc. | 2790 | 86072 |
| Fidelity National Financial, <br> Inc.<br>| 15187 | 829058 |
| First American Financial <br> Corp.<br>| 8033 | 493548 |
| †Genworth Financial, Inc. <br> Class A<br>| 37029 | 334372 |
| Globe Life, Inc. | 6092 | 852027 |
| Goosehead Insurance, Inc. <br> Class A<br>| 1176 | 86612 |
| †Greenlight Capital Re Ltd. <br> Class A<br>| 4459 | 65012 |
| Hanover Insurance Group, <br> Inc.<br>| 3084 | 563663 |
| Hartford Insurance Group, <br> Inc.<br>| 17899 | 2466482 |
| HCI Group, Inc. | 1032 | 197824 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 3747 | 109637 |
| Horace Mann Educators <br> Corp.<br>| 4184 | 193217 |
| James River Group Holdings, <br> Inc.<br>| 3086 | 19627 |
| Kemper Corp. | 4168 | 168971 |
| †Kestrel Group Ltd. | 606 | 6205 |
| Kinsale Capital Group, Inc. | 1057 | 413414 |
| Loews Corp. | 9224 | 971379 |
| †Markel Group, Inc. | 535 | 1150063 |
| Marsh & McLennan Cos., Inc. | 12506 | 2320113 |
| Mercury General Corp. | 5215 | 490523 |
| MetLife, Inc. | 27164 | 2144326 |
| †NI Holdings, Inc. | 900 | 11970 |
| †Octave Specialty Group, Inc. | 3737 | 29074 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Old Republic International <br> Corp.<br>| 16981 | $775013 |
| †Oscar Health, Inc. Class A | 5374 | 77224 |
| †Palomar Holdings, Inc. | 897 | 120880 |
| Primerica, Inc. | 3737 | 965491 |
| Principal Financial Group, <br> Inc.<br>| 9689 | 854667 |
| †ProAssurance Corp. | 5554 | 134185 |
| Progressive Corp. | 12097 | 2754729 |
| Prudential Financial, Inc. | 12702 | 1433802 |
| Reinsurance Group of <br> America, Inc.<br>| 4349 | 884848 |
| RenaissanceRe Holdings Ltd. | 3250 | 913770 |
| RLI Corp. | 5031 | 321883 |
| Safety Insurance Group, Inc. | 1507 | 117410 |
| Selective Insurance Group, <br> Inc.<br>| 4229 | 353840 |
| †SiriusPoint Ltd. | 11895 | 260382 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 1400 | 71554 |
| Stewart Information Services <br> Corp.<br>| 2850 | 200241 |
| Tiptree, Inc. | 2925 | 53440 |
| Travelers Cos., Inc. | 14707 | 4265912 |
| †Trupanion, Inc. | 1512 | 56503 |
| United Fire Group, Inc. | 2797 | 101671 |
| Universal Insurance Holdings, <br> Inc.<br>| 3262 | 110256 |
| Unum Group | 9122 | 706955 |
| W.R. Berkley Corp. | 14985 | 1050748 |
| White Mountains Insurance <br> Group Ltd.<br>| 247 | 513273 |
| Willis Towers Watson PLC | 4673 | 1535548 |
|  |  | **51814619** |
| **Interactive Media & Services–6.02%** | **Interactive Media & Services–6.02%** | **Interactive Media & Services–6.02%** |
| Alphabet, Inc. Class A | 219782 | 68869993 |
| †Angi, Inc. | 210 | 2715 |
| †Bumble, Inc. Class A | 8172 | 29174 |
| †Cargurus, Inc. | 4810 | 184464 |
| †Cars.com, Inc. | 5183 | 63233 |
| †DHI Group, Inc. | 5517 | 8551 |
| Match Group, Inc. | 9882 | 319090 |
| Meta Platforms, Inc. Class A | 50477 | 33319363 |
| †Pinterest, Inc. Class A | 19829 | 513373 |
| †QuinStreet, Inc. | 3909 | 56172 |
| †Reddit, Inc. Class A | 540 | 124130 |
| Shutterstock, Inc. | 1235 | 23589 |
| †Snap, Inc. Class A | 32817 | 264833 |
| †TripAdvisor, Inc. | 5765 | 83938 |
| †TrueCar, Inc. | 10819 | 24451 |
| †Yelp, Inc. | 3995 | 121408 |
| Zedge, Inc. Class B | 1132 | 3713 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-15

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| †Ziff Davis, Inc. | 2809 | $98736 |
| †ZoomInfo Technologies, Inc. | 7631 | 77607 |
|  |  | **104188533** |
| **IT Services–1.10%** | **IT Services–1.10%** | **IT Services–1.10%** |
| Accenture PLC Class A | 14205 | 3811202 |
| †Akamai Technologies, Inc. | 7037 | 613978 |
| Amdocs Ltd. | 5634 | 453593 |
| †ASGN, Inc. | 3270 | 157516 |
| †Cloudflare, Inc. Class A | 1236 | 243677 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 17896 | 1485368 |
| †DigitalOcean Holdings, Inc. | 1591 | 76559 |
| †DXC Technology Co. | 16203 | 237374 |
| †EPAM Systems, Inc. | 1525 | 312442 |
| †Fastly, Inc. Class A | 7448 | 75821 |
| †Gartner, Inc. | 2793 | 704618 |
| †Globant SA | 1717 | 112240 |
| †GoDaddy, Inc. Class A | 3510 | 435521 |
| †Grid Dynamics Holdings, Inc. | 2476 | 22358 |
| Hackett Group, Inc. | 1213 | 23811 |
| International Business <br> Machines Corp.<br>| 21607 | 6400209 |
| †Kyndryl Holdings, Inc. | 13287 | 352903 |
| †MongoDB, Inc. | 1553 | 651779 |
| †Okta, Inc. | 5700 | 492879 |
| †Snowflake, Inc. Class A | 2741 | 601266 |
| †Twilio, Inc. Class A | 6890 | 980034 |
| †Unisys Corp. | 5740 | 15842 |
| VeriSign, Inc. | 2829 | 687306 |
|  |  | **18948296** |
| **Leisure Products–0.14%** | **Leisure Products–0.14%** | **Leisure Products–0.14%** |
| Acushnet Holdings Corp. | 5212 | 416022 |
| †American Outdoor Brands, <br> Inc.<br>| 2016 | 15584 |
| Brunswick Corp. | 5493 | 407800 |
| †Funko, Inc. Class A | 2122 | 7215 |
| Hasbro, Inc. | 6268 | 513976 |
| Johnson Outdoors, Inc. <br> Class A<br>| 842 | 35743 |
| †Malibu Boats, Inc. Class A | 1279 | 36080 |
| †MasterCraft Boat Holdings, <br> Inc.<br>| 814 | 15393 |
| †Mattel, Inc. | 23363 | 463522 |
| Polaris, Inc. | 3484 | 220363 |
| Smith & Wesson Brands, Inc. | 4862 | 47988 |
| †Topgolf Callaway Brands <br> Corp.<br>| 12392 | 144615 |
| †YETI Holdings, Inc. | 3031 | 133879 |
|  |  | **2458180** |
| **Life Sciences Tools & Services–0.90%** | **Life Sciences Tools & Services–0.90%** | **Life Sciences Tools & Services–0.90%** |
| †10X Genomics, Inc. Class A | 1701 | 27743 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| †Adaptive Biotechnologies <br> Corp.<br>| 4935 | $80144 |
| Agilent Technologies, Inc. | 6499 | 884319 |
| †Avantor, Inc. | 27637 | 316720 |
| †Azenta, Inc. | 1860 | 61864 |
| †BioLife Solutions, Inc. | 2557 | 61828 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 1192 | 361164 |
| Bio-Techne Corp. | 6154 | 361917 |
| Bruker Corp. | 7953 | 374666 |
| †Charles River Laboratories <br> International, Inc.<br>| 2668 | 532213 |
| †CryoPort, Inc. | 1498 | 14381 |
| †Cytek Biosciences, Inc. | 6300 | 31815 |
| Danaher Corp. | 10263 | 2349406 |
| †Fortrea Holdings, Inc. | 4241 | 73157 |
| †ICON PLC | 2364 | 430768 |
| †Illumina, Inc. | 2544 | 333671 |
| †IQVIA Holdings, Inc. | 7712 | 1738362 |
| †Maravai LifeSciences <br> Holdings, Inc. Class A<br>| 3739 | 12152 |
| †Medpace Holdings, Inc. | 1298 | 729022 |
| Mesa Laboratories, Inc. | 369 | 28966 |
| †Mettler-Toledo International, <br> Inc.<br>| 576 | 803053 |
| †OmniAb, Inc. | 5630 | 10415 |
| †Pacific Biosciences of <br> California, Inc.<br>| 7862 | 14702 |
| †Quanterix Corp. | 2102 | 13369 |
| †Repligen Corp. | 1977 | 323951 |
| Revvity, Inc. | 4782 | 462658 |
| †Seer, Inc. | 3658 | 6694 |
| †Sotera Health Co. | 13181 | 232513 |
| Thermo Fisher Scientific, <br> Inc.<br>| 5726 | 3317931 |
| †Waters Corp. | 2432 | 923747 |
| West Pharmaceutical <br> Services, Inc.<br>| 2205 | 606684 |
|  |  | **15519995** |
| **Machinery–2.66%** | **Machinery–2.66%** | **Machinery–2.66%** |
| †3D Systems Corp. | 12600 | 22302 |
| Aebi Schmidt Holding AG | 3640 | 46046 |
| AGCO Corp. | 6409 | 668587 |
| Alamo Group, Inc. | 962 | 161491 |
| Albany International Corp. <br> Class A<br>| 1955 | 99118 |
| Allison Transmission <br> Holdings, Inc.<br>| 10027 | 981643 |
| Astec Industries, Inc. | 2143 | 92835 |
| Atmus Filtration <br> Technologies, Inc.<br>| 2033 | 105533 |
| †Blue Bird Corp. | 1534 | 72098 |
| Caterpillar, Inc. | 11347 | 6500356 |
| †CECO Environmental Corp. | 2528 | 151301 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-16

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| †Chart Industries, Inc. | 1760 | $362965 |
| CNH Industrial NV | 64996 | 599263 |
| Columbus McKinnon Corp. | 2439 | 42073 |
| †Commercial Vehicle Group, <br> Inc.<br>| 1272 | 1832 |
| Crane Co. | 4254 | 784565 |
| Cummins, Inc. | 5635 | 2876386 |
| Deere & Co. | 6968 | 3244092 |
| Donaldson Co., Inc. | 9009 | 798738 |
| Douglas Dynamics, Inc. | 2749 | 89755 |
| Dover Corp. | 5201 | 1015443 |
| †Energy Recovery, Inc. | 4106 | 55390 |
| Enerpac Tool Group Corp. | 3639 | 139155 |
| Enpro, Inc. | 1515 | 324407 |
| Esab Corp. | 3676 | 410683 |
| ESCO Technologies, Inc. | 1710 | 334117 |
| Federal Signal Corp. | 4388 | 476493 |
| Flowserve Corp. | 7811 | 541927 |
| Fortive Corp. | 13093 | 722865 |
| Franklin Electric Co., Inc. | 2968 | 283533 |
| †Gates Industrial Corp. PLC | 6364 | 136635 |
| Gorman-Rupp Co. | 2694 | 128638 |
| Graco, Inc. | 5884 | 482311 |
| Greenbrier Cos., Inc. | 3020 | 141155 |
| Helios Technologies, Inc. | 1872 | 100133 |
| Hillenbrand, Inc. | 1297 | 41141 |
| †Hillman Solutions Corp. | 11424 | 98932 |
| Hyster-Yale, Inc. | 1765 | 52438 |
| IDEX Corp. | 2515 | 447519 |
| Illinois Tool Works, Inc. | 9327 | 2297240 |
| Ingersoll Rand, Inc. | 12352 | 978525 |
| ITT, Inc. | 5779 | 1002714 |
| Kadant, Inc. | 679 | 193529 |
| Kennametal, Inc. | 5855 | 166341 |
| †L.B. Foster Co. Class A | 1339 | 36086 |
| Lincoln Electric Holdings, <br> Inc.<br>| 4061 | 973178 |
| Lindsay Corp. | 922 | 108676 |
| Luxfer Holdings PLC | 1823 | 24665 |
| †Manitowoc Co., Inc. | 3536 | 42397 |
| †Middleby Corp. | 4387 | 652215 |
| Miller Industries, Inc. | 382 | 14275 |
| Mueller Industries, Inc. | 7735 | 887978 |
| Mueller Water Products, Inc. <br> Class A<br>| 11231 | 267522 |
| †NN, Inc. | 2981 | 3816 |
| Nordson Corp. | 1898 | 456336 |
| Omega Flex, Inc. | 333 | 9804 |
| Oshkosh Corp. | 4650 | 584179 |
| Otis Worldwide Corp. | 10742 | 938314 |
| PACCAR, Inc. | 16879 | 1848419 |
| Parker-Hannifin Corp. | 2078 | 1826479 |
| Park-Ohio Holdings Corp. | 1206 | 25254 |
| Pentair PLC | 11156 | 1161786 |
| †Proto Labs, Inc. | 1861 | 94148 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| †RBC Bearings, Inc. | 1225 | $549327 |
| REV Group, Inc. | 3670 | 223173 |
| Snap-on, Inc. | 2574 | 887000 |
| †SPX Technologies, Inc. | 3523 | 704811 |
| Standex International Corp. | 784 | 170348 |
| Stanley Black & Decker, Inc. | 6307 | 468484 |
| †Symbotic, Inc. | 1331 | 79195 |
| Tennant Co. | 1295 | 95442 |
| Terex Corp. | 4389 | 234285 |
| Timken Co. | 5668 | 476849 |
| †Titan International, Inc. | 4215 | 33003 |
| Toro Co. | 6600 | 519552 |
| Trinity Industries, Inc. | 8244 | 217971 |
| Wabash National Corp. | 3716 | 32143 |
| Watts Water Technologies, <br> Inc. Class A<br>| 1865 | 514777 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 6479 | 1382943 |
| Worthington Enterprises, <br> Inc.<br>| 2467 | 127223 |
| Xylem, Inc. | 7712 | 1050220 |
|  |  | **45994516** |
| **Marine Transportation–0.05%** | **Marine Transportation–0.05%** | **Marine Transportation–0.05%** |
| †Costamare Bulkers Holdings <br> Ltd.<br>| 2080 | 32053 |
| Costamare, Inc. | 10400 | 164216 |
| Genco Shipping & Trading <br> Ltd.<br>| 1685 | 31054 |
| †Kirby Corp. | 3654 | 402598 |
| Matson, Inc. | 2140 | 264397 |
|  |  | **894318** |
| **Media–0.85%** | **Media–0.85%** | **Media–0.85%** |
| †Advantage Solutions, Inc. | 1590 | 1399 |
| †AMC Networks, Inc. Class A | 4165 | 39651 |
| †Boston Omaha Corp. Class A | 1169 | 14461 |
| Cable One, Inc. | 488 | 55071 |
| †Charter Communications, <br> Inc. Class A<br>| 6915 | 1443506 |
| Comcast Corp. Class A | 191260 | 5716761 |
| †DoubleVerify Holdings, Inc. | 4073 | 46595 |
| Entravision Communications <br> Corp. Class A<br>| 11605 | 34003 |
| †EW Scripps Co. Class A | 6953 | 27742 |
| Fox Corp. Class A | 18859 | 1294747 |
| Gray Media, Inc. | 7432 | 35971 |
| John Wiley & Sons, Inc. <br> Class A<br>| 3746 | 114740 |
| †Liberty Broadband Corp. <br> Class A<br>| 6444 | 312787 |
| †Magnite, Inc. | 6973 | 113172 |
| New York Times Co. Class A | 11264 | 781947 |
| News Corp. Class A | 27741 | 756807 |
| Nexstar Media Group, Inc. | 4120 | 836566 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-17

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Omnicom Group, Inc. | 25398 | $2050889 |
| †Optimum Communications, <br> Inc. Class A<br>| 14605 | 24098 |
| Paramount Skydance Corp. <br> Class B<br>| 12088 | 161979 |
| †PubMatic, Inc. Class A | 2989 | 26512 |
| Scholastic Corp. | 2841 | 84179 |
| Sinclair, Inc. | 2784 | 42595 |
| †Stagwell, Inc. | 6093 | 29795 |
| †TechTarget, Inc. | 700 | 3780 |
| TEGNA, Inc. | 16679 | 323739 |
| †Thryv Holdings, Inc. | 3667 | 22185 |
| †Trade Desk, Inc. Class A | 6213 | 235845 |
| †USA TODAY Co., Inc. | 16421 | 84568 |
|  |  | **14716090** |
| **Metals & Mining–0.90%** | **Metals & Mining–0.90%** | **Metals & Mining–0.90%** |
| Alcoa Corp. | 15794 | 839293 |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 758 | 151509 |
| †Century Aluminum Co. | 8410 | 329504 |
| †Cleveland-Cliffs, Inc. | 34479 | 457881 |
| †Coeur Mining, Inc. | 23894 | 426030 |
| Commercial Metals Co. | 8749 | 605606 |
| †Compass Minerals <br> International, Inc.<br>| 3859 | 75791 |
| Ferroglobe PLC | 12975 | 60204 |
| Freeport-McMoRan, Inc. | 53826 | 2733823 |
| Hecla Mining Co. | 51220 | 982912 |
| Kaiser Aluminum Corp. | 1235 | 141852 |
| Materion Corp. | 1329 | 165221 |
| †Metallus, Inc. | 3572 | 61295 |
| †MP Materials Corp. | 4592 | 231988 |
| Newmont Corp. | 27062 | 2702141 |
| Nexa Resources SA | 1997 | 17673 |
| Nucor Corp. | 8631 | 1407802 |
| Olympic Steel, Inc. | 684 | 29265 |
| †Ramaco Resources, Inc. <br> Class A<br>| 5835 | 97743 |
| Reliance, Inc. | 2955 | 853611 |
| Royal Gold, Inc. | 4771 | 1060546 |
| Ryerson Holding Corp. | 2251 | 56635 |
| Southern Copper Corp. | 2563 | 367714 |
| Steel Dynamics, Inc. | 6854 | 1161410 |
| SunCoke Energy, Inc. | 9367 | 67442 |
| †Tredegar Corp. | 3092 | 22201 |
| Warrior Met Coal, Inc. | 3272 | 288492 |
| Worthington Steel, Inc. | 3912 | 135433 |
|  |  | **15531017** |
| **Multi-Utilities–0.57%** | **Multi-Utilities–0.57%** | **Multi-Utilities–0.57%** |
| Ameren Corp. | 7809 | 779807 |
| Avista Corp. | 5502 | 212047 |
| Black Hills Corp. | 4628 | 321276 |
| CenterPoint Energy, Inc. | 18766 | 719488 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| CMS Energy Corp. | 10091 | $705664 |
| Consolidated Edison, Inc. | 10080 | 1001146 |
| Dominion Energy, Inc. | 21497 | 1259509 |
| DTE Energy Co. | 5899 | 760853 |
| NiSource, Inc. | 15584 | 650788 |
| Northwestern Energy Group, <br> Inc.<br>| 3593 | 231892 |
| Public Service Enterprise <br> Group, Inc.<br>| 13147 | 1055704 |
| Sempra | 13832 | 1221227 |
| Unitil Corp. | 1492 | 72272 |
| WEC Energy Group, Inc. | 8941 | 942918 |
|  |  | **9934591** |
| **Oil, Gas & Consumable Fuels–3.59%** | **Oil, Gas & Consumable Fuels–3.59%** | **Oil, Gas & Consumable Fuels–3.59%** |
| Antero Midstream Corp. | 23697 | 421570 |
| †Antero Resources Corp. | 18631 | 642024 |
| APA Corp. | 18840 | 460826 |
| Ardmore Shipping Corp. | 4417 | 46776 |
| California Resources Corp. | 4352 | 194578 |
| †Centrus Energy Corp. Class A | 1440 | 349574 |
| Cheniere Energy, Inc. | 8949 | 1739596 |
| Chevron Corp. | 44326 | 6755726 |
| Chord Energy Corp. | 1073 | 99467 |
| †Clean Energy Fuels Corp. | 17888 | 37565 |
| †CNX Resources Corp. | 10981 | 403771 |
| †Comstock Resources, Inc. | 15974 | 370277 |
| ConocoPhillips | 57249 | 5359079 |
| Core Natural Resources, Inc. | 3396 | 300580 |
| Coterra Energy, Inc. | 37123 | 977077 |
| Crescent Energy Co. Class A | 6480 | 54367 |
| †CVR Energy, Inc. | 4464 | 113564 |
| Delek U.S. Holdings, Inc. | 1113 | 33012 |
| Devon Energy Corp. | 39817 | 1458497 |
| DHT Holdings, Inc. | 14019 | 171172 |
| Diamondback Energy, Inc. | 10852 | 1631381 |
| Dorian LPG Ltd. | 3440 | 83730 |
| DT Midstream, Inc. | 4017 | 480755 |
| EOG Resources, Inc. | 23416 | 2458914 |
| EQT Corp. | 23838 | 1277717 |
| Evolution Petroleum Corp. | 4707 | 16663 |
| Excelerate Energy, Inc. <br> Class A<br>| 2242 | 62888 |
| Expand Energy Corp. | 9208 | 1016195 |
| Exxon Mobil Corp. | 127414 | 15333001 |
| FutureFuel Corp. | 4566 | 14566 |
| †Green Plains, Inc. | 4898 | 48000 |
| †Gulfport Energy Corp. | 612 | 127290 |
| HF Sinclair Corp. | 12509 | 576415 |
| International Seaways, Inc. | 3390 | 164584 |
| Kinder Morgan, Inc. | 50335 | 1383709 |
| Kinetik Holdings, Inc. | 3212 | 115793 |
| †Kosmos Energy Ltd. | 44165 | 40075 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 17053 | 373290 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-18

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Marathon Petroleum Corp. | 11462 | $1864065 |
| Matador Resources Co. | 10474 | 444517 |
| Murphy Oil Corp. | 7850 | 245312 |
| NACCO Industries, Inc. <br> Class A<br>| 200 | 9808 |
| Nordic American Tankers <br> Ltd.<br>| 15205 | 52305 |
| Northern Oil & Gas, Inc. | 1952 | 41909 |
| Occidental Petroleum Corp. | 38426 | 1580077 |
| ONEOK, Inc. | 18963 | 1393780 |
| Ovintiv, Inc. | 18110 | 709731 |
| †Par Pacific Holdings, Inc. | 5240 | 184134 |
| PBF Energy, Inc. Class A | 8551 | 231903 |
| Peabody Energy Corp. | 7583 | 225215 |
| Permian Resources Corp. | 28668 | 402212 |
| Phillips 66 | 15181 | 1958956 |
| Range Resources Corp. | 18226 | 642649 |
| †REX American Resources <br> Corp.<br>| 3390 | 109565 |
| Riley Exploration Permian, <br> Inc.<br>| 744 | 19642 |
| Scorpio Tankers, Inc. | 3141 | 159657 |
| SFL Corp. Ltd. | 9222 | 72024 |
| SM Energy Co. | 9682 | 181053 |
| †Talos Energy, Inc. | 7201 | 79355 |
| Targa Resources Corp. | 8593 | 1585408 |
| Teekay Corp. Ltd. | 9924 | 89614 |
| Teekay Tankers Ltd. Class A | 2096 | 111968 |
| Texas Pacific Land Corp. | 2220 | 637628 |
| †Uranium Energy Corp. | 13992 | 163427 |
| VAALCO Energy, Inc. | 3440 | 12522 |
| Valero Energy Corp. | 11491 | 1870620 |
| Viper Energy, Inc. Class A | 1909 | 73745 |
| Vitesse Energy, Inc. | 1949 | 37538 |
| W&T Offshore, Inc. | 14633 | 23852 |
| Williams Cos., Inc. | 27423 | 1648396 |
| World Kinect Corp. | 6135 | 143743 |
|  |  | **62200394** |
| **Paper & Forest Products–0.03%** | **Paper & Forest Products–0.03%** | **Paper & Forest Products–0.03%** |
| †Clearwater Paper Corp. | 1515 | 26361 |
| Louisiana-Pacific Corp. | 4251 | 343311 |
| Mercer International, Inc. | 10372 | 20536 |
| Sylvamo Corp. | 1931 | 92978 |
|  |  | **483186** |
| **Passenger Airlines–0.47%** | **Passenger Airlines–0.47%** | **Passenger Airlines–0.47%** |
| †Alaska Air Group, Inc. | 9637 | 484741 |
| †Allegiant Travel Co. | 1216 | 103689 |
| †American Airlines Group, <br> Inc.<br>| 26619 | 408069 |
| Copa Holdings SA Class A | 3120 | 376303 |
| Delta Air Lines, Inc. | 35783 | 2483340 |
| †Frontier Group Holdings, Inc. | 8372 | 39432 |
| †JetBlue Airways Corp. | 28121 | 127951 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| †SkyWest, Inc. | 3653 | $366798 |
| Southwest Airlines Co. | 23922 | 988696 |
| †United Airlines Holdings, <br> Inc.<br>| 25205 | 2818423 |
|  |  | **8197442** |
| **Personal Care Products–0.15%** | **Personal Care Products–0.15%** | **Personal Care Products–0.15%** |
| †BellRing Brands, Inc. | 8754 | 233994 |
| †Coty, Inc. Class A | 39789 | 122550 |
| Edgewell Personal Care Co. | 3605 | 61465 |
| †elf Beauty, Inc. | 2915 | 221657 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 3566 | 373432 |
| †Herbalife Ltd. | 4757 | 61318 |
| †Honest Co., Inc. | 9457 | 24399 |
| Interparfums, Inc. | 1986 | 168472 |
| Kenvue, Inc. | 70125 | 1209656 |
| †Medifast, Inc. | 806 | 8608 |
| Natural Health Trends Corp. | 1722 | 5321 |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 4913 | 47263 |
| †USANA Health Sciences, Inc. | 1749 | 34333 |
|  |  | **2572468** |
| **Pharmaceuticals–2.79%** | **Pharmaceuticals–2.79%** | **Pharmaceuticals–2.79%** |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 12683 | 159806 |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 695 | 18612 |
| †ANI Pharmaceuticals, Inc. | 738 | 58258 |
| †Arvinas, Inc. | 1633 | 19367 |
| †Assertio Holdings, Inc. | 61 | 553 |
| Bristol-Myers Squibb Co. | 69858 | 3768141 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 361 | 16714 |
| †Corcept Therapeutics, Inc. | 3480 | 121104 |
| †Elanco Animal Health, Inc. | 22076 | 499580 |
| Eli Lilly & Co. | 16951 | 18216901 |
| †Fulcrum Therapeutics, Inc. | 6899 | 78028 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 1454 | 54409 |
| †Innoviva, Inc. | 5919 | 118321 |
| †Jazz Pharmaceuticals PLC | 4147 | 704990 |
| Johnson & Johnson | 53653 | 11103488 |
| †Ligand Pharmaceuticals, Inc. | 1149 | 217241 |
| Merck & Co., Inc. | 64485 | 6787691 |
| Organon & Co. | 9303 | 66702 |
| †Pacira BioSciences, Inc. | 3506 | 90735 |
| Perrigo Co. PLC | 8951 | 124598 |
| Pfizer, Inc. | 135639 | 3377411 |
| Phibro Animal Health Corp. <br> Class A<br>| 1442 | 53873 |
| †Pliant Therapeutics, Inc. | 1349 | 1646 |
| †Prestige Consumer <br> Healthcare, Inc.<br>| 3501 | 215977 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-19

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| †Rafael Holdings, Inc. Class B | 1698 | $2004 |
| SIGA Technologies, Inc. | 5213 | 31851 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 3800 | 188860 |
| Viatris, Inc. | 55995 | 697138 |
| Zoetis, Inc. | 11313 | 1423402 |
|  |  | **48217401** |
| **Professional Services–1.01%** | **Professional Services–1.01%** | **Professional Services–1.01%** |
| Alight, Inc. Class A | 12149 | 23691 |
| †Amentum Holdings, Inc. | 5599 | 162371 |
| Automatic Data Processing, <br> Inc.<br>| 9530 | 2451402 |
| Barrett Business Services, <br> Inc.<br>| 1200 | 43452 |
| Booz Allen Hamilton Holding <br> Corp.<br>| 5804 | 489625 |
| Broadridge Financial <br> Solutions, Inc.<br>| 4493 | 1002703 |
| †CACI International, Inc. <br> Class A<br>| 1564 | 833315 |
| †CBIZ, Inc. | 2008 | 101304 |
| †Clarivate PLC | 13346 | 44576 |
| †Conduent, Inc. | 18114 | 34779 |
| CRA International, Inc. | 434 | 87102 |
| CSG Systems International, <br> Inc.<br>| 2870 | 220100 |
| Equifax, Inc. | 3968 | 860977 |
| †ExlService Holdings, Inc. | 10341 | 438872 |
| Exponent, Inc. | 2527 | 175525 |
| †First Advantage Corp. | 5465 | 79406 |
| †Forrester Research, Inc. | 2034 | 16516 |
| †Franklin Covey Co. | 993 | 16662 |
| †FTI Consulting, Inc. | 2009 | 343197 |
| Genpact Ltd. | 13264 | 620490 |
| †Huron Consulting Group, Inc. | 1426 | 246570 |
| †IBEX Holdings Ltd. | 1265 | 48298 |
| ICF International, Inc. | 1178 | 100483 |
| Insperity, Inc. | 1814 | 70238 |
| Jacobs Solutions, Inc. | 5278 | 699124 |
| KBR, Inc. | 11823 | 475285 |
| Kelly Services, Inc. Class A | 2965 | 26092 |
| Kforce, Inc. | 1102 | 34074 |
| Korn Ferry | 4856 | 320593 |
| †Legalzoom.com, Inc. | 5142 | 51060 |
| Leidos Holdings, Inc. | 6591 | 1189016 |
| ManpowerGroup, Inc. | 3303 | 98198 |
| Maximus, Inc. | 3536 | 305227 |
| †Mistras Group, Inc. | 3448 | 43617 |
| †Parsons Corp. | 4776 | 295157 |
| Paychex, Inc. | 9227 | 1035085 |
| Paycom Software, Inc. | 1845 | 294019 |
| †Paylocity Holding Corp. | 1918 | 292495 |
| Resources Connection, Inc. | 4071 | 20518 |
| Robert Half, Inc. | 6076 | 165024 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Science Applications <br> International Corp.<br>| 4223 | $425087 |
| SS&C Technologies Holdings, <br> Inc.<br>| 10494 | 917385 |
| †TaskUS, Inc. Class A | 1624 | 19147 |
| †TIC Solutions, Inc. | 6452 | 65230 |
| TransUnion | 5972 | 512099 |
| TriNet Group, Inc. | 1661 | 98215 |
| †TrueBlue, Inc. | 5561 | 25303 |
| †TTEC Holdings, Inc. | 4912 | 17683 |
| UL Solutions, Inc. Class A | 1251 | 98654 |
| †Upwork, Inc. | 3979 | 78864 |
| Verisk Analytics, Inc. | 4550 | 1017789 |
| †Verra Mobility Corp. | 6816 | 152747 |
| †Willdan Group, Inc. | 1232 | 127709 |
|  |  | **17412150** |
| **Real Estate Management & Development–0.32%** | **Real Estate Management & Development–0.32%** | **Real Estate Management & Development–0.32%** |
| †Anywhere Real Estate, Inc. | 7685 | 108820 |
| †CBRE Group, Inc. Class A | 11068 | 1779624 |
| †Compass, Inc. Class A | 10409 | 110023 |
| †CoStar Group, Inc. | 7680 | 516403 |
| †Cushman & Wakefield Ltd. | 4785 | 77469 |
| †Douglas Elliman, Inc. | 7459 | 17678 |
| eXp World Holdings, Inc. | 2976 | 26933 |
| †Forestar Group, Inc. | 476 | 11724 |
| †FRP Holdings, Inc. | 1262 | 28761 |
| †Howard Hughes Holdings, <br> Inc.<br>| 4225 | 337028 |
| †Jones Lang LaSalle, Inc. | 3092 | 1040365 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 14913 | 144209 |
| Marcus & Millichap, Inc. | 3606 | 98408 |
| Newmark Group, Inc. Class A | 10998 | 190705 |
| †Opendoor Technologies, Inc. | 22523 | 131309 |
| †RE/MAX Holdings, Inc. <br> Class A<br>| 3816 | 28963 |
| RMR Group, Inc. Class A | 862 | 12844 |
| †Seaport Entertainment <br> Group, Inc.<br>| 1063 | 21015 |
| St. Joe Co. | 3427 | 203461 |
| †Stratus Properties, Inc. | 836 | 20214 |
| †Tejon Ranch Co. | 2365 | 37296 |
| †Zillow Group, Inc. Class A | 9396 | 641018 |
|  |  | **5584270** |
| **Semiconductors & Semiconductor Equipment–11.06%** | **Semiconductors & Semiconductor Equipment–11.06%** | **Semiconductors & Semiconductor Equipment–11.06%** |
| †Advanced Micro Devices, Inc. | 24448 | 5235784 |
| †Allegro MicroSystems, Inc. | 1702 | 44899 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 1200 | 23772 |
| †Ambarella, Inc. | 790 | 55964 |
| Amkor Technology, Inc. | 15979 | 630851 |
| Analog Devices, Inc. | 8102 | 2197262 |
| Applied Materials, Inc. | 16561 | 4256011 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-20

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| †Astera Labs, Inc. | 588 | $97820 |
| †Axcelis Technologies, Inc. | 2339 | 187915 |
| Broadcom, Inc. | 77206 | 26720997 |
| †CEVA, Inc. | 1850 | 39812 |
| †Cirrus Logic, Inc. | 3022 | 358107 |
| †Cohu, Inc. | 3425 | 79700 |
| †Credo Technology Group <br> Holding Ltd.<br>| 5380 | 774128 |
| †Diodes, Inc. | 3427 | 169088 |
| †Enphase Energy, Inc. | 3297 | 105669 |
| Entegris, Inc. | 5347 | 450485 |
| †First Solar, Inc. | 4099 | 1070782 |
| †FormFactor, Inc. | 4668 | 260381 |
| †GLOBALFOUNDRIES, Inc. | 2254 | 78710 |
| †Ichor Holdings Ltd. | 2461 | 45356 |
| †Intel Corp. | 96928 | 3576643 |
| KLA Corp. | 4000 | 4860320 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 3563 | 162330 |
| Lam Research Corp. | 31351 | 5366664 |
| †Lattice Semiconductor Corp. | 4750 | 349505 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 3381 | 579098 |
| †Magnachip Semiconductor <br> Corp.<br>| 2552 | 6508 |
| Marvell Technology, Inc. | 14116 | 1199578 |
| †MaxLinear, Inc. | 3899 | 67960 |
| Microchip Technology, Inc. | 14670 | 934772 |
| Micron Technology, Inc. | 23567 | 6726257 |
| MKS, Inc. | 1470 | 234906 |
| Monolithic Power Systems, <br> Inc.<br>| 1025 | 929019 |
| †Navitas Semiconductor Corp. | 22 | 157 |
| NVE Corp. | 50 | 2966 |
| NVIDIA Corp. | 573279 | 106916533 |
| NXP Semiconductors NV | 13065 | 2835889 |
| †ON Semiconductor Corp. | 19477 | 1054680 |
| †Onto Innovation, Inc. | 2389 | 377127 |
| †PDF Solutions, Inc. | 3040 | 86731 |
| †Penguin Solutions, Inc. | 4444 | 86925 |
| †Photronics, Inc. | 4645 | 148640 |
| Power Integrations, Inc. | 3262 | 115931 |
| Qnity Electronics, Inc. <br> Class W/I<br>| 6482 | 529255 |
| †Qorvo, Inc. | 5681 | 480101 |
| QUALCOMM, Inc. | 27985 | 4786834 |
| †Rambus, Inc. | 5881 | 540405 |
| †Silicon Laboratories, Inc. | 2034 | 265844 |
| †SiTime Corp. | 484 | 170944 |
| Skyworks Solutions, Inc. | 7807 | 495042 |
| †SolarEdge Technologies, Inc. | 1092 | 31504 |
| †Synaptics, Inc. | 2945 | 217989 |
| Teradyne, Inc. | 3569 | 690816 |
| Texas Instruments, Inc. | 19154 | 3323027 |
| †Ultra Clean Holdings, Inc. | 2793 | 70747 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Universal Display Corp. | 1770 | $206701 |
| †Veeco Instruments, Inc. | 4295 | 122751 |
|  |  | **191434592** |
| **Software–7.17%** | **Software–7.17%** | **Software–7.17%** |
| †8x8, Inc. | 11274 | 22210 |
| A10 Networks, Inc. | 4393 | 77712 |
| †ACI Worldwide, Inc. | 6289 | 300677 |
| Adeia, Inc. | 11356 | 195891 |
| †Adobe, Inc. | 8208 | 2872718 |
| †Alarm.com Holdings, Inc. | 2786 | 142142 |
| †Appfolio, Inc. Class A | 491 | 114231 |
| †AppLovin Corp. Class A | 6373 | 4294255 |
| †Atlassian Corp. Class A | 1294 | 209809 |
| †Autodesk, Inc. | 5266 | 1558789 |
| †AvePoint, Inc. | 4624 | 64227 |
| Bentley Systems, Inc. Class B | 8771 | 334745 |
| †Bill Holdings, Inc. | 2416 | 131769 |
| †Blackbaud, Inc. | 1415 | 89598 |
| †BlackLine, Inc. | 1931 | 106765 |
| †Box, Inc. Class A | 8637 | 258333 |
| †C3.ai, Inc. Class A | 2009 | 27081 |
| †Cadence Design Systems, <br> Inc.<br>| 4087 | 1277514 |
| †CCC Intelligent Solutions <br> Holdings, Inc.<br>| 7680 | 61056 |
| †Cerence, Inc. | 2733 | 29216 |
| Clear Secure, Inc. Class A | 5058 | 177435 |
| †Commvault Systems, Inc. | 737 | 92390 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 1735 | 37858 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 1645 | 771110 |
| †CS Disco, Inc. | 7032 | 54568 |
| †Datadog, Inc. Class A | 2779 | 377916 |
| †Digital Turbine, Inc. | 11311 | 56555 |
| †Docusign, Inc. | 5265 | 360126 |
| Dolby Laboratories, Inc. <br> Class A<br>| 3278 | 210513 |
| †Dropbox, Inc. Class A | 7150 | 198770 |
| †Dynatrace, Inc. | 8217 | 356125 |
| †Fair Isaac Corp. | 583 | 985631 |
| †Five9, Inc. | 707 | 14175 |
| †Fortinet, Inc. | 16832 | 1336629 |
| †Freshworks, Inc. Class A | 3698 | 45301 |
| Gen Digital, Inc. | 32147 | 874077 |
| †Guidewire Software, Inc. | 3169 | 637001 |
| †HubSpot, Inc. | 744 | 298567 |
| †I3 Verticals, Inc. Class A | 2397 | 60380 |
| †Intapp, Inc. | 1402 | 64240 |
| InterDigital, Inc. | 2231 | 710306 |
| Intuit, Inc. | 4092 | 2710623 |
| †Jamf Holding Corp. | 2756 | 35856 |
| †LiveRamp Holdings, Inc. | 4728 | 138861 |
| †Manhattan Associates, Inc. | 1998 | 346273 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-21

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Microsoft Corp. | 159231 | $77007296 |
| †Mitek Systems, Inc. | 4189 | 44194 |
| †N-able, Inc. | 12483 | 93373 |
| †nCino, Inc. | 2494 | 63946 |
| †NCR Voyix Corp. | 13077 | 133385 |
| †Nutanix, Inc. Class A | 4542 | 234776 |
| †ON24, Inc. | 3631 | 28903 |
| OneSpan, Inc. | 3332 | 42783 |
| Oracle Corp. | 34684 | 6760258 |
| †Palantir Technologies, Inc. <br> Class A<br>| 14120 | 2509830 |
| †Palo Alto Networks, Inc. | 7682 | 1415024 |
| †PAR Technology Corp. | 1800 | 65304 |
| Pegasystems, Inc. | 4596 | 274473 |
| †Progress Software Corp. | 3147 | 135195 |
| †PTC, Inc. | 4212 | 733773 |
| †Q2 Holdings, Inc. | 2074 | 149660 |
| †Qualys, Inc. | 1453 | 193104 |
| †RingCentral, Inc. Class A | 2899 | 83723 |
| †Riot Platforms, Inc. | 17870 | 226413 |
| Roper Technologies, Inc. | 1819 | 809691 |
| †Rubrik, Inc. Class A | 1023 | 78239 |
| Salesforce, Inc. | 13970 | 3700793 |
| †Samsara, Inc. Class A | 2905 | 102982 |
| †SEMrush Holdings, Inc. <br> Class A<br>| 2352 | 27965 |
| †SentinelOne, Inc. Class A | 1963 | 29445 |
| †ServiceNow, Inc. | 9335 | 1430029 |
| †Sprinklr, Inc. Class A | 4205 | 32715 |
| †SPS Commerce, Inc. | 602 | 53656 |
| †Synchronoss Technologies, <br> Inc.<br>| 492 | 4212 |
| †Synopsys, Inc. | 2910 | 1366885 |
| †Telos Corp. | 5330 | 27183 |
| †Teradata Corp. | 3391 | 103222 |
| †Tyler Technologies, Inc. | 1370 | 621912 |
| †UiPath, Inc. Class A | 13593 | 222789 |
| †Unity Software, Inc. | 11954 | 528008 |
| †Vertex, Inc. Class A | 3200 | 63904 |
| †Workday, Inc. Class A | 1875 | 402713 |
| †Xperi, Inc. | 3996 | 23417 |
| †Yext, Inc. | 8400 | 67704 |
| †Zoom Communications, Inc. <br> Class A<br>| 7261 | 626552 |
| †Zscaler, Inc. | 1623 | 365045 |
|  |  | **124004498** |
| **Specialized REITs–0.00%** | **Specialized REITs–0.00%** | **Specialized REITs–0.00%** |
| Millrose Properties, Inc. | 2226 | 66491 |
|  |  | **66491** |
| **Specialty Retail–2.23%** | **Specialty Retail–2.23%** | **Specialty Retail–2.23%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 5856 | 737095 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Academy Sports & Outdoors, <br> Inc.<br>| 5061 | $252848 |
| Advance Auto Parts, Inc. | 4345 | 170758 |
| American Eagle Outfitters, <br> Inc.<br>| 10877 | 286826 |
| †America's Car-Mart, Inc. | 559 | 14120 |
| †Arhaus, Inc. | 6124 | 68650 |
| Arko Corp. | 5331 | 24203 |
| †Asbury Automotive Group, <br> Inc.<br>| 1870 | 434831 |
| †AutoNation, Inc. | 4020 | 830050 |
| †AutoZone, Inc. | 412 | 1397298 |
| Bath & Body Works, Inc. | 7666 | 153933 |
| †Bed Bath & Beyond, Inc. | 1966 | 10734 |
| Best Buy Co., Inc. | 17025 | 1139483 |
| †Boot Barn Holdings, Inc. | 2196 | 387528 |
| Buckle, Inc. | 4520 | 241458 |
| Build-A-Bear Workshop, Inc. | 1890 | 115800 |
| †Burlington Stores, Inc. | 2599 | 750721 |
| Caleres, Inc. | 3203 | 38981 |
| Camping World Holdings, Inc. <br> Class A<br>| 2739 | 26650 |
| †CarMax, Inc. | 7234 | 279522 |
| †Carvana Co. | 3177 | 1340758 |
| †Cato Corp. Class A | 4303 | 13296 |
| †Chewy, Inc. Class A | 2543 | 84046 |
| †Citi Trends, Inc. | 2149 | 89312 |
| Designer Brands, Inc. <br> Class A<br>| 7264 | 53972 |
| †Destination XL Group, Inc. | 9137 | 8401 |
| Dick's Sporting Goods, Inc. | 6033 | 1194353 |
| †Duluth Holdings, Inc. Class B | 3677 | 7648 |
| †Five Below, Inc. | 3322 | 625732 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 4802 | 292394 |
| Gap, Inc. | 29199 | 747494 |
| †Genesco, Inc. | 1032 | 25563 |
| Group 1 Automotive, Inc. | 1127 | 443249 |
| †GrowGeneration Corp. | 4826 | 7239 |
| Guess?, Inc. | 6962 | 116614 |
| Haverty Furniture Cos., Inc. | 1642 | 38357 |
| Home Depot, Inc. | 24327 | 8370921 |
| †Lands' End, Inc. | 2926 | 42486 |
| Lithia Motors, Inc. | 1915 | 636412 |
| Lowe's Cos., Inc. | 11181 | 2696410 |
| †MarineMax, Inc. | 2439 | 59097 |
| Monro, Inc. | 2231 | 44709 |
| Murphy USA, Inc. | 1124 | 453556 |
| †National Vision Holdings, <br> Inc.<br>| 4591 | 118540 |
| †O'Reilly Automotive, Inc. | 16773 | 1529865 |
| Penske Automotive Group, <br> Inc.<br>| 4089 | 647248 |
| †PetMed Express, Inc. | 1000 | 3200 |
| †Revolve Group, Inc. | 600 | 18114 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-22

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| †RH | 1237 | $221609 |
| Ross Stores, Inc. | 12195 | 2196807 |
| †Sally Beauty Holdings, Inc. | 5960 | 84990 |
| Shoe Carnival, Inc. | 3150 | 53172 |
| Signet Jewelers Ltd. | 2898 | 240186 |
| †Sleep Number Corp. | 2723 | 23037 |
| Sonic Automotive, Inc. <br> Class A<br>| 2374 | 146856 |
| †Sportsman's Warehouse <br> Holdings, Inc.<br>| 165 | 241 |
| †Tilly's, Inc. Class A | 4502 | 8959 |
| TJX Cos., Inc. | 27108 | 4164060 |
| Tractor Supply Co. | 19616 | 980996 |
| †Ulta Beauty, Inc. | 1682 | 1017627 |
| Upbound Group, Inc. | 4964 | 87168 |
| †Urban Outfitters, Inc. | 7875 | 592672 |
| †Valvoline, Inc. | 6978 | 202781 |
| †Victoria's Secret & Co. | 4609 | 249670 |
| †Warby Parker, Inc. Class A | 5600 | 122024 |
| †Wayfair, Inc. Class A | 535 | 53719 |
| Williams-Sonoma, Inc. | 5168 | 922953 |
| Winmark Corp. | 151 | 61146 |
| †Zumiez, Inc. | 1615 | 42071 |
|  |  | **38543219** |
| **Technology Hardware, Storage & Peripherals–6.16%** | **Technology Hardware, Storage & Peripherals–6.16%** | **Technology Hardware, Storage & Peripherals–6.16%** |
| Apple, Inc. | 354934 | 96492357 |
| †Corsair Gaming, Inc. | 3545 | 21057 |
| Dell Technologies, Inc. <br> Class C<br>| 6306 | 793799 |
| †Diebold Nixdorf, Inc. | 1788 | 121387 |
| Hewlett Packard Enterprise <br> Co.<br>| 56144 | 1348579 |
| HP, Inc. | 25135 | 560008 |
| †IonQ, Inc. | 3530 | 158391 |
| NetApp, Inc. | 8538 | 914335 |
| †Pure Storage, Inc. Class A | 6893 | 461900 |
| †Sandisk Corp. | 4845 | 1150106 |
| Seagate Technology Holdings <br> PLC<br>| 6481 | 1784803 |
| †Super Micro Computer, Inc. | 8465 | 247771 |
| Western Digital Corp. | 14883 | 2563894 |
| Xerox Holdings Corp. | 14324 | 33948 |
|  |  | **106652335** |
| **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** |
| †Birkenstock Holding PLC | 961 | 39305 |
| †Capri Holdings Ltd. | 10329 | 252028 |
| Carter's, Inc. | 2063 | 66903 |
| Columbia Sportswear Co. | 3371 | 185708 |
| †Crocs, Inc. | 3739 | 319759 |
| †Culp, Inc. | 695 | 2474 |
| †Deckers Outdoor Corp. | 6068 | 629070 |
| †Figs, Inc. Class A | 6522 | 74090 |
| †Fossil Group, Inc. | 617 | 2320 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| G-III Apparel Group Ltd. | 4144 | $120010 |
| Gildan Activewear, Inc. | 2117 | 132228 |
| Kontoor Brands, Inc. | 4497 | 274722 |
| Levi Strauss & Co. Class A | 6870 | 142484 |
| †Lululemon Athletica, Inc. | 3152 | 655017 |
| Movado Group, Inc. | 2255 | 46498 |
| NIKE, Inc. Class B | 18418 | 1173411 |
| Oxford Industries, Inc. | 949 | 32456 |
| PVH Corp. | 3380 | 226528 |
| Ralph Lauren Corp. | 2881 | 1018750 |
| Steven Madden Ltd. | 4766 | 198456 |
| Tapestry, Inc. | 9847 | 1258151 |
| †Under Armour, Inc. Class A | 23812 | 115696 |
| †Unifi, Inc. | 3174 | 11109 |
| †Vera Bradley, Inc. | 810 | 1960 |
| VF Corp. | 13941 | 252053 |
| Wolverine World Wide, Inc. | 2098 | 38079 |
|  |  | **7269265** |
| **Tobacco–0.42%** | **Tobacco–0.42%** | **Tobacco–0.42%** |
| Altria Group, Inc. | 33582 | 1936338 |
| Philip Morris International, <br> Inc.<br>| 31192 | 5003197 |
| Turning Point Brands, Inc. | 2141 | 232084 |
| Universal Corp. | 2261 | 119268 |
|  |  | **7290887** |
| **Trading Companies & Distributors–0.84%** | **Trading Companies & Distributors–0.84%** | **Trading Companies & Distributors–0.84%** |
| Air Lease Corp. | 10742 | 689959 |
| Alta Equipment Group, Inc. | 1440 | 6624 |
| Applied Industrial <br> Technologies, Inc.<br>| 2743 | 704320 |
| †BlueLinx Holdings, Inc. | 972 | 59710 |
| Boise Cascade Co. | 1957 | 144035 |
| †Core & Main, Inc. Class A | 7605 | 395232 |
| †Custom Truck One Source, <br> Inc.<br>| 7992 | 46034 |
| †Distribution Solutions Group, <br> Inc.<br>| 1498 | 41030 |
| †DNOW, Inc. | 20390 | 270168 |
| †DXP Enterprises, Inc. | 1281 | 140641 |
| Fastenal Co. | 32079 | 1287330 |
| Ferguson Enterprises, Inc. | 9269 | 2063557 |
| FTAI Aviation Ltd. | 973 | 191535 |
| GATX Corp. | 3305 | 560528 |
| Global Industrial Co. | 3176 | 92803 |
| Herc Holdings, Inc. | 4235 | 628389 |
| †Hudson Technologies, Inc. | 4947 | 33887 |
| McGrath RentCorp | 2004 | 210280 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 3948 | 332027 |
| †NPK International, Inc. | 9673 | 115302 |
| Rush Enterprises, Inc. <br> Class A<br>| 5920 | 321359 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-23

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| †SiteOne Landscape Supply, <br> Inc.<br>| 1610 | $200542 |
| †Transcat, Inc. | 373 | 21160 |
| United Rentals, Inc. | 3585 | 2901412 |
| Watsco, Inc. | 1212 | 408383 |
| WESCO International, Inc. | 3825 | 935748 |
| Willis Lease Finance Corp. | 304 | 41235 |
| WW Grainger, Inc. | 1600 | 1614480 |
|  |  | **14457710** |
| **Water Utilities–0.09%** | **Water Utilities–0.09%** | **Water Utilities–0.09%** |
| American States Water Co. | 2081 | 150831 |
| American Water Works Co., <br> Inc.<br>| 5864 | 765252 |
| Artesian Resources Corp. <br> Class A<br>| 766 | 24213 |
| California Water Service <br> Group<br>| 3488 | 151135 |
| Essential Utilities, Inc. | 9219 | 353641 |
| H2O America | 1775 | 86957 |
| Middlesex Water Co. | 1357 | 68420 |
| York Water Co. | 591 | 18818 |
|  |  | **1619267** |
| **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** | **Wireless Telecommunication Services–0.24%** |
| Array Digital Infrastructure, <br> Inc.<br>| 3838 | 205793 |
| †Gogo, Inc. | 3721 | 17340 |
| Spok Holdings, Inc. | 1858 | 24507 |
| Telephone & Data Systems, <br> Inc.<br>| 9452 | 387532 |
| T-Mobile U.S., Inc. | 16996 | 3450868 |
|  |  | **4086040** |
| **Total Common Stock** <br>**(Cost $580,130,279)** | **Total Common Stock** <br>**(Cost $580,130,279)** | **1727148617** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 1351 | $1378 |
| =†Adverum Biotechnologies, <br> Inc.<br>| 1077 | 862 |
| =†Chinook Therapeutics, Inc. | 5559 | 0 |
| =†HilleVax, Inc. | 2430 | 340 |
| =†Mirati Therapeutics, Inc. | 1683 | 5015 |
| =†Resolute Forest Products, <br> Inc.<br>| 7351 | 1958 |
| =†Sage Therapeutics, Inc. | 1625 | 292 |
| =†Spectrum Pharmaceuticals, <br> Inc.<br>| 5200 | 0 |
| **Total Rights** <br>**(Cost $14,905)** | **Total Rights** <br>**(Cost $14,905)** | **9845** |
| **WARRANTS–0.00%** | **WARRANTS–0.00%** | **WARRANTS–0.00%** |
| †Opendoor Technologies, Inc. <br> exp 11/20/26 exercise price <br> USD 9.00<br>| 750 | 675 |
| †Opendoor Technologies, Inc. <br> exp 11/20/26 exercise price <br> USD 13.00<br>| 750 | 390 |
| †Opendoor Technologies, Inc. <br> exp 11/20/26 exercise price <br> USD 17.00<br>| 750 | 300 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **1365** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.20%** | **MONEY MARKET FUND–0.20%** | **MONEY MARKET FUND–0.20%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 3512152 | 3512152 |
| **Total Money Market Fund** <br>**(Cost $3,512,152)** | **Total Money Market Fund** <br>**(Cost $3,512,152)** | **3512152** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.02% (Cost $583,657,336)** | **1730671979** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)** | **(431915)**<br>|
| **NET ASSETS APPLICABLE TO 33,476,456 SHARES OUTSTANDING–100.00%** | **$1730240064** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND STANDARD CLASS** <br>**($1,327,398,220 / 25,615,042 Shares)** | **$51.821** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND SERVICE CLASS** <br>**($402,841,844 / 7,861,414 Shares)** | **$51.243** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$491885521** |
| Distributable earnings/(accumulated loss) | **1238354543** |
| **TOTAL NET ASSETS** | **$1730240064** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Dimensional U.S. Core Equity 1 Fund-24

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Statement of Net Assets (continued)**

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $4,004,966 payable for fund shares redeemed, $24,444 other accrued expenses payable, $641,287 due to manager and affiliates, <br> $17,070 payable for audit fee and $39,934 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Core Equity 1 Fund** | **LVIP Dimensional U.S. Core Equity 1 Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $22908647 |
| Foreign taxes withheld | (12929)<br>|
|  | 22895718 |
| **EXPENSES:** |  |
| Management fees | 5556778 |
| Distribution fees-Service Class | 1328122 |
| Shareholder servicing fees | 483022 |
| Accounting and administration expenses | 282768 |
| Professional fees | 80192 |
| Trustees' fees and expenses | 48052 |
| Reports and statements to shareholders | 43655 |
| Pricing fees | 22071 |
| Consulting fees | 15819 |
| Custodian fees | 15085 |
| Other | 50066 |
|  | 7925630 |
| Less:  |  |
| Management fees waived | (166559)<br>|
| Total operating expenses | 7759071 |
| **NET INVESTMENT INCOME**  | 15136647 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 98238404 |
| Foreign currencies | (18)<br>|
| Net realized gain | 98238386 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 130941446 |
| **NET REALIZED AND UNREALIZED GAIN** | 229179832 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $244316479 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional U.S. Core Equity 1 Fund** | **LVIP Dimensional U.S. Core Equity 1 Fund** | **LVIP Dimensional U.S. Core Equity 1 Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $15136647 | $16099609 |
| Net realized gain | 98238386 | 116910985 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 130941446 | 172196908 |
| Net increase in net assets <br> resulting from operations<br>| 244316479 | 305207502 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (102796719)<br>| (68073304)<br>|
| Service Class | (29798672)<br>| (17927926)<br>|
|  | (132595391)<br>| (86001230)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 29614922 | 22500546 |
| Service Class | 57187161 | 38351894 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 102796719 | 68073304 |
| Service Class | 29798672 | 17927926 |
|  | 219397474 | 146853670 |
| Cost of shares redeemed: |  |  |
| Standard Class | (188958139)<br>| (172392252)<br>|
| Service Class | (76280640)<br>| (67648481)<br>|
|  | (265238779)<br>| (240040733)<br>|
| Decrease in net assets derived <br> from capital share <br> transactions<br>| (45841305)<br>| (93187063)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 65879783 | 126019209 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1664360281 | 1538341072 |
| End of year | $1730240064 | $1664360281 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-26

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $48.489 | &nbsp;&nbsp; $42.351 | &nbsp;&nbsp; $36.647 | &nbsp;&nbsp; $46.337 | &nbsp;&nbsp; $38.201 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.494 | 0.497 | 0.527 | 0.518 | 0.447 |
| Net realized and unrealized gain (loss) | 6.992 | 8.222 | 7.651 | &nbsp;&nbsp; (7.682)<br>| 9.971 |
| Total from investment operations | 7.486 | 8.719 | 8.178 | &nbsp;&nbsp; (7.164)<br>| 10.418 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.505)<br>| &nbsp;&nbsp; (0.519)<br>| &nbsp;&nbsp; (0.544)<br>| &nbsp;&nbsp; (0.539)<br>| &nbsp;&nbsp; (0.512)<br>|
| Net realized gain | &nbsp;&nbsp; (3.649)<br>| &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (1.930)<br>| &nbsp;&nbsp; (1.987)<br>| &nbsp;&nbsp; (1.770)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (4.154)<br>| &nbsp;&nbsp; (2.581)<br>| &nbsp;&nbsp; (2.474)<br>| &nbsp;&nbsp; (2.526)<br>| &nbsp;&nbsp; (2.282)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $51.821 | &nbsp;&nbsp; $48.489 | &nbsp;&nbsp; $42.351 | &nbsp;&nbsp; $36.647 | &nbsp;&nbsp; $46.337 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.66% | &nbsp;&nbsp; 20.77% | &nbsp;&nbsp; 22.78% | &nbsp;&nbsp; (15.25%)<br>| &nbsp;&nbsp; 27.55% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1327398 | &nbsp;&nbsp; $1298112 | &nbsp;&nbsp; $1207572 | &nbsp;&nbsp; $1087032 | &nbsp;&nbsp; $1409944 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.38% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.02% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-27

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 1 Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $48.008 | &nbsp;&nbsp; $41.962 | &nbsp;&nbsp; $36.346 | &nbsp;&nbsp; $45.979 | &nbsp;&nbsp; $37.935 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.315 | 0.329 | 0.384 | 0.373 | 0.292 |
| Net realized and unrealized gain (loss) | 6.904 | 8.134 | 7.571 | &nbsp;&nbsp; (7.615)<br>| 9.885 |
| Total from investment operations | 7.219 | 8.463 | 7.955 | &nbsp;&nbsp; (7.242)<br>| 10.177 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.355)<br>| &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.404)<br>| &nbsp;&nbsp; (0.363)<br>|
| Net realized gain | &nbsp;&nbsp; (3.649)<br>| &nbsp;&nbsp; (2.062)<br>| &nbsp;&nbsp; (1.930)<br>| &nbsp;&nbsp; (1.987)<br>| &nbsp;&nbsp; (1.770)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (3.984)<br>| &nbsp;&nbsp; (2.417)<br>| &nbsp;&nbsp; (2.339)<br>| &nbsp;&nbsp; (2.391)<br>| &nbsp;&nbsp; (2.133)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $51.243 | &nbsp;&nbsp; $48.008 | &nbsp;&nbsp; $41.962 | &nbsp;&nbsp; $36.346 | &nbsp;&nbsp; $45.979 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.26% | &nbsp;&nbsp; 20.35% | &nbsp;&nbsp; 22.36% | &nbsp;&nbsp; (15.54%)<br>| &nbsp;&nbsp; 27.10% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $402842 | &nbsp;&nbsp; $366248 | &nbsp;&nbsp; $330769 | &nbsp;&nbsp; $273580 | &nbsp;&nbsp; $328843 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.74% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.68% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.67% |
| Portfolio turnover | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 5% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-28

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional U.S. Core Equity 1 Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing").

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign

LVIP Dimensional U.S. Core Equity 1 Fund-29

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.48% of the first $200 million of the Fund's average daily net assets; 0.40% of the next $200 million; and 0.30% of the Fund's average daily net assets in excess of $400 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.01% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Dimensional Fund Advisors LP (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $137424 |
| Legal | &nbsp;&nbsp; 22835 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Dimensional U.S. Core Equity 1 Fund-30

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $21,840 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $477523 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 120565 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 203 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 42996 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $33413395 |
| Sales | &nbsp;&nbsp; 192807770 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $586574675 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $1208625613 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (64528344)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $1144097269 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value.

LVIP Dimensional U.S. Core Equity 1 Fund-31

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**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $36797320 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36797320 |
| Air Freight & Logistics | &nbsp;&nbsp; 8280289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8280289 |
| Automobile Components | &nbsp;&nbsp; 5778334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5778334 |
| Automobiles | &nbsp;&nbsp; 22096228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22096228 |
| Banks | &nbsp;&nbsp; 93462870 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 93462870 |
| Beverages | &nbsp;&nbsp; 15814598 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15814598 |
| Biotechnology | &nbsp;&nbsp; 30619581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9180 | &nbsp;&nbsp; 30628761 |
| Broadline Retail | &nbsp;&nbsp; 52000785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52000785 |
| Building Products | &nbsp;&nbsp; 15397281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15397281 |
| Capital Markets | &nbsp;&nbsp; 60198291 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60198291 |
| Chemicals | &nbsp;&nbsp; 22682302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22682302 |
| Commercial Services & Supplies | &nbsp;&nbsp; 12905719 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 12905719 |
| Communications Equipment | &nbsp;&nbsp; 14146256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14146256 |
| Construction & Engineering | &nbsp;&nbsp; 12976071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12976071 |
| Construction Materials | &nbsp;&nbsp; 4891343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4891343 |
| Consumer Finance | &nbsp;&nbsp; 15470794 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15470794 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 34528099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34528099 |
| Containers & Packaging | &nbsp;&nbsp; 8903960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8903960 |
| Distributors | &nbsp;&nbsp; 1889488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889488 |
| Diversified Consumer Services | &nbsp;&nbsp; 4355730 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4355730 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 15146964 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15146964 |
| Electric Utilities | &nbsp;&nbsp; 22340358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22340358 |
| Electrical Equipment | &nbsp;&nbsp; 16483193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16483193 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 25569081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25569081 |
| Energy Equipment & Services | &nbsp;&nbsp; 9307471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9307471 |
| Entertainment | &nbsp;&nbsp; 21800020 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21800020 |
| Financial Services | &nbsp;&nbsp; 60246086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60246086 |
| Food Products | &nbsp;&nbsp; 12259551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12259551 |
| Gas Utilities | &nbsp;&nbsp; 3391443 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3391443 |
| Ground Transportation | &nbsp;&nbsp; 16900655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16900655 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 28358817 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 28358817 |
| Health Care Providers & Services | &nbsp;&nbsp; 31707432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31707432 |
| Health Care Technology | &nbsp;&nbsp; 1131571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1131571 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 33682009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33682009 |
| Household Durables | &nbsp;&nbsp; 14582395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14582395 |
| Household Products | &nbsp;&nbsp; 12533807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12533807 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 3689166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3689166 |
| Industrial Conglomerates | &nbsp;&nbsp; 4722309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4722309 |
| Insurance | &nbsp;&nbsp; 51814619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51814619 |
| Interactive Media & Services | &nbsp;&nbsp; 104188533 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 104188533 |
| IT Services | &nbsp;&nbsp; 18948296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18948296 |
| Leisure Products | &nbsp;&nbsp; 2458180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2458180 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 15519995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15519995 |
| Machinery | &nbsp;&nbsp; 45994516 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45994516 |
| Marine Transportation | &nbsp;&nbsp; 894318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 894318 |
| Media | &nbsp;&nbsp; 14716090 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14716090 |
| Metals & Mining | &nbsp;&nbsp; 15531017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15531017 |
| Multi-Utilities | &nbsp;&nbsp; 9934591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9934591 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 62200394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62200394 |
| Paper & Forest Products | &nbsp;&nbsp; 483186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 483186 |
| Passenger Airlines | &nbsp;&nbsp; 8197442 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8197442 |

---

LVIP Dimensional U.S. Core Equity 1 Fund-32

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**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Personal Care Products | &nbsp;&nbsp; $2572468 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2572468 |
| Pharmaceuticals | &nbsp;&nbsp; 48217401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48217401 |
| Professional Services | &nbsp;&nbsp; 17412150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17412150 |
| Real Estate Management & Development | &nbsp;&nbsp; 5584270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5584270 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 191434592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191434592 |
| Software | &nbsp;&nbsp; 124004498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124004498 |
| Specialized REITs | &nbsp;&nbsp; 66491 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66491 |
| Specialty Retail | &nbsp;&nbsp; 38543219 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38543219 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 106652335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106652335 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 7269265 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7269265 |
| Tobacco | &nbsp;&nbsp; 7290887 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7290887 |
| Trading Companies & Distributors | &nbsp;&nbsp; 14457710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14457710 |
| Water Utilities | &nbsp;&nbsp; 1619267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1619267 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 4086040 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4086040 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9845 | &nbsp;&nbsp; 9845 |
| Warrants | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1365 |
| Money Market Fund | &nbsp;&nbsp; 3512152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3512152 |
| **Total Investments** | &nbsp;&nbsp; $1730652954 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19025 | &nbsp;&nbsp; $1730671979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, non-taxable distributions from common stocks and mark-to-market adjustments on passive foreign investment companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $19190549 | &nbsp;&nbsp; $18848099 |
| Long-term capital gains | &nbsp;&nbsp; 113404842 | &nbsp;&nbsp; 67153131 |
| Total | &nbsp;&nbsp; $132595391 | &nbsp;&nbsp; $86001230 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $27870 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 94229404 |
| Net unrealized appreciation | &nbsp;&nbsp; 1144097269 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $1238354543 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

LVIP Dimensional U.S. Core Equity 1 Fund-33

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 607320 | &nbsp;&nbsp; 479243 |
| Service Class | &nbsp;&nbsp; 1170795 | &nbsp;&nbsp; 818616 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 2014360 | &nbsp;&nbsp; 1432511 |
| Service Class | &nbsp;&nbsp; 592278 | &nbsp;&nbsp; 382142 |
|  | &nbsp;&nbsp; 4384753 | &nbsp;&nbsp; 3112512 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (3778002)<br>| &nbsp;&nbsp; (3653899)<br>|
| Service Class | &nbsp;&nbsp; (1530520)<br>| &nbsp;&nbsp; (1454528)<br>|
|  | &nbsp;&nbsp; (5308522)<br>| &nbsp;&nbsp; (5108427)<br>|
| Net decrease | &nbsp;&nbsp; (923769)<br>| &nbsp;&nbsp; (1995915)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-34

------

**LVIP Dimensional U.S. Core Equity 1 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional U.S. Core Equity 1 Fund-35

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Dimensional U.S. Core Equity 1 Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Dimensional U.S. Core Equity 1 Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgc2b0e20a2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Dimensional U.S. Core Equity 1 Fund–36

------

![](img0407f1221.jpg)

LVIP Dimensional U.S. Core Equity 2 Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Dimensional U.S. Core Equity 2 Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_0ebb7989-7977-4c9b-ac91-55fda3ad5bbc_SOI-continued-253_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_0ebb7989-7977-4c9b-ac91-55fda3ad5bbc_FS-continued-253_1)**  | &nbsp;&nbsp; **29** |
| **[Statements of Changes in Net Assets](#xx_0ebb7989-7977-4c9b-ac91-55fda3ad5bbc_FS-continued-253_1)**  | &nbsp;&nbsp; **29** |
| **[Financial Highlights](#xx_0ebb7989-7977-4c9b-ac91-55fda3ad5bbc_FIHI-continued-253_1)**  | &nbsp;&nbsp; **30** |
| **[Notes to Financial Statements](#xx_0ebb7989-7977-4c9b-ac91-55fda3ad5bbc_NTF-continued-253_1)**  | &nbsp;&nbsp; **32** |
| **[Report of Independent Registered Public Accounting Firm](#xx_0ebb7989-7977-4c9b-ac91-55fda3ad5bbc_AUDIT-continued-253_1)**  | &nbsp;&nbsp; **38** |

---

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–99.65%** | **COMMON STOCK–99.65%** | **COMMON STOCK–99.65%** |
| **Aerospace & Defense–1.92%** | **Aerospace & Defense–1.92%** | **Aerospace & Defense–1.92%** |
| †AAR Corp. | 1723 | $142647 |
| †AeroVironment, Inc. | 330 | 79824 |
| †AerSale Corp. | 2639 | 18763 |
| †Astronics Corp. | 3366 | 182531 |
| †ATI, Inc. | 7094 | 814107 |
| †Axon Enterprise, Inc. | 562 | 319177 |
| †Boeing Co. | 3184 | 691310 |
| BWX Technologies, Inc. | 2670 | 461483 |
| †Byrna Technologies, Inc. | 1046 | 17562 |
| Cadre Holdings, Inc. | 1313 | 53623 |
| Carpenter Technology Corp. | 1645 | 517912 |
| †CPI Aerostructures, Inc. | 2723 | 10783 |
| Curtiss-Wright Corp. | 1107 | 610256 |
| †Ducommun, Inc. | 1095 | 104167 |
| General Dynamics Corp. | 2929 | 986077 |
| General Electric Co. | 3694 | 1137863 |
| HEICO Corp. | 1816 | 517334 |
| Hexcel Corp. | 2288 | 169083 |
| Howmet Aerospace, Inc. | 2519 | 516445 |
| Huntington Ingalls <br> Industries, Inc.<br>| 1605 | 545812 |
| †Innovative Solutions & <br> Support, Inc.<br>| 1699 | 32179 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 7221 | 548146 |
| L3Harris Technologies, Inc. | 3347 | 982579 |
| Leonardo DRS, Inc. | 4225 | 144030 |
| †Loar Holdings, Inc. | 456 | 31008 |
| Lockheed Martin Corp. | 3294 | 1593209 |
| †Mercury Systems, Inc. | 2952 | 215526 |
| Moog, Inc. Class A | 1609 | 391872 |
| National Presto Industries, <br> Inc.<br>| 415 | 44305 |
| Northrop Grumman Corp. | 1689 | 963085 |
| Park Aerospace Corp. | 1422 | 30346 |
| RTX Corp. | 16144 | 2960810 |
| Textron, Inc. | 6314 | 550391 |
| TransDigm Group, Inc. | 270 | 359060 |
| †V2X, Inc. | 700 | 38185 |
| VSE Corp. | 1078 | 186246 |
| Woodward, Inc. | 2248 | 679615 |
|  |  | **17647351** |
| **Air Freight & Logistics–0.52%** | **Air Freight & Logistics–0.52%** | **Air Freight & Logistics–0.52%** |
| CH Robinson Worldwide, Inc. | 5349 | 859905 |
| Expeditors International of <br> Washington, Inc.<br>| 5175 | 771127 |
| FedEx Corp. | 5190 | 1499183 |
| †GXO Logistics, Inc. | 4314 | 227089 |
| Hub Group, Inc. Class A | 2885 | 122930 |
| †Radiant Logistics, Inc. | 4220 | 26713 |
| United Parcel Service, Inc. <br> Class B<br>| 12357 | 1225691 |
|  |  | **4732638** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Automobile Components–0.41%** | **Automobile Components–0.41%** | **Automobile Components–0.41%** |
| †Adient PLC | 4510 | $86457 |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 7274 | 46626 |
| †Aptiv PLC | 4752 | 361580 |
| Autoliv, Inc. | 4792 | 568810 |
| BorgWarner, Inc. | 12525 | 564376 |
| †Cooper-Standard Holdings, <br> Inc.<br>| 1627 | 53414 |
| Dana, Inc. | 7664 | 182097 |
| †Dorman Products, Inc. | 1581 | 194763 |
| †Fox Factory Holding Corp. | 1929 | 33005 |
| Garrett Motion, Inc. | 3700 | 64491 |
| Gentex Corp. | 8982 | 209011 |
| †Gentherm, Inc. | 1650 | 60011 |
| †Goodyear Tire & Rubber Co. | 13734 | 120310 |
| †Holley, Inc. | 2321 | 9586 |
| LCI Industries | 1626 | 197299 |
| Lear Corp. | 2101 | 240775 |
| †Mobileye Global, Inc. Class A | 3521 | 36759 |
| †Motorcar Parts of America, <br> Inc.<br>| 2131 | 26297 |
| Patrick Industries, Inc. | 2356 | 255461 |
| Phinia, Inc. | 2977 | 186628 |
| †QuantumScape Corp. | 1307 | 13619 |
| Standard Motor Products, <br> Inc.<br>| 1116 | 41125 |
| †Stoneridge, Inc. | 2012 | 11649 |
| †Strattec Security Corp. | 351 | 26725 |
| Visteon Corp. | 1029 | 97858 |
| †XPEL, Inc. | 810 | 40427 |
|  |  | **3729159** |
| **Automobiles–0.80%** | **Automobiles–0.80%** | **Automobiles–0.80%** |
| Ford Motor Co. | 92515 | 1213797 |
| General Motors Co. | 28127 | 2287288 |
| Harley-Davidson, Inc. | 6258 | 128227 |
| †Lucid Group, Inc. | 1718 | 18159 |
| †Rivian Automotive, Inc. <br> Class A<br>| 21044 | 414777 |
| †Tesla, Inc. | 6510 | 2927677 |
| Thor Industries, Inc. | 3123 | 320638 |
| Winnebago Industries, Inc. | 1257 | 50934 |
|  |  | **7361497** |
| **Banks–5.70%** | **Banks–5.70%** | **Banks–5.70%** |
| 1st Source Corp. | 1869 | 116794 |
| ACNB Corp. | 300 | 14505 |
| Affinity Bancshares, Inc. | 675 | 14026 |
| Amalgamated Financial <br> Corp.<br>| 896 | 28699 |
| Amerant Bancorp, Inc. | 828 | 16154 |
| Ameris Bancorp | 4264 | 316687 |
| Ames National Corp. | 508 | 11664 |
| Arrow Financial Corp. | 1317 | 41354 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-1

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Associated Banc-Corp. | 9472 | $243999 |
| Atlantic Union Bankshares <br> Corp.<br>| 7696 | 271669 |
| Auburn National BanCorp, <br> Inc.<br>| 502 | 13529 |
| †Axos Financial, Inc. | 3730 | 321377 |
| Banc of California, Inc. | 3200 | 61728 |
| BancFirst Corp. | 2190 | 232184 |
| †Bancorp, Inc. | 2786 | 188111 |
| Bank of America Corp. | 67858 | 3732190 |
| Bank of Hawaii Corp. | 2642 | 180634 |
| Bank of Marin Bancorp | 1102 | 28663 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 3380 | 168392 |
| Bank of the James Financial <br> Group, Inc.<br>| 308 | 5723 |
| Bank OZK | 7291 | 335532 |
| Bank7 Corp. | 716 | 29342 |
| BankFinancial Corp. | 1093 | 13116 |
| BankUnited, Inc. | 4542 | 202437 |
| Bankwell Financial Group, <br> Inc.<br>| 404 | 18511 |
| Banner Corp. | 1939 | 121498 |
| Bar Harbor Bankshares | 748 | 23225 |
| BayCom Corp. | 1762 | 51803 |
| BCB Bancorp, Inc. | 920 | 7424 |
| Beacon Financial Corp. | 6537 | 172381 |
| †Blue Foundry Bancorp | 1892 | 23518 |
| Blue Ridge Bankshares, Inc. | 816 | 3484 |
| BOK Financial Corp. | 3149 | 373031 |
| †Bridgewater Bancshares, <br> Inc.<br>| 1259 | 22070 |
| †Broadway Financial Corp. | 1737 | 12854 |
| Burke & Herbert Financial <br> Services Corp.<br>| 226 | 14082 |
| Business First Bancshares, <br> Inc.<br>| 727 | 19004 |
| †BV Financial, Inc. | 437 | 7927 |
| Byline Bancorp, Inc. | 1200 | 34980 |
| C&F Financial Corp. | 247 | 17930 |
| Cadence Bank | 12724 | 545096 |
| California BanCorp | 651 | 12154 |
| Camden National Corp. | 1173 | 50885 |
| Capital Bancorp, Inc. | 649 | 18282 |
| Capital City Bank Group, Inc. | 1029 | 43805 |
| Capitol Federal Financial, <br> Inc.<br>| 10543 | 71798 |
| †Carter Bankshares, Inc. | 1205 | 23690 |
| Cathay General Bancorp | 4575 | 221384 |
| Central Pacific Financial <br> Corp.<br>| 1797 | 55994 |
| CF Bankshares, Inc. | 455 | 11352 |
| Chemung Financial Corp. | 348 | 19418 |
| ChoiceOne Financial <br> Services, Inc.<br>| 1359 | 40118 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. | 19125 | $2231696 |
| Citizens & Northern Corp. | 830 | 16741 |
| Citizens Community Bancorp, <br> Inc.<br>| 134 | 2388 |
| Citizens Financial Group, <br> Inc.<br>| 10761 | 628550 |
| Citizens Financial Services, <br> Inc.<br>| 349 | 19900 |
| City Holding Co. | 1056 | 125875 |
| Civista Bancshares, Inc. | 1887 | 41929 |
| CNB Financial Corp. | 1795 | 46975 |
| †Coastal Financial Corp. | 985 | 112871 |
| Colony Bankcorp, Inc. | 809 | 14416 |
| Columbia Banking System, <br> Inc.<br>| 7049 | 197020 |
| †Columbia Financial, Inc. | 5791 | 89992 |
| Comerica, Inc. | 5568 | 484026 |
| Commerce Bancshares, Inc. | 6758 | 353703 |
| Community Financial System, <br> Inc.<br>| 3307 | 189954 |
| Community Trust Bancorp, <br> Inc.<br>| 1576 | 89044 |
| Community West Bancshares | 1280 | 28800 |
| ConnectOne Bancorp, Inc. | 4864 | 127534 |
| Cullen/Frost Bankers, Inc. | 1764 | 223375 |
| †Customers Bancorp, Inc. | 1977 | 144558 |
| CVB Financial Corp. | 8489 | 157895 |
| Dime Community <br> Bancshares, Inc.<br>| 3418 | 102848 |
| Eagle Bancorp, Inc. | 2082 | 44596 |
| East West Bancorp, Inc. | 6629 | 745033 |
| Eastern Bankshares, Inc. | 9639 | 177652 |
| Enterprise Financial Services <br> Corp.<br>| 2260 | 122040 |
| Equity Bancshares, Inc. <br> Class A<br>| 1411 | 63001 |
| Esquire Financial Holdings, <br> Inc.<br>| 464 | 47360 |
| Farmers & Merchants <br> Bancorp, Inc.<br>| 621 | 15351 |
| Farmers National Banc Corp. | 1405 | 18715 |
| †FB Bancorp, Inc. | 881 | 11321 |
| FB Financial Corp. | 3858 | 215276 |
| Fidelity D&D Bancorp, Inc. | 372 | 16193 |
| Fifth Third Bancorp | 15833 | 741143 |
| Financial Institutions, Inc. | 1236 | 38526 |
| Finward Bancorp | 301 | 10592 |
| First BanCorp | 9211 | 190944 |
| First Bancorp, Inc. | 400 | 10576 |
| First Bancorp/Southern Pines <br> NC<br>| 2305 | 117071 |
| First Bank | 702 | 11555 |
| First Busey Corp. | 5359 | 127491 |
| First Business Financial <br> Services, Inc.<br>| 400 | 21720 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-2

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| First Capital, Inc. | 402 | $23798 |
| First Citizens BancShares, <br> Inc. Class A<br>| 285 | 611661 |
| First Commonwealth <br> Financial Corp.<br>| 5443 | 91769 |
| First Community Bankshares, <br> Inc.<br>| 1806 | 60916 |
| First Community Corp. | 403 | 11949 |
| First Financial Bancorp | 6619 | 165607 |
| First Financial Bankshares, <br> Inc.<br>| 5172 | 154488 |
| First Financial Corp. | 910 | 54982 |
| †First Foundation, Inc. | 3162 | 19478 |
| First Hawaiian, Inc. | 7324 | 185297 |
| First Horizon Corp. | 5344 | 127722 |
| First Internet Bancorp | 281 | 5864 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 5713 | 197670 |
| First Merchants Corp. | 3427 | 128444 |
| First Mid Bancshares, Inc. | 782 | 30498 |
| First Savings Financial <br> Group, Inc.<br>| 486 | 15484 |
| †First Seacoast Bancorp, Inc. | 801 | 10573 |
| First United Corp. | 461 | 17260 |
| †First Western Financial, Inc. | 385 | 10322 |
| †Firstsun Capital Bancorp | 348 | 13097 |
| Five Star Bancorp | 972 | 34778 |
| Flagstar Bank NA | 3089 | 38890 |
| Flushing Financial Corp. | 2575 | 39063 |
| FNB Corp. | 24748 | 423191 |
| Franklin Financial Services <br> Corp.<br>| 484 | 24297 |
| FS Bancorp, Inc. | 364 | 14986 |
| Fulton Financial Corp. | 10167 | 196528 |
| FVCBankcorp, Inc. | 1846 | 25678 |
| German American Bancorp, <br> Inc.<br>| 1832 | 71778 |
| Glacier Bancorp, Inc. | 7400 | 325970 |
| Great Southern Bancorp, Inc. | 1288 | 79289 |
| Hancock Whitney Corp. | 5726 | 364632 |
| Hanmi Financial Corp. | 2726 | 73684 |
| Hawthorn Bancshares, Inc. | 432 | 15068 |
| HBT Financial, Inc. | 668 | 17268 |
| Heritage Commerce Corp. | 4676 | 56159 |
| Heritage Financial Corp. | 2744 | 64896 |
| Hilltop Holdings, Inc. | 4013 | 136201 |
| Hingham Institution For <br> Savings<br>| 65 | 18457 |
| Home Bancorp, Inc. | 767 | 44333 |
| Home BancShares, Inc. | 11965 | 332388 |
| HomeTrust Bancshares, Inc. | 2018 | 86653 |
| Hope Bancorp, Inc. | 7829 | 85806 |
| Horizon Bancorp, Inc. | 3992 | 67704 |
| Huntington Bancshares, Inc. | 33644 | 583723 |
| IF Bancorp, Inc. | 427 | 11512 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Independent Bank Corp. | 5535 | $325628 |
| International Bancshares <br> Corp.<br>| 3894 | 258717 |
| Investar Holding Corp. | 619 | 16540 |
| JPMorgan Chase & Co. | 33608 | 10829170 |
| Kearny Financial Corp. | 3902 | 28914 |
| KeyCorp | 23443 | 483863 |
| Lakeland Financial Corp. | 1686 | 96203 |
| Landmark Bancorp, Inc. | 642 | 16802 |
| LCNB Corp. | 779 | 12768 |
| Live Oak Bancshares, Inc. | 2406 | 82646 |
| M&T Bank Corp. | 3336 | 672137 |
| MainStreet Bancshares, Inc. | 481 | 9793 |
| Mechanics Bancorp Class A | 1444 | 21126 |
| Mercantile Bank Corp. | 1549 | 74507 |
| Meridian Corp. | 630 | 11075 |
| Metrocity Bankshares, Inc. | 927 | 24603 |
| Metropolitan Bank Holding <br> Corp.<br>| 1000 | 76360 |
| Mid Penn Bancorp, Inc. | 906 | 28104 |
| Middlefield Banc Corp. | 600 | 20724 |
| Midland States Bancorp, Inc. | 2021 | 42785 |
| MidWestOne Financial Group, <br> Inc.<br>| 1275 | 49087 |
| MVB Financial Corp. | 505 | 13044 |
| National Bank Holdings Corp. <br> Class A<br>| 1818 | 69102 |
| National Bankshares, Inc. | 222 | 7444 |
| NB Bancorp, Inc. | 301 | 5966 |
| NBT Bancorp, Inc. | 3446 | 143078 |
| Nicolet Bankshares, Inc. | 736 | 89277 |
| Northeast Bank | 600 | 62358 |
| Northeast Community <br> Bancorp, Inc.<br>| 1217 | 27516 |
| Northfield Bancorp, Inc. | 4576 | 52304 |
| Northrim BanCorp, Inc. | 1288 | 34274 |
| Northwest Bancshares, Inc. | 10280 | 123360 |
| Norwood Financial Corp. | 355 | 9958 |
| Oak Valley Bancorp | 1718 | 51643 |
| OceanFirst Financial Corp. | 3787 | 67977 |
| OFG Bancorp | 3394 | 139086 |
| Ohio Valley Banc Corp. | 303 | 12114 |
| Old National Bancorp | 21386 | 477122 |
| Old Second Bancorp, Inc. | 1033 | 20143 |
| OP Bancorp | 1114 | 15730 |
| †OptimumBank Holdings, Inc. | 160 | 680 |
| Orange County Bancorp, Inc. | 440 | 12562 |
| Origin Bancorp, Inc. | 1422 | 53481 |
| Orrstown Financial Services, <br> Inc.<br>| 843 | 29859 |
| Park National Corp. | 942 | 143354 |
| Parke Bancorp, Inc. | 739 | 18505 |
| Pathfinder Bancorp, Inc. | 617 | 8706 |
| Pathward Financial, Inc. | 1717 | 121907 |
| †PB Bankshares, Inc. | 505 | 10681 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-3

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| PCB Bancorp | 642 | $13899 |
| Peapack-Gladstone Financial <br> Corp.<br>| 1320 | 36762 |
| Peoples Bancorp of North <br> Carolina, Inc.<br>| 800 | 28960 |
| Peoples Bancorp, Inc. | 2814 | 84504 |
| Peoples Financial Services <br> Corp.<br>| 603 | 29372 |
| Pinnacle Financial Partners, <br> Inc.<br>| 3069 | 292813 |
| †Pioneer Bancorp, Inc. | 1588 | 21406 |
| Plumas Bancorp | 367 | 16401 |
| PNC Financial Services <br> Group, Inc.<br>| 4311 | 899835 |
| †Ponce Financial Group, Inc. | 1139 | 18623 |
| Popular, Inc. | 4537 | 564947 |
| Preferred Bank | 998 | 94241 |
| Primis Financial Corp. | 1601 | 22270 |
| Princeton Bancorp, Inc. | 477 | 16547 |
| Prosperity Bancshares, Inc. | 4370 | 302011 |
| Provident Financial Services, <br> Inc.<br>| 8464 | 167164 |
| QCR Holdings, Inc. | 1166 | 97128 |
| RBB Bancorp | 1258 | 25965 |
| Red River Bancshares, Inc. | 400 | 28572 |
| Regions Financial Corp. | 23030 | 624113 |
| Renasant Corp. | 5559 | 195788 |
| Republic Bancorp, Inc. <br> Class A<br>| 1308 | 90239 |
| †Rhinebeck Bancorp, Inc. | 985 | 11840 |
| Richmond Mutual BanCorp, <br> Inc.<br>| 246 | 3454 |
| Riverview Bancorp, Inc. | 1450 | 7279 |
| S&T Bancorp, Inc. | 2054 | 80825 |
| SB Financial Group, Inc. | 200 | 4454 |
| Seacoast Banking Corp. of <br> Florida<br>| 3281 | 103089 |
| ServisFirst Bancshares, Inc. | 2968 | 213073 |
| Shore Bancshares, Inc. | 1726 | 30516 |
| Sierra Bancorp | 1304 | 42615 |
| Simmons First National Corp. <br> Class A<br>| 6234 | 117511 |
| SmartFinancial, Inc. | 542 | 20049 |
| South Plains Financial, Inc. | 621 | 24095 |
| †Southern First Bancshares, <br> Inc.<br>| 419 | 21587 |
| Southern Missouri Bancorp, <br> Inc.<br>| 664 | 39256 |
| Southside Bancshares, Inc. | 2708 | 82296 |
| Southstate Bank Corp. | 5489 | 516570 |
| Stellar Bancorp, Inc. | 2888 | 89355 |
| =†Sterling Bancorp, Inc. | 1968 | 0 |
| Stock Yards Bancorp, Inc. | 1461 | 94892 |
| Synovus Financial Corp. | 7366 | 368668 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| †Texas Capital Bancshares, <br> Inc.<br>| 2530 | $229066 |
| TFS Financial Corp. | 7410 | 99146 |
| †Third Coast Bancshares, Inc. | 784 | 29800 |
| Timberland Bancorp, Inc. | 400 | 14320 |
| Tompkins Financial Corp. | 1112 | 80642 |
| Towne Bank | 5411 | 180565 |
| TriCo Bancshares | 2055 | 97345 |
| †Triumph Financial, Inc. | 1337 | 83736 |
| Truist Financial Corp. | 15133 | 744695 |
| TrustCo Bank Corp. | 1470 | 60755 |
| Trustmark Corp. | 4607 | 179443 |
| U.S. Bancorp | 17003 | 907280 |
| UMB Financial Corp. | 4512 | 519060 |
| United Bancorp, Inc. | 807 | 11580 |
| United Bankshares, Inc. | 7510 | 288384 |
| United Community Banks, <br> Inc.<br>| 5327 | 166309 |
| United Security Bancshares | 2131 | 21459 |
| Unity Bancorp, Inc. | 845 | 43703 |
| Univest Financial Corp. | 2727 | 89282 |
| USCB Financial Holdings, <br> Inc.<br>| 1035 | 19065 |
| Valley National Bancorp | 26937 | 314624 |
| Virginia National Bankshares <br> Corp.<br>| 307 | 12234 |
| WaFd, Inc. | 4981 | 159541 |
| Washington Trust Bancorp, <br> Inc.<br>| 1505 | 44473 |
| Webster Financial Corp. | 8066 | 507674 |
| Wells Fargo & Co. | 32126 | 2994143 |
| WesBanco, Inc. | 6849 | 227661 |
| West BanCorp, Inc. | 758 | 16820 |
| Westamerica BanCorp | 1867 | 89299 |
| Western Alliance Bancorp | 5374 | 451792 |
| Western New England <br> Bancorp, Inc.<br>| 1120 | 14134 |
| Wintrust Financial Corp. | 3133 | 438056 |
| WSFS Financial Corp. | 3898 | 215325 |
| Zions Bancorp NA | 7368 | 431323 |
|  |  | **52300765** |
| **Beverages–0.97%** | **Beverages–0.97%** | **Beverages–0.97%** |
| †Boston Beer Co., Inc. Class A | 359 | 70052 |
| Brown-Forman Corp. Class A | 7465 | 194957 |
| †Celsius Holdings, Inc. | 703 | 32155 |
| Coca-Cola Co. | 39169 | 2738305 |
| Coca-Cola Consolidated, Inc. | 4588 | 703340 |
| Constellation Brands, Inc. <br> Class A<br>| 2982 | 411397 |
| Keurig Dr. Pepper, Inc. | 17346 | 485862 |
| MGP Ingredients, Inc. | 1309 | 31809 |
| Molson Coors Beverage Co. <br> Class B<br>| 5486 | 256087 |
| †Monster Beverage Corp. | 10174 | 780041 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-4

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| †National Beverage Corp. | 4024 | $128325 |
| PepsiCo, Inc. | 21008 | 3015068 |
| †Vita Coco Co., Inc. | 837 | 44369 |
| †Willamette Valley Vineyards, <br> Inc.<br>| 127 | 387 |
|  |  | **8892154** |
| **Biotechnology–1.59%** | **Biotechnology–1.59%** | **Biotechnology–1.59%** |
| †4D Molecular Therapeutics, <br> Inc.<br>| 1916 | 14370 |
| AbbVie, Inc. | 9167 | 2094568 |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 2635 | 70381 |
| †Acumen Pharmaceuticals, <br> Inc.<br>| 2758 | 5819 |
| †ADMA Biologics, Inc. | 5200 | 94848 |
| †Aldeyra Therapeutics, Inc. | 4058 | 21020 |
| †Alector, Inc. | 1703 | 2657 |
| †Alkermes PLC | 7678 | 214830 |
| †Allogene Therapeutics, Inc. | 7123 | 9759 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 358 | 142359 |
| Amgen, Inc. | 7740 | 2533379 |
| †Anika Therapeutics, Inc. | 1049 | 10081 |
| †Arcturus Therapeutics <br> Holdings, Inc.<br>| 271 | 1661 |
| †Arcus Biosciences, Inc. | 4104 | 97798 |
| †Beam Therapeutics, Inc. | 1208 | 33486 |
| †Biogen, Inc. | 2985 | 525330 |
| †BioMarin Pharmaceutical, <br> Inc.<br>| 3766 | 223813 |
| †Caribou Biosciences, Inc. | 3735 | 5939 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 2500 | 58350 |
| †Celldex Therapeutics, Inc. | 453 | 12303 |
| †Corbus Pharmaceuticals <br> Holdings, Inc.<br>| 1173 | 9548 |
| †Cullinan Therapeutics, Inc. | 2469 | 25554 |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 1142 | 10643 |
| †Denali Therapeutics, Inc. | 3237 | 53443 |
| †Design Therapeutics, Inc. | 1353 | 12691 |
| †Dynavax Technologies Corp. | 3870 | 59521 |
| †Emergent BioSolutions, Inc. | 3148 | 38909 |
| †Enanta Pharmaceuticals, <br> Inc.<br>| 1564 | 24664 |
| †Exact Sciences Corp. | 2539 | 257861 |
| †Exelixis, Inc. | 13346 | 584955 |
| †Fate Therapeutics, Inc. | 2609 | 2564 |
| Gilead Sciences, Inc. | 19311 | 2370232 |
| †GRAIL, Inc. | 249 | 21312 |
| †Halozyme Therapeutics, Inc. | 4947 | 332933 |
| †Ideaya Biosciences, Inc. | 349 | 12065 |
| †ImmuCell Corp. | 1420 | 8733 |
| †Incyte Corp. | 3344 | 330287 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Insmed, Inc. | 675 | $117477 |
| †Intellia Therapeutics, Inc. | 1899 | 17072 |
| †Kalaris Therapeutics, Inc. | 135 | 1139 |
| †Keros Therapeutics, Inc. | 180 | 3665 |
| †Kiniksa Pharmaceuticals <br> International PLC<br>| 1095 | 45169 |
| †Kodiak Sciences, Inc. | 240 | 6710 |
| †Krystal Biotech, Inc. | 803 | 197972 |
| †Kura Oncology, Inc. | 1765 | 18338 |
| †Kymera Therapeutics, Inc. | 977 | 76020 |
| †Lineage Cell Therapeutics, <br> Inc.<br>| 4300 | 7181 |
| †Lisata Therapeutics, Inc. | 100 | 186 |
| †MacroGenics, Inc. | 2522 | 4060 |
| †MannKind Corp. | 9847 | 55832 |
| †MediciNova, Inc. | 6693 | 8768 |
| †MiMedx Group, Inc. | 2928 | 19823 |
| †Moderna, Inc. | 4054 | 119552 |
| †Monte Rosa Therapeutics, <br> Inc.<br>| 1541 | 24163 |
| †Myriad Genetics, Inc. | 4356 | 26789 |
| †Natera, Inc. | 617 | 141349 |
| †Neurocrine Biosciences, Inc. | 1790 | 253876 |
| †Nurix Therapeutics, Inc. | 1279 | 24263 |
| †Olema Pharmaceuticals, Inc. | 2287 | 57175 |
| †Organogenesis Holdings, Inc. | 1728 | 8951 |
| =†PDL BioPharma, Inc. | 12718 | 5342 |
| †Protagonist Therapeutics, <br> Inc.<br>| 996 | 86991 |
| †Prothena Corp. PLC | 2185 | 20867 |
| †PTC Therapeutics, Inc. | 549 | 41702 |
| †Puma Biotechnology, Inc. | 3378 | 20099 |
| †RAPT Therapeutics, Inc. | 137 | 4640 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 912 | 703945 |
| †REGENXBIO, Inc. | 2597 | 37397 |
| †Relay Therapeutics, Inc. | 5091 | 43070 |
| †Replimune Group, Inc. | 2843 | 27634 |
| †Revolution Medicines, Inc. | 4021 | 320273 |
| †Rocket Pharmaceuticals, Inc. | 1401 | 4918 |
| †Roivant Sciences Ltd. | 17181 | 372828 |
| †Sarepta Therapeutics, Inc. | 1489 | 32043 |
| †Solid Biosciences, Inc. | 5011 | 28262 |
| †Stoke Therapeutics, Inc. | 1500 | 47610 |
| †Summit Therapeutics, Inc. | 1672 | 29243 |
| †Twist Bioscience Corp. | 505 | 16019 |
| †United Therapeutics Corp. | 889 | 433165 |
| †Vanda Pharmaceuticals, Inc. | 3572 | 31505 |
| †Veracyte, Inc. | 3746 | 157707 |
| †Vericel Corp. | 871 | 31365 |
| †Vertex Pharmaceuticals, Inc. | 894 | 405304 |
| †Vir Biotechnology, Inc. | 5566 | 33563 |
| †Voyager Therapeutics, Inc. | 1748 | 6870 |
| †Whitehawk Therapeutics, <br> Inc.<br>| 1704 | 4124 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-5

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Xencor, Inc. | 3216 | $49237 |
| †Zentalis Pharmaceuticals, <br> Inc.<br>| 2690 | 3631 |
| †Zymeworks, Inc. | 884 | 23276 |
|  |  | **14586826** |
| **Broadline Retail–2.44%** | **Broadline Retail–2.44%** | **Broadline Retail–2.44%** |
| †1stdibs.com, Inc. | 2522 | 15107 |
| †Amazon.com, Inc. | 84842 | 19583230 |
| †Coupang, Inc. | 12695 | 299475 |
| Dillard's, Inc. Class A | 727 | 440809 |
| eBay, Inc. | 14853 | 1293696 |
| †Etsy, Inc. | 2104 | 116646 |
| †Groupon, Inc. | 2108 | 37122 |
| Kohl's Corp. | 6087 | 124236 |
| Macy's, Inc. | 9135 | 201427 |
| †Ollie's Bargain Outlet <br> Holdings, Inc.<br>| 2449 | 268435 |
| †Savers Value Village, Inc. | 1457 | 13608 |
|  |  | **22393791** |
| **Building Products–1.00%** | **Building Products–1.00%** | **Building Products–1.00%** |
| A.O. Smith Corp. | 5617 | 375665 |
| AAON, Inc. | 1739 | 132599 |
| Advanced Drainage Systems, <br> Inc.<br>| 3936 | 570051 |
| Allegion PLC | 3804 | 605673 |
| †American Woodmark Corp. | 1121 | 60422 |
| Apogee Enterprises, Inc. | 1507 | 54870 |
| Armstrong World Industries, <br> Inc.<br>| 2570 | 491127 |
| AZZ, Inc. | 1791 | 191959 |
| †Builders FirstSource, Inc. | 4875 | 501589 |
| Carlisle Cos., Inc. | 1768 | 565512 |
| Carrier Global Corp. | 10035 | 530249 |
| CSW Industrials, Inc. | 764 | 224257 |
| Fortune Brands Innovations, <br> Inc.<br>| 4184 | 209284 |
| †Gibraltar Industries, Inc. | 1232 | 60910 |
| Griffon Corp. | 2104 | 154960 |
| †Hayward Holdings, Inc. | 9286 | 143469 |
| Insteel Industries, Inc. | 1555 | 49247 |
| †Janus International Group, <br> Inc.<br>| 851 | 5566 |
| †JELD-WEN Holding, Inc. | 5308 | 13058 |
| Johnson Controls <br> International PLC<br>| 6002 | 718739 |
| Lennox International, Inc. | 964 | 468099 |
| Masco Corp. | 4092 | 259678 |
| †Masterbrand, Inc. | 6131 | 67686 |
| †Modine Manufacturing Co. | 1996 | 266486 |
| Owens Corning | 2799 | 313236 |
| Quanex Building Products <br> Corp.<br>| 2203 | 33882 |
| †Resideo Technologies, Inc. | 9867 | 346529 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Simpson Manufacturing Co., <br> Inc.<br>| 1976 | $319065 |
| Tecnoglass, Inc. | 2696 | 135663 |
| Trane Technologies PLC | 1769 | 688495 |
| †Trex Co., Inc. | 3992 | 140039 |
| UFP Industries, Inc. | 2384 | 217063 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 5645 | 262436 |
|  |  | **9177563** |
| **Capital Markets–3.65%** | **Capital Markets–3.65%** | **Capital Markets–3.65%** |
| Acadian Asset Management, <br> Inc.<br>| 1870 | 87890 |
| Affiliated Managers Group, <br> Inc.<br>| 1782 | 513715 |
| Ameriprise Financial, Inc. | 3718 | 1823084 |
| ARES Management Corp. <br> Class A<br>| 716 | 115727 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 3907 | 159171 |
| Associated Capital Group, <br> Inc. Class A<br>| 251 | 9759 |
| †B Riley Financial, Inc. | 150 | 700 |
| Bank of New York Mellon <br> Corp.<br>| 10740 | 1246807 |
| BGC Group, Inc. Class A | 17890 | 159758 |
| Blackrock, Inc. | 1055 | 1129209 |
| Blackstone, Inc. | 2365 | 364541 |
| Carlyle Group, Inc. | 8434 | 498534 |
| Cboe Global Markets, Inc. | 2172 | 545172 |
| Charles Schwab Corp. | 19020 | 1900288 |
| CME Group, Inc. | 2566 | 700723 |
| Cohen & Steers, Inc. | 1974 | 123928 |
| †Coinbase Global, Inc. Class A | 1398 | 316144 |
| Diamond Hill Investment <br> Group, Inc.<br>| 308 | 52206 |
| DigitalBridge Group, Inc. | 3985 | 61130 |
| Dominari Holdings, Inc. | 700 | 3465 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 1054 | 49211 |
| Evercore, Inc. Class A | 1291 | 439263 |
| FactSet Research Systems, <br> Inc.<br>| 1272 | 369122 |
| Federated Hermes, Inc. | 4557 | 237283 |
| Franklin Resources, Inc. | 11369 | 271605 |
| GCM Grosvenor, Inc. Class A | 3238 | 36654 |
| Goldman Sachs Group, Inc. | 3780 | 3322620 |
| Hamilton Lane, Inc. Class A | 937 | 125848 |
| †Heritage Global, Inc. | 5434 | 6738 |
| Houlihan Lokey, Inc. | 2332 | 406211 |
| Interactive Brokers Group, <br> Inc. Class A<br>| 1976 | 127077 |
| Intercontinental Exchange, <br> Inc.<br>| 4666 | 755705 |
| Invesco Ltd. | 17695 | 464848 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-6

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Janus Henderson Group PLC | 9540 | $453818 |
| Jefferies Financial Group, <br> Inc.<br>| 7572 | 469237 |
| KKR & Co., Inc. | 3713 | 473333 |
| Lazard, Inc. | 3096 | 150342 |
| LPL Financial Holdings, Inc. | 2880 | 1028650 |
| MarketAxess Holdings, Inc. | 898 | 162762 |
| Moelis & Co. Class A | 1929 | 132599 |
| Moody's Corp. | 1287 | 657464 |
| Morgan Stanley | 17527 | 3111568 |
| Morningstar, Inc. | 1416 | 307711 |
| MSCI, Inc. | 578 | 331616 |
| Nasdaq, Inc. | 12103 | 1175564 |
| Northern Trust Corp. | 5451 | 744552 |
| †Open Lending Corp. Class A | 5162 | 8001 |
| Oppenheimer Holdings, Inc. <br> Class A<br>| 765 | 55302 |
| Piper Sandler Cos. | 969 | 329179 |
| PJT Partners, Inc. Class A | 676 | 113027 |
| Raymond James Financial, <br> Inc.<br>| 4881 | 783840 |
| †Robinhood Markets, Inc. <br> Class A<br>| 18490 | 2091219 |
| S&P Global, Inc. | 2258 | 1180008 |
| SEI Investments Co. | 5830 | 478177 |
| Silvercrest Asset <br> Management Group, Inc. <br> Class A<br>| 997 | 15144 |
| State Street Corp. | 5968 | 769932 |
| Stifel Financial Corp. | 4391 | 549841 |
| †StoneX Group, Inc. | 2799 | 266269 |
| T. Rowe Price Group, Inc. | 5474 | 560428 |
| Tradeweb Markets, Inc. <br> Class A<br>| 2207 | 237341 |
| U.S. Global Investors, Inc. <br> Class A<br>| 2448 | 5900 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 2310 | 145738 |
| Virtu Financial, Inc. Class A | 5162 | 171998 |
| Virtus Investment Partners, <br> Inc.<br>| 420 | 68523 |
| Westwood Holdings Group, <br> Inc.<br>| 439 | 7555 |
| WisdomTree, Inc. | 6861 | 83636 |
|  |  | **33544410** |
| **Chemicals–1.49%** | **Chemicals–1.49%** | **Chemicals–1.49%** |
| AdvanSix, Inc. | 2562 | 44323 |
| Air Products & Chemicals, <br> Inc.<br>| 2662 | 657567 |
| Albemarle Corp. | 2615 | 369866 |
| †Alto Ingredients, Inc. | 4791 | 13798 |
| †American Vanguard Corp. | 2114 | 8075 |
| Ashland, Inc. | 1449 | 85013 |
| †Aspen Aerogels, Inc. | 2207 | 6246 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Avient Corp. | 4046 | $126397 |
| †Axalta Coating Systems Ltd. | 12402 | 400709 |
| Balchem Corp. | 1569 | 240622 |
| Cabot Corp. | 1788 | 118509 |
| Celanese Corp. | 2955 | 124937 |
| CF Industries Holdings, Inc. | 8984 | 694822 |
| Chemours Co. | 1030 | 12144 |
| Corteva, Inc. | 12005 | 804695 |
| Dow, Inc. | 18400 | 430192 |
| DuPont de Nemours, Inc. | 9282 | 373136 |
| Eastman Chemical Co. | 4406 | 281235 |
| Ecolab, Inc. | 2613 | 685965 |
| †Ecovyst, Inc. | 6127 | 59616 |
| Element Solutions, Inc. | 15224 | 380448 |
| †Flotek Industries, Inc. | 729 | 12561 |
| FMC Corp. | 2470 | 34259 |
| Hawkins, Inc. | 1280 | 181837 |
| HB Fuller Co. | 1967 | 116958 |
| Huntsman Corp. | 8323 | 83230 |
| †Ingevity Corp. | 1015 | 60068 |
| Innospec, Inc. | 986 | 75468 |
| International Flavors & <br> Fragrances, Inc.<br>| 6197 | 417616 |
| †Intrepid Potash, Inc. | 1283 | 35577 |
| Koppers Holdings, Inc. | 1060 | 28705 |
| Kronos Worldwide, Inc. | 4954 | 21897 |
| Linde PLC | 6016 | 2565162 |
| †LSB Industries, Inc. | 3136 | 26656 |
| LyondellBasell Industries NV <br> Class A<br>| 8894 | 385110 |
| Mativ Holdings, Inc. | 2848 | 34603 |
| Minerals Technologies, Inc. | 1334 | 81307 |
| Mosaic Co. | 11514 | 277372 |
| NewMarket Corp. | 588 | 404109 |
| Northern Technologies <br> International Corp.<br>| 1639 | 12833 |
| Olin Corp. | 3139 | 65385 |
| Orion SA | 1957 | 10333 |
| PPG Industries, Inc. | 5978 | 612506 |
| Quaker Chemical Corp. | 243 | 33366 |
| †Rayonier Advanced Materials, <br> Inc.<br>| 7464 | 43963 |
| RPM International, Inc. | 4361 | 453544 |
| Scotts Miracle-Gro Co. | 1222 | 71304 |
| Sensient Technologies Corp. | 2141 | 201147 |
| Sherwin-Williams Co. | 3325 | 1077400 |
| †Solstice Advanced Materials, <br> Inc.<br>| 1469 | 71364 |
| Stepan Co. | 1226 | 58063 |
| Tronox Holdings PLC | 8735 | 36425 |
| Westlake Corp. | 2453 | 181375 |
|  |  | **13689818** |
| **Commercial Services & Supplies–0.82%** | **Commercial Services & Supplies–0.82%** | **Commercial Services & Supplies–0.82%** |
| ABM Industries, Inc. | 4023 | 170173 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-7

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| ACCO Brands Corp. | 7956 | $29676 |
| †ACV Auctions, Inc. Class A | 1930 | 15479 |
| Brady Corp. Class A | 2564 | 200941 |
| †BrightView Holdings, Inc. | 3756 | 47589 |
| Brink's Co. | 2029 | 236845 |
| †Casella Waste Systems, Inc. <br> Class A<br>| 2417 | 236721 |
| †Cimpress PLC | 912 | 60730 |
| Cintas Corp. | 5024 | 944864 |
| Civeo Corp. | 630 | 14408 |
| †Clean Harbors, Inc. | 2849 | 668034 |
| †Copart, Inc. | 7575 | 296561 |
| Deluxe Corp. | 3259 | 72773 |
| Ennis, Inc. | 1765 | 31788 |
| †Enviri Corp. | 5387 | 96535 |
| =†GCI Liberty, Inc. | 5698 | 0 |
| †Healthcare Services Group, <br> Inc.<br>| 4016 | 76786 |
| HNI Corp. | 3938 | 165543 |
| Interface, Inc. | 3770 | 105258 |
| †Liquidity Services, Inc. | 1758 | 53285 |
| MillerKnoll, Inc. | 3111 | 56869 |
| †Montrose Environmental <br> Group, Inc.<br>| 388 | 9634 |
| MSA Safety, Inc. | 1382 | 221313 |
| NL Industries, Inc. | 2090 | 11432 |
| †OPENLANE, Inc. | 6489 | 193242 |
| †Perma-Fix Environmental <br> Services, Inc.<br>| 1952 | 24576 |
| Pitney Bowes, Inc. | 2472 | 26129 |
| Quad/Graphics, Inc. | 4623 | 28986 |
| †Quest Resource Holding <br> Corp.<br>| 2058 | 3828 |
| Republic Services, Inc. | 3040 | 644267 |
| Rollins, Inc. | 8554 | 513411 |
| Tetra Tech, Inc. | 8049 | 269963 |
| UniFirst Corp. | 783 | 151041 |
| Veralto Corp. | 4105 | 409597 |
| Vestis Corp. | 4936 | 32923 |
| Virco Mfg. Corp. | 2397 | 15317 |
| Waste Management, Inc. | 6129 | 1346603 |
|  |  | **7483120** |
| **Communications Equipment–0.80%** | **Communications Equipment–0.80%** | **Communications Equipment–0.80%** |
| †Applied Optoelectronics, Inc. | 1210 | 42181 |
| †Arista Networks, Inc. | 3560 | 466467 |
| †Aviat Networks, Inc. | 797 | 17040 |
| †BK Technologies Corp. | 264 | 19692 |
| †Calix, Inc. | 1776 | 94004 |
| †Ciena Corp. | 4037 | 944133 |
| Cisco Systems, Inc. | 38955 | 3000704 |
| †Clearfield, Inc. | 826 | 24078 |
| †CommScope Holding Co., <br> Inc.<br>| 5920 | 107330 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| †Comtech <br> Telecommunications Corp.<br>| 2049 | $10839 |
| †Digi International, Inc. | 1498 | 64848 |
| †F5, Inc. | 2057 | 525070 |
| Franklin Wireless Corp. | 1415 | 6183 |
| †Harmonic, Inc. | 6256 | 61872 |
| †KVH Industries, Inc. | 2253 | 15703 |
| †Lumentum Holdings, Inc. | 1575 | 580529 |
| Motorola Solutions, Inc. | 2288 | 877036 |
| †NETGEAR, Inc. | 2066 | 50679 |
| †NetScout Systems, Inc. | 4399 | 119037 |
| Network-1 Technologies, Inc. | 11 | 14 |
| †Ribbon Communications, <br> Inc.<br>| 9487 | 27323 |
| †Viasat, Inc. | 362 | 12474 |
| †Viavi Solutions, Inc. | 13191 | 235064 |
|  |  | **7302300** |
| **Construction & Engineering–0.98%** | **Construction & Engineering–0.98%** | **Construction & Engineering–0.98%** |
| AECOM | 4436 | 422884 |
| †Ameresco, Inc. Class A | 1816 | 53191 |
| †API Group Corp. | 7824 | 299346 |
| Arcosa, Inc. | 2983 | 317153 |
| Argan, Inc. | 567 | 177652 |
| †Bowman Consulting Group <br> Ltd.<br>| 429 | 14166 |
| †Cadeler AS ADR | 454 | 8440 |
| Comfort Systems USA, Inc. | 1015 | 947289 |
| Concrete Pumping Holdings, <br> Inc.<br>| 5143 | 34510 |
| †Construction Partners, Inc. <br> Class A<br>| 1812 | 196693 |
| †Dycom Industries, Inc. | 1759 | 594366 |
| EMCOR Group, Inc. | 1668 | 1020466 |
| †Everus Construction Group, <br> Inc.<br>| 2998 | 256509 |
| †Fluor Corp. | 7171 | 284187 |
| Granite Construction, Inc. | 2572 | 296680 |
| †Great Lakes Dredge & Dock <br> Corp.<br>| 4650 | 61008 |
| †IES Holdings, Inc. | 1063 | 413528 |
| †Limbach Holdings, Inc. | 231 | 17983 |
| †MasTec, Inc. | 3471 | 754491 |
| †Matrix Service Co. | 2351 | 27507 |
| †MYR Group, Inc. | 457 | 99854 |
| †NWPX Infrastructure, Inc. | 539 | 33682 |
| †Orion Group Holdings, Inc. | 1150 | 11431 |
| Primoris Services Corp. | 3148 | 390793 |
| Quanta Services, Inc. | 2256 | 952167 |
| †Sterling Infrastructure, Inc. | 1631 | 499461 |
| Tutor Perini Corp. | 4056 | 271833 |
| Valmont Industries, Inc. | 1022 | 411171 |
| WillScot Holdings Corp. | 6934 | 130567 |
|  |  | **8999008** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-8

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction Materials–0.37%** | **Construction Materials–0.37%** | **Construction Materials–0.37%** |
| CRH PLC | 8581 | $1070909 |
| Eagle Materials, Inc. | 1927 | 398272 |
| †Knife River Corp. | 2315 | 162860 |
| Martin Marietta Materials, <br> Inc.<br>| 1265 | 787665 |
| †Smith-Midland Corp. | 532 | 19333 |
| U.S. Lime & Minerals, Inc. | 1385 | 165840 |
| Vulcan Materials Co. | 2769 | 789774 |
|  |  | **3394653** |
| **Consumer Finance–0.91%** | **Consumer Finance–0.91%** | **Consumer Finance–0.91%** |
| Ally Financial, Inc. | 13125 | 594431 |
| American Express Co. | 5534 | 2047303 |
| †Atlanticus Holdings Corp. | 351 | 23499 |
| Bread Financial Holdings, <br> Inc.<br>| 3301 | 244373 |
| Capital One Financial Corp. | 5973 | 1447616 |
| †Credit Acceptance Corp. | 393 | 174280 |
| †Encore Capital Group, Inc. | 1918 | 104243 |
| †Enova International, Inc. | 1510 | 237372 |
| †EZCORP, Inc. Class A | 4961 | 96343 |
| FirstCash Holdings, Inc. | 2803 | 446742 |
| †Green Dot Corp. Class A | 3291 | 42158 |
| †LendingClub Corp. | 7603 | 144001 |
| †LendingTree, Inc. | 222 | 11786 |
| Navient Corp. | 9023 | 117299 |
| Nelnet, Inc. Class A | 1815 | 241322 |
| †NerdWallet, Inc. Class A | 1355 | 18360 |
| OneMain Holdings, Inc. | 7699 | 520068 |
| †Oportun Financial Corp. | 2189 | 11580 |
| †PRA Group, Inc. | 2475 | 43783 |
| PROG Holdings, Inc. | 1978 | 58331 |
| Regional Management Corp. | 567 | 21971 |
| SLM Corp. | 13378 | 362009 |
| †SoFi Technologies, Inc. | 15747 | 412257 |
| Synchrony Financial | 10655 | 888947 |
| †World Acceptance Corp. | 508 | 71318 |
|  |  | **8381392** |
| **Consumer Staples Distribution & Retail–1.72%** | **Consumer Staples Distribution & Retail–1.72%** | **Consumer Staples Distribution & Retail–1.72%** |
| Albertsons Cos., Inc. Class A | 18349 | 315052 |
| Andersons, Inc. | 1469 | 78107 |
| †BJ's Wholesale Club Holdings, <br> Inc.<br>| 6678 | 601220 |
| Casey's General Stores, Inc. | 1566 | 865544 |
| †Chefs' Warehouse, Inc. | 2397 | 149405 |
| Costco Wholesale Corp. | 2630 | 2267954 |
| Dollar General Corp. | 5528 | 733952 |
| †Dollar Tree, Inc. | 6375 | 784189 |
| †Grocery Outlet Holding Corp. | 3739 | 37764 |
| †HF Foods Group, Inc. | 2646 | 5689 |
| Ingles Markets, Inc. Class A | 547 | 37497 |
| Kroger Co. | 25881 | 1617045 |
| †Maplebear, Inc. | 3548 | 159589 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Natural Grocers by Vitamin <br> Cottage, Inc.<br>| 1933 | $48422 |
| †Performance Food Group Co. | 6896 | 620088 |
| PriceSmart, Inc. | 1820 | 223259 |
| †Sprouts Farmers Market, Inc. | 5192 | 413647 |
| Sysco Corp. | 10911 | 804032 |
| Target Corp. | 12199 | 1192452 |
| †U.S. Foods Holding Corp. | 10600 | 798392 |
| †United Natural Foods, Inc. | 3773 | 127037 |
| Village Super Market, Inc. <br> Class A<br>| 880 | 31148 |
| Walmart, Inc. | 34350 | 3826933 |
| Weis Markets, Inc. | 1433 | 91841 |
|  |  | **15830258** |
| **Containers & Packaging–0.60%** | **Containers & Packaging–0.60%** | **Containers & Packaging–0.60%** |
| Amcor PLC | 86162 | 718591 |
| AptarGroup, Inc. | 2429 | 296241 |
| Ardagh Metal Packaging SA | 4030 | 16523 |
| Avery Dennison Corp. | 3229 | 587290 |
| Ball Corp. | 9067 | 480279 |
| Crown Holdings, Inc. | 6510 | 670335 |
| Graphic Packaging Holding <br> Co.<br>| 10227 | 154019 |
| Greif, Inc. Class A | 1934 | 135887 |
| International Paper Co. | 9958 | 392246 |
| Myers Industries, Inc. | 3079 | 57639 |
| †O-I Glass, Inc. | 8101 | 119571 |
| Packaging Corp. of America | 3479 | 717474 |
| †Ranpak Holdings Corp. | 874 | 4728 |
| Sealed Air Corp. | 5125 | 212329 |
| Silgan Holdings, Inc. | 6392 | 258045 |
| Smurfit WestRock PLC | 9587 | 370729 |
| Sonoco Products Co. | 5070 | 221255 |
| TriMas Corp. | 3116 | 110462 |
|  |  | **5523643** |
| **Distributors–0.13%** | **Distributors–0.13%** | **Distributors–0.13%** |
| Genuine Parts Co. | 5038 | 619473 |
| Gold.com, Inc. | 1222 | 41609 |
| LKQ Corp. | 7912 | 238942 |
| Pool Corp. | 1296 | 296460 |
| Weyco Group, Inc. | 507 | 15509 |
|  |  | **1211993** |
| **Diversified Consumer Services–0.37%** | **Diversified Consumer Services–0.37%** | **Diversified Consumer Services–0.37%** |
| ADT, Inc. | 20450 | 165032 |
| †Adtalem Global Education, <br> Inc.<br>| 2404 | 248742 |
| †American Public Education, <br> Inc.<br>| 1456 | 55037 |
| †Bright Horizons Family <br> Solutions, Inc.<br>| 2461 | 249545 |
| Carriage Services, Inc. | 1652 | 69880 |
| †Chegg, Inc. | 7787 | 7242 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-9

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| †Coursera, Inc. | 6556 | $48252 |
| †Driven Brands Holdings, Inc. | 5238 | 77627 |
| †Duolingo, Inc. | 145 | 25448 |
| †Frontdoor, Inc. | 3903 | 225164 |
| Graham Holdings Co. Class B | 230 | 252678 |
| †Grand Canyon Education, <br> Inc.<br>| 1648 | 274079 |
| H&R Block, Inc. | 4416 | 192449 |
| †Laureate Education, Inc. | 6158 | 207340 |
| †Lincoln Educational Services <br> Corp.<br>| 1828 | 44146 |
| Matthews International Corp. <br> Class A<br>| 1679 | 43855 |
| OneSpaWorld Holdings Ltd. | 3672 | 76157 |
| Perdoceo Education Corp. | 4748 | 139259 |
| Service Corp. International | 7796 | 607854 |
| Strategic Education, Inc. | 1016 | 81483 |
| †Stride, Inc. | 2788 | 181025 |
| †Udemy, Inc. | 4933 | 28858 |
| †Universal Technical Institute, <br> Inc.<br>| 3313 | 86569 |
|  |  | **3387721** |
| **Diversified Telecommunication Services–0.74%** | **Diversified Telecommunication Services–0.74%** | **Diversified Telecommunication Services–0.74%** |
| †Anterix, Inc. | 1166 | 25454 |
| AT&T, Inc. | 109684 | 2724551 |
| ATN International, Inc. | 1118 | 25490 |
| †Bandwidth, Inc. Class A | 2154 | 33279 |
| †Frontier Communications <br> Parent, Inc.<br>| 11913 | 453528 |
| †GCI Liberty, Inc. Class A | 711 | 26409 |
| †Globalstar, Inc. | 678 | 41385 |
| IDT Corp. Class B | 1774 | 90847 |
| Iridium Communications, <br> Inc.<br>| 4748 | 82520 |
| †Liberty Global Ltd. Class A | 12470 | 138359 |
| †Liberty Latin America Ltd. <br> Class A<br>| 14084 | 104884 |
| †Lumen Technologies, Inc. | 11721 | 91072 |
| Shenandoah <br> Telecommunications Co.<br>| 3690 | 42656 |
| Verizon Communications, <br> Inc.<br>| 71076 | 2894926 |
|  |  | **6775360** |
| **Electric Utilities–0.92%** | **Electric Utilities–0.92%** | **Electric Utilities–0.92%** |
| Alliant Energy Corp. | 4703 | 305742 |
| American Electric Power Co., <br> Inc.<br>| 3298 | 380292 |
| Constellation Energy Corp. | 1506 | 532025 |
| Duke Energy Corp. | 3609 | 423011 |
| Edison International | 4239 | 254425 |
| Entergy Corp. | 6436 | 594879 |
| Evergy, Inc. | 4491 | 325553 |
| Eversource Energy | 3599 | 242321 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Exelon Corp. | 6430 | $280284 |
| FirstEnergy Corp. | 8375 | 374949 |
| Genie Energy Ltd. Class B | 1295 | 17845 |
| †Hawaiian Electric Industries, <br> Inc.<br>| 4111 | 50565 |
| IDACORP, Inc. | 1690 | 213886 |
| MGE Energy, Inc. | 1367 | 107200 |
| NextEra Energy, Inc. | 9866 | 792042 |
| NRG Energy, Inc. | 6398 | 1018818 |
| OGE Energy Corp. | 5679 | 242493 |
| Otter Tail Corp. | 1231 | 99477 |
| PG&E Corp. | 19013 | 305539 |
| Pinnacle West Capital Corp. | 2967 | 263173 |
| Portland General Electric <br> Co.<br>| 3574 | 171516 |
| PPL Corp. | 10380 | 363508 |
| Southern Co. | 5213 | 454574 |
| TXNM Energy, Inc. | 2892 | 170281 |
| Xcel Energy, Inc. | 6584 | 486294 |
|  |  | **8470692** |
| **Electrical Equipment–0.98%** | **Electrical Equipment–0.98%** | **Electrical Equipment–0.98%** |
| Acuity, Inc. | 1419 | 510897 |
| Allient, Inc. | 1137 | 61114 |
| †American Superconductor <br> Corp.<br>| 1700 | 48926 |
| AMETEK, Inc. | 4733 | 971732 |
| Atkore, Inc. | 1322 | 83616 |
| †Bloom Energy Corp. Class A | 3305 | 287171 |
| Eaton Corp. PLC | 2346 | 747224 |
| Emerson Electric Co. | 5414 | 718546 |
| EnerSys | 2250 | 330187 |
| †FuelCell Energy, Inc. | 107 | 782 |
| GE Vernova, Inc. | 1014 | 662720 |
| †Generac Holdings, Inc. | 1111 | 151507 |
| Hubbell, Inc. | 1700 | 754987 |
| LSI Industries, Inc. | 457 | 8372 |
| †Nextpower, Inc. Class A | 1018 | 88678 |
| nVent Electric PLC | 5716 | 582861 |
| †Pioneer Power Solutions, <br> Inc.<br>| 3909 | 18490 |
| †Plug Power, Inc. | 10899 | 21471 |
| Powell Industries, Inc. | 783 | 249605 |
| Preformed Line Products Co. | 449 | 92813 |
| Regal Rexnord Corp. | 3222 | 452111 |
| Rockwell Automation, Inc. | 1760 | 684763 |
| Sensata Technologies Holding <br> PLC<br>| 1784 | 59389 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 3328 | 28288 |
| †Sunrun, Inc. | 9039 | 166318 |
| †Thermon Group Holdings, <br> Inc.<br>| 1686 | 62652 |
| †Ultralife Corp. | 2766 | 15822 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-10

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Vertiv Holdings Co. Class A | 6658 | $1078663 |
| †Vicor Corp. | 594 | 65102 |
|  |  | **9004807** |
| **Electronic Equipment, Instruments & Components–1.68%** | **Electronic Equipment, Instruments & Components–1.68%** | **Electronic Equipment, Instruments & Components–1.68%** |
| Advanced Energy Industries, <br> Inc.<br>| 2017 | 422299 |
| †Airgain, Inc. | 1525 | 6191 |
| Amphenol Corp. Class A | 7752 | 1047605 |
| †Arrow Electronics, Inc. | 3492 | 384749 |
| Avnet, Inc. | 5681 | 273142 |
| Badger Meter, Inc. | 1025 | 178770 |
| Bel Fuse, Inc. Class B | 886 | 150292 |
| Belden, Inc. | 2249 | 262121 |
| Benchmark Electronics, Inc. | 2494 | 106643 |
| CDW Corp. | 3448 | 469618 |
| Climb Global Solutions, Inc. | 332 | 34126 |
| †Coda Octopus Group, Inc. | 2420 | 22506 |
| Cognex Corp. | 4550 | 163709 |
| †Coherent Corp. | 3251 | 600037 |
| Corning, Inc. | 11417 | 999673 |
| Crane NXT Co. | 2835 | 133443 |
| CTS Corp. | 1954 | 83768 |
| †Daktronics, Inc. | 2615 | 51699 |
| †Data I/O Corp. | 7146 | 22653 |
| ePlus, Inc. | 1475 | 129357 |
| †Fabrinet | 893 | 406565 |
| †Flex Ltd. | 16245 | 981523 |
| †Frequency Electronics, Inc. | 783 | 42157 |
| †Identiv, Inc. | 1421 | 5457 |
| †Insight Enterprises, Inc. | 1299 | 105830 |
| †IPG Photonics Corp. | 1909 | 136684 |
| †Itron, Inc. | 2486 | 230850 |
| Jabil, Inc. | 5024 | 1145572 |
| †Key Tronic Corp. | 304 | 848 |
| †Keysight Technologies, Inc. | 3208 | 651834 |
| †Kimball Electronics, Inc. | 2160 | 60091 |
| †Knowles Corp. | 6423 | 137645 |
| Littelfuse, Inc. | 999 | 252667 |
| Methode Electronics, Inc. | 2176 | 14449 |
| †Mirion Technologies, Inc. | 7272 | 170310 |
| Napco Security Technologies, <br> Inc.<br>| 1100 | 45870 |
| †nLight, Inc. | 1778 | 66693 |
| †Novanta, Inc. | 906 | 107805 |
| †OSI Systems, Inc. | 1009 | 257356 |
| PC Connection, Inc. | 1818 | 105008 |
| †Plexus Corp. | 1738 | 255486 |
| †Powerfleet, Inc. NJ | 2100 | 11172 |
| Ralliant Corp. | 2468 | 125646 |
| Richardson Electronics Ltd. | 916 | 9966 |
| †Rogers Corp. | 803 | 73531 |
| †Sanmina Corp. | 3814 | 572367 |
| †ScanSource, Inc. | 1716 | 67027 |
| †SmartRent, Inc. | 6461 | 13051 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| TD SYNNEX Corp. | 3546 | $532716 |
| TE Connectivity PLC | 5077 | 1155068 |
| †Teledyne Technologies, Inc. | 1093 | 558228 |
| †Trimble, Inc. | 5938 | 465242 |
| †TTM Technologies, Inc. | 6628 | 457332 |
| Vishay Intertechnology, Inc. | 5367 | 77768 |
| †Vishay Precision Group, Inc. | 600 | 23100 |
| Vontier Corp. | 8718 | 324135 |
| †Zebra Technologies Corp. <br> Class A<br>| 1112 | 270016 |
|  |  | **15459466** |
| **Energy Equipment & Services–0.72%** | **Energy Equipment & Services–0.72%** | **Energy Equipment & Services–0.72%** |
| Archrock, Inc. | 9631 | 250599 |
| Baker Hughes Co. | 23663 | 1077613 |
| †Bristow Group, Inc. | 1323 | 48448 |
| Cactus, Inc. Class A | 1819 | 83092 |
| Core Laboratories, Inc. | 2200 | 35266 |
| †DMC Global, Inc. | 551 | 3686 |
| †Expro Group Holdings NV | 5471 | 73038 |
| †Forum Energy Technologies, <br> Inc.<br>| 380 | 14041 |
| †Geospace Technologies Corp. | 1182 | 19988 |
| †Gulf Island Fabrication, Inc. | 4855 | 58114 |
| Halliburton Co. | 26175 | 739705 |
| †Helix Energy Solutions Group, <br> Inc.<br>| 9426 | 59101 |
| Helmerich & Payne, Inc. | 1423 | 40812 |
| †Innovex International, Inc. | 2477 | 54172 |
| Kodiak Gas Services, Inc. | 3819 | 142830 |
| Liberty Energy, Inc. | 5195 | 95900 |
| †Mammoth Energy Services, <br> Inc.<br>| 2622 | 4851 |
| †Nabors Industries Ltd. | 576 | 31277 |
| Natural Gas Services Group, <br> Inc.<br>| 679 | 22848 |
| Noble Corp. PLC | 2562 | 72351 |
| NOV, Inc. | 15674 | 244985 |
| †Oceaneering International, <br> Inc.<br>| 3688 | 88623 |
| †Oil States International, Inc. | 5610 | 37980 |
| †ProPetro Holding Corp. | 3633 | 34550 |
| Ranger Energy Services, Inc. <br> Class A<br>| 1723 | 24087 |
| RPC, Inc. | 11712 | 63713 |
| †SEACOR Marine Holdings, <br> Inc.<br>| 1843 | 11095 |
| †Seadrill Ltd. | 1698 | 58751 |
| Select Water Solutions, Inc. | 9056 | 95269 |
| SLB Ltd. | 38585 | 1480892 |
| Solaris Energy Infrastructure, <br> Inc. Class A<br>| 2100 | 96537 |
| TechnipFMC PLC | 17349 | 773071 |
| †TETRA Technologies, Inc. | 6409 | 60052 |
| †Tidewater, Inc. | 2167 | 109455 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-11

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| †Transocean Ltd. | 37899 | $156523 |
| †Valaris Ltd. | 2932 | 147773 |
| Weatherford International <br> PLC<br>| 2918 | 228363 |
|  |  | **6639451** |
| **Entertainment–1.16%** | **Entertainment–1.16%** | **Entertainment–1.16%** |
| †Atlanta Braves Holdings, Inc. <br> Class A<br>| 1864 | 74024 |
| Cinemark Holdings, Inc. | 6452 | 149944 |
| †Cineverse Corp. | 3502 | 7389 |
| Electronic Arts, Inc. | 3894 | 795661 |
| †Eventbrite, Inc. Class A | 2663 | 11850 |
| †IMAX Corp. | 3593 | 132797 |
| †Liberty Live Holdings, Inc. <br> Class A<br>| 2366 | 195580 |
| †Liberty Media Corp.-Liberty <br> Formula One Class A<br>| 4767 | 464877 |
| †Lionsgate Studios Corp. | 9976 | 91081 |
| †Live Nation Entertainment, <br> Inc.<br>| 2936 | 418380 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 1336 | 71997 |
| †Madison Square Garden <br> Sports Corp.<br>| 105 | 27158 |
| Marcus Corp. | 2001 | 31036 |
| †Netflix, Inc. | 34500 | 3234720 |
| †Reservoir Media, Inc. | 1465 | 11090 |
| †ROBLOX Corp. Class A | 1603 | 129891 |
| †Roku, Inc. | 1165 | 126391 |
| †Sphere Entertainment Co. | 1336 | 127027 |
| †Spotify Technology SA | 400 | 232284 |
| †Starz Entertainment Corp. | 664 | 7769 |
| †Take-Two Interactive <br> Software, Inc.<br>| 1275 | 326438 |
| TKO Group Holdings, Inc. | 836 | 174724 |
| Walt Disney Co. | 18754 | 2133643 |
| †Warner Bros Discovery, Inc. | 57350 | 1652827 |
| Warner Music Group Corp. <br> Class A<br>| 1625 | 49839 |
|  |  | **10678417** |
| **Financial Services–3.59%** | **Financial Services–3.59%** | **Financial Services–3.59%** |
| †Acacia Research Corp. | 1090 | 4077 |
| †Affirm Holdings, Inc. | 5126 | 381528 |
| Alerus Financial Corp. | 489 | 11012 |
| Apollo Global Management, <br> Inc.<br>| 2440 | 353214 |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 15703 | 7893113 |
| †Block, Inc. | 5736 | 373356 |
| †Cantaloupe, Inc. | 5370 | 57029 |
| Cass Information Systems, <br> Inc.<br>| 1074 | 44593 |
| Corebridge Financial, Inc. | 21069 | 635652 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| †Corpay, Inc. | 2986 | $898577 |
| Enact Holdings, Inc. | 754 | 29889 |
| Equitable Holdings, Inc. | 7653 | 364665 |
| Essent Group Ltd. | 6395 | 415739 |
| †Euronet Worldwide, Inc. | 2693 | 204964 |
| EVERTEC, Inc. | 938 | 27286 |
| Federal Agricultural <br> Mortgage Corp. Class A<br>| 557 | 95663 |
| Fidelity National Information <br> Services, Inc.<br>| 11652 | 774392 |
| †Fiserv, Inc. | 6733 | 452256 |
| †Flywire Corp. | 2278 | 32256 |
| Global Payments, Inc. | 5357 | 414632 |
| †International Money Express, <br> Inc.<br>| 2069 | 31780 |
| Jack Henry & Associates, <br> Inc.<br>| 2482 | 452915 |
| Jackson Financial, Inc. <br> Class A<br>| 3823 | 407723 |
| †Marqeta, Inc. Class A | 14833 | 70457 |
| Mastercard, Inc. Class A | 10843 | 6190052 |
| Merchants Bancorp | 2230 | 75954 |
| MGIC Investment Corp. | 13300 | 388626 |
| †NCR Atleos Corp. | 4987 | 190055 |
| †NMI Holdings, Inc. Class A | 4487 | 183025 |
| †Onity Group, Inc. | 526 | 24086 |
| †Paymentus Holdings, Inc. <br> Class A<br>| 1355 | 42804 |
| †Payoneer Global, Inc. | 3845 | 21609 |
| PayPal Holdings, Inc. | 16850 | 983703 |
| †Paysafe Ltd. | 2000 | 16180 |
| PennyMac Financial Services, <br> Inc.<br>| 2498 | 329336 |
| Radian Group, Inc. | 2793 | 100520 |
| †Remitly Global, Inc. | 7449 | 102796 |
| †Repay Holdings Corp. | 2875 | 10494 |
| Rocket Cos., Inc. Class A | 57497 | 1113142 |
| †Security National Financial <br> Corp. Class A<br>| 1496 | 13479 |
| †Sezzle, Inc. | 657 | 41703 |
| †Toast, Inc. Class A | 3715 | 131920 |
| †Velocity Financial, Inc. | 941 | 19535 |
| Visa, Inc. Class A | 21946 | 7696682 |
| Voya Financial, Inc. | 5476 | 407907 |
| Walker & Dunlop, Inc. | 1364 | 82045 |
| Waterstone Financial, Inc. | 2626 | 43460 |
| Western Union Co. | 10191 | 94878 |
| †WEX, Inc. | 1697 | 252819 |
|  |  | **32983578** |
| **Food Products–0.89%** | **Food Products–0.89%** | **Food Products–0.89%** |
| Alico, Inc. | 310 | 11278 |
| Archer-Daniels-Midland Co. | 9498 | 546040 |
| B&G Foods, Inc. | 4796 | 20623 |
| Bunge Global SA | 4864 | 433285 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-12

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Calavo Growers, Inc. | 781 | $16987 |
| Cal-Maine Foods, Inc. | 2504 | 199243 |
| Campbell's Co. | 9574 | 266827 |
| Conagra Brands, Inc. | 13369 | 231417 |
| †Darling Ingredients, Inc. | 4241 | 152676 |
| Dole PLC | 3550 | 53215 |
| †Farmer Bros Co. | 1079 | 1575 |
| Flowers Foods, Inc. | 9122 | 99247 |
| Fresh Del Monte Produce, <br> Inc.<br>| 3707 | 132081 |
| †Freshpet, Inc. | 1424 | 86764 |
| General Mills, Inc. | 13375 | 621938 |
| †Hain Celestial Group, Inc. | 1056 | 1130 |
| Hershey Co. | 4012 | 730104 |
| Hormel Foods Corp. | 10944 | 259373 |
| Ingredion, Inc. | 3563 | 392856 |
| J&J Snack Foods Corp. | 935 | 84496 |
| J.M. Smucker Co. | 3225 | 315437 |
| John B Sanfilippo & Son, Inc. | 320 | 22592 |
| Kraft Heinz Co. | 12985 | 314886 |
| Lamb Weston Holdings, Inc. | 4444 | 186159 |
| †Lifeway Foods, Inc. | 699 | 16937 |
| Limoneira Co. | 992 | 12524 |
| †Mama's Creations, Inc. | 2663 | 35924 |
| Marzetti Co. | 1158 | 190398 |
| McCormick & Co., Inc. | 6304 | 429319 |
| †Mission Produce, Inc. | 2513 | 29151 |
| Mondelez International, Inc. <br> Class A<br>| 14242 | 766647 |
| Pilgrim's Pride Corp. | 6543 | 255112 |
| †Post Holdings, Inc. | 3653 | 361830 |
| Seaboard Corp. | 37 | 164458 |
| †Seneca Foods Corp. Class A | 364 | 40269 |
| †Simply Good Foods Co. | 4668 | 93734 |
| Tootsie Roll Industries, Inc. | 1794 | 65714 |
| †TreeHouse Foods, Inc. | 2070 | 48831 |
| Tyson Foods, Inc. Class A | 7116 | 417140 |
| Utz Brands, Inc. | 1872 | 19431 |
| †Vital Farms, Inc. | 1481 | 47303 |
|  |  | **8174951** |
| **Gas Utilities–0.22%** | **Gas Utilities–0.22%** | **Gas Utilities–0.22%** |
| Atmos Energy Corp. | 2169 | 363589 |
| Chesapeake Utilities Corp. | 908 | 113282 |
| MDU Resources Group, Inc. | 12934 | 252472 |
| National Fuel Gas Co. | 3166 | 253470 |
| New Jersey Resources Corp. | 6806 | 313893 |
| Northwest Natural Holding <br> Co.<br>| 1338 | 62538 |
| ONE Gas, Inc. | 2252 | 173967 |
| RGC Resources, Inc. | 1002 | 21342 |
| Southwest Gas Holdings, Inc. | 1839 | 147157 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| Spire, Inc. | 2361 | $195255 |
| UGI Corp. | 1884 | 70518 |
|  |  | **1967483** |
| **Ground Transportation–1.05%** | **Ground Transportation–1.05%** | **Ground Transportation–1.05%** |
| ArcBest Corp. | 925 | 68626 |
| †Avis Budget Group, Inc. | 121 | 15527 |
| Covenant Logistics Group, <br> Inc.<br>| 1918 | 42273 |
| CSX Corp. | 40368 | 1463340 |
| Heartland Express, Inc. | 3986 | 35993 |
| †Hertz Global Holdings, Inc. | 13464 | 69205 |
| JB Hunt Transport Services, <br> Inc.<br>| 3828 | 743933 |
| Knight-Swift Transportation <br> Holdings, Inc.<br>| 6295 | 329103 |
| Landstar System, Inc. | 1020 | 146574 |
| †Lyft, Inc. Class A | 3247 | 62894 |
| Marten Transport Ltd. | 4686 | 53327 |
| Norfolk Southern Corp. | 3753 | 1083566 |
| Old Dominion Freight Line, <br> Inc.<br>| 4613 | 723318 |
| †PAMT Corp. | 2728 | 32954 |
| †RXO, Inc. | 4881 | 61696 |
| Ryder System, Inc. | 2567 | 491298 |
| †Saia, Inc. | 580 | 189382 |
| Schneider National, Inc. <br> Class B<br>| 3047 | 80837 |
| †Uber Technologies, Inc. | 6139 | 501618 |
| †U-Haul Holding Co. | 7427 | 350561 |
| Union Pacific Corp. | 9984 | 2309499 |
| Universal Logistics Holdings, <br> Inc.<br>| 2167 | 32917 |
| Werner Enterprises, Inc. | 3088 | 92671 |
| †XPO, Inc. | 4881 | 663377 |
|  |  | **9644489** |
| **Health Care Equipment & Supplies–1.59%** | **Health Care Equipment & Supplies–1.59%** | **Health Care Equipment & Supplies–1.59%** |
| Abbott Laboratories | 15769 | 1975698 |
| †Accuray, Inc. | 4267 | 3519 |
| Acme United Corp. | 172 | 6933 |
| †Align Technology, Inc. | 1231 | 192221 |
| †AngioDynamics, Inc. | 3064 | 39342 |
| †Artivion, Inc. | 2557 | 116625 |
| †AtriCure, Inc. | 1808 | 71524 |
| †Avanos Medical, Inc. | 2882 | 32365 |
| †Axogen, Inc. | 1694 | 55445 |
| Baxter International, Inc. | 12243 | 233964 |
| Becton Dickinson & Co. | 5208 | 1010716 |
| †Bioventus, Inc. Class A | 5653 | 42058 |
| †Boston Scientific Corp. | 9725 | 927279 |
| CONMED Corp. | 1545 | 62727 |
| †Cooper Cos., Inc. | 4032 | 330463 |
| Dentsply Sirona, Inc. | 5874 | 67140 |
| †Dexcom, Inc. | 3865 | 256520 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-13

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Edwards Lifesciences Corp. | 6023 | $513461 |
| †Electromed, Inc. | 1109 | 32294 |
| Embecta Corp. | 547 | 6498 |
| †Enovis Corp. | 2217 | 59061 |
| †Envista Holdings Corp. | 7903 | 171574 |
| †FONAR Corp. | 558 | 10356 |
| GE HealthCare Technologies, <br> Inc.<br>| 8446 | 692741 |
| †Globus Medical, Inc. Class A | 1855 | 161960 |
| †Haemonetics Corp. | 1802 | 144430 |
| †Hologic, Inc. | 4995 | 372077 |
| †ICU Medical, Inc. | 685 | 97729 |
| †IDEXX Laboratories, Inc. | 1392 | 941730 |
| †Inogen, Inc. | 962 | 6465 |
| †Inspire Medical Systems, Inc. | 204 | 18815 |
| †Insulet Corp. | 1078 | 306411 |
| †Integer Holdings Corp. | 1583 | 124155 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 3804 | 47246 |
| †Intuitive Surgical, Inc. | 1027 | 581652 |
| iRadimed Corp. | 396 | 38523 |
| †Kewaunee Scientific Corp. | 820 | 30676 |
| †Lantheus Holdings, Inc. | 2205 | 146743 |
| LeMaitre Vascular, Inc. | 1009 | 81830 |
| †LENSAR, Inc. | 965 | 11223 |
| †LivaNova PLC | 3030 | 186436 |
| †Masimo Corp. | 344 | 44741 |
| Medtronic PLC | 10996 | 1056276 |
| †Merit Medical Systems, Inc. | 2863 | 252345 |
| †Neogen Corp. | 1243 | 8689 |
| †Novocure Ltd. | 3568 | 46134 |
| =†OmniAb, Inc. Earnout Shares | 344 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 344 | 0 |
| †Omnicell, Inc. | 1495 | 67723 |
| †OraSure Technologies, Inc. | 3929 | 9508 |
| †Orthofix Medical, Inc. | 1905 | 28880 |
| †OrthoPediatrics Corp. | 500 | 8880 |
| †Penumbra, Inc. | 250 | 77727 |
| †QuidelOrtho Corp. | 361 | 10310 |
| ResMed, Inc. | 2330 | 561227 |
| †SI-BONE, Inc. | 200 | 3944 |
| †Sight Sciences, Inc. | 2357 | 18691 |
| †Solventum Corp. | 678 | 53725 |
| †STAAR Surgical Co. | 327 | 7550 |
| STERIS PLC | 2068 | 524279 |
| Stryker Corp. | 2241 | 787644 |
| †Tactile Systems Technology, <br> Inc.<br>| 2636 | 76444 |
| Teleflex, Inc. | 1357 | 165608 |
| †TransMedics Group, Inc. | 310 | 37711 |
| †UFP Technologies, Inc. | 419 | 93030 |
| Utah Medical Products, Inc. | 304 | 17012 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Varex Imaging Corp. | 2809 | $32725 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 4704 | 422984 |
|  |  | **14622412** |
| **Health Care Providers & Services–1.89%** | **Health Care Providers & Services–1.89%** | **Health Care Providers & Services–1.89%** |
| †Acadia Healthcare Co., Inc. | 3719 | 52773 |
| †AdaptHealth Corp. | 3161 | 31484 |
| †Addus HomeCare Corp. | 1037 | 111363 |
| †agilon health, Inc. | 5592 | 3851 |
| †AMN Healthcare Services, <br> Inc.<br>| 1557 | 24538 |
| †Astrana Health, Inc. | 3028 | 75125 |
| †BrightSpring Health Services, <br> Inc.<br>| 2796 | 104710 |
| †Brookdale Senior Living, Inc. | 14577 | 157286 |
| Cardinal Health, Inc. | 3383 | 695206 |
| †Castle Biosciences, Inc. | 800 | 31120 |
| Cencora, Inc. | 3369 | 1137880 |
| †Centene Corp. | 11157 | 459110 |
| Chemed Corp. | 585 | 250298 |
| Cigna Group | 4169 | 1147434 |
| †Community Health Systems, <br> Inc.<br>| 5888 | 18371 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 4726 | 93008 |
| †CorVel Corp. | 2129 | 144069 |
| †Cross Country Healthcare, <br> Inc.<br>| 2183 | 17682 |
| CVS Health Corp. | 13142 | 1042949 |
| †DaVita, Inc. | 1942 | 220631 |
| Elevance Health, Inc. | 3126 | 1095819 |
| Encompass Health Corp. | 5635 | 598099 |
| †Enhabit, Inc. | 3856 | 35552 |
| Ensign Group, Inc. | 3180 | 553956 |
| †Fulgent Genetics, Inc. | 885 | 23249 |
| †Guardant Health, Inc. | 842 | 86002 |
| HCA Healthcare, Inc. | 823 | 384226 |
| †HealthEquity, Inc. | 3352 | 307077 |
| †Henry Schein, Inc. | 4163 | 314639 |
| Humana, Inc. | 1871 | 479219 |
| †InfuSystem Holdings, Inc. | 1714 | 15375 |
| †Joint Corp. | 300 | 2616 |
| Labcorp Holdings, Inc. | 2170 | 544410 |
| †LifeStance Health Group, <br> Inc.<br>| 7787 | 54820 |
| McKesson Corp. | 610 | 500377 |
| †Molina Healthcare, Inc. | 1694 | 293977 |
| National HealthCare Corp. | 1163 | 159436 |
| National Research Corp. | 1656 | 31083 |
| †NeoGenomics, Inc. | 5840 | 68678 |
| †OPKO Health, Inc. | 13338 | 16806 |
| †Option Care Health, Inc. | 5646 | 179882 |
| †Owens & Minor, Inc. | 4089 | 11449 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-14

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| †Pediatrix Medical Group, <br> Inc.<br>| 5330 | $114009 |
| †Pennant Group, Inc. | 1314 | 36989 |
| †Privia Health Group, Inc. | 1701 | 40331 |
| †Progyny, Inc. | 2014 | 51719 |
| Quest Diagnostics, Inc. | 2834 | 491784 |
| †RadNet, Inc. | 3063 | 218545 |
| Select Medical Holdings <br> Corp.<br>| 5857 | 86976 |
| †Strata Critical Medical, Inc. | 5327 | 25623 |
| †Surgery Partners, Inc. | 4969 | 76771 |
| †Talkspace, Inc. | 3205 | 11634 |
| †Tenet Healthcare Corp. | 4914 | 976510 |
| U.S. Physical Therapy, Inc. | 363 | 28347 |
| UnitedHealth Group, Inc. | 9307 | 3072334 |
| Universal Health Services, <br> Inc. Class B<br>| 2501 | 545268 |
|  |  | **17352475** |
| **Health Care Technology–0.07%** | **Health Care Technology–0.07%** | **Health Care Technology–0.07%** |
| †American Well Corp. Class A | 263 | 1291 |
| †Certara, Inc. | 6060 | 53388 |
| †Definitive Healthcare Corp. | 3780 | 10849 |
| †Doximity, Inc. Class A | 1110 | 49151 |
| †Evolent Health, Inc. Class A | 6148 | 24592 |
| †GoodRx Holdings, Inc. <br> Class A<br>| 4994 | 13534 |
| †Health Catalyst, Inc. | 2400 | 5736 |
| HealthStream, Inc. | 2713 | 62589 |
| †OptimizeRx Corp. | 1975 | 24213 |
| †Phreesia, Inc. | 480 | 8122 |
| †Schrodinger, Inc. | 1902 | 34008 |
| †Simulations Plus, Inc. | 804 | 14657 |
| †Teladoc Health, Inc. | 6301 | 44107 |
| †TruBridge, Inc. | 313 | 6908 |
| †Veeva Systems, Inc. Class A | 1418 | 316540 |
|  |  | **669685** |
| **Hotels, Restaurants & Leisure–1.76%** | **Hotels, Restaurants & Leisure–1.76%** | **Hotels, Restaurants & Leisure–1.76%** |
| †Airbnb, Inc. Class A | 2098 | 284741 |
| Aramark | 9872 | 363882 |
| †Biglari Holdings, Inc. Class A | 136 | 52248 |
| †BJ's Restaurants, Inc. | 1840 | 72496 |
| Bloomin' Brands, Inc. | 3646 | 22496 |
| Booking Holdings, Inc. | 166 | 888985 |
| Boyd Gaming Corp. | 2222 | 189403 |
| Brightstar Lottery PLC | 3976 | 61549 |
| †Brinker International, Inc. | 1880 | 269818 |
| †Caesars Entertainment, Inc. | 5797 | 135592 |
| †Carnival Corp. | 30387 | 928019 |
| †Cava Group, Inc. | 1216 | 71367 |
| Cheesecake Factory, Inc. | 3354 | 169310 |
| †Chipotle Mexican Grill, Inc. | 15150 | 560550 |
| Choice Hotels International, <br> Inc.<br>| 2146 | 204428 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Churchill Downs, Inc. | 2699 | $307092 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 903 | 22936 |
| Darden Restaurants, Inc. | 2981 | 548564 |
| †Dave & Buster's <br> Entertainment, Inc.<br>| 1895 | 30718 |
| †Denny's Corp. | 3911 | 24326 |
| Dine Brands Global, Inc. | 552 | 17741 |
| Domino's Pizza, Inc. | 622 | 259262 |
| †DoorDash, Inc. Class A | 896 | 202926 |
| †DraftKings, Inc. Class A | 3203 | 110375 |
| †Dutch Bros, Inc. Class A | 1973 | 120787 |
| †El Pollo Loco Holdings, Inc. | 3403 | 35595 |
| Expedia Group, Inc. | 3045 | 862679 |
| †First Watch Restaurant <br> Group, Inc.<br>| 3027 | 45647 |
| †Flutter Entertainment PLC | 2057 | 442337 |
| †Global Business Travel Group <br> I<br>| 5626 | 43039 |
| Golden Entertainment, Inc. | 647 | 17592 |
| †Hilton Grand Vacations, Inc. | 4987 | 223168 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 1452 | 417087 |
| Hyatt Hotels Corp. Class A | 1426 | 228616 |
| Krispy Kreme, Inc. | 6170 | 24803 |
| †Kura Sushi USA, Inc. Class A | 610 | 31921 |
| Las Vegas Sands Corp. | 11369 | 740008 |
| †Life Time Group Holdings, <br> Inc.<br>| 7126 | 189409 |
| †Lindblad Expeditions <br> Holdings, Inc.<br>| 3554 | 51249 |
| Marriott International, Inc. <br> Class A<br>| 1217 | 377562 |
| Marriott Vacations Worldwide <br> Corp.<br>| 1552 | 89535 |
| McDonald's Corp. | 3383 | 1033946 |
| †MGM Resorts International | 7173 | 261743 |
| Nathan's Famous, Inc. | 298 | 27884 |
| †Norwegian Cruise Line <br> Holdings Ltd.<br>| 11656 | 260162 |
| Papa John's International, <br> Inc.<br>| 828 | 31870 |
| †Penn Entertainment, Inc. | 3322 | 49000 |
| †Planet Fitness, Inc. Class A | 2230 | 241888 |
| †Portillo's, Inc. Class A | 1400 | 6356 |
| †Pursuit Attractions & <br> Hospitality, Inc.<br>| 1218 | 41022 |
| Red Rock Resorts, Inc. <br> Class A<br>| 2753 | 170548 |
| Royal Caribbean Cruises Ltd. | 5391 | 1503658 |
| †Rush Street Interactive, Inc. | 3305 | 64216 |
| †Sabre Corp. | 5918 | 8048 |
| †Shake Shack, Inc. Class A | 835 | 67777 |
| Starbucks Corp. | 4736 | 398819 |
| †Sweetgreen, Inc. Class A | 5021 | 33942 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-15

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| †Target Hospitality Corp. | 1687 | $13513 |
| Texas Roadhouse, Inc. | 3057 | 507462 |
| Travel & Leisure Co. | 2549 | 179781 |
| †United Parks & Resorts, Inc. | 1671 | 60657 |
| Vail Resorts, Inc. | 1881 | 249797 |
| Wendy's Co. | 5418 | 45132 |
| Wingstop, Inc. | 778 | 185545 |
| Wyndham Hotels & Resorts, <br> Inc.<br>| 4003 | 302467 |
| Wynn Resorts Ltd. | 1444 | 173757 |
| Yum! Brands, Inc. | 3499 | 529329 |
|  |  | **16188177** |
| **Household Durables–0.97%** | **Household Durables–0.97%** | **Household Durables–0.97%** |
| Bassett Furniture Industries, <br> Inc.<br>| 722 | 12101 |
| †Beazer Homes USA, Inc. | 2298 | 46580 |
| †Cavco Industries, Inc. | 442 | 261107 |
| Century Communities, Inc. | 1188 | 70508 |
| †Champion Homes, Inc. | 2254 | 190463 |
| Cricut, Inc. Class A | 5026 | 24879 |
| DR Horton, Inc. | 5753 | 828605 |
| †Dream Finders Homes, Inc. <br> Class A<br>| 1113 | 19032 |
| Ethan Allen Interiors, Inc. | 1750 | 39970 |
| Flexsteel Industries, Inc. | 419 | 16546 |
| Garmin Ltd. | 3928 | 796795 |
| †GoPro, Inc. Class A | 2100 | 2961 |
| †Green Brick Partners, Inc. | 2553 | 159971 |
| Hamilton Beach Brands <br> Holding Co. Class A<br>| 652 | 10725 |
| †Helen of Troy Ltd. | 919 | 19529 |
| Hooker Furnishings Corp. | 831 | 9382 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 551 | 53744 |
| Installed Building Products, <br> Inc.<br>| 1453 | 376894 |
| KB Home | 2600 | 146666 |
| La-Z-Boy, Inc. | 2702 | 100703 |
| †Legacy Housing Corp. | 594 | 11595 |
| Leggett & Platt, Inc. | 7210 | 79310 |
| Lennar Corp. Class A | 4555 | 463931 |
| †LGI Homes, Inc. | 1190 | 51122 |
| Lifetime Brands, Inc. | 785 | 3101 |
| †Lovesac Co. | 603 | 8894 |
| †M/I Homes, Inc. | 1091 | 139593 |
| Meritage Homes Corp. | 3945 | 259581 |
| †Mohawk Industries, Inc. | 2110 | 230623 |
| Newell Brands, Inc. | 14612 | 54357 |
| †NVR, Inc. | 121 | 882425 |
| PulteGroup, Inc. | 6526 | 765239 |
| †SharkNinja, Inc. | 4229 | 473225 |
| Somnigroup International, <br> Inc.<br>| 7314 | 652994 |
| †Sonos, Inc. | 2987 | 52452 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| †Taylor Morrison Home Corp. | 5362 | $315661 |
| Toll Brothers, Inc. | 4110 | 555754 |
| †TopBuild Corp. | 1375 | 573636 |
| †Tri Pointe Homes, Inc. | 2946 | 92711 |
| †Universal Electronics, Inc. | 867 | 3130 |
| Whirlpool Corp. | 480 | 34627 |
|  |  | **8891122** |
| **Household Products–0.70%** | **Household Products–0.70%** | **Household Products–0.70%** |
| †Central Garden & Pet Co. | 3810 | 113860 |
| Church & Dwight Co., Inc. | 5791 | 485575 |
| Clorox Co. | 2258 | 227674 |
| Colgate-Palmolive Co. | 8277 | 654048 |
| Energizer Holdings, Inc. | 2174 | 43241 |
| Kimberly-Clark Corp. | 5037 | 508183 |
| Oil-Dri Corp. of America | 564 | 27602 |
| Procter & Gamble Co. | 28884 | 4139366 |
| Reynolds Consumer Products, <br> Inc.<br>| 2589 | 59340 |
| Spectrum Brands Holdings, <br> Inc.<br>| 1235 | 72964 |
| WD-40 Co. | 654 | 128773 |
|  |  | **6460626** |
| **Independent Power and Renewable Electricity Producers–0.26%** | **Independent Power and Renewable Electricity Producers–0.26%** | **Independent Power and Renewable Electricity Producers–0.26%** |
| AES Corp. | 8298 | 118993 |
| Clearway Energy, Inc. Class A | 5540 | 180570 |
| †Hallador Energy Co. | 3632 | 69153 |
| †Montauk Renewables, Inc. | 2515 | 4200 |
| Ormat Technologies, Inc. | 2822 | 311746 |
| †Talen Energy Corp. | 104 | 38984 |
| Vistra Corp. | 10158 | 1638790 |
|  |  | **2362436** |
| **Industrial Conglomerates–0.23%** | **Industrial Conglomerates–0.23%** | **Industrial Conglomerates–0.23%** |
| 3M Co. | 5816 | 931141 |
| Honeywell International, Inc. | 5876 | 1146349 |
|  |  | **2077490** |
| **Insurance–3.29%** | **Insurance–3.29%** | **Insurance–3.29%** |
| Aflac, Inc. | 8193 | 903442 |
| Allstate Corp. | 5808 | 1208935 |
| American Coastal Insurance <br> Corp. Class C<br>| 900 | 11367 |
| American Financial Group, <br> Inc.<br>| 4026 | 550274 |
| American International <br> Group, Inc.<br>| 12139 | 1038491 |
| AMERISAFE, Inc. | 1468 | 56386 |
| Aon PLC Class A | 3400 | 1199792 |
| †Arch Capital Group Ltd. | 10534 | 1010421 |
| Arthur J Gallagher & Co. | 2027 | 524567 |
| Assurant, Inc. | 2383 | 573946 |
| Assured Guaranty Ltd. | 2908 | 261342 |
| Axis Capital Holdings Ltd. | 5052 | 541019 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-16

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| †Baldwin Insurance Group, <br> Inc.<br>| 2221 | $53371 |
| †Bowhead Specialty Holdings, <br> Inc.<br>| 609 | 17381 |
| †Brighthouse Financial, Inc. | 2418 | 156662 |
| Brown & Brown, Inc. | 6490 | 517253 |
| Chubb Ltd. | 3997 | 1247544 |
| Cincinnati Financial Corp. | 3594 | 586972 |
| CNO Financial Group, Inc. | 6176 | 262295 |
| Crawford & Co. Class A | 3914 | 42647 |
| Donegal Group, Inc. Class A | 996 | 19900 |
| †eHealth, Inc. | 1543 | 7098 |
| Employers Holdings, Inc. | 2097 | 90527 |
| Erie Indemnity Co. Class A | 736 | 210974 |
| Everest Group Ltd. | 1231 | 417740 |
| F&G Annuities & Life, Inc. | 1805 | 55684 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 1261 | 24678 |
| Fidelity National Financial, <br> Inc.<br>| 11124 | 607259 |
| First American Financial <br> Corp.<br>| 5770 | 354509 |
| †Genworth Financial, Inc. <br> Class A<br>| 22919 | 206959 |
| Globe Life, Inc. | 4016 | 561678 |
| Goosehead Insurance, Inc. <br> Class A<br>| 189 | 13920 |
| †Greenlight Capital Re Ltd. <br> Class A<br>| 1907 | 27804 |
| †Hamilton Insurance Group <br> Ltd. Class B<br>| 464 | 12946 |
| Hanover Insurance Group, <br> Inc.<br>| 2458 | 449249 |
| Hartford Insurance Group, <br> Inc.<br>| 10612 | 1462334 |
| HCI Group, Inc. | 834 | 159869 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 2393 | 70019 |
| †Hippo Holdings, Inc. | 320 | 9626 |
| Horace Mann Educators <br> Corp.<br>| 2359 | 108939 |
| Investors Title Co. | 124 | 30955 |
| James River Group Holdings, <br> Inc.<br>| 1705 | 10844 |
| Kemper Corp. | 3233 | 131066 |
| †Kestrel Group Ltd. | 276 | 2826 |
| Kinsale Capital Group, Inc. | 763 | 298425 |
| Loews Corp. | 5944 | 625963 |
| †Markel Group, Inc. | 350 | 752377 |
| Marsh & McLennan Cos., Inc. | 5082 | 942813 |
| Mercury General Corp. | 3824 | 359685 |
| MetLife, Inc. | 17668 | 1394712 |
| †NI Holdings, Inc. | 863 | 11478 |
| †Octave Specialty Group, Inc. | 2234 | 17381 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Old Republic International <br> Corp.<br>| 10586 | $483145 |
| †Oscar Health, Inc. Class A | 7674 | 110275 |
| †Palomar Holdings, Inc. | 598 | 80586 |
| Primerica, Inc. | 2067 | 534030 |
| Principal Financial Group, <br> Inc.<br>| 7348 | 648167 |
| †ProAssurance Corp. | 3203 | 77384 |
| Progressive Corp. | 5839 | 1329657 |
| Prudential Financial, Inc. | 7272 | 820863 |
| Reinsurance Group of <br> America, Inc.<br>| 2470 | 502546 |
| RenaissanceRe Holdings Ltd. | 1845 | 518740 |
| RLI Corp. | 3617 | 231416 |
| Safety Insurance Group, Inc. | 1159 | 90298 |
| Selective Insurance Group, <br> Inc.<br>| 2641 | 220972 |
| †Selectquote, Inc. | 567 | 799 |
| †SiriusPoint Ltd. | 7714 | 168859 |
| †Skyward Specialty Insurance <br> Group, Inc.<br>| 1855 | 94809 |
| Stewart Information Services <br> Corp.<br>| 1688 | 118599 |
| Tiptree, Inc. | 1600 | 29232 |
| Travelers Cos., Inc. | 5279 | 1531227 |
| †Trupanion, Inc. | 711 | 26570 |
| United Fire Group, Inc. | 2034 | 73936 |
| Universal Insurance Holdings, <br> Inc.<br>| 1326 | 44819 |
| Unum Group | 6850 | 530875 |
| W.R. Berkley Corp. | 8009 | 561591 |
| White Mountains Insurance <br> Group Ltd.<br>| 179 | 371967 |
| Willis Towers Watson PLC | 2493 | 819200 |
|  |  | **30234906** |
| **Interactive Media & Services–5.56%** | **Interactive Media & Services–5.56%** | **Interactive Media & Services–5.56%** |
| Alphabet, Inc. Class A | 92583 | 29010278 |
| †Angi, Inc. | 163 | 2108 |
| †Bumble, Inc. Class A | 6388 | 22805 |
| †Cargurus, Inc. | 2955 | 113324 |
| †Cars.com, Inc. | 3451 | 42102 |
| †DHI Group, Inc. | 3155 | 4890 |
| †EverQuote, Inc. Class A | 500 | 13500 |
| †fuboTV, Inc. Class A | 8998 | 22675 |
| †Grindr, Inc. | 2694 | 36477 |
| Match Group, Inc. | 5468 | 176562 |
| Meta Platforms, Inc. Class A | 31391 | 20720885 |
| †Pinterest, Inc. Class A | 7883 | 204091 |
| †QuinStreet, Inc. | 3300 | 47421 |
| †Reddit, Inc. Class A | 715 | 164357 |
| Shutterstock, Inc. | 1614 | 30828 |
| †Snap, Inc. Class A | 13114 | 105830 |
| †TripAdvisor, Inc. | 4675 | 68068 |
| †TrueCar, Inc. | 6947 | 15700 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-17

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| †Yelp, Inc. | 2364 | $71842 |
| Zedge, Inc. Class B | 591 | 1939 |
| †Ziff Davis, Inc. | 1954 | 68683 |
| †ZoomInfo Technologies, Inc. | 9790 | 99564 |
|  |  | **51043929** |
| **IT Services–1.21%** | **IT Services–1.21%** | **IT Services–1.21%** |
| Accenture PLC Class A | 6134 | 1645752 |
| †Akamai Technologies, Inc. | 4082 | 356154 |
| Amdocs Ltd. | 4487 | 361248 |
| †ASGN, Inc. | 1612 | 77650 |
| †Cloudflare, Inc. Class A | 488 | 96209 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 10584 | 878472 |
| †Crexendo, Inc. | 2357 | 15250 |
| †DigitalOcean Holdings, Inc. | 1949 | 93786 |
| †DXC Technology Co. | 6346 | 92969 |
| †EPAM Systems, Inc. | 1255 | 257124 |
| †Fastly, Inc. Class A | 5634 | 57354 |
| †Gartner, Inc. | 1554 | 392043 |
| †Globant SA | 1310 | 85635 |
| †GoDaddy, Inc. Class A | 2711 | 336381 |
| †Grid Dynamics Holdings, Inc. | 2155 | 19460 |
| Hackett Group, Inc. | 2748 | 53943 |
| Information Services Group, <br> Inc.<br>| 2900 | 16762 |
| International Business <br> Machines Corp.<br>| 14834 | 4393979 |
| †Kyndryl Holdings, Inc. | 8035 | 213410 |
| †MongoDB, Inc. | 696 | 292104 |
| †Okta, Inc. | 3353 | 289934 |
| =†Pivotal Software, Inc. | 3203 | 0 |
| †Research Solutions, Inc. | 3554 | 10449 |
| †Snowflake, Inc. Class A | 609 | 133590 |
| †Twilio, Inc. Class A | 4149 | 590154 |
| †Unisys Corp. | 1659 | 4579 |
| VeriSign, Inc. | 1380 | 335271 |
|  |  | **11099662** |
| **Leisure Products–0.18%** | **Leisure Products–0.18%** | **Leisure Products–0.18%** |
| Acushnet Holdings Corp. | 3432 | 273942 |
| †American Outdoor Brands, <br> Inc.<br>| 1803 | 13937 |
| Brunswick Corp. | 2522 | 187233 |
| †Funko, Inc. Class A | 1250 | 4250 |
| Hasbro, Inc. | 4346 | 356372 |
| JAKKS Pacific, Inc. | 616 | 10398 |
| Johnson Outdoors, Inc. <br> Class A<br>| 436 | 18508 |
| †Latham Group, Inc. | 1598 | 10148 |
| †Malibu Boats, Inc. Class A | 1084 | 30580 |
| Marine Products Corp. | 2133 | 18685 |
| †MasterCraft Boat Holdings, <br> Inc.<br>| 1000 | 18910 |
| †Mattel, Inc. | 18315 | 363370 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| Polaris, Inc. | 2368 | $149776 |
| Smith & Wesson Brands, Inc. | 2575 | 25415 |
| †Topgolf Callaway Brands <br> Corp.<br>| 7331 | 85553 |
| †YETI Holdings, Inc. | 1966 | 86838 |
|  |  | **1653915** |
| **Life Sciences Tools & Services–0.94%** | **Life Sciences Tools & Services–0.94%** | **Life Sciences Tools & Services–0.94%** |
| †10X Genomics, Inc. Class A | 1470 | 23976 |
| †Adaptive Biotechnologies <br> Corp.<br>| 4172 | 67753 |
| Agilent Technologies, Inc. | 5210 | 708925 |
| †Alpha Teknova, Inc. | 1800 | 6840 |
| †Avantor, Inc. | 13009 | 149083 |
| †Azenta, Inc. | 1794 | 59668 |
| †BioLife Solutions, Inc. | 3097 | 74885 |
| †Bio-Rad Laboratories, Inc. <br> Class A<br>| 570 | 172704 |
| Bio-Techne Corp. | 2920 | 171725 |
| Bruker Corp. | 4639 | 218543 |
| †Champions Oncology, Inc. | 1317 | 9100 |
| †Charles River Laboratories <br> International, Inc.<br>| 1615 | 322160 |
| †CryoPort, Inc. | 2671 | 25642 |
| †Cytek Biosciences, Inc. | 2976 | 15029 |
| Danaher Corp. | 4618 | 1057153 |
| †Fortrea Holdings, Inc. | 3037 | 52388 |
| †ICON PLC | 90 | 16400 |
| †Illumina, Inc. | 1543 | 202380 |
| †IQVIA Holdings, Inc. | 4967 | 1119611 |
| †Maravai LifeSciences <br> Holdings, Inc. Class A<br>| 5321 | 17293 |
| †Medpace Holdings, Inc. | 909 | 510540 |
| Mesa Laboratories, Inc. | 221 | 17349 |
| †Mettler-Toledo International, <br> Inc.<br>| 245 | 341577 |
| †Nautilus Biotechnology, Inc. | 5121 | 9986 |
| †Niagen Bioscience, Inc. | 5572 | 35438 |
| †OmniAb, Inc. | 4454 | 8240 |
| †Pacific Biosciences of <br> California, Inc.<br>| 7405 | 13847 |
| †Quanterix Corp. | 1218 | 7747 |
| †Repligen Corp. | 1464 | 239891 |
| Revvity, Inc. | 2954 | 285800 |
| †Seer, Inc. | 2828 | 5175 |
| †Sotera Health Co. | 9153 | 161459 |
| †Tempus AI, Inc. | 684 | 40390 |
| Thermo Fisher Scientific, <br> Inc.<br>| 2662 | 1542496 |
| †Waters Corp. | 1617 | 614185 |
| West Pharmaceutical <br> Services, Inc.<br>| 1251 | 344200 |
|  |  | **8669578** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-18

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–3.06%** | **Machinery–3.06%** | **Machinery–3.06%** |
| †3D Systems Corp. | 6912 | $12234 |
| Aebi Schmidt Holding AG | 2466 | 31195 |
| AGCO Corp. | 3171 | 330799 |
| Alamo Group, Inc. | 568 | 95350 |
| Albany International Corp. <br> Class A<br>| 1256 | 63679 |
| Allison Transmission <br> Holdings, Inc.<br>| 4609 | 451221 |
| Astec Industries, Inc. | 1462 | 63334 |
| Atmus Filtration <br> Technologies, Inc.<br>| 1726 | 89597 |
| †Blue Bird Corp. | 812 | 38164 |
| Caterpillar, Inc. | 6692 | 3833646 |
| †CECO Environmental Corp. | 1187 | 71042 |
| †Chart Industries, Inc. | 485 | 100022 |
| Chicago Rivet & Machine Co. | 189 | 2629 |
| CNH Industrial NV | 43442 | 400535 |
| Columbus McKinnon Corp. | 1631 | 28135 |
| †Commercial Vehicle Group, <br> Inc.<br>| 4182 | 6022 |
| Crane Co. | 2254 | 415705 |
| Cummins, Inc. | 3231 | 1649264 |
| Deere & Co. | 4430 | 2062475 |
| Donaldson Co., Inc. | 6881 | 610069 |
| Douglas Dynamics, Inc. | 1386 | 45253 |
| Dover Corp. | 2841 | 554677 |
| Eastern Co. | 515 | 10140 |
| †Energy Recovery, Inc. | 2984 | 40254 |
| Enerpac Tool Group Corp. | 2890 | 110514 |
| Enpro, Inc. | 1135 | 243038 |
| Esab Corp. | 2239 | 250141 |
| ESCO Technologies, Inc. | 1263 | 246778 |
| Federal Signal Corp. | 3403 | 369532 |
| Flowserve Corp. | 5902 | 409481 |
| Fortive Corp. | 7404 | 408775 |
| Franklin Electric Co., Inc. | 2494 | 238252 |
| †Gates Industrial Corp. PLC | 3772 | 80985 |
| †Gencor Industries, Inc. | 1204 | 15604 |
| Gorman-Rupp Co. | 2146 | 102471 |
| Graco, Inc. | 3675 | 301240 |
| †Graham Corp. | 501 | 32179 |
| Greenbrier Cos., Inc. | 1954 | 91330 |
| Helios Technologies, Inc. | 1979 | 105857 |
| Hillenbrand, Inc. | 1168 | 37049 |
| †Hillman Solutions Corp. | 9490 | 82183 |
| †Hurco Cos., Inc. | 300 | 4635 |
| Hyster-Yale, Inc. | 834 | 24778 |
| IDEX Corp. | 1637 | 291288 |
| Illinois Tool Works, Inc. | 4759 | 1172142 |
| Ingersoll Rand, Inc. | 7259 | 575058 |
| ITT, Inc. | 3429 | 594966 |
| Kadant, Inc. | 581 | 165597 |
| Kennametal, Inc. | 5039 | 143158 |
| †L.B. Foster Co. Class A | 762 | 20536 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Lincoln Electric Holdings, <br> Inc.<br>| 3420 | $819569 |
| Lindsay Corp. | 475 | 55988 |
| Luxfer Holdings PLC | 1289 | 17440 |
| †Manitowoc Co., Inc. | 3195 | 38308 |
| †Mayville Engineering Co., <br> Inc.<br>| 557 | 10427 |
| †Middleby Corp. | 2587 | 384609 |
| Miller Industries, Inc. | 637 | 23805 |
| Mueller Industries, Inc. | 4989 | 572737 |
| Mueller Water Products, Inc. <br> Class A<br>| 8420 | 200564 |
| †NN, Inc. | 5648 | 7229 |
| Nordson Corp. | 1271 | 305586 |
| Omega Flex, Inc. | 460 | 13542 |
| Oshkosh Corp. | 3866 | 485686 |
| Otis Worldwide Corp. | 5390 | 470816 |
| PACCAR, Inc. | 10527 | 1152812 |
| Parker-Hannifin Corp. | 844 | 741842 |
| Park-Ohio Holdings Corp. | 1241 | 25987 |
| Pentair PLC | 7255 | 755536 |
| †Perma-Pipe International <br> Holdings, Inc.<br>| 757 | 22982 |
| †Proto Labs, Inc. | 1067 | 53980 |
| †RBC Bearings, Inc. | 700 | 313901 |
| REV Group, Inc. | 3333 | 202680 |
| Snap-on, Inc. | 1224 | 421790 |
| †SPX Technologies, Inc. | 2330 | 466140 |
| Standex International Corp. | 630 | 136886 |
| Stanley Black & Decker, Inc. | 4384 | 325643 |
| Tennant Co. | 863 | 63603 |
| Terex Corp. | 2159 | 115247 |
| Timken Co. | 4369 | 367564 |
| †Titan International, Inc. | 2315 | 18126 |
| Toro Co. | 3348 | 263555 |
| Trinity Industries, Inc. | 5040 | 133258 |
| Twin Disc, Inc. | 600 | 10008 |
| Wabash National Corp. | 2605 | 22533 |
| Watts Water Technologies, <br> Inc. Class A<br>| 1503 | 414858 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 3675 | 784429 |
| Worthington Enterprises, <br> Inc.<br>| 2613 | 134752 |
| Xylem, Inc. | 4694 | 639229 |
|  |  | **28116655** |
| **Marine Transportation–0.06%** | **Marine Transportation–0.06%** | **Marine Transportation–0.06%** |
| †Costamare Bulkers Holdings <br> Ltd.<br>| 1271 | 19586 |
| Costamare, Inc. | 6357 | 100377 |
| Genco Shipping & Trading <br> Ltd.<br>| 2086 | 38445 |
| †Kirby Corp. | 2086 | 229836 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-19

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Marine Transportation (continued)** | **Marine Transportation (continued)** | **Marine Transportation (continued)** |
| Matson, Inc. | 1373 | $169634 |
| Pangaea Logistics Solutions <br> Ltd.<br>| 3860 | 26557 |
|  |  | **584435** |
| **Media–0.80%** | **Media–0.80%** | **Media–0.80%** |
| †Advantage Solutions, Inc. | 5958 | 5243 |
| †AMC Networks, Inc. Class A | 1659 | 15794 |
| †Boston Omaha Corp. Class A | 1027 | 12704 |
| Cable One, Inc. | 196 | 22119 |
| †Cardlytics, Inc. | 5823 | 6696 |
| †Charter Communications, <br> Inc. Class A<br>| 3710 | 774463 |
| Comcast Corp. Class A | 64481 | 1927337 |
| †DoubleVerify Holdings, Inc. | 2056 | 23521 |
| Entravision Communications <br> Corp. Class A<br>| 4034 | 11820 |
| †EW Scripps Co. Class A | 5690 | 22703 |
| Fox Corp. Class A | 13845 | 953550 |
| †Gambling.com Group Ltd. | 2200 | 12012 |
| Gray Media, Inc. | 5362 | 25952 |
| John Wiley & Sons, Inc. <br> Class A<br>| 1790 | 54828 |
| †Liberty Broadband Corp. <br> Class A<br>| 3606 | 175025 |
| †Magnite, Inc. | 7190 | 116694 |
| †Marchex, Inc. Class B | 5340 | 8864 |
| New York Times Co. Class A | 6656 | 462060 |
| News Corp. Class A | 17038 | 464456 |
| Nexstar Media Group, Inc. | 2010 | 408131 |
| Omnicom Group, Inc. | 15444 | 1247103 |
| †Optimum Communications, <br> Inc. Class A<br>| 10271 | 16947 |
| Paramount Skydance Corp. <br> Class B<br>| 9458 | 126737 |
| †PubMatic, Inc. Class A | 1163 | 10316 |
| Saga Communications, Inc. <br> Class A<br>| 635 | 7245 |
| Scholastic Corp. | 1560 | 46223 |
| Sinclair, Inc. | 911 | 13938 |
| †Stagwell, Inc. | 4200 | 20538 |
| †TechTarget, Inc. | 959 | 5179 |
| TEGNA, Inc. | 12221 | 237210 |
| †Thryv Holdings, Inc. | 1751 | 10594 |
| †Trade Desk, Inc. Class A | 1770 | 67189 |
| †Urban One, Inc. | 3828 | 3288 |
| †USA TODAY Co., Inc. | 11594 | 59709 |
|  |  | **7376188** |
| **Metals & Mining–1.05%** | **Metals & Mining–1.05%** | **Metals & Mining–1.05%** |
| Alcoa Corp. | 11273 | 599047 |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 638 | 127523 |
| †Ampco-Pittsburgh Corp. | 782 | 4168 |
| †Ascent Industries Co. | 1221 | 19768 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Caledonia Mining Corp. PLC | 1249 | $32686 |
| †Century Aluminum Co. | 4700 | 184146 |
| †Cleveland-Cliffs, Inc. | 17895 | 237646 |
| †Coeur Mining, Inc. | 22731 | 405294 |
| Commercial Metals Co. | 7116 | 492569 |
| †Compass Minerals <br> International, Inc.<br>| 2029 | 39850 |
| †Dakota Gold Corp. | 2786 | 15824 |
| Ferroglobe PLC | 9406 | 43644 |
| Fortitude Gold Corp. | 1049 | 4038 |
| Freeport-McMoRan, Inc. | 20726 | 1052674 |
| Friedman Industries, Inc. | 5 | 102 |
| Hecla Mining Co. | 36267 | 695964 |
| †Idaho Strategic Resources, <br> Inc.<br>| 1820 | 73346 |
| Kaiser Aluminum Corp. | 589 | 67653 |
| Materion Corp. | 961 | 119472 |
| †Metallus, Inc. | 3184 | 54637 |
| †MP Materials Corp. | 4309 | 217691 |
| Newmont Corp. | 17528 | 1750171 |
| Nexa Resources SA | 4710 | 41683 |
| Nucor Corp. | 5010 | 817181 |
| Olympic Steel, Inc. | 623 | 26655 |
| †Ramaco Resources, Inc. <br> Class A<br>| 1465 | 26037 |
| Reliance, Inc. | 2061 | 595361 |
| Royal Gold, Inc. | 1959 | 435466 |
| Ryerson Holding Corp. | 2043 | 51402 |
| Southern Copper Corp. | 1530 | 219509 |
| Steel Dynamics, Inc. | 4894 | 829288 |
| SunCoke Energy, Inc. | 6128 | 44122 |
| †Tredegar Corp. | 3415 | 24520 |
| Warrior Met Coal, Inc. | 2150 | 189565 |
| Worthington Steel, Inc. | 2618 | 90635 |
|  |  | **9629337** |
| **Multi-Utilities–0.46%** | **Multi-Utilities–0.46%** | **Multi-Utilities–0.46%** |
| Ameren Corp. | 3819 | 381365 |
| Avista Corp. | 2686 | 103519 |
| Black Hills Corp. | 964 | 66921 |
| CenterPoint Energy, Inc. | 9535 | 365572 |
| CMS Energy Corp. | 5086 | 355664 |
| Consolidated Edison, Inc. | 5083 | 504844 |
| Dominion Energy, Inc. | 5531 | 324061 |
| DTE Energy Co. | 2831 | 365142 |
| NiSource, Inc. | 8491 | 354584 |
| Northwestern Energy Group, <br> Inc.<br>| 1697 | 109524 |
| Public Service Enterprise <br> Group, Inc.<br>| 5861 | 470638 |
| Sempra | 4488 | 396246 |
| Unitil Corp. | 1166 | 56481 |
| WEC Energy Group, Inc. | 3452 | 364048 |
|  |  | **4218609** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-20

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels–3.63%** | **Oil, Gas & Consumable Fuels–3.63%** | **Oil, Gas & Consumable Fuels–3.63%** |
| †Amplify Energy Corp. | 3085 | $14098 |
| Antero Midstream Corp. | 22565 | 401431 |
| †Antero Resources Corp. | 8049 | 277369 |
| APA Corp. | 11924 | 291661 |
| Ardmore Shipping Corp. | 2791 | 29557 |
| †Battalion Oil Corp. | 29 | 33 |
| California Resources Corp. | 4553 | 203565 |
| †Centrus Energy Corp. Class A | 700 | 169932 |
| Cheniere Energy, Inc. | 6579 | 1278892 |
| Chevron Corp. | 22452 | 3421909 |
| Chord Energy Corp. | 671 | 62202 |
| Civitas Resources, Inc. | 554 | 15008 |
| †Clean Energy Fuels Corp. | 12425 | 26092 |
| †CNX Resources Corp. | 7765 | 285519 |
| †Comstock Resources, Inc. | 11629 | 269560 |
| ConocoPhillips | 22004 | 2059794 |
| Core Natural Resources, Inc. | 2556 | 226232 |
| Coterra Energy, Inc. | 26720 | 703270 |
| Crescent Energy Co. Class A | 6087 | 51070 |
| †CVR Energy, Inc. | 2972 | 75608 |
| Delek U.S. Holdings, Inc. | 2696 | 79963 |
| Devon Energy Corp. | 28945 | 1060255 |
| DHT Holdings, Inc. | 9475 | 115690 |
| Diamondback Energy, Inc. | 6182 | 929340 |
| Dorian LPG Ltd. | 2455 | 59755 |
| DT Midstream, Inc. | 4367 | 522643 |
| EOG Resources, Inc. | 11935 | 1253294 |
| Epsilon Energy Ltd. | 2128 | 9874 |
| EQT Corp. | 13444 | 720598 |
| Evolution Petroleum Corp. | 2220 | 7859 |
| Excelerate Energy, Inc. <br> Class A<br>| 1162 | 32594 |
| Expand Energy Corp. | 5373 | 592964 |
| Exxon Mobil Corp. | 51314 | 6175127 |
| FutureFuel Corp. | 4158 | 13264 |
| Granite Ridge Resources, <br> Inc.<br>| 3316 | 15585 |
| †Green Plains, Inc. | 3877 | 37995 |
| †Gulfport Energy Corp. | 473 | 98379 |
| HF Sinclair Corp. | 8304 | 382648 |
| International Seaways, Inc. | 2158 | 104771 |
| Kinder Morgan, Inc. | 25792 | 709022 |
| Kinetik Holdings, Inc. | 896 | 32301 |
| †Kosmos Energy Ltd. | 14647 | 13291 |
| Magnolia Oil & Gas Corp. <br> Class A<br>| 9382 | 205372 |
| Marathon Petroleum Corp. | 6154 | 1000825 |
| Matador Resources Co. | 5316 | 225611 |
| Murphy Oil Corp. | 5919 | 184969 |
| NACCO Industries, Inc. <br> Class A<br>| 326 | 15987 |
| Nordic American Tankers <br> Ltd.<br>| 14832 | 51022 |
| Northern Oil & Gas, Inc. | 1139 | 24454 |
| Occidental Petroleum Corp. | 19836 | 815656 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ONEOK, Inc. | 13084 | $961674 |
| Ovintiv, Inc. | 13095 | 513193 |
| †Par Pacific Holdings, Inc. | 3626 | 127418 |
| PBF Energy, Inc. Class A | 5112 | 138637 |
| Peabody Energy Corp. | 4356 | 129373 |
| Permian Resources Corp. | 19935 | 279688 |
| Phillips 66 | 7915 | 1021352 |
| †PrimeEnergy Resources <br> Corp.<br>| 202 | 34542 |
| Range Resources Corp. | 13109 | 462223 |
| †REX American Resources <br> Corp.<br>| 1826 | 59016 |
| SandRidge Energy, Inc. | 3035 | 43795 |
| Scorpio Tankers, Inc. | 1997 | 101508 |
| SFL Corp. Ltd. | 6493 | 50710 |
| SM Energy Co. | 4106 | 76782 |
| †Talos Energy, Inc. | 4058 | 44719 |
| Targa Resources Corp. | 5937 | 1095376 |
| Teekay Corp. Ltd. | 3211 | 28995 |
| Teekay Tankers Ltd. Class A | 1148 | 61326 |
| Texas Pacific Land Corp. | 1326 | 380854 |
| †Uranium Energy Corp. | 12370 | 144482 |
| Valero Energy Corp. | 6800 | 1106972 |
| Viper Energy, Inc. Class A | 817 | 31561 |
| Vitesse Energy, Inc. | 1422 | 27388 |
| W&T Offshore, Inc. | 4101 | 6685 |
| Williams Cos., Inc. | 16141 | 970236 |
| World Kinect Corp. | 4679 | 109629 |
|  |  | **33362044** |
| **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** | **Paper & Forest Products–0.04%** |
| †Clearwater Paper Corp. | 1500 | 26100 |
| Louisiana-Pacific Corp. | 3281 | 264974 |
| Mercer International, Inc. | 4679 | 9264 |
| Sylvamo Corp. | 1994 | 96011 |
|  |  | **396349** |
| **Passenger Airlines–0.53%** | **Passenger Airlines–0.53%** | **Passenger Airlines–0.53%** |
| †Alaska Air Group, Inc. | 6350 | 319405 |
| †Allegiant Travel Co. | 956 | 81518 |
| †American Airlines Group, <br> Inc.<br>| 14699 | 225336 |
| Copa Holdings SA Class A | 1782 | 214927 |
| Delta Air Lines, Inc. | 24758 | 1718205 |
| †Frontier Group Holdings, Inc. | 2518 | 11860 |
| †JetBlue Airways Corp. | 12036 | 54764 |
| †SkyWest, Inc. | 2867 | 287875 |
| Southwest Airlines Co. | 12115 | 500713 |
| †Sun Country Airlines <br> Holdings, Inc.<br>| 2980 | 42882 |
| †United Airlines Holdings, <br> Inc.<br>| 12582 | 1406919 |
|  |  | **4864404** |

---

LVIP Dimensional U.S. Core Equity 2 Fund-21

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Personal Care Products–0.13%** | **Personal Care Products–0.13%** | **Personal Care Products–0.13%** |
| †BellRing Brands, Inc. | 2906 | $77677 |
| †Coty, Inc. Class A | 28705 | 88411 |
| Edgewell Personal Care Co. | 3074 | 52412 |
| †elf Beauty, Inc. | 751 | 57106 |
| Estee Lauder Cos., Inc. <br> Class A<br>| 1114 | 116658 |
| †Herbalife Ltd. | 4218 | 54370 |
| †Honest Co., Inc. | 7804 | 20134 |
| Interparfums, Inc. | 1241 | 105274 |
| Kenvue, Inc. | 31954 | 551207 |
| Lifevantage Corp. | 2676 | 16484 |
| †Medifast, Inc. | 636 | 6792 |
| Natural Health Trends Corp. | 462 | 1428 |
| †Nature's Sunshine Products, <br> Inc.<br>| 909 | 19616 |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 3625 | 34873 |
| †USANA Health Sciences, Inc. | 1458 | 28621 |
|  |  | **1231063** |
| **Pharmaceuticals–3.00%** | **Pharmaceuticals–3.00%** | **Pharmaceuticals–3.00%** |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 8114 | 102236 |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 331 | 8864 |
| †ANI Pharmaceuticals, Inc. | 935 | 73809 |
| †Arvinas, Inc. | 1209 | 14339 |
| †Assertio Holdings, Inc. | 62 | 562 |
| †Atea Pharmaceuticals, Inc. | 4025 | 14369 |
| Bristol-Myers Squibb Co. | 41992 | 2265049 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 1508 | 69820 |
| †Corcept Therapeutics, Inc. | 1967 | 68452 |
| †Crinetics Pharmaceuticals, <br> Inc.<br>| 253 | 11777 |
| †Elanco Animal Health, Inc. | 18347 | 415193 |
| Eli Lilly & Co. | 9502 | 10211609 |
| †Fulcrum Therapeutics, Inc. | 3143 | 35547 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 2848 | 106572 |
| †Indivior PLC | 3322 | 119193 |
| †Innoviva, Inc. | 4842 | 96792 |
| †Jazz Pharmaceuticals PLC | 1708 | 290360 |
| Johnson & Johnson | 30975 | 6410276 |
| †LENZ Therapeutics, Inc. | 632 | 10112 |
| †Ligand Pharmaceuticals, Inc. | 909 | 171865 |
| Merck & Co., Inc. | 32287 | 3398530 |
| †Oramed Pharmaceuticals, <br> Inc.<br>| 2680 | 7638 |
| Organon & Co. | 1956 | 14025 |
| †Pacira BioSciences, Inc. | 2987 | 77304 |
| Perrigo Co. PLC | 4955 | 68974 |
| Pfizer, Inc. | 65116 | 1621388 |
| Phibro Animal Health Corp. <br> Class A<br>| 1490 | 55666 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| †Pliant Therapeutics, Inc. | 1160 | $1415 |
| †Prestige Consumer <br> Healthcare, Inc.<br>| 2516 | 155212 |
| †Rafael Holdings, Inc. Class B | 887 | 1047 |
| †Scilex Holding Co. | 39 | 476 |
| SIGA Technologies, Inc. | 4189 | 25595 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 4014 | 199496 |
| †Ventyx Biosciences, Inc. | 1006 | 9084 |
| Viatris, Inc. | 29225 | 363851 |
| Zoetis, Inc. | 8005 | 1007189 |
|  |  | **27503686** |
| **Professional Services–1.16%** | **Professional Services–1.16%** | **Professional Services–1.16%** |
| Alight, Inc. Class A | 6750 | 13162 |
| †Amentum Holdings, Inc. | 2823 | 81867 |
| †Asure Software, Inc. | 1711 | 16118 |
| Automatic Data Processing, <br> Inc.<br>| 5558 | 1429684 |
| Barrett Business Services, <br> Inc.<br>| 1991 | 72094 |
| BGSF, Inc. | 458 | 2121 |
| Booz Allen Hamilton Holding <br> Corp.<br>| 3300 | 278388 |
| Broadridge Financial <br> Solutions, Inc.<br>| 2450 | 546766 |
| †CACI International, Inc. <br> Class A<br>| 967 | 515227 |
| †CBIZ, Inc. | 1981 | 99941 |
| †Clarivate PLC | 6339 | 21172 |
| Concentrix Corp. | 951 | 39543 |
| †Conduent, Inc. | 11528 | 22134 |
| CRA International, Inc. | 465 | 93323 |
| CSG Systems International, <br> Inc.<br>| 1488 | 114115 |
| †DLH Holdings Corp. | 697 | 3938 |
| Equifax, Inc. | 2435 | 528346 |
| †ExlService Holdings, Inc. | 5939 | 252051 |
| Exponent, Inc. | 921 | 63973 |
| †First Advantage Corp. | 8659 | 125815 |
| †Forrester Research, Inc. | 1302 | 10572 |
| †Franklin Covey Co. | 769 | 12904 |
| †FTI Consulting, Inc. | 1233 | 210633 |
| Genpact Ltd. | 4452 | 208265 |
| HireQuest, Inc. | 768 | 8072 |
| †Huron Consulting Group, Inc. | 1120 | 193659 |
| †IBEX Holdings Ltd. | 574 | 21915 |
| ICF International, Inc. | 989 | 84362 |
| Insperity, Inc. | 1316 | 50956 |
| Jacobs Solutions, Inc. | 2662 | 352609 |
| KBR, Inc. | 5931 | 238426 |
| Kelly Services, Inc. Class A | 2914 | 25643 |
| Kforce, Inc. | 774 | 23932 |
| Korn Ferry | 3509 | 231664 |
| †Legalzoom.com, Inc. | 4946 | 49114 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-22

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Leidos Holdings, Inc. | 4486 | $809274 |
| ManpowerGroup, Inc. | 1931 | 57409 |
| Maximus, Inc. | 2858 | 246703 |
| †Mistras Group, Inc. | 2371 | 29993 |
| †Parsons Corp. | 3000 | 185400 |
| Paychex, Inc. | 5534 | 620804 |
| Paycom Software, Inc. | 1219 | 194260 |
| †Paylocity Holding Corp. | 950 | 144875 |
| †RCM Technologies, Inc. | 1000 | 20445 |
| Resources Connection, Inc. | 3042 | 15332 |
| Robert Half, Inc. | 3366 | 91421 |
| Science Applications <br> International Corp.<br>| 2091 | 210480 |
| SS&C Technologies Holdings, <br> Inc.<br>| 5701 | 498381 |
| †TaskUS, Inc. Class A | 3000 | 35370 |
| †TIC Solutions, Inc. | 3751 | 37923 |
| TransUnion | 4247 | 364180 |
| TriNet Group, Inc. | 876 | 51798 |
| †TrueBlue, Inc. | 2836 | 12904 |
| †TTEC Holdings, Inc. | 3257 | 11725 |
| UL Solutions, Inc. Class A | 281 | 22160 |
| †Upwork, Inc. | 4512 | 89428 |
| Verisk Analytics, Inc. | 2961 | 662346 |
| †Verra Mobility Corp. | 5939 | 133093 |
| †Willdan Group, Inc. | 746 | 77330 |
|  |  | **10665538** |
| **Real Estate Management & Development–0.41%** | **Real Estate Management & Development–0.41%** | **Real Estate Management & Development–0.41%** |
| †AMREP Corp. | 442 | 8310 |
| †Anywhere Real Estate, Inc. | 7238 | 102490 |
| †CBRE Group, Inc. Class A | 6244 | 1003973 |
| †CKX Lands, Inc. | 100 | 915 |
| †Compass, Inc. Class A | 15701 | 165960 |
| †CoStar Group, Inc. | 4483 | 301437 |
| †Cushman & Wakefield Ltd. | 9105 | 147410 |
| †Douglas Elliman, Inc. | 3734 | 8850 |
| eXp World Holdings, Inc. | 1193 | 10797 |
| †Five Point Holdings LLC <br> Class A<br>| 1459 | 8156 |
| †Forestar Group, Inc. | 2282 | 56206 |
| †FRP Holdings, Inc. | 2382 | 54286 |
| †Howard Hughes Holdings, <br> Inc.<br>| 2366 | 188736 |
| †Jones Lang LaSalle, Inc. | 2064 | 694474 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 9523 | 92087 |
| Marcus & Millichap, Inc. | 2435 | 66451 |
| †Maui Land & Pineapple Co., <br> Inc.<br>| 1011 | 17126 |
| Newmark Group, Inc. Class A | 9823 | 170331 |
| †RE/MAX Holdings, Inc. <br> Class A<br>| 1472 | 11172 |
| RMR Group, Inc. Class A | 1499 | 22335 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| †Seaport Entertainment <br> Group, Inc.<br>| 594 | $11743 |
| St. Joe Co. | 2123 | 126042 |
| †Stratus Properties, Inc. | 394 | 9527 |
| †Tejon Ranch Co. | 3049 | 48083 |
| †Zillow Group, Inc. Class A | 6226 | 424753 |
|  |  | **3751650** |
| **Semiconductors & Semiconductor Equipment–9.82%** | **Semiconductors & Semiconductor Equipment–9.82%** | **Semiconductors & Semiconductor Equipment–9.82%** |
| †Advanced Micro Devices, Inc. | 7379 | 1580287 |
| †Allegro MicroSystems, Inc. | 5433 | 143322 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 978 | 19374 |
| †Ambarella, Inc. | 809 | 57310 |
| Amkor Technology, Inc. | 10597 | 418370 |
| †Amtech Systems, Inc. | 1163 | 14596 |
| Analog Devices, Inc. | 3611 | 979303 |
| Applied Materials, Inc. | 7306 | 1877569 |
| †Astera Labs, Inc. | 552 | 91831 |
| †Axcelis Technologies, Inc. | 1222 | 98175 |
| Broadcom, Inc. | 23600 | 8167960 |
| †CEVA, Inc. | 1018 | 21907 |
| †Cirrus Logic, Inc. | 2630 | 311655 |
| †Cohu, Inc. | 2659 | 61875 |
| †Credo Technology Group <br> Holding Ltd.<br>| 2502 | 360013 |
| †Diodes, Inc. | 2071 | 102183 |
| †Enphase Energy, Inc. | 1541 | 49389 |
| Entegris, Inc. | 3102 | 261343 |
| †Everspin Technologies, Inc. | 2446 | 22699 |
| †First Solar, Inc. | 2316 | 605009 |
| †FormFactor, Inc. | 3500 | 195230 |
| †GLOBALFOUNDRIES, Inc. | 3030 | 105808 |
| †Ichor Holdings Ltd. | 1913 | 35257 |
| †indie Semiconductor, Inc. <br> Class A<br>| 2266 | 7999 |
| †Intel Corp. | 44887 | 1656330 |
| †inTEST Corp. | 1085 | 8105 |
| KLA Corp. | 2154 | 2617282 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 2179 | 99275 |
| Lam Research Corp. | 17117 | 2930088 |
| †Lattice Semiconductor Corp. | 1655 | 121775 |
| †MACOM Technology Solutions <br> Holdings, Inc.<br>| 1477 | 252981 |
| †Magnachip Semiconductor <br> Corp.<br>| 1402 | 3575 |
| Marvell Technology, Inc. | 6057 | 514724 |
| †MaxLinear, Inc. | 2776 | 48386 |
| Microchip Technology, Inc. | 7766 | 494849 |
| Micron Technology, Inc. | 9842 | 2809005 |
| MKS, Inc. | 1974 | 315445 |
| Monolithic Power Systems, <br> Inc.<br>| 489 | 443210 |
| †Navitas Semiconductor Corp. | 3750 | 26775 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-23

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| NVE Corp. | 375 | $22249 |
| NVIDIA Corp. | 289305 | 53955382 |
| NXP Semiconductors NV | 4625 | 1003902 |
| †ON Semiconductor Corp. | 11423 | 618555 |
| †Onto Innovation, Inc. | 1537 | 242631 |
| †PDF Solutions, Inc. | 2280 | 65048 |
| †Penguin Solutions, Inc. | 2460 | 48118 |
| †Photronics, Inc. | 2572 | 82304 |
| Power Integrations, Inc. | 1961 | 69694 |
| Qnity Electronics, Inc. <br> Class W/I<br>| 4641 | 378938 |
| †Qorvo, Inc. | 3559 | 300771 |
| QUALCOMM, Inc. | 13493 | 2307978 |
| †Rambus, Inc. | 3919 | 360117 |
| †Silicon Laboratories, Inc. | 1367 | 178667 |
| †SiTime Corp. | 694 | 245114 |
| Skyworks Solutions, Inc. | 4092 | 259474 |
| †SolarEdge Technologies, Inc. | 763 | 22013 |
| †Synaptics, Inc. | 1559 | 115397 |
| Teradyne, Inc. | 2325 | 450027 |
| Texas Instruments, Inc. | 6851 | 1188580 |
| †Ultra Clean Holdings, Inc. | 2522 | 63882 |
| Universal Display Corp. | 1230 | 143639 |
| †Veeco Instruments, Inc. | 2578 | 73679 |
|  |  | **90126428** |
| **Software–7.34%** | **Software–7.34%** | **Software–7.34%** |
| A10 Networks, Inc. | 2287 | 40457 |
| †ACI Worldwide, Inc. | 5149 | 246174 |
| Adeia, Inc. | 7533 | 129944 |
| †Adobe, Inc. | 5001 | 1750300 |
| †Agilysys, Inc. | 153 | 18183 |
| †Alarm.com Holdings, Inc. | 1772 | 90407 |
| †Amplitude, Inc. Class A | 3306 | 38284 |
| †Appfolio, Inc. Class A | 499 | 116092 |
| †AppLovin Corp. Class A | 4158 | 2801744 |
| †Atlassian Corp. Class A | 315 | 51074 |
| †Aurora Innovation, Inc. | 51254 | 196815 |
| †Autodesk, Inc. | 1803 | 533706 |
| †AvePoint, Inc. | 3296 | 45781 |
| Bentley Systems, Inc. Class B | 2883 | 110030 |
| †Bill Holdings, Inc. | 1820 | 99263 |
| †Blackbaud, Inc. | 1142 | 72311 |
| †BlackLine, Inc. | 719 | 39754 |
| †Box, Inc. Class A | 2831 | 84675 |
| †C3.ai, Inc. Class A | 4371 | 58921 |
| †Cadence Design Systems, <br> Inc.<br>| 913 | 285386 |
| †CCC Intelligent Solutions <br> Holdings, Inc.<br>| 20027 | 159215 |
| †Cerence, Inc. | 2409 | 25752 |
| Clear Secure, Inc. Class A | 1392 | 48831 |
| †Commvault Systems, Inc. | 456 | 57164 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 1160 | 25311 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 408 | $191254 |
| †CS Disco, Inc. | 2868 | 22256 |
| †Daily Journal Corp. | 100 | 48732 |
| †Datadog, Inc. Class A | 627 | 85266 |
| †Digital Turbine, Inc. | 3073 | 15365 |
| †Docusign, Inc. | 1959 | 133996 |
| Dolby Laboratories, Inc. <br> Class A<br>| 2255 | 144816 |
| †Dropbox, Inc. Class A | 4063 | 112951 |
| †Dynatrace, Inc. | 4553 | 197327 |
| †eGain Corp. | 796 | 8191 |
| †Fair Isaac Corp. | 302 | 510567 |
| †Five9, Inc. | 794 | 15920 |
| †Fortinet, Inc. | 9997 | 793862 |
| †Freshworks, Inc. Class A | 6955 | 85199 |
| Gen Digital, Inc. | 24225 | 658678 |
| †Guidewire Software, Inc. | 1002 | 201412 |
| †HubSpot, Inc. | 157 | 63004 |
| †I3 Verticals, Inc. Class A | 1655 | 41689 |
| †Intapp, Inc. | 705 | 32303 |
| InterDigital, Inc. | 1836 | 584546 |
| Intuit, Inc. | 1138 | 753834 |
| †Jamf Holding Corp. | 2873 | 37378 |
| †LiveRamp Holdings, Inc. | 2668 | 78359 |
| †Manhattan Associates, Inc. | 1182 | 204852 |
| Microsoft Corp. | 91141 | 44077610 |
| †Mitek Systems, Inc. | 3573 | 37695 |
| †N-able, Inc. | 5589 | 41806 |
| †nCino, Inc. | 3473 | 89048 |
| †NCR Voyix Corp. | 9975 | 101745 |
| †Nutanix, Inc. Class A | 2597 | 134239 |
| †ON24, Inc. | 506 | 4028 |
| OneSpan, Inc. | 2510 | 32228 |
| †Ooma, Inc. | 1800 | 21114 |
| Oracle Corp. | 15994 | 3117391 |
| †Palantir Technologies, Inc. <br> Class A<br>| 5620 | 998955 |
| †Palo Alto Networks, Inc. | 1637 | 301535 |
| †PAR Technology Corp. | 1037 | 37622 |
| Pegasystems, Inc. | 4160 | 248435 |
| †Porch Group, Inc. | 1703 | 15548 |
| †Progress Software Corp. | 2321 | 99710 |
| †PTC, Inc. | 1895 | 330128 |
| †Q2 Holdings, Inc. | 712 | 51378 |
| †Qualys, Inc. | 1293 | 171840 |
| Red Violet, Inc. | 199 | 11333 |
| †Rimini Street, Inc. | 6516 | 25282 |
| †RingCentral, Inc. Class A | 628 | 18137 |
| †Riot Platforms, Inc. | 10614 | 134479 |
| Roper Technologies, Inc. | 949 | 422428 |
| †Rubrik, Inc. Class A | 1043 | 79769 |
| Salesforce, Inc. | 7309 | 1936227 |
| †Samsara, Inc. Class A | 1356 | 48070 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-24

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †SEMrush Holdings, Inc. <br> Class A<br>| 1619 | $19250 |
| †SentinelOne, Inc. Class A | 3597 | 53955 |
| †ServiceNow, Inc. | 1695 | 259657 |
| †SoundThinking, Inc. | 558 | 4481 |
| †Sprinklr, Inc. Class A | 2904 | 22593 |
| †SPS Commerce, Inc. | 282 | 25135 |
| †Synchronoss Technologies, <br> Inc.<br>| 257 | 2200 |
| †Synopsys, Inc. | 1040 | 488509 |
| †Telos Corp. | 3621 | 18467 |
| †Teradata Corp. | 2695 | 82036 |
| †Tyler Technologies, Inc. | 575 | 261021 |
| †UiPath, Inc. Class A | 13306 | 218085 |
| †Unity Software, Inc. | 9692 | 428096 |
| †Vertex, Inc. Class A | 1395 | 27858 |
| †Workday, Inc. Class A | 315 | 67656 |
| †Xperi, Inc. | 3013 | 17656 |
| †Yext, Inc. | 4098 | 33030 |
| †Zoom Communications, Inc. <br> Class A<br>| 5739 | 495218 |
| †Zscaler, Inc. | 476 | 107062 |
|  |  | **67367076** |
| **Specialized REITs–0.01%** | **Specialized REITs–0.01%** | **Specialized REITs–0.01%** |
| Millrose Properties, Inc. | 1551 | 46328 |
|  |  | **46328** |
| **Specialty Retail–2.32%** | **Specialty Retail–2.32%** | **Specialty Retail–2.32%** |
| †1-800-Flowers.com, Inc. <br> Class A<br>| 3054 | 12002 |
| †Abercrombie & Fitch Co. <br> Class A<br>| 1691 | 212846 |
| Academy Sports & Outdoors, <br> Inc.<br>| 3257 | 162720 |
| Advance Auto Parts, Inc. | 2697 | 105992 |
| American Eagle Outfitters, <br> Inc.<br>| 6933 | 182823 |
| †America's Car-Mart, Inc. | 473 | 11948 |
| †Arhaus, Inc. | 2348 | 26321 |
| Arko Corp. | 4300 | 19522 |
| †Asbury Automotive Group, <br> Inc.<br>| 1229 | 285779 |
| †AutoNation, Inc. | 2262 | 467058 |
| †AutoZone, Inc. | 107 | 362891 |
| Bath & Body Works, Inc. | 4665 | 93673 |
| †Bed Bath & Beyond, Inc. | 3668 | 20027 |
| Best Buy Co., Inc. | 11310 | 756978 |
| †Boot Barn Holdings, Inc. | 1597 | 281823 |
| Buckle, Inc. | 3060 | 163465 |
| Build-A-Bear Workshop, Inc. | 1134 | 69480 |
| †Burlington Stores, Inc. | 1720 | 496822 |
| Caleres, Inc. | 1642 | 19983 |
| Camping World Holdings, Inc. <br> Class A<br>| 1466 | 14264 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| †CarMax, Inc. | 5033 | $194475 |
| †Carvana Co. | 904 | 381506 |
| †Cato Corp. Class A | 2294 | 7089 |
| †Chewy, Inc. Class A | 1823 | 60250 |
| †Citi Trends, Inc. | 946 | 39316 |
| Designer Brands, Inc. <br> Class A<br>| 3126 | 23226 |
| †Destination XL Group, Inc. | 4125 | 3793 |
| Dick's Sporting Goods, Inc. | 3822 | 756641 |
| †Duluth Holdings, Inc. Class B | 753 | 1566 |
| †Five Below, Inc. | 2411 | 454136 |
| †Floor & Decor Holdings, Inc. <br> Class A<br>| 3070 | 186932 |
| Gap, Inc. | 12803 | 327757 |
| Group 1 Automotive, Inc. | 814 | 320146 |
| †GrowGeneration Corp. | 2382 | 3573 |
| Guess?, Inc. | 4877 | 81690 |
| Haverty Furniture Cos., Inc. | 1170 | 27331 |
| Home Depot, Inc. | 13084 | 4502205 |
| J Jill, Inc. | 987 | 13542 |
| †Lands' End, Inc. | 2935 | 42616 |
| Lithia Motors, Inc. | 1439 | 478223 |
| Lowe's Cos., Inc. | 2613 | 630151 |
| †MarineMax, Inc. | 1791 | 43396 |
| Monro, Inc. | 2081 | 41703 |
| Murphy USA, Inc. | 828 | 334115 |
| †National Vision Holdings, <br> Inc.<br>| 3754 | 96928 |
| †OneWater Marine, Inc. <br> Class A<br>| 769 | 8321 |
| †O'Reilly Automotive, Inc. | 3962 | 361374 |
| †Outdoor Holding Co. | 8400 | 14364 |
| Penske Automotive Group, <br> Inc.<br>| 2276 | 360268 |
| †Petco Health & Wellness Co., <br> Inc.<br>| 3697 | 10389 |
| †PetMed Express, Inc. | 1442 | 4614 |
| †Revolve Group, Inc. | 1075 | 32454 |
| †RH | 613 | 109819 |
| Ross Stores, Inc. | 8116 | 1462016 |
| †Sally Beauty Holdings, Inc. | 4190 | 59749 |
| Shoe Carnival, Inc. | 2018 | 34064 |
| Signet Jewelers Ltd. | 1926 | 159627 |
| †Sleep Number Corp. | 1810 | 15313 |
| Sonic Automotive, Inc. <br> Class A<br>| 1581 | 97801 |
| †Sportsman's Warehouse <br> Holdings, Inc.<br>| 1747 | 2551 |
| †Stitch Fix, Inc. Class A | 990 | 5198 |
| Tandy Leather Factory, Inc. | 3803 | 10420 |
| †Tilly's, Inc. Class A | 2120 | 4219 |
| TJX Cos., Inc. | 15246 | 2341938 |
| Tractor Supply Co. | 11121 | 556161 |
| †Ulta Beauty, Inc. | 1850 | 1119269 |
| Upbound Group, Inc. | 3348 | 58791 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-25

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| †Urban Outfitters, Inc. | 5860 | $441024 |
| †Valvoline, Inc. | 6336 | 184124 |
| †Victoria's Secret & Co. | 3220 | 174427 |
| †Warby Parker, Inc. Class A | 3085 | 67222 |
| †Wayfair, Inc. Class A | 1156 | 116074 |
| Williams-Sonoma, Inc. | 3307 | 590597 |
| Winmark Corp. | 151 | 61146 |
| †Zumiez, Inc. | 1585 | 41289 |
|  |  | **21323346** |
| **Technology Hardware, Storage & Peripherals–5.83%** | **Technology Hardware, Storage & Peripherals–5.83%** | **Technology Hardware, Storage & Peripherals–5.83%** |
| Apple, Inc. | 176113 | 47878080 |
| †Corsair Gaming, Inc. | 5089 | 30229 |
| †CPI Card Group, Inc. | 137 | 2011 |
| Dell Technologies, Inc. <br> Class C<br>| 1657 | 208583 |
| †Diebold Nixdorf, Inc. | 1512 | 102650 |
| Hewlett Packard Enterprise <br> Co.<br>| 35479 | 852205 |
| HP, Inc. | 10555 | 235165 |
| †IonQ, Inc. | 902 | 40473 |
| NetApp, Inc. | 5766 | 617481 |
| †One Stop Systems, Inc. | 2641 | 18962 |
| †Pure Storage, Inc. Class A | 2475 | 165850 |
| †Sandisk Corp. | 2861 | 679144 |
| Seagate Technology Holdings <br> PLC<br>| 3102 | 854260 |
| †Super Micro Computer, Inc. | 2536 | 74229 |
| †Turtle Beach Corp. | 601 | 8432 |
| Western Digital Corp. | 10112 | 1741994 |
| Xerox Holdings Corp. | 13402 | 31763 |
|  |  | **53541511** |
| **Textiles, Apparel & Luxury Goods–0.60%** | **Textiles, Apparel & Luxury Goods–0.60%** | **Textiles, Apparel & Luxury Goods–0.60%** |
| †Allbirds, Inc. Class A | 103 | 422 |
| †Birkenstock Holding PLC | 4349 | 177874 |
| †Capri Holdings Ltd. | 2146 | 52362 |
| Carter's, Inc. | 1451 | 47056 |
| Columbia Sportswear Co. | 1633 | 89962 |
| †Crocs, Inc. | 2150 | 183868 |
| Crown Crafts, Inc. | 3339 | 9249 |
| †Culp, Inc. | 857 | 3051 |
| †Deckers Outdoor Corp. | 4185 | 433859 |
| †Figs, Inc. Class A | 10968 | 124596 |
| †Fossil Group, Inc. | 312 | 1173 |
| G-III Apparel Group Ltd. | 1942 | 56240 |
| Gildan Activewear, Inc. | 1631 | 101872 |
| Jerash Holdings U.S., Inc. | 2837 | 8653 |
| Kontoor Brands, Inc. | 2536 | 154924 |
| Lakeland Industries, Inc. | 306 | 2705 |
| Levi Strauss & Co. Class A | 3482 | 72217 |
| †Lululemon Athletica, Inc. | 3335 | 693046 |
| Movado Group, Inc. | 1488 | 30683 |
| NIKE, Inc. Class B | 7574 | 482540 |
| Oxford Industries, Inc. | 824 | 28181 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| PVH Corp. | 2004 | $134308 |
| Ralph Lauren Corp. | 1882 | 665494 |
| Rocky Brands, Inc. | 542 | 15897 |
| Steven Madden Ltd. | 2507 | 104391 |
| Superior Group of Cos., Inc. | 478 | 4627 |
| Tapestry, Inc. | 11491 | 1468205 |
| †Under Armour, Inc. Class A | 17063 | 83337 |
| †Unifi, Inc. | 1589 | 5562 |
| †Vera Bradley, Inc. | 4817 | 11657 |
| VF Corp. | 10023 | 181216 |
| Wolverine World Wide, Inc. | 2673 | 48515 |
|  |  | **5477742** |
| **Tobacco–0.20%** | **Tobacco–0.20%** | **Tobacco–0.20%** |
| Altria Group, Inc. | 7762 | 447557 |
| Philip Morris International, <br> Inc.<br>| 7457 | 1196103 |
| Turning Point Brands, Inc. | 1103 | 119565 |
| Universal Corp. | 1492 | 78703 |
|  |  | **1841928** |
| **Trading Companies & Distributors–1.05%** | **Trading Companies & Distributors–1.05%** | **Trading Companies & Distributors–1.05%** |
| Air Lease Corp. | 7484 | 480697 |
| Alta Equipment Group, Inc. | 1479 | 6803 |
| Applied Industrial <br> Technologies, Inc.<br>| 1951 | 500958 |
| †BlueLinx Holdings, Inc. | 383 | 23528 |
| Boise Cascade Co. | 1283 | 94429 |
| †Core & Main, Inc. Class A | 4834 | 251223 |
| †Custom Truck One Source, <br> Inc.<br>| 7065 | 40694 |
| †Distribution Solutions Group, <br> Inc.<br>| 1378 | 37743 |
| †DNOW, Inc. | 11683 | 154800 |
| †DXP Enterprises, Inc. | 1112 | 122086 |
| EVI Industries, Inc. | 812 | 20008 |
| Fastenal Co. | 17456 | 700509 |
| Ferguson Enterprises, Inc. | 6842 | 1523234 |
| FTAI Aviation Ltd. | 253 | 49803 |
| GATX Corp. | 2433 | 412637 |
| Global Industrial Co. | 2361 | 68988 |
| Herc Holdings, Inc. | 2012 | 298541 |
| †Hudson Technologies, Inc. | 2788 | 19098 |
| Karat Packaging, Inc. | 551 | 12436 |
| McGrath RentCorp | 1500 | 157395 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 2560 | 215296 |
| †NPK International, Inc. | 4967 | 59207 |
| Rush Enterprises, Inc. <br> Class A<br>| 4728 | 257882 |
| †SiteOne Landscape Supply, <br> Inc.<br>| 1945 | 242269 |
| †Titan Machinery, Inc. | 1745 | 26245 |
| †Transcat, Inc. | 587 | 33301 |
| United Rentals, Inc. | 2453 | 1985262 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-26

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Watsco, Inc. | 700 | $235865 |
| WESCO International, Inc. | 2286 | 559247 |
| Willis Lease Finance Corp. | 375 | 50865 |
| WW Grainger, Inc. | 972 | 980797 |
|  |  | **9621846** |
| **Water Utilities–0.09%** | **Water Utilities–0.09%** | **Water Utilities–0.09%** |
| American States Water Co. | 1681 | 121839 |
| American Water Works Co., <br> Inc.<br>| 2894 | 377667 |
| Artesian Resources Corp. <br> Class A<br>| 575 | 18176 |
| California Water Service <br> Group<br>| 2184 | 94633 |
| Consolidated Water Co. Ltd. | 860 | 30349 |
| Essential Utilities, Inc. | 1390 | 53320 |
| Global Water Resources, Inc. | 1585 | 13393 |
| H2O America | 1157 | 56681 |
| Middlesex Water Co. | 668 | 33681 |
| †Pure Cycle Corp. | 1628 | 17892 |
| York Water Co. | 500 | 15920 |
|  |  | **833551** |
| **Wireless Telecommunication Services–0.27%** | **Wireless Telecommunication Services–0.27%** | **Wireless Telecommunication Services–0.27%** |
| Array Digital Infrastructure, <br> Inc.<br>| 2733 | 146543 |
| †Gogo, Inc. | 4647 | 21655 |
| Spok Holdings, Inc. | 803 | 10592 |
| Telephone & Data Systems, <br> Inc.<br>| 6032 | 247312 |
| T-Mobile U.S., Inc. | 10268 | 2084815 |
|  |  | **2510917** |
| **Total Common Stock** <br>**(Cost $389,679,560)** | **Total Common Stock** <br>**(Cost $389,679,560)** | **915085798** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **RIGHTS–0.00%** | **RIGHTS–0.00%** | **RIGHTS–0.00%** |
| =†ABIOMED, Inc. | 626 | $639 |
| =†Aduro Biotech, Inc. | 227 | 86 |
| =†Akero Therapeutics, Inc. | 393 | 255 |
| =†Albireo Pharma, Inc. | 900 | 5742 |
| =†Chinook Therapeutics, Inc. | 3834 | 0 |
| =†HilleVax, Inc. | 1380 | 193 |
| =†Mirati Therapeutics, Inc. | 1120 | 3338 |
| =†Poseida Therapeutics, Inc. | 2501 | 1251 |
| =†Resolute Forest Products, <br> Inc.<br>| 6285 | 1674 |
| =†Sage Therapeutics, Inc. | 2104 | 379 |
| =†Spectrum Pharmaceuticals, <br> Inc.<br>| 5260 | 0 |
| =†Verve Therapeutics, Inc. | 1676 | 3318 |
| **Total Rights** <br>**(Cost $15,837)** | **Total Rights** <br>**(Cost $15,837)** | **16875** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.13%** | **MONEY MARKET FUND–0.13%** | **MONEY MARKET FUND–0.13%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 1166938 | 1166938 |
| **Total Money Market Fund** <br>**(Cost $1,166,938)** | **Total Money Market Fund** <br>**(Cost $1,166,938)** | **1166938** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.78% (Cost $390,862,335)** | **916269611** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.22%** | **2016300** |
| **NET ASSETS APPLICABLE TO 40,218,497 SHARES OUTSTANDING–100.00%** | **$918285911** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND STANDARD CLASS** <br>**($672,623,464 / 29,434,812 Shares)** | **$22.851** |
| **NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND SERVICE CLASS** <br>**($245,662,447 / 10,783,685 Shares)** | **$22.781** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$341774596** |
| Distributable earnings/(accumulated loss) | **576511315** |
| **TOTAL NET ASSETS** | **$918285911** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Dimensional U.S. Core Equity 2 Fund-27

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Statement of Net Assets (continued)**

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $418,153 payable for fund shares redeemed, $19,858 other accrued expenses payable, $405,816 due to manager and affiliates, <br> $19,687 payable for audit fee and $24,931 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-28

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Core Equity 2 Fund** | **LVIP Dimensional U.S. Core Equity 2 Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $12418559 |
| Foreign taxes withheld | (6852)<br>|
|  | 12411707 |
| **EXPENSES:** |  |
| Management fees | 3752497 |
| Distribution fees-Service Class | 555424 |
| Shareholder servicing fees | 259101 |
| Accounting and administration expenses | 161627 |
| Professional fees | 66626 |
| Trustees' fees and expenses | 25882 |
| Pricing fees | 20964 |
| Custodian fees | 16027 |
| Reports and statements to shareholders | 14792 |
| Consulting fees | 12505 |
| Other | 29852 |
| Total operating expenses | 4915297 |
| **NET INVESTMENT INCOME**  | 7496410 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain on investments | 57044716 |
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 64568069 |
| **NET REALIZED AND UNREALIZED GAIN** | 121612785 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $129109195 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional U.S. Core Equity 2 Fund** | **LVIP Dimensional U.S. Core Equity 2 Fund** | **LVIP Dimensional U.S. Core Equity 2 Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $7496410 | $8198880 |
| Net realized gain | 57044716 | 74637939 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 64568069 | 70251252 |
| Net increase in net assets resulting <br> from operations<br>| 129109195 | 153088071 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (62058420)<br>| (34897089)<br>|
| Service Class | (21077874)<br>| (9778714)<br>|
|  | (83136294)<br>| (44675803)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 46712723 | 21031392 |
| Service Class | 46005269 | 25704903 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 62058420 | 34897089 |
| Service Class | 21077874 | 9778714 |
|  | 175854286 | 91412098 |
| Cost of shares redeemed: |  |  |
| Standard Class | (152653442)<br>| (149885768)<br>|
| Service Class | (40015496)<br>| (46794373)<br>|
|  | (192668938)<br>| (196680141)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (16814652)<br>| (105268043)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 29158249 | 3144225 |
| **NET ASSETS:** |  |  |
| Beginning of year | 889127662 | 885983437 |
| End of year | $918285911 | $889127662 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-29

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.740 | &nbsp;&nbsp; $19.294 | &nbsp;&nbsp; $16.555 | &nbsp;&nbsp; $20.506 | &nbsp;&nbsp; $16.368 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.201 | 0.204 | 0.217 | 0.215 | 0.183 |
| Net realized and unrealized gain (loss) | 3.084 | 3.343 | 3.309 | &nbsp;&nbsp; (3.106)<br>| 4.348 |
| Total from investment operations | 3.285 | 3.547 | 3.526 | &nbsp;&nbsp; (2.891)<br>| 4.531 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.205)<br>| &nbsp;&nbsp; (0.218)<br>| &nbsp;&nbsp; (0.226)<br>| &nbsp;&nbsp; (0.223)<br>| &nbsp;&nbsp; (0.215)<br>|
| Net realized gain | &nbsp;&nbsp; (1.969)<br>| &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.561)<br>| &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.178)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.174)<br>| &nbsp;&nbsp; (1.101)<br>| &nbsp;&nbsp; (0.787)<br>| &nbsp;&nbsp; (1.060)<br>| &nbsp;&nbsp; (0.393)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.851 | &nbsp;&nbsp; $21.740 | &nbsp;&nbsp; $19.294 | &nbsp;&nbsp; $16.555 | &nbsp;&nbsp; $20.506 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.38% | &nbsp;&nbsp; 18.45% | &nbsp;&nbsp; 21.65% | &nbsp;&nbsp; (13.91%)<br>| &nbsp;&nbsp; 27.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $672624 | &nbsp;&nbsp; $682260 | &nbsp;&nbsp; $691319 | &nbsp;&nbsp; $616725 | &nbsp;&nbsp; $779683 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.48% |
| Ratio of expenses to average net assets prior to expenses waived | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.97% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.67% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-30

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** | **LVIP Dimensional U.S. Core Equity 2 Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.687 | &nbsp;&nbsp; $19.254 | &nbsp;&nbsp; $16.526 | &nbsp;&nbsp; $20.476 | &nbsp;&nbsp; $16.349 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.145 | 0.150 | 0.172 | 0.169 | 0.136 |
| Net realized and unrealized gain (loss) | 3.071 | 3.331 | 3.300 | &nbsp;&nbsp; (3.101)<br>| 4.338 |
| Total from investment operations | 3.216 | 3.481 | 3.472 | &nbsp;&nbsp; (2.932)<br>| 4.474 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.153)<br>| &nbsp;&nbsp; (0.165)<br>| &nbsp;&nbsp; (0.183)<br>| &nbsp;&nbsp; (0.181)<br>| &nbsp;&nbsp; (0.169)<br>|
| Net realized gain | &nbsp;&nbsp; (1.969)<br>| &nbsp;&nbsp; (0.883)<br>| &nbsp;&nbsp; (0.561)<br>| &nbsp;&nbsp; (0.837)<br>| &nbsp;&nbsp; (0.178)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (2.122)<br>| &nbsp;&nbsp; (1.048)<br>| &nbsp;&nbsp; (0.744)<br>| &nbsp;&nbsp; (1.018)<br>| &nbsp;&nbsp; (0.347)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.781 | &nbsp;&nbsp; $21.687 | &nbsp;&nbsp; $19.254 | &nbsp;&nbsp; $16.526 | &nbsp;&nbsp; $20.476 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 15.09% | &nbsp;&nbsp; 18.16% | &nbsp;&nbsp; 21.35% | &nbsp;&nbsp; (14.12%)<br>| &nbsp;&nbsp; 27.46% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $245662 | &nbsp;&nbsp; $206868 | &nbsp;&nbsp; $194664 | &nbsp;&nbsp; $154490 | &nbsp;&nbsp; $168051 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% |
| Ratio of expenses to average net assets prior to expenses waived | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.03% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.42% |
| Portfolio turnover | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-31

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional U.S. Core Equity 2 Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on

LVIP Dimensional U.S. Core Equity 2 Fund-32

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.42% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

Dimensional Fund Advisors LP (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $73810 |
| Legal | &nbsp;&nbsp; 12250 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,847 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $330625 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 52362 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 22829 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP Dimensional U.S. Core Equity 2 Fund-33

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $56111671 |
| Sales | &nbsp;&nbsp; 148237258 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $392766452 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $558134069 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (34630910)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $523503159 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $17647351 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17647351 |
| Air Freight & Logistics | &nbsp;&nbsp; 4732638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4732638 |
| Automobile Components | &nbsp;&nbsp; 3729159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3729159 |
| Automobiles | &nbsp;&nbsp; 7361497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7361497 |
| Banks | &nbsp;&nbsp; 52300765 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 52300765 |
| Beverages | &nbsp;&nbsp; 8892154 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8892154 |
| Biotechnology | &nbsp;&nbsp; 14581484 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5342 | &nbsp;&nbsp; 14586826 |
| Broadline Retail | &nbsp;&nbsp; 22393791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22393791 |
| Building Products | &nbsp;&nbsp; 9177563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9177563 |
| Capital Markets | &nbsp;&nbsp; 33544410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33544410 |
| Chemicals | &nbsp;&nbsp; 13689818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13689818 |
| Commercial Services & Supplies | &nbsp;&nbsp; 7483120 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 7483120 |
| Communications Equipment | &nbsp;&nbsp; 7302300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7302300 |

---

LVIP Dimensional U.S. Core Equity 2 Fund-34

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Construction & Engineering | &nbsp;&nbsp; $8999008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8999008 |
| Construction Materials | &nbsp;&nbsp; 3394653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3394653 |
| Consumer Finance | &nbsp;&nbsp; 8381392 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8381392 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 15830258 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15830258 |
| Containers & Packaging | &nbsp;&nbsp; 5523643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5523643 |
| Distributors | &nbsp;&nbsp; 1211993 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1211993 |
| Diversified Consumer Services | &nbsp;&nbsp; 3387721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3387721 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 6775360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6775360 |
| Electric Utilities | &nbsp;&nbsp; 8470692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8470692 |
| Electrical Equipment | &nbsp;&nbsp; 9004807 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9004807 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 15459466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15459466 |
| Energy Equipment & Services | &nbsp;&nbsp; 6639451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6639451 |
| Entertainment | &nbsp;&nbsp; 10678417 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10678417 |
| Financial Services | &nbsp;&nbsp; 32983578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32983578 |
| Food Products | &nbsp;&nbsp; 8174951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8174951 |
| Gas Utilities | &nbsp;&nbsp; 1967483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1967483 |
| Ground Transportation | &nbsp;&nbsp; 9644489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9644489 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 14622412 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 14622412 |
| Health Care Providers & Services | &nbsp;&nbsp; 17352475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17352475 |
| Health Care Technology | &nbsp;&nbsp; 669685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 669685 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 16188177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16188177 |
| Household Durables | &nbsp;&nbsp; 8891122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8891122 |
| Household Products | &nbsp;&nbsp; 6460626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6460626 |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; 2362436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2362436 |
| Industrial Conglomerates | &nbsp;&nbsp; 2077490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2077490 |
| Insurance | &nbsp;&nbsp; 30234906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30234906 |
| Interactive Media & Services | &nbsp;&nbsp; 51043929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51043929 |
| IT Services | &nbsp;&nbsp; 11099662 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 11099662 |
| Leisure Products | &nbsp;&nbsp; 1653915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1653915 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 8669578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8669578 |
| Machinery | &nbsp;&nbsp; 28116655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28116655 |
| Marine Transportation | &nbsp;&nbsp; 584435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 584435 |
| Media | &nbsp;&nbsp; 7376188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7376188 |
| Metals & Mining | &nbsp;&nbsp; 9629337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9629337 |
| Multi-Utilities | &nbsp;&nbsp; 4218609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4218609 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 33362044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33362044 |
| Paper & Forest Products | &nbsp;&nbsp; 396349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 396349 |
| Passenger Airlines | &nbsp;&nbsp; 4864404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4864404 |
| Personal Care Products | &nbsp;&nbsp; 1231063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1231063 |
| Pharmaceuticals | &nbsp;&nbsp; 27503686 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27503686 |
| Professional Services | &nbsp;&nbsp; 10665538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10665538 |
| Real Estate Management & Development | &nbsp;&nbsp; 3751650 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3751650 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 90126428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90126428 |
| Software | &nbsp;&nbsp; 67367076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67367076 |
| Specialized REITs | &nbsp;&nbsp; 46328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46328 |
| Specialty Retail | &nbsp;&nbsp; 21323346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21323346 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 53541511 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53541511 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 5477742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5477742 |
| Tobacco | &nbsp;&nbsp; 1841928 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1841928 |
| Trading Companies & Distributors | &nbsp;&nbsp; 9621846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9621846 |
| Water Utilities | &nbsp;&nbsp; 833551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 833551 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 2510917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2510917 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16875 | &nbsp;&nbsp; 16875 |
| Money Market Fund | &nbsp;&nbsp; 1166938 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1166938 |
| **Total Investments** | &nbsp;&nbsp; $916247394 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22217 | &nbsp;&nbsp; $916269611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

LVIP Dimensional U.S. Core Equity 2 Fund-35

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, distributions from underlying regulated investment companies ("RICS") and former partnerships and mark-to-market adjustments on passive foreign investment companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $11344181 | &nbsp;&nbsp; $13974078 |
| Long-term capital gains | &nbsp;&nbsp; 71792113 | &nbsp;&nbsp; 30701725 |
| Total | &nbsp;&nbsp; $83136294 | &nbsp;&nbsp; $44675803 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1057309 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 51950847 |
| Net unrealized appreciation | &nbsp;&nbsp; 523503159 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $576511315 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 2144589 | &nbsp;&nbsp; 989477 |
| Service Class | &nbsp;&nbsp; 2093520 | &nbsp;&nbsp; 1211557 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 2757987 | &nbsp;&nbsp; 1609462 |
| Service Class | &nbsp;&nbsp; 941070 | &nbsp;&nbsp; 453477 |
|  | &nbsp;&nbsp; 7937166 | &nbsp;&nbsp; 4263973 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (6850109)<br>| &nbsp;&nbsp; (7046554)<br>|
| Service Class | &nbsp;&nbsp; (1789686)<br>| &nbsp;&nbsp; (2236531)<br>|
|  | &nbsp;&nbsp; (8639795)<br>| &nbsp;&nbsp; (9283085)<br>|
| Net decrease | &nbsp;&nbsp; (702629)<br>| &nbsp;&nbsp; (5019112)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

LVIP Dimensional U.S. Core Equity 2 Fund-36

------

**LVIP Dimensional U.S. Core Equity 2 Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Risk Factors**

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the year ended December 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional U.S. Core Equity 2 Fund-37

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Dimensional U.S. Core Equity 2 Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Dimensional U.S. Core Equity 2 Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img3cb9b6372.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Dimensional U.S. Core Equity 2 Fund–38

------

![](img1f1f5dac1.jpg)

![](img9ecea36d2.jpg)

LVIP Dimensional U.S. Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_85f9b008-8974-440e-9d79-a9c1c131f193_SOI-continued-278_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_85f9b008-8974-440e-9d79-a9c1c131f193_FS-continued-278_1)**  | &nbsp;&nbsp; **2** |
| **[Statement of Operations](#xx_85f9b008-8974-440e-9d79-a9c1c131f193_FS-continued-278_2)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_85f9b008-8974-440e-9d79-a9c1c131f193_FS-continued-278_2)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_85f9b008-8974-440e-9d79-a9c1c131f193_FIHI-continued-278_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_85f9b008-8974-440e-9d79-a9c1c131f193_NTF-continued-278_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_85f9b008-8974-440e-9d79-a9c1c131f193_AUDIT-continued-278_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENT–58.11%** | **AFFILIATED INVESTMENT–58.11%** | **AFFILIATED INVESTMENT–58.11%** |
| **INVESTMENT COMPANY–58.11%** | **INVESTMENT COMPANY–58.11%** | **INVESTMENT COMPANY–58.11%** |
| **Equity Fund–58.11%** | **Equity Fund–58.11%** | **Equity Fund–58.11%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP Dimensional U.S. Core <br> Equity 2 Fund<br>| 22559324 | $515503105 |
| **Total Affiliated Investment** <br>**(Cost $229,570,417)**<br>|  | **515503105** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **UNAFFILIATED INVESTMENTS–41.71%** | **UNAFFILIATED INVESTMENTS–41.71%** | **UNAFFILIATED INVESTMENTS–41.71%** |
| **INVESTMENT COMPANIES–41.71%** | **INVESTMENT COMPANIES–41.71%** | **INVESTMENT COMPANIES–41.71%** |
| **Equity Fund–38.41%** | **Equity Fund–38.41%** | **Equity Fund–38.41%** |
| \*\*Dimensional Investment <br> Group–<br> DFA U.S. Large Company <br> Portfolio<br>| 7505612 | 340754816 |
|  |  | **340754816** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** | **UNAFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–3.30%** | **Money Market Fund–3.30%** | **Money Market Fund–3.30%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 29333260 | $29333260 |
|  |  | **29333260** |
| **Total Unaffiliated** <br> **Investments** <br>**(Cost $138,312,569)**<br>|  | **370088076** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.82% (Cost $367,882,986)** | **885591181** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.18%** | **1598810** |
| **NET ASSETS APPLICABLE TO 39,845,412 SHARES OUTSTANDING–100.00%** | **$887189991** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*\*Institutional Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 35 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $4371500 | &nbsp;&nbsp; $4564786 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(193286)<br>|
| 54 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 18609750 | &nbsp;&nbsp; 18606265 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 3485 | &nbsp;&nbsp; — |
| 21 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 6982920 | &nbsp;&nbsp; 7088975 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (106055)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $3485 | &nbsp;&nbsp; $(299341)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statement of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| DFA–Dimensional Fund Advisors |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-1

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Equity Managed Volatility Fund** | **LVIP Dimensional U.S. Equity Managed Volatility Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 |
| **ASSETS:** |  |
| Affiliated investments, at value | &nbsp;&nbsp; $515503105 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 370088076 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 2200289 |
| Receivable for fund shares sold | &nbsp;&nbsp; 1060153 |
| Receivable for securities sold | &nbsp;&nbsp; 259335 |
| Dividends and interest receivable  | &nbsp;&nbsp; 95197 |
| Prepaid expenses | &nbsp;&nbsp; 3302 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 889209457 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 1333138 |
| Due to manager and affiliates | &nbsp;&nbsp; 390478 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 255144 |
| Payable for audit fee | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 13865 |
| Other accrued expenses payable | &nbsp;&nbsp; 9770 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 2019466 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $887189991 |
| Affiliated investments, at cost | &nbsp;&nbsp; $229570417 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 138312569 |
| **Standard Class:** |  |
| Net Assets | &nbsp;&nbsp; $45817229 |
| Shares Outstanding | &nbsp;&nbsp; 2053366 |
| Net Asset Value Per Share | &nbsp;&nbsp; $22.313 |
| **Service Class:** |  |
| Net Assets | &nbsp;&nbsp; $841372762 |
| Shares Outstanding | &nbsp;&nbsp; 37792046 |
| Net Asset Value Per Share | &nbsp;&nbsp; $22.263 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $337491362 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 549698629 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $887189991 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** | **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends from unaffiliated investments | $5513401 |
| Dividends from affiliated investments | 4564263 |
|  | 10077664 |
| **EXPENSES:** |  |
| Management fees | 2275863 |
| Distribution fees-Service Class | 2170094 |
| Shareholder servicing fees | 264000 |
| Accounting and administration expenses | 128258 |
| Professional fees | 56794 |
| Trustees' fees and expenses | 26769 |
| Reports and statements to shareholders | 22517 |
| Custodian fees | 9276 |
| Consulting fees | 8258 |
| Pricing fees | 3385 |
| Other | 26024 |
|  | 4991238 |
| Less:  |  |
| Management fees waived | (45517)<br>|
| Total operating expenses | 4945721 |
| **NET INVESTMENT INCOME**  | 5131943 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Sale of affiliated investments | 38959541 |
| Sale of unaffiliated investments | 53486547 |
| Distributions from affiliated investment <br> companies<br>| 43123930 |
| Futures contracts | (50952833)<br>|
| Net realized gain | 84617185 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Affiliated investments | (12609160)<br>|
| Unaffiliated investments | (269285)<br>|
| Futures contracts | 1904733 |
| Net change in unrealized appreciation <br> (depreciation)<br>| (10973712)<br>|
| **NET REALIZED AND UNREALIZED GAIN** | 73643473 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $78775416 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** | **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** | **LVIP Dimensional U.S. Equity Managed Volatility** <br> **Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $5131943 | $7457915 |
| Net realized gain | 84617185 | 122586769 |
| Net change in unrealized <br> appreciation (depreciation)<br>| (10973712)<br>| 56122605 |
| Net increase in net assets resulting <br> from operations<br>| 78775416 | 186167289 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (5711349)<br>| (2529758)<br>|
| Service Class | (109978159)<br>| (56228702)<br>|
|  | (115689508)<br>| (58758460)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 10287691 | 12858114 |
| Service Class | 37252368 | 17165233 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 5711349 | 2529758 |
| Service Class | 109978159 | 56228702 |
|  | 163229567 | 88781807 |
| Cost of shares redeemed: |  |  |
| Standard Class | (9623392)<br>| (17176587)<br>|
| Service Class | (190142590)<br>| (227517046)<br>|
|  | (199765982)<br>| (244693633)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (36536415)<br>| (155911826)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (73450507)<br>| (28502997)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 960640498 | 989143495 |
| End of year | $887189991 | $960640498 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-3

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $23.426 | &nbsp;&nbsp; $20.681 | &nbsp;&nbsp; $19.323 | &nbsp;&nbsp; $23.790 | &nbsp;&nbsp; $18.815 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.183 | 0.226 | 0.243 | 0.204 | 0.167 |
| Net realized and unrealized gain (loss) | 1.843 | 4.006 | 3.784 | &nbsp;&nbsp; (3.716)<br>| 5.043 |
| Total from investment operations | 2.026 | 4.232 | 4.027 | &nbsp;&nbsp; (3.512)<br>| 5.210 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.235)<br>| &nbsp;&nbsp; (0.329)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.221)<br>| &nbsp;&nbsp; (0.235)<br>|
| Net realized gain | &nbsp;&nbsp; (2.904)<br>| &nbsp;&nbsp; (1.158)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.734)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (3.139)<br>| &nbsp;&nbsp; (1.487)<br>| &nbsp;&nbsp; (2.669)<br>| &nbsp;&nbsp; (0.955)<br>| &nbsp;&nbsp; (0.235)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.313 | &nbsp;&nbsp; $23.426 | &nbsp;&nbsp; $20.681 | &nbsp;&nbsp; $19.323 | &nbsp;&nbsp; $23.790 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 9.02% | &nbsp;&nbsp; 20.65% | &nbsp;&nbsp; 21.95% | &nbsp;&nbsp; (14.69%)<br>| &nbsp;&nbsp; 27.69% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $45817 | &nbsp;&nbsp; $41042 | &nbsp;&nbsp; $37849 | &nbsp;&nbsp; $30270 | &nbsp;&nbsp; $36695 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.78% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.77% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-4

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** | **LVIP Dimensional U.S. Equity Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $23.385 | &nbsp;&nbsp; $20.646 | &nbsp;&nbsp; $19.300 | &nbsp;&nbsp; $23.760 | &nbsp;&nbsp; $18.792 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.126 | 0.168 | 0.192 | 0.151 | 0.112 |
| Net realized and unrealized gain (loss) | 1.834 | 3.996 | 3.773 | &nbsp;&nbsp; (3.709)<br>| 5.033 |
| Total from investment operations | 1.960 | 4.164 | 3.965 | &nbsp;&nbsp; (3.558)<br>| 5.145 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.178)<br>| &nbsp;&nbsp; (0.267)<br>| &nbsp;&nbsp; (0.186)<br>| &nbsp;&nbsp; (0.168)<br>| &nbsp;&nbsp; (0.177)<br>|
| Net realized gain | &nbsp;&nbsp; (2.904)<br>| &nbsp;&nbsp; (1.158)<br>| &nbsp;&nbsp; (2.433)<br>| &nbsp;&nbsp; (0.734)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (3.082)<br>| &nbsp;&nbsp; (1.425)<br>| &nbsp;&nbsp; (2.619)<br>| &nbsp;&nbsp; (0.902)<br>| &nbsp;&nbsp; (0.177)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $22.263 | &nbsp;&nbsp; $23.385 | &nbsp;&nbsp; $20.646 | &nbsp;&nbsp; $19.300 | &nbsp;&nbsp; $23.760 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 20.36% | &nbsp;&nbsp; 21.64% | &nbsp;&nbsp; (14.90%)<br>| &nbsp;&nbsp; 27.38% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $841373 | &nbsp;&nbsp; $919598 | &nbsp;&nbsp; $951295 | &nbsp;&nbsp; $862391 | &nbsp;&nbsp; $1094120 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.53% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.52% |
| Portfolio turnover | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 4% | &nbsp;&nbsp; 7% | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-5

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Dimensional U.S. Equity Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies that are advised by Lincoln Financial Investments Corporation ("LFI") or other unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek long-term capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-6

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $75966 |
| Legal | &nbsp;&nbsp; 12562 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $9,529 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $187065 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 181123 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 148 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 22142 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP Dimensional U.S. Equity Managed Volatility Fund-7

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANY-58.11%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| **Equity Fund-58.11%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Dimensional U.S. Core Equity <br> 2 Fund<br>| $542930224 | $66125694 | $119903194 | $38959541 | $(12609160)<br>| $515503105 | 22559324 | $4564263 | $43123930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |

---

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $75560347 |
| Sales | &nbsp;&nbsp; 211477980 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $371567887 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $514026783 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (3484)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $514023299 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. The amount and character of tax-basis distributions, if any, and tax composition of distributable earnings/(accumulated loss), as shown on the Statement of Assets and Liabilities are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of December 31, 2025.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP Dimensional U.S. Equity Managed Volatility Fund-8

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Company | &nbsp;&nbsp; $515503105 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $515503105 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 370088076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 370088076 |
| **Total Investments** | &nbsp;&nbsp; $885591181 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $885591181 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $3485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3485 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(299341)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(299341)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $92409750 | &nbsp;&nbsp; $30569985 |
| Long-term capital gains | &nbsp;&nbsp; 23279758 | &nbsp;&nbsp; 28188475 |
| Total | &nbsp;&nbsp; $115689508 | &nbsp;&nbsp; $58758460 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $88213193 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 34243344 |
| Other temporary differences | &nbsp;&nbsp; (86781207)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 514023299 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $549698629 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

LVIP Dimensional U.S. Equity Managed Volatility Fund-9

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 461053 | &nbsp;&nbsp; 563043 |
| Service Class | &nbsp;&nbsp; 1684611 | &nbsp;&nbsp; 754764 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 260561 | &nbsp;&nbsp; 109319 |
| Service Class | &nbsp;&nbsp; 5040840 | &nbsp;&nbsp; 2438456 |
|  | &nbsp;&nbsp; 7447065 | &nbsp;&nbsp; 3865582 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (420209)<br>| &nbsp;&nbsp; (750529)<br>|
| Service Class | &nbsp;&nbsp; (8258507)<br>| &nbsp;&nbsp; (9944295)<br>|
|  | &nbsp;&nbsp; (8678716)<br>| &nbsp;&nbsp; (10694824)<br>|
| Net decrease | &nbsp;&nbsp; (1231651)<br>| &nbsp;&nbsp; (6829242)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and as a cash management tool.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $3485 | Variation margin due to broker on futures <br> contracts<br>| $(299341)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Dimensional U.S. Equity Managed Volatility Fund-10

------

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(50952833)<br>| &nbsp;&nbsp; $1904733 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $32298898 | $26539409 |

---

**9. Risk Factors**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Dimensional U.S. Equity Managed Volatility Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Dimensional U.S. Equity Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LVIP Dimensional U.S. Equity Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img2374ea423.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Dimensional U.S. Equity Managed Volatility Fund–12

------

![](imgeede1e521.jpg)

![](imgc34bc62a2.jpg)

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_2d085bf7-ba8f-4028-a581-184fba9d6579_SOI-continued-283_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_2d085bf7-ba8f-4028-a581-184fba9d6579_FS-continued-283_1)**  | &nbsp;&nbsp; **3** |
| **[Statements of Changes in Net Assets](#xx_2d085bf7-ba8f-4028-a581-184fba9d6579_FS-continued-283_1)**  | &nbsp;&nbsp; **3** |
| **[Financial Highlights](#xx_2d085bf7-ba8f-4028-a581-184fba9d6579_FIHI-continued-283_1)**  | &nbsp;&nbsp; **4** |
| **[Notes to Financial Statements](#xx_2d085bf7-ba8f-4028-a581-184fba9d6579_NTF-continued-283_1)**  | &nbsp;&nbsp; **6** |
| **[Report of Independent Registered Public Accounting Firm](#xx_2d085bf7-ba8f-4028-a581-184fba9d6579_AUDIT-continued-283_1)**  | &nbsp;&nbsp; **12** |

---

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **INVESTMENT COMPANIES–99.83%** | **INVESTMENT COMPANIES–99.83%** | **INVESTMENT COMPANIES–99.83%** |
| **Equity Funds–96.77%** | **Equity Funds–96.77%** | **Equity Funds–96.77%** |
| ✠Fidelity<sup>®</sup>- | ✠Fidelity<sup>®</sup>- |  |
| VIP Contrafund<sup>®</sup> Portfolio | 5943688 | $355967491 |
| VIP Equity-Income Portfolio | 5226317 | 153810490 |
|  |  | **509777981** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Money Market Fund–3.06%** | **Money Market Fund–3.06%** | **Money Market Fund–3.06%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 16109562 | $16109562 |
|  |  | **16109562** |
| **Total Investment Companies** <br>**(Cost $317,603,089)**<br>|  | **525887543** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.83% (Cost $317,603,089)** | **525887543** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.17%** | **908576** |
| **NET ASSETS APPLICABLE TO 32,917,072 SHARES OUTSTANDING–100.00%** | **$526796119** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **SELECT CORE EQUITY MANAGED VOLATILITY** <br> **FUND STANDARD CLASS** <br>**($94,077 / 5,858 Shares)** | **$16.059** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **SELECT CORE EQUITY MANAGED VOLATILITY** <br> **FUND SERVICE CLASS** <br>**($526,702,042 / 32,911,214 Shares)** | **$16.004** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$337656641** |
| Distributable earnings/(accumulated loss) | **189139478** |
| **TOTAL NET ASSETS** | **$526796119** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✠Initial Class.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,202,427 cash collateral held at broker for futures contracts, $41,938 expense reimbursement receivable from Lincoln Financial <br> Investments Corporation, $1,315,579 payable for fund shares redeemed, $7,398 other accrued expenses payable, $203,052 due to manager <br> and affiliates, $130,205 variation margin due to broker on futures contracts, $17,071 payable for audit fee and $13,822 payable for fund <br> accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 47 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $16197375 | &nbsp;&nbsp; $16194342 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $3033 | &nbsp;&nbsp; $— |
| 2 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 665040 | &nbsp;&nbsp; 675140 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10100)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $3033 | &nbsp;&nbsp; $(10100)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-1

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $3940158 |
| **EXPENSES:** |  |
| Management fees | 3612353 |
| Distribution fees-Service Class | 1805859 |
| Shareholder servicing fees | 149655 |
| Accounting and administration expenses | 88673 |
| Professional fees | 47917 |
| Reports and statements to shareholders | 32903 |
| Trustees' fees and expenses | 14969 |
| Consulting fees | 7944 |
| Custodian fees | 7397 |
| Pricing fees | 1825 |
| Other | 17992 |
|  | 5787487 |
| Less:  |  |
| Management fees waived | (3225315)<br>|
| Expenses reimbursed | (266065)<br>|
| Total operating expenses | 2296107 |
| **NET INVESTMENT INCOME**  | 1644051 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 7610769 |
| Distributions from investment companies | 62639943 |
| Futures contracts | (24162550)<br>|
| Net realized gain | 46088162 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 19611298 |
| Futures contracts | 913754 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 20525052 |
| **NET REALIZED AND UNREALIZED GAIN** | 66613214 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $68257265 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core** <br> **Equity Managed Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $1644051 | $2233450 |
| Net realized gain | 46088162 | 83846246 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 20525052 | 39478376 |
| Net increase in net assets resulting <br> from operations<br>| 68257265 | 125558072 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (14343)<br>| (11692)<br>|
| Service Class | (80021322)<br>| (66857752)<br>|
| Return of capital: |  |  |
| Standard Class | (288)<br>|  |
| Service Class | (1637215)<br>|  |
|  | (81673168)<br>| (66869444)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 2059 | 802 |
| Service Class | 45839482 | 38187254 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 14631 | 11692 |
| Service Class | 81658537 | 66857752 |
|  | 127514709 | 105057500 |
| Cost of shares redeemed: |  |  |
| Standard Class | (8645)<br>| (15743)<br>|
| Service Class | (107812069)<br>| (133940793)<br>|
|  | (107820714)<br>| (133956536)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| 19693995 | (28899036)<br>|
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 6278092 | 29789592 |
| **NET ASSETS:** |  |  |
| Beginning of year | 520518027 | 490728435 |
| End of year | $526796119 | $520518027 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-3

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $16.529 | &nbsp;&nbsp; $14.842 | &nbsp;&nbsp; $12.592 | &nbsp;&nbsp; $18.674 | &nbsp;&nbsp; $15.290 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.113 | 0.134 | 0.144 | 0.129 | 0.085 |
| Net realized and unrealized gain (loss) | 2.221 | 3.945 | 2.983 | &nbsp;&nbsp; (3.708)<br>| 4.030 |
| Total from investment operations | 2.334 | 4.079 | 3.127 | &nbsp;&nbsp; (3.579)<br>| 4.115 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.681)<br>| &nbsp;&nbsp; (1.754)<br>| &nbsp;&nbsp; (0.147)<br>| &nbsp;&nbsp; (0.139)<br>| &nbsp;&nbsp; (0.243)<br>|
| Net realized gain | &nbsp;&nbsp; (1.069)<br>| &nbsp;&nbsp; (0.638)<br>| &nbsp;&nbsp; (0.730)<br>| &nbsp;&nbsp; (2.364)<br>| &nbsp;&nbsp; (0.488)<br>|
| Return of capital | &nbsp;&nbsp; (0.054)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (2.804)<br>| &nbsp;&nbsp; (2.392)<br>| &nbsp;&nbsp; (0.877)<br>| &nbsp;&nbsp; (2.503)<br>| &nbsp;&nbsp; (0.731)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.059 | &nbsp;&nbsp; $16.529 | &nbsp;&nbsp; $14.842 | &nbsp;&nbsp; $12.592 | &nbsp;&nbsp; $18.674 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 14.27% | &nbsp;&nbsp; 27.63% | &nbsp;&nbsp; 25.25% | &nbsp;&nbsp; (18.92%)<br>| &nbsp;&nbsp; 26.98% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $94 | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $74 | &nbsp;&nbsp; $153 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.10% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.49% |
| Ratio of net investment income (loss) to average net <br> assets prior to expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.02%)<br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; (0.18%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-4

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $16.486 | &nbsp;&nbsp; $14.808 | &nbsp;&nbsp; $12.569 | &nbsp;&nbsp; $18.648 | &nbsp;&nbsp; $15.270 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.054 | 0.073 | 0.095 | 0.073 | 0.024 |
| Net realized and unrealized gain (loss) | 2.208 | 3.932 | 2.971 | &nbsp;&nbsp; (3.698)<br>| 4.021 |
| Total from investment operations | 2.262 | 4.005 | 3.066 | &nbsp;&nbsp; (3.625)<br>| 4.045 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.621)<br>| &nbsp;&nbsp; (1.689)<br>| &nbsp;&nbsp; (0.097)<br>| &nbsp;&nbsp; (0.090)<br>| &nbsp;&nbsp; (0.179)<br>|
| Net realized gain | &nbsp;&nbsp; (1.069)<br>| &nbsp;&nbsp; (0.638)<br>| &nbsp;&nbsp; (0.730)<br>| &nbsp;&nbsp; (2.364)<br>| &nbsp;&nbsp; (0.488)<br>|
| Return of capital | &nbsp;&nbsp; (0.054)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (2.744)<br>| &nbsp;&nbsp; (2.327)<br>| &nbsp;&nbsp; (0.827)<br>| &nbsp;&nbsp; (2.454)<br>| &nbsp;&nbsp; (0.667)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.004 | &nbsp;&nbsp; $16.486 | &nbsp;&nbsp; $14.808 | &nbsp;&nbsp; $12.569 | &nbsp;&nbsp; $18.648 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.87% | &nbsp;&nbsp; 27.19% | &nbsp;&nbsp; 24.81% | &nbsp;&nbsp; (19.20%)<br>| &nbsp;&nbsp; 26.54% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $526702 | &nbsp;&nbsp; $520430 | &nbsp;&nbsp; $490647 | &nbsp;&nbsp; $447926 | &nbsp;&nbsp; $596931 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.14% |
| Ratio of net investment loss to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; (0.37%)<br>| &nbsp;&nbsp; (0.25%)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19%)<br>| &nbsp;&nbsp; (0.53%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-5

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**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund. The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, primarily the Fidelity<sup>®</sup>-VIP Contrafund<sup>®</sup> Portfolio and Fidelity<sup>®</sup> VIP Equity-Income Portfolio (collectively, the "Underlying Funds"). The Fund is advised by Lincoln Financial Investments Corporation ("LFI"). The Fidelity<sup>®</sup>-VIP Contrafund<sup>®</sup> Portfolio and Fidelity<sup>®</sup> VIP Equity-Income Portfolio, which are advised by an unaffiliated adviser, invest primarily in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund's investment objective is to seek capital appreciation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Fund values Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-6

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.70% of the Fund's average daily net assets. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.625% of the Fund's average daily net assets. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.095% of the Fund's average daily net assets for the Standard Class and 0.445% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $241555 | &nbsp;&nbsp; $240078 | &nbsp;&nbsp; $266065 | &nbsp;&nbsp; $747698 |

---

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $42735 |
| Legal | &nbsp;&nbsp; 7086 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-7

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $24,320 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $41938 |
| Management fees payable to LFI | &nbsp;&nbsp; 33548 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 156532 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 12972 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $91549107 |
| Sales | &nbsp;&nbsp; 103391197 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $336748062 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $189143777 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (4296)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $189139481 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-8

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $525887543 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $525887543 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $3033 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3033 |
| **Liabilities:** |  |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(10100)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10100)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $2507527 | &nbsp;&nbsp; $6172268 |
| Long-term capital gains | &nbsp;&nbsp; 77528138 | &nbsp;&nbsp; 60697176 |
| Return of capital | &nbsp;&nbsp; 1637503 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $81673168 | &nbsp;&nbsp; $66869444 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Other temporary differences | &nbsp;&nbsp; $(3)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 189139481 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $189139478 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-9

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**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 45 |
| Service Class | &nbsp;&nbsp; 2726677 | &nbsp;&nbsp; 2219225 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 699 |
| Service Class | &nbsp;&nbsp; 4956172 | &nbsp;&nbsp; 4001841 |
|  | &nbsp;&nbsp; 7683860 | &nbsp;&nbsp; 6221810 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (488)<br>| &nbsp;&nbsp; (917)<br>|
| Service Class | &nbsp;&nbsp; (6340112)<br>| &nbsp;&nbsp; (7785800)<br>|
|  | &nbsp;&nbsp; (6340600)<br>| &nbsp;&nbsp; (7786717)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1343260 | &nbsp;&nbsp; (1564907)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $3033 | Receivables and other assets net of <br> liabilities<br>| $(10100)<br>|

---

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-10

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Select Core Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(24162550)<br>| &nbsp;&nbsp; $913754 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $17768983 | $12407745 |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. The Fund invests primarily in other regulated investment companies and management of the Fund has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Fund did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund-11

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img10d01bb03.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund–12

------

![](imgd69a0e741.jpg)

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

(formerly, LVIP Macquarie Diversified Income Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_56d08b6c-82f2-4e6d-8e38-f7a8a987a4a5_SOI-continued-453_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_56d08b6c-82f2-4e6d-8e38-f7a8a987a4a5_FS-continued-453_1)**  | &nbsp;&nbsp; **47** |
| **[Statements of Changes in Net Assets](#xx_56d08b6c-82f2-4e6d-8e38-f7a8a987a4a5_FS-continued-453_1)**  | &nbsp;&nbsp; **47** |
| **[Financial Highlights](#xx_56d08b6c-82f2-4e6d-8e38-f7a8a987a4a5_FIHI-continued-453_1)**  | &nbsp;&nbsp; **48** |
| **[Notes to Financial Statements](#xx_56d08b6c-82f2-4e6d-8e38-f7a8a987a4a5_NTF-continued-453_1)**  | &nbsp;&nbsp; **50** |
| **[Report of Independent Registered Public Accounting Firm](#xx_56d08b6c-82f2-4e6d-8e38-f7a8a987a4a5_AUDIT-continued-453_1)**  | &nbsp;&nbsp; **62** |

---

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.11%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.11%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.11%** |
| Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  |
| Series 5001 Class A 2.00% <br> 1/25/45<br>| 860253 | $815121 |
| Series 5002 Class TJ 2.00% <br> 7/25/50<br>| 1016065 | 856864 |
| Series 5059 Class GA 1.00% <br> 1/25/51<br>| 246606 | 191240 |
| Series 5209 Class EA 3.00% <br> 8/25/50<br>| 363345 | 338602 |
| Series 5209 Class EJ 3.00% <br> 8/25/50<br>| 363345 | 338601 |
| •Series 5250 Class FA 4.54% <br> (30 day USD SOFR Average <br> + 0.67%) 8/25/52<br>| 221756 | 218905 |
| •Series 5254 Class FG 4.62% <br> (30 day USD SOFR Average <br> + 0.75%) 9/25/52<br>| 487633 | 484769 |
| •Series 5354 Class FC 5.32% <br> (30 day USD SOFR Average <br> + 1.45%) 10/25/53<br>| 4410957 | 4468456 |
| •Series 5476 Class FB 4.97% <br> (30 day USD SOFR Average <br> + 1.10%) 11/25/54<br>| 1630939 | 1637546 |
| ♦Federal Home Loan Mortgage <br> Corp. Structured <br> Pass-Through Certificates <br> Series T-58 Class 2A 6.50% <br> 9/25/43<br>| 1193 | 1257 |
| Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
| •Series 1999-T2 Class A1 <br> 7.50% 1/19/39<br>| 89 | 92 |
| Series 2004-T1 Class 1A2 <br> 6.50% 1/25/44<br>| 1072 | 1113 |
| Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  |
| Series 2022-18 Class DL <br> 3.25% 7/25/46<br>| 447257 | 428909 |
| •Series 2022-53 Class FG <br> 4.67% (30 day USD SOFR <br> Average + 0.80%) 8/25/52<br>| 1460171 | 1453275 |
| •Series 2022-56 Class FJ <br> 4.67% (30 day USD SOFR <br> Average + 0.80%) 9/25/52<br>| 2166678 | 2156445 |
| •Series 2022-64 Class GF <br> 4.67% (30 day USD SOFR <br> Average + 0.80%) 10/25/52<br>| 1644069 | 1635891 |
| •Series 2022-67 Class FA <br> 4.67% (30 day USD SOFR <br> Average + 0.80%) 10/25/52<br>| 2127485 | 2117427 |
| Series 2022-9 Class DJ 3.25% <br> 3/25/49<br>| 252483 | 237566 |
| •Series 2023-51 Class FB <br> 5.42% (30 day USD SOFR <br> Average + 1.55%) 11/25/53<br>| 2080472 | 2106233 |
| •Series 2023-53 Class FD <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 11/25/53<br>| 1644217 | 1663300 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  |
| •Series 2023-56 Class FC <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 11/25/53<br>| 1505236 | $1522754 |
| •Series 2024-7 Class FB 5.07% <br> (30 day USD SOFR Average <br> + 1.20%) 9/25/53<br>| 1272971 | 1280235 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $23,660,765)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $23,660,765)** | **23954601** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.34%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.34%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.34%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates |
| ♦•Series K135 Class A2 2.15% <br> 10/25/31<br>| 200000 | 179425 |
| ♦•Series K521 Class AS 4.53% <br> (30 day USD SOFR Average <br> + 0.52%) 3/25/29<br>| 698174 | 698491 |
| ♦•Series K543 Class A2 4.33% <br> 6/25/30<br>| 300000 | 303111 |
| ♦•Series K544 Class A2 4.27% <br> 7/25/30<br>| 300000 | 302187 |
| ♦Series K546 Class A2 4.36% <br> 5/25/30<br>| 300000 | 303509 |
| ♦•Series K547 Class A2 4.42% <br> 5/25/30<br>| 600000 | 608383 |
| ♦•Series K548 Class A2 4.32% <br> 9/25/30<br>| 700000 | 706920 |
| ♦•Series K549 Class A2 4.34% <br> 9/25/30<br>| 100000 | 101052 |
| ♦•Series K551 Class A2 4.17% <br> 11/25/30<br>| 200000 | 200573 |
| ♦•Series K551 Class AS 4.55% <br> (30 day USD SOFR Average <br> + 0.55%) 10/25/30<br>| 2200000 | 2199977 |
| ♦•Series K552 Class AS 4.55% <br> (30 day USD SOFR Average <br> + 0.54%) 10/25/30<br>| 1300000 | 1304553 |
| ♦•Series K763 Class A2 4.17% <br> 10/25/32<br>| 500000 | 497662 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $7,402,531)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $7,402,531)** | **7405843** |
| **AGENCY MORTGAGE-BACKED SECURITIES–16.72%** | **AGENCY MORTGAGE-BACKED SECURITIES–16.72%** | **AGENCY MORTGAGE-BACKED SECURITIES–16.72%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1.50% 4/1/36 | 735337 | 667521 |
| 2.00% 1/1/37 | 7247224 | 6726708 |
| 2.00% 3/1/41 | 5098636 | 4451007 |
| 2.00% 1/1/51 | 6055487 | 4942470 |
| 2.00% 5/1/51 | 17272 | 14274 |
| 2.00% 12/1/51 | 18387 | 15143 |
| 2.00% 1/1/52 | 1775271 | 1464653 |
| 2.00% 3/1/52 | 2673371 | 2188982 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-1

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 2.50% 1/1/40 | 2393629 | $2186390 |
| 2.50% 3/1/51 | 6621496 | 5715360 |
| 2.50% 11/1/51 | 3760362 | 3248685 |
| 2.50% 12/1/51 | 7641079 | 6595876 |
| 2.50% 1/1/52 | 293010 | 251853 |
| 2.50% 4/1/52 | 1199706 | 1038960 |
| 3.00% 4/1/42 | 1925031 | 1798559 |
| 3.00% 6/1/42 | 3134252 | 2928343 |
| 3.00% 11/1/46 | 2232634 | 2034444 |
| 3.00% 1/1/47 | 2212616 | 1998629 |
| 3.00% 7/1/50 | 1296085 | 1175453 |
| 3.00% 5/1/51 | 7914444 | 7162860 |
| 3.00% 8/1/52 | 6738632 | 6037061 |
| »3.50% 11/1/48 | 2085517 | 1971403 |
| 3.50% 4/1/52 | 3076696 | 2866132 |
| 4.00% 10/1/47 | 986892 | 951003 |
| 4.00% 9/1/52 | 6726340 | 6446067 |
| 4.50% 7/1/52 | 1009302 | 993690 |
| 4.50% 8/1/55 | 314407 | 308268 |
| 5.00% 8/1/40 | 868295 | 879583 |
| 5.00% 7/1/52 | 4237586 | 4271372 |
| 5.00% 6/1/53 | 4244214 | 4252361 |
| 5.50% 9/1/41 | 1928257 | 2018398 |
| 5.50% 11/1/52 | 3982221 | 4076863 |
| 6.00% 12/1/52 | 1614980 | 1687324 |
| 6.00% 7/1/54 | 3400216 | 3499631 |
| 6.00% 8/1/55 | 1865562 | 1949561 |
| 6.50% 6/1/55 | 1892460 | 2006493 |
| 7.00% 11/1/53 | 89261 | 95516 |
| 7.00% 12/1/53 | 129512 | 138273 |
| 7.00% 1/1/54 | 435816 | 464647 |
| 7.00% 2/1/54 | 115988 | 123455 |
| 7.00% 6/1/54 | 397690 | 424618 |
| 7.00% 8/1/54 | 350639 | 374274 |
| 7.00% 9/1/54 | 118973 | 126632 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1.50% 4/1/36 | 582947 | 529187 |
| 1.50% 6/1/36 | 1760687 | 1593659 |
| 2.00% 3/1/41 | 3661545 | 3196456 |
| 2.00% 5/1/41 | 4228814 | 3685652 |
| 2.00% 12/1/50 | 435927 | 358969 |
| 2.00% 2/1/51 | 1889529 | 1558541 |
| 2.00% 4/1/51 | 389983 | 317655 |
| 2.00% 8/1/51 | 2125453 | 1747928 |
| 2.00% 11/1/51 | 51726 | 42657 |
| 2.00% 12/1/51 | 819676 | 668675 |
| 2.00% 2/1/52 | 2194190 | 1807157 |
| 2.00% 3/1/52 | 963459 | 792703 |
| 2.50% 8/1/36 | 315900 | 299284 |
| »2.50% 1/1/43 | 1694821 | 1523420 |
| 2.50% 8/1/50 | 8114827 | 7017458 |
| 2.50% 11/1/50 | 6933063 | 5903920 |
| 2.50% 1/1/51 | 3210258 | 2751982 |
| 2.50% 7/1/51 | 1199709 | 1038963 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 2.50% 9/1/51 | 2619629 | $2268611 |
| 2.50% 12/1/51 | 2086549 | 1802598 |
| 2.50% 2/1/52 | 7558326 | 6498635 |
| 2.50% 4/1/52 | 1907474 | 1637539 |
| 3.00% 9/1/37 | 1028904 | 986856 |
| 3.00% 10/1/46 | 5115010 | 4648068 |
| 3.00% 4/1/47 | 572498 | 517600 |
| 3.00% 11/1/48 | 993190 | 901070 |
| 3.00% 12/1/49 | 8210441 | 7402849 |
| 3.00% 7/1/51 | 5866786 | 5268024 |
| 3.00% 9/1/51 | 1014457 | 919181 |
| 3.00% 12/1/51 | 481110 | 430225 |
| 3.00% 6/1/52 | 5375389 | 4816201 |
| 3.50% 1/1/48 | 2841832 | 2697503 |
| 3.50% 2/1/48 | 1683310 | 1587215 |
| 3.50% 1/1/50 | 1098199 | 1034642 |
| 3.50% 8/1/50 | 7384318 | 6973089 |
| 4.00% 8/1/42 | 751538 | 739333 |
| 4.00% 9/1/48 | 161382 | 155879 |
| 4.00% 6/1/49 | 764855 | 740089 |
| 4.00% 5/1/51 | 5307594 | 5101999 |
| 4.50% 1/1/50 | 3755924 | 3758015 |
| 5.00% 7/1/40 | 199509 | 202102 |
| 5.00% 7/1/47 | 531620 | 546668 |
| 5.50% 5/1/44 | 4290875 | 4488705 |
| 5.50% 10/1/52 | 3718043 | 3791256 |
| 5.50% 11/1/52 | 5677110 | 5817810 |
| 6.00% 1/1/42 | 5039568 | 5327230 |
| ∞6.00% 7/1/53 | 6332806 | 6588721 |
| 6.00% 5/1/55 | 5431015 | 5669549 |
| 6.00% 6/1/55 | 1061389 | 1110966 |
| 6.00% 7/1/55 | 1978875 | 2071314 |
| 6.00% 8/1/55 | 607146 | 632683 |
| 6.50% 6/1/54 | 2373472 | 2510782 |
| 6.50% 7/1/54 | 2084064 | 2191689 |
| 6.50% 7/1/55 | 684914 | 727013 |
| 7.00% 10/1/53 | 85856 | 91663 |
| 7.00% 11/1/53 | 58618 | 62087 |
| 7.00% 12/1/53 | 230479 | 245273 |
| 7.00% 1/1/54 | 1509264 | 1609515 |
| 7.00% 2/1/54 | 215173 | 229869 |
| 7.00% 4/1/54 | 9231 | 9832 |
| 7.00% 6/1/54 | 229576 | 244756 |
| 7.00% 8/1/54 | 35942 | 38327 |
| 7.00% 9/1/54 | 91188 | 97576 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 3/20/52 | 2316252 | 1918881 |
| 2.50% 8/20/51 | 3551307 | 3064906 |
| 2.50% 10/20/51 | 125000 | 107879 |
| 2.50% 4/20/52 | 3399998 | 2934291 |
| 3.00% 12/20/46 | 353727 | 322112 |
| 3.00% 5/20/51 | 366510 | 329749 |
| 3.00% 6/20/51 | 97918 | 88097 |
| 3.00% 7/20/51 | 123978 | 111543 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-2

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 3.00% 8/20/51 | 146603 | $131899 |
| 3.00% 4/20/52 | 2391377 | 2151519 |
| 3.00% 4/20/55 | 78891 | 71059 |
| 3.50% 8/20/47 | 4788463 | 4463974 |
| 3.50% 8/20/52 | 1513656 | 1387207 |
| 3.50% 10/20/52 | 465108 | 427559 |
| 5.00% 12/20/54 | 500507 | 500859 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 2.00% 1/20/55 | 28200000 | 23348606 |
| 2.50% 1/20/55 | 7000000 | 6036953 |
| 3.00% 1/20/55 | 4100000 | 3683434 |
| 5.00% 2/20/56 | 9350000 | 9316944 |
| 5.50% 1/20/55 | 375000 | 378636 |
| 5.50% 2/20/56 | 15025000 | 15158950 |
| 5.50% 3/20/56 | 3200000 | 3227250 |
| 6.00% 2/20/56 | 8400000 | 8553891 |
| 6.00% 3/20/56 | 4000000 | 4067500 |
| 6.50% 3/20/55 | 1125000 | 1163760 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 2.00% 1/1/55 | 2250000 | 1818272 |
| 2.00% 2/1/56 | 8900000 | 7191929 |
| 4.50% 1/1/40 | 1950000 | 1950686 |
| 4.50% 1/1/55 | 1150000 | 1122563 |
| 5.00% 1/1/40 | 1975000 | 2000138 |
| 5.00% 2/1/41 | 8675000 | 8782367 |
| 5.50% 1/1/55 | 200000 | 202797 |
| 5.50% 2/1/56 | 1300000 | 1317316 |
| 6.00% 2/1/56 | 1700000 | 1744573 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $373,747,368)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $373,747,368)** | **361671767** |
| **CONVERTIBLE BONDS–0.12%** | **CONVERTIBLE BONDS–0.12%** | **CONVERTIBLE BONDS–0.12%** |
| @EchoStar Corp. 3.88% <br> exercise price $3.87, <br> maturity date 11/30/30<br>| 362568 | 1210977 |
| Golar LNG Ltd. 2.75% <br> exercise price $2.75, <br> maturity date 12/15/30<br>| 143000 | 137709 |
| MKS, Inc. 1.25% exercise <br> price $1.25, maturity date <br> 6/1/30<br>| 94000 | 119897 |
| †^ON Semiconductor Corp. <br> 0.00% exercise price $0.01, <br> maturity date 5/1/27<br>| 124000 | 147622 |
| PG&E Corp. 4.25% exercise <br> price $4.25, maturity date <br> 12/1/27<br>| 188000 | 193189 |
| Redfin Corp. 0.50% exercise <br> price $0.50, maturity date <br> 4/1/27<br>| 444000 | 415584 |
| Riot Platforms, Inc. 0.75% <br> exercise price $0.75, <br> maturity date 1/15/30<br>| 214000 | 241552 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CONVERTIBLE BONDS (continued)** | **CONVERTIBLE BONDS (continued)** | **CONVERTIBLE BONDS (continued)** |
| †^Terawulf, Inc. 0.00% exercise <br> price $0.00, maturity date <br> 5/1/32<br>| 136000 | $117640 |
| Wolfspeed, Inc. | Wolfspeed, Inc. | Wolfspeed, Inc. |
| 2.50% exercise price $2.50, <br> maturity date 6/15/31<br>| 51000 | 75544 |
| 2.50% exercise price $2.50, <br> maturity date 6/15/31<br>| 21000 | 31106 |
| **Total Convertible Bonds** <br>**(Cost $1,760,649)** | **Total Convertible Bonds** <br>**(Cost $1,760,649)** | **2690820** |
| **CORPORATE BONDS–26.51%** | **CORPORATE BONDS–26.51%** | **CORPORATE BONDS–26.51%** |
| **Advertising–0.09%** | **Advertising–0.09%** | **Advertising–0.09%** |
| Advantage Sales & Marketing, <br> Inc. 6.50% 11/15/28<br>| 175000 | 143062 |
| Clear Channel Outdoor <br> Holdings, Inc.<br>|  |  |
| 7.13% 2/15/31 | 165000 | 172779 |
| 7.50% 6/1/29 | 185000 | 183696 |
| 7.50% 3/15/33 | 165000 | 174288 |
| 7.88% 4/1/30 | 210000 | 221170 |
| CMG Media Corp. 8.88% <br> 6/18/29<br>| 45000 | 38658 |
| Dotdash Meredith, Inc. 7.63% <br> 6/15/32<br>| 90000 | 81078 |
| Lamar Media Corp. 5.38% <br> 11/1/33<br>| 175000 | 173853 |
| Neptune Bidco U.S., Inc. |  |  |
| 9.29% 4/15/29 | 265000 | 265453 |
| 10.38% 5/15/31 | 275000 | 281969 |
| Outfront Media <br> Capital LLC/Outfront Media <br> Capital Corp. 7.38% 2/15/31<br>| 55000 | 58215 |
| Publicis Groupe SA 3.38% <br> 6/12/32<br>| 100000 | 116672 |
|  |  | **1910893** |
| **Aerospace & Defense–0.53%** | **Aerospace & Defense–0.53%** | **Aerospace & Defense–0.53%** |
| Boeing Co. |  |  |
| 2.20% 2/4/26 | 4675000 | 4666101 |
| 3.25% 2/1/28 | 2200000 | 2162267 |
| 6.86% 5/1/54 | 3000000 | 3369416 |
| Bombardier, Inc. |  |  |
| 6.75% 6/15/33 | 155000 | 163833 |
| 7.25% 7/1/31 | 165000 | 175832 |
| Czechoslovak Group AS 6.50% <br> 1/10/31<br>| 200000 | 205502 |
| TransDigm, Inc. |  |  |
| 6.25% 1/31/34 | 45000 | 46696 |
| 6.38% 3/1/29 | 120000 | 123752 |
| 6.38% 5/31/33 | 210000 | 215487 |
| 6.63% 3/1/32 | 100000 | 104042 |
| 6.75% 1/31/34 | 185000 | 192711 |
|  |  | **11425639** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-3

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Agriculture–0.39%** | **Agriculture–0.39%** | **Agriculture–0.39%** |
| BAT Capital Corp. 5.35% <br> 8/15/32<br>| 6350000 | $6597622 |
| BAT International Finance <br> PLC 4.13% 4/12/32<br>| 255000 | 307828 |
| Imperial Brands Finance PLC |  |  |
| 3.88% 2/12/34 | 270000 | 311590 |
| 4.88% 6/7/32 | 175000 | 232911 |
| Japan Tobacco, Inc. 5.85% <br> 6/15/35<br>| 325000 | 346507 |
| Philip Morris International, <br> Inc. 3.25% 6/6/32<br>| 325000 | 377671 |
| Scandinavian Tobacco Group <br> AS 4.88% 9/12/29<br>| 165000 | 200620 |
|  |  | **8374749** |
| **Airlines–0.04%** | **Airlines–0.04%** | **Airlines–0.04%** |
| JetBlue Airways <br> Corp./JetBlue Loyalty LP <br> 9.88% 9/20/31<br>| 160000 | 161194 |
| OneSky Flight LLC 8.88% <br> 12/15/29<br>| 131000 | 140188 |
| VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc.<br>|  |  |
| 6.38% 2/1/30 | 400000 | 380659 |
| 7.88% 5/1/27 | 165000 | 166215 |
|  |  | **848256** |
| **Apparel–0.02%** | **Apparel–0.02%** | **Apparel–0.02%** |
| @Beach Acquisition Bidco LLC <br> 10.00% 7/15/33<br>| 210000 | 231795 |
| Gildan Activewear, Inc. 4.70% <br> 10/7/30<br>| 153000 | 152249 |
|  |  | **384044** |
| **Auto Manufacturers–0.29%** | **Auto Manufacturers–0.29%** | **Auto Manufacturers–0.29%** |
| Allison Transmission, Inc. <br> 5.88% 12/1/33<br>| 125000 | 126820 |
| American Honda Finance <br> Corp. 5.05% 8/20/31<br>| 125000 | 170099 |
| Aston Martin Capital <br> Holdings Ltd. 10.00% <br> 3/31/29<br>| 190000 | 176842 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90% 2/16/28 | 1030000 | 991779 |
| 4.45% 2/14/30 | 100000 | 120178 |
| 5.73% 9/5/30 | 132000 | 134032 |
| 6.18% 8/29/31 | 100000 | 137047 |
| 6.80% 5/12/28 | 2340000 | 2441733 |
| 6.80% 11/7/28 | 850000 | 891752 |
| New Flyer Holdings, Inc. <br> 9.25% 7/1/30<br>| 65000 | 69863 |
| μRCI Banque SA 5.50% 10/9/34 | 200000 | 247719 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Rivian <br> Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC 10.00% <br> 1/15/31<br>| 120000 | $117967 |
| Stellantis Finance U.S., Inc. <br> 5.75% 3/18/30<br>| 229000 | 236241 |
| Volkswagen Bank GmbH <br> 3.50% 6/19/31<br>| 100000 | 117314 |
| μVolkswagen International <br> Finance NV 3.88% 6/17/29<br>| 200000 | 231385 |
|  |  | **6210771** |
| **Auto Parts & Equipment–0.09%** | **Auto Parts & Equipment–0.09%** | **Auto Parts & Equipment–0.09%** |
| American Axle & <br> Manufacturing, Inc.<br>|  |  |
| 6.38% 10/15/32 | 105000 | 106938 |
| 7.75% 10/15/33 | 140000 | 142601 |
| Clarios Global LP/Clarios <br> U.S. Finance Co.<br>|  |  |
| 6.75% 2/15/30 | 100000 | 104381 |
| 6.75% 9/15/32 | 170000 | 176289 |
| Forvia SE 6.75% 9/15/33 | 135000 | 139398 |
| Metalsa SAPI de CV 3.75% <br> 5/4/31<br>| 200000 | 173178 |
| Schaeffler AG 5.38% 4/1/31 | 200000 | 247813 |
| ZF Europe Finance BV 4.75% <br> 1/31/29<br>| 300000 | 351483 |
| ZF North America Capital, <br> Inc.<br>|  |  |
| 6.75% 4/23/30 | 225000 | 222338 |
| 6.88% 4/23/32 | 150000 | 146690 |
| 7.50% 3/24/31 | 125000 | 126345 |
|  |  | **1937454** |
| **Banks–7.23%** | **Banks–7.23%** | **Banks–7.23%** |
| μAustralia & New Zealand <br> Banking Group Ltd. 5.15% <br> 8/18/36<br>| 200000 | 269550 |
| μBanco Bilbao Vizcaya <br> Argentaria SA 6.03% 3/13/35<br>| 400000 | 425159 |
| μBanco de Credito del Peru SA <br> 5.80% 3/10/35<br>| 100000 | 101650 |
| μBanco de Credito e <br> Inversiones SA 8.75% 5/8/29<br>| 200000 | 216180 |
| μBanco del Estado de Chile <br> 7.95% 5/2/29<br>| 200000 | 212000 |
| μBanco Mercantil del Norte SA <br> 7.63% 1/10/28<br>| 250000 | 256997 |
| μBank of America Corp. |  |  |
| 4.62% 5/9/29 | 4239000 | 4295233 |
| 5.16% 1/24/31 | 3080000 | 3179651 |
| 5.29% 4/25/34 | 7290000 | 7505394 |
| 5.82% 9/15/29 | 4171000 | 4350702 |
| 6.20% 11/10/28 | 5285000 | 5491705 |
| 6.25% 7/26/30 | 135000 | 137120 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-4

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μBank of Nova Scotia |  |  |
| 3.38% 3/5/33 | 335000 | $392275 |
| 4.34% 9/15/31 | 100000 | 99657 |
| μBarclays PLC |  |  |
| 3.54% 8/14/31 | 250000 | 295827 |
| 5.37% 2/25/31 | 4180000 | 4320318 |
| 5.50% 8/9/28 | 6190000 | 6324160 |
| μBBVA Mexico SA Institucion <br> De Banca Multiple Grupo <br> Financiero BBVA Mexico <br> 5.13% 1/18/33<br>| 250000 | 245763 |
| μBNP Paribas SA |  |  |
| 3.95% 2/18/37 | 200000 | 235459 |
| 5.79% 1/13/33 | 3491000 | 3664624 |
| 7.45% 6/27/35 | 165000 | 172642 |
| μBPCE SA 5.72% 1/18/30 | 420000 | 434812 |
| μBW Real Estate, Inc. 9.50% <br> 3/30/30<br>| 165000 | 168913 |
| μCaixaBank SA 6.84% 9/13/34 | 485000 | 540909 |
| μCitigroup, Inc. |  |  |
| 2.67% 1/29/31 | 7040000 | 6589733 |
| 4.30% 7/23/36 | 100000 | 118518 |
| 5.17% 2/13/30 | 4015000 | 4119997 |
| 6.63% 2/15/31 | 180000 | 182929 |
| Commonwealth Bank of <br> Australia<br>|  |  |
| 2.69% 3/11/31 | 365000 | 332387 |
| μ3.79% 8/26/37 | 100000 | 116834 |
| Cooperatieve Rabobank UA |  |  |
| 1.13% 5/7/31 | 300000 | 317367 |
| μ5.71% 1/21/33 | 250000 | 263183 |
| μDanske Bank AS 3.88% 1/9/32 | 415000 | 500793 |
| μDeutsche Bank AG |  |  |
| 6.72% 1/18/29 | 3558000 | 3725011 |
| 6.82% 11/20/29 | 2599000 | 2771293 |
| μDZ Bank AG Deutsche <br> Zentral-Genossenschaftsbank <br> Frankfurt Am Main 3.71% <br> 10/15/35<br>| 100000 | 117106 |
| μGoldman Sachs Group, Inc. |  |  |
| 5.02% 10/23/35 | 3400000 | 3418201 |
| 5.73% 4/25/30 | 4010000 | 4189335 |
| 6.48% 10/24/29 | 8295000 | 8796734 |
| μHSBC Holdings PLC |  |  |
| 5.81% 5/22/33 | 125000 | 175650 |
| 6.25% 3/9/34 | 420000 | 456763 |
| 8.20% 11/16/34 | 140000 | 208564 |
| μING Groep NV 3.00% 8/17/31 | 300000 | 349134 |
| Intesa Sanpaolo SpA |  |  |
| 3.88% 7/14/27 | 1070000 | 1066829 |
| 6.63% 6/20/33 | 200000 | 220084 |
| μJPMorgan Chase & Co. |  |  |
| 2.52% 4/22/31 | 8190000 | 7629208 |
| 5.01% 1/23/30 | 2075000 | 2126253 |
| 5.14% 1/24/31 | 1805000 | 1865636 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μJPMorgan Chase & <br> Co. (continued)<br>|  |  |
| 5.34% 1/23/35 | 2175000 | $2254211 |
| 5.77% 4/22/35 | 7040000 | 7501769 |
| 6.25% 10/23/34 | 1418000 | 1556874 |
| μJyske Bank AS 5.13% 5/1/35 | 338000 | 418051 |
| Kreditanstalt fuer <br> Wiederaufbau<br>|  |  |
| 0.38% 5/20/36 | 130000 | 115611 |
| 1.13% 3/31/37 | 380000 | 357804 |
| 4.00% 3/15/29 | 450000 | 455552 |
| μMorgan Stanley |  |  |
| 5.25% 4/21/34 | 5220000 | 5374310 |
| 5.83% 4/19/35 | 5246000 | 5574697 |
| 6.30% 10/18/28 | 3189000 | 3312784 |
| 6.41% 11/1/29 | 2746000 | 2910509 |
| μMorgan Stanley Private Bank <br> NA<br>|  |  |
| 4.20% 11/17/28 | 2170000 | 2176779 |
| 4.47% 11/19/31 | 2174000 | 2179692 |
| μNatWest Group PLC |  |  |
| 3.63% 9/3/34 | 100000 | 116898 |
| 7.42% 6/6/33 | 175000 | 248859 |
| μPNC Financial Services <br> Group, Inc. 6.88% 10/20/34<br>| 2670000 | 3021444 |
| μRoyal Bank of Canada 3.13% <br> 9/27/31<br>| 185000 | 216881 |
| μSociete Generale SA 6.69% <br> 1/10/34<br>| 205000 | 223265 |
| μStandard Chartered PLC <br> 3.86% 3/17/33<br>| 130000 | 154826 |
| Toronto-Dominion Bank <br> 3.36% 9/22/32<br>| 184000 | 213882 |
| μTurkiye Garanti Bankasi AS <br> 8.13% 1/8/36<br>| 80000 | 83115 |
| μUBS Group AG |  |  |
| 4.19% 4/1/31 | 6590000 | 6527190 |
| 5.70% 2/8/35 | 1005000 | 1056722 |
| Walker & Dunlop, Inc. 6.63% <br> 4/1/33<br>| 100000 | 102592 |
| μWells Fargo & Co. |  |  |
| 2.88% 10/30/30 | 9110000 | 8666279 |
| 5.24% 1/24/31 | 1850000 | 1915712 |
| 6.49% 10/23/34 | 5790000 | 6409206 |
| μWestern Alliance Bancorp <br> 3.00% 6/15/31<br>| 195000 | 187432 |
|  |  | **156327188** |
| **Beverages–0.02%** | **Beverages–0.02%** | **Beverages–0.02%** |
| Carlsberg Breweries AS 3.25% <br> 2/28/32<br>| 175000 | 204642 |
| Central American Bottling <br> Corp./CBC Bottling Holdco <br> SL/Beliv Holdco SL 5.25% <br> 4/27/29<br>| 150000 | 148640 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-5

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Pernod Ricard SA 3.75% <br> 2/4/37<br>| 100000 | $115265 |
|  |  | **468547** |
| **Biotechnology–0.02%** | **Biotechnology–0.02%** | **Biotechnology–0.02%** |
| Biocon Biologics Global PLC <br> 6.67% 10/9/29<br>| 55000 | 55392 |
| Emergent BioSolutions, Inc. <br> 3.88% 8/15/28<br>| 238000 | 213374 |
| Genmab AS/Genmab <br> Finance LLC<br>|  |  |
| 6.25% 12/15/32 | 120000 | 122982 |
| 7.25% 12/15/33 | 115000 | 120797 |
|  |  | **512545** |
| **Building Materials–0.22%** | **Building Materials–0.22%** | **Building Materials–0.22%** |
| AmeriTex HoldCo <br> Intermediate LLC 7.63% <br> 8/15/33<br>| 110000 | 115902 |
| Amrize Finance U.S. LLC <br> 4.70% 4/7/28<br>| 1250000 | 1264444 |
| Builders FirstSource, Inc. |  |  |
| 4.25% 2/1/32 | 160000 | 152354 |
| 6.38% 3/1/34 | 100000 | 103393 |
| 6.75% 5/15/35 | 315000 | 329337 |
| Camelot Return Merger Sub, <br> Inc. 8.75% 8/1/28<br>| 95000 | 73615 |
| μCemex SAB de CV |  |  |
| 5.13% 6/8/26 | 350000 | 348935 |
| 7.20% 6/10/30 | 200000 | 208580 |
| Cornerstone Building Brands, <br> Inc.<br>|  |  |
| 6.13% 1/15/29 | 95000 | 47586 |
| 9.50% 8/15/29 | 75000 | 55500 |
| EMRLD <br> Borrower LP/Emerald <br> Co-Issuer, Inc. 6.63% <br> 12/15/30<br>| 375000 | 390567 |
| JH North America Holdings, <br> Inc. 6.13% 7/31/32<br>| 35000 | 35929 |
| Masterbrand, Inc. 7.00% <br> 7/15/32<br>| 100000 | 103603 |
| Miter Brands Acquisition <br> Holdco, Inc./MIWD <br> Borrower LLC 6.75% 4/1/32<br>| 100000 | 102519 |
| Quikrete Holdings, Inc. |  |  |
| 6.38% 3/1/32 | 500000 | 520440 |
| 6.75% 3/1/33 | 165000 | 172308 |
| Smyrna Ready Mix <br> Concrete LLC 6.00% 11/1/28<br>| 165000 | 165763 |
| Standard Building Solutions, <br> Inc.<br>|  |  |
| 5.88% 3/15/34 | 120000 | 120351 |
| 6.25% 8/1/33 | 235000 | 240061 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Standard Building Solutions, <br> Inc. (continued)<br>|  |  |
| 6.50% 8/15/32 | 125000 | $128691 |
|  |  | **4679878** |
| **Chemicals–0.46%** | **Chemicals–0.46%** | **Chemicals–0.46%** |
| @Advancion Sciences, Inc. <br> 9.25% 11/1/26<br>| 342465 | 298801 |
| Axalta Coating Systems Dutch <br> Holding B BV 7.25% 2/15/31<br>| 100000 | 105462 |
| ‡Braskem Idesa SAPI 7.45% <br> 11/15/29<br>| 150000 | 87000 |
| Braskem Netherlands <br> Finance BV<br>|  |  |
| 5.88% 1/31/50 | 100000 | 34625 |
| 7.25% 2/13/33 | 290000 | 112375 |
| Celanese U.S. Holdings LLC |  |  |
| 6.50% 4/15/30 | 351000 | 352755 |
| 6.75% 4/15/33 | 2329000 | 2316780 |
| 6.88% 7/15/32 | 110000 | 114469 |
| 7.00% 2/15/31 | 180000 | 184295 |
| 7.05% 11/15/30 | 105000 | 110636 |
| 7.20% 11/15/33 | 95000 | 100359 |
| 7.38% 2/15/34 | 180000 | 182875 |
| Chemours Co. |  |  |
| 4.63% 11/15/29 | 45000 | 40690 |
| 5.75% 11/15/28 | 280000 | 272303 |
| 8.00% 1/15/33 | 190000 | 183941 |
| Consolidated Energy Finance <br> SA<br>|  |  |
| 5.63% 10/15/28 | 50000 | 32500 |
| 6.50% 5/15/26 | 440000 | 425166 |
| 12.00% 2/15/31 | 550000 | 388850 |
| @GPD Cos., Inc. 12.50% <br> 12/31/29<br>| 133731 | 68189 |
| Herens Holdco SARL 4.75% <br> 5/15/28<br>| 310000 | 269166 |
| Inversion Escrow Issuer LLC <br> 6.75% 8/1/32<br>| 235000 | 234092 |
| Ma'aden Sukuk Ltd. 5.25% <br> 2/13/30<br>| 200000 | 205213 |
| Mativ Holdings, Inc. 8.00% <br> 10/1/29<br>| 135000 | 136353 |
| Methanex Corp. |  |  |
| 5.13% 10/15/27 | 325000 | 326839 |
| 5.25% 12/15/29 | 70000 | 70639 |
| 5.65% 12/1/44 | 245000 | 219015 |
| Methanex U.S. Operations, <br> Inc. 6.25% 3/15/32<br>| 165000 | 169896 |
| OCP SA |  |  |
| 3.75% 6/23/31 | 200000 | 187076 |
| 5.13% 6/23/51 | 100000 | 82625 |
| 6.88% 4/25/44 | 100000 | 104350 |
| Olin Corp. |  |  |
| 5.00% 2/1/30 | 325000 | 319563 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-6

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Olin Corp. (continued) |  |  |
| 5.63% 8/1/29 | 65000 | $65344 |
| 6.63% 4/1/33 | 215000 | 213381 |
| Olympus Water U.S. Holding <br> Corp.<br>|  |  |
| 6.25% 10/1/29 | 250000 | 243271 |
| 7.25% 2/15/33 | 225000 | 226112 |
| Perimeter Holdings LLC <br> 6.25% 1/15/34<br>| 120000 | 119211 |
| Sasol Financing USA LLC |  |  |
| 4.38% 9/18/26 | 270000 | 268172 |
| 8.75% 5/3/29 | 200000 | 203045 |
| Solstice Advanced Materials, <br> Inc. 5.63% 9/30/33<br>| 170000 | 171495 |
| Tronox, Inc. 4.63% 3/15/29 | 340000 | 238019 |
| WR Grace Holdings LLC |  |  |
| 5.63% 8/15/29 | 335000 | 318882 |
| 6.63% 8/15/32 | 170000 | 172171 |
|  |  | **9976001** |
| **Commercial Services–0.33%** | **Commercial Services–0.33%** | **Commercial Services–0.33%** |
| ADT Security Corp. 5.88% <br> 10/15/33<br>| 115000 | 116425 |
| Allied Universal Holdco LLC <br> 7.88% 2/15/31<br>| 290000 | 305625 |
| Allied Universal <br> Holdco LLC/Allied Universal <br> Finance Corp. 6.88% 6/15/30<br>| 160000 | 166588 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc. 8.38% 6/15/32<br>| 95000 | 98097 |
| Belron U.K. Finance PLC <br> 5.75% 10/15/29<br>| 135000 | 137861 |
| Block, Inc. |  |  |
| 3.50% 6/1/31 | 240000 | 225580 |
| 6.00% 8/15/33 | 160000 | 164257 |
| 6.50% 5/15/32 | 280000 | 291161 |
| Boost Newco Borrower LLC <br> 7.50% 1/15/31<br>| 250000 | 265712 |
| Champions Financing, Inc. <br> 8.75% 2/15/29<br>| 180000 | 177040 |
| CoreCivic, Inc. |  |  |
| 4.75% 10/15/27 | 280000 | 278367 |
| 8.25% 4/15/29 | 65000 | 68333 |
| DP World Crescent Ltd. 3.75% <br> 1/30/30<br>| 200000 | 193963 |
| DP World Ltd. 5.63% 9/25/48 | 100000 | 98012 |
| Fiserv Funding ULC 3.50% <br> 6/15/32<br>| 100000 | 115091 |
| GEO Group, Inc. |  |  |
| 8.63% 4/15/29 | 165000 | 173547 |
| 10.25% 4/15/31 | 165000 | 180623 |
| Herc Holdings, Inc. |  |  |
| 5.75% 3/15/31 | 80000 | 81188 |
| 6.00% 3/15/34 | 75000 | 76000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Herc Holdings, <br> Inc. (continued)<br>|  |  |
| 7.00% 6/15/30 | 215000 | $226272 |
| 7.25% 6/15/33 | 155000 | 164360 |
| ION Platform Finance U.S., <br> Inc. 7.88% 9/30/32<br>| 190000 | 180283 |
| OT Midco, Inc. 10.00% <br> 2/15/30<br>| 215000 | 85545 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br> 6.75% 8/15/32<br>| 110000 | 113574 |
| Sotheby's 7.38% 10/15/27 | 431000 | 428478 |
| StoneMor, Inc. 8.50% 5/15/29 | 300000 | 293214 |
| Synergy Infrastructure <br> Holdings LLC 7.88% 12/1/30<br>| 60000 | 62203 |
| TriNet Group, Inc. 3.50% <br> 3/1/29<br>| 150000 | 141744 |
| United Rentals North <br> America, Inc.<br>|  |  |
| 5.38% 11/15/33 | 240000 | 239830 |
| 6.13% 3/15/34 | 210000 | 218751 |
| Verisk Analytics, Inc. |  |  |
| 4.50% 8/15/30 | 444000 | 447359 |
| 5.13% 2/15/36 | 999000 | 1003561 |
| Wand NewCo 3, Inc. 7.63% <br> 1/30/32<br>| 100000 | 105832 |
| WEX, Inc. 6.50% 3/15/33 | 120000 | 122839 |
| Williams Scotsman, Inc. |  |  |
| 6.63% 6/15/29 | 110000 | 113616 |
| 6.63% 4/15/30 | 75000 | 77519 |
|  |  | **7238450** |
| **Computers–0.32%** | **Computers–0.32%** | **Computers–0.32%** |
| Amentum Holdings, Inc. <br> 7.25% 8/1/32<br>| 125000 | 131760 |
| CACI International, Inc. <br> 6.38% 6/15/33<br>| 200000 | 206936 |
| Dell International LLC/EMC <br> Corp.<br>|  |  |
| 4.15% 2/15/29 | 889000 | 888036 |
| 4.50% 2/15/31 | 1760000 | 1757488 |
| 4.75% 10/6/32 | 1173000 | 1171459 |
| 5.10% 2/15/36 | 2190000 | 2162764 |
| Insight Enterprises, Inc. <br> 6.63% 5/15/32<br>| 100000 | 102800 |
| Science Applications <br> International Corp. 5.88% <br> 11/1/33<br>| 175000 | 177404 |
| Seagate Data Storage <br> Technology Pte. Ltd.<br>|  |  |
| 5.75% 12/1/34 | 155000 | 158856 |
| 5.88% 7/15/30 | 115000 | 118549 |
| 8.50% 7/15/31 | 75000 | 79737 |
|  |  | **6955789** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-7

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Distribution/Wholesale–0.00%** | **Distribution/Wholesale–0.00%** | **Distribution/Wholesale–0.00%** |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 60000 | $61412 |
|  |  | **61412** |
| **Diversified Financial Services–1.30%** | **Diversified Financial Services–1.30%** | **Diversified Financial Services–1.30%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 2070000 | 2041865 |
| 3.00% 10/29/28 | 3769000 | 3654003 |
| 5.10% 1/19/29 | 1400000 | 1431210 |
| μAir Lease Corp. 4.13% <br> 12/15/26<br>| 360000 | 351427 |
| μAircastle Ltd. 5.25% 6/15/26 | 250000 | 248757 |
| Ally Financial, Inc. |  |  |
| μ4.70% 5/15/26 | 30000 | 29695 |
| μ4.70% 5/15/28 | 250000 | 237705 |
| μ6.65% 1/17/40 | 300000 | 301941 |
| 6.70% 2/14/33 | 290000 | 303093 |
| 8.00% 11/1/31 | 496000 | 562963 |
| Avolon Holdings Funding Ltd. |  |  |
| 4.70% 1/30/31 | 1500000 | 1490345 |
| 4.95% 1/15/28 | 1700000 | 1719933 |
| 5.38% 5/30/30 | 2150000 | 2207204 |
| Burford Capital Global <br> Finance LLC 7.50% 7/15/33<br>| 135000 | 128825 |
| μCapital One Financial Corp. |  |  |
| 4.93% 5/10/28 | 2000000 | 2023550 |
| 6.31% 6/8/29 | 5000000 | 5247253 |
| CIMIC Finance Ltd. 1.50% <br> 5/28/29<br>| 124000 | 135854 |
| CrossCountry Intermediate <br> HoldCo LLC<br>|  |  |
| 6.50% 10/1/30 | 115000 | 117300 |
| 6.75% 12/1/32 | 60000 | 60974 |
| Encore Capital Group, Inc. <br> 8.50% 5/15/30<br>| 170000 | 182741 |
| GGAM Finance Ltd. |  |  |
| 5.88% 3/15/30 | 165000 | 167440 |
| 6.88% 4/15/29 | 160000 | 165950 |
| 8.00% 6/15/28 | 335000 | 354755 |
| Global Aircraft Leasing Co. <br> Ltd. 8.75% 9/1/27<br>| 315000 | 326670 |
| Hightower Holding LLC 9.13% <br> 1/31/30<br>| 250000 | 264819 |
| Jane Street Group/JSG <br> Finance, Inc.<br>|  |  |
| 6.13% 11/1/32 | 165000 | 167897 |
| 6.75% 5/1/33 | 275000 | 287044 |
| 7.13% 4/30/31 | 125000 | 131346 |
| Jefferies Finance LLC/JFIN <br> Co-Issuer Corp.<br>|  |  |
| 5.00% 8/15/28 | 155000 | 149229 |
| 6.63% 10/15/31 | 140000 | 137770 |
| LFS Topco LLC 8.75% 7/15/30 | 245000 | 246583 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Macquarie Airfinance <br> Holdings Ltd.<br>|  |  |
| 6.40% 3/26/29 | 165000 | $172903 |
| 6.50% 3/26/31 | 125000 | 133684 |
| Navient Corp. |  |  |
| 4.88% 3/15/28 | 100000 | 98881 |
| 5.50% 3/15/29 | 80000 | 79412 |
| 5.63% 8/1/33 | 100000 | 91433 |
| 7.88% 6/15/32 | 80000 | 83695 |
| OneMain Finance Corp. |  |  |
| 3.88% 9/15/28 | 240000 | 233910 |
| 6.13% 5/15/30 | 110000 | 112155 |
| 6.50% 3/15/33 | 70000 | 70606 |
| 6.63% 5/15/29 | 205000 | 212327 |
| 6.75% 9/15/33 | 60000 | 60758 |
| 7.13% 3/15/26 | 114000 | 114840 |
| 7.13% 9/15/32 | 105000 | 109087 |
| PennyMac Financial Services, <br> Inc.<br>|  |  |
| 6.75% 2/15/34 | 110000 | 113710 |
| 6.88% 5/15/32 | 150000 | 157034 |
| 6.88% 2/15/33 | 125000 | 130494 |
| PRA Group, Inc. 8.88% <br> 1/31/30<br>| 60000 | 62248 |
| Rocket Cos., Inc. |  |  |
| 6.13% 8/1/30 | 140000 | 144715 |
| 6.38% 8/1/33 | 205000 | 213737 |
| SLM Corp. 6.50% 1/31/30 | 125000 | 129382 |
| Stellantis Financial Services <br> U.S. Corp. 5.40% 9/15/30<br>| 216000 | 219328 |
| Stonex Escrow Issuer LLC <br> 6.88% 7/15/32<br>| 61000 | 63271 |
| UWM Holdings LLC |  |  |
| 6.25% 3/15/31 | 170000 | 169729 |
| 6.63% 2/1/30 | 210000 | 212642 |
| VFH Parent LLC/Valor <br> Co-Issuer, Inc. 7.50% <br> 6/15/31<br>| 60000 | 62849 |
|  |  | **28128971** |
| **Electric–1.20%** | **Electric–1.20%** | **Electric–1.20%** |
| Abu Dhabi National Energy <br> Co. PJSC<br>|  |  |
| 4.00% 10/3/49 | 100000 | 80819 |
| 4.75% 3/9/37 | 200000 | 195836 |
| AES Corp. |  |  |
| 2.45% 1/15/31 | 4990000 | 4524126 |
| μ6.95% 7/15/55 | 120000 | 118478 |
| Alpha Generation LLC |  |  |
| 6.25% 1/15/34 | 225000 | 227020 |
| 6.75% 10/15/32 | 50000 | 51759 |
| Amprion GmbH |  |  |
| 3.88% 6/5/36 | 100000 | 117081 |
| 4.13% 9/7/34 | 300000 | 363172 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-8

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| AusNet Services Holdings Pty. <br> Ltd. 6.13% 5/31/33<br>| 180000 | $123709 |
| Buffalo Energy Mexico <br> Holdings/Buffalo Energy <br> Infrastructure/Buffalo <br> Energy 7.88% 2/15/39<br>| 149236 | 163210 |
| California Buyer <br> Ltd./Atlantica Sustainable <br> Infrastructure PLC 6.38% <br> 2/15/32<br>| 365000 | 365602 |
| Calpine Corp. |  |  |
| 4.63% 2/1/29 | 100000 | 99626 |
| 5.13% 3/15/28 | 65000 | 65073 |
| Chile Electricity Lux MPC <br> SARL 6.01% 1/20/33<br>| 179000 | 187845 |
| Clearway Energy <br> Operating LLC 3.75% <br> 2/15/31<br>| 250000 | 233472 |
| ContourGlobal Power <br> Holdings SA 6.75% 2/28/30<br>| 125000 | 128889 |
| Edison International |  |  |
| 6.25% 3/15/30 | 100000 | 104530 |
| μ7.88% 6/15/54 | 120000 | 125970 |
| μ8.13% 6/15/53 | 120000 | 124863 |
| Electricite de France SA <br> 5.50% 1/25/35<br>| 300000 | 400534 |
| EnBW International Finance <br> BV<br>|  |  |
| 3.75% 11/20/35 | 240000 | 281214 |
| 5.79% 2/26/36 | 200000 | 130251 |
| Enel Finance International <br> NV 5.50% 6/26/34<br>| 215000 | 222815 |
| Energuate Trust 2 0 6.35% <br> 9/15/35<br>| 200000 | 199923 |
| EnfraGen Energia Sur <br> SA/EnfraGen Spain <br> SA/Prime Energia SpA 5.38% <br> 12/30/30<br>| 560000 | 520983 |
| Engie SA 4.25% 9/6/34 | 200000 | 244241 |
| Eskom Holdings 6.35% <br> 8/10/28<br>| 250000 | 258910 |
| Exelon Corp. 5.45% 3/15/34 | 1115000 | 1159286 |
| Georgia Power Co. 4.95% <br> 5/17/33<br>| 4200000 | 4282151 |
| Hawaiian Electric Co., Inc. <br> 6.00% 10/1/33<br>| 100000 | 101393 |
| Investment Energy Resources <br> Ltd. 6.25% 4/26/29<br>| 200000 | 200910 |
| Kallpa Generacion SA 5.50% <br> 9/11/35<br>| 200000 | 200600 |
| Lightning Power LLC 7.25% <br> 8/15/32<br>| 100000 | 106335 |
| London Power Networks PLC <br> 3.84% 6/11/37<br>| 100000 | 116562 |
| Mong Duong Finance <br> Holdings BV 5.13% 5/7/29<br>| 57938 | 57315 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| μNGG Finance PLC 2.13% <br> 9/5/82<br>| 181000 | $209240 |
| Niagara Energy SAC 5.75% <br> 10/3/34<br>| 200000 | 203697 |
| NRG Energy, Inc. |  |  |
| 3.38% 2/15/29 | 210000 | 200926 |
| 5.75% 7/15/29 | 165000 | 164192 |
| 5.75% 1/15/34 | 175000 | 176780 |
| 6.00% 2/1/33 | 310000 | 316138 |
| 6.00% 1/15/36 | 175000 | 177318 |
| 6.25% 11/1/34 | 210000 | 215673 |
| μPacifiCorp 7.38% 9/15/55 | 160000 | 163079 |
| PG&E Corp. |  |  |
| 5.25% 7/1/30 | 560000 | 556034 |
| μ7.38% 3/15/55 | 231000 | 240584 |
| Puget Energy, Inc. 5.73% <br> 3/15/35<br>| 4290000 | 4402210 |
| RWE Finance U.S. LLC |  |  |
| 5.13% 9/18/35 | 320000 | 318205 |
| 5.88% 4/16/34 | 202000 | 212945 |
| Saavi Energia SARL 8.88% <br> 2/10/35<br>| 250000 | 271137 |
| Scottish Hydro Electric <br> Transmission PLC 3.38% <br> 9/4/32<br>| 175000 | 205086 |
| μSSE PLC 3.74% 1/14/26 | 100000 | 134453 |
| Talen Energy Supply LLC |  |  |
| 6.25% 2/1/34 | 175000 | 178485 |
| 6.50% 2/1/36 | 175000 | 180966 |
| Termocandelaria Power SA <br> 7.75% 9/17/31<br>| 250000 | 257500 |
| Tierra Mojada Luxembourg II <br> SARL 5.75% 12/1/40<br>| 168684 | 165607 |
| TransAlta Corp. 5.88% 2/1/34 | 120000 | 120829 |
| Vistra Operations Co. LLC |  |  |
| 5.63% 2/15/27 | 210000 | 210091 |
| 6.88% 4/15/32 | 210000 | 221218 |
| XPLR Infrastructure <br> Operating Partners LP<br>|  |  |
| 7.25% 1/15/29 | 30000 | 30738 |
| 7.75% 4/15/34 | 215000 | 218503 |
| 8.38% 1/15/31 | 140000 | 146948 |
| 8.63% 3/15/33 | 200000 | 210403 |
|  |  | **25993488** |
| **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** |
| WESCO Distribution, Inc. <br> 6.38% 3/15/33<br>| 165000 | 172274 |
|  |  | **172274** |
| **Electronics–0.02%** | **Electronics–0.02%** | **Electronics–0.02%** |
| Coherent Corp. 5.00% <br> 12/15/29<br>| 105000 | 104645 |
| Sensata Technologies BV <br> 4.00% 4/15/29<br>| 93000 | 90739 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-9

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| Sensata Technologies, Inc. <br> 6.63% 7/15/32<br>| 110000 | $115178 |
| TTM Technologies, Inc. 4.00% <br> 3/1/29<br>| 60000 | 58598 |
|  |  | **369160** |
| **Energy-Alternate Sources–0.00%** | **Energy-Alternate Sources–0.00%** | **Energy-Alternate Sources–0.00%** |
| =†^Sunnova Energy Corp. 0.00% <br> 9/1/26<br>| 280000 | 700 |
|  |  | **700** |
| **Engineering & Construction–0.17%** | **Engineering & Construction–0.17%** | **Engineering & Construction–0.17%** |
| AECOM 6.00% 8/1/33 | 225000 | 230594 |
| Aeropuerto Internacional de <br> Tocumen SA 5.13% 8/11/61<br>| 200000 | 162600 |
| Aeropuertos Dominicanos <br> Siglo XXI SA 7.00% 6/30/34<br>| 200000 | 210000 |
| Artera Services LLC 8.50% <br> 2/15/31<br>| 684000 | 567953 |
| ATP Tower Holdings/Andean <br> Telecom Partners Chile <br> SpA/Andean Tower Partners <br> C 7.88% 2/3/30<br>| 120000 | 123537 |
| Brand Industrial Services, <br> Inc. 10.38% 8/1/30<br>| 315000 | 308902 |
| Heathrow Funding Ltd. 6.00% <br> 3/5/32<br>| 255000 | 354216 |
| HTA Group Ltd. 7.50% 6/4/29 | 190000 | 196338 |
| IHS Holding Ltd. |  |  |
| 5.63% 11/29/26 | 125000 | 124115 |
| 7.88% 5/29/30 | 375000 | 386250 |
| 8.25% 11/29/31 | 165000 | 172102 |
| Kingston Airport Revenue <br> Finance Ltd. 6.75% 12/15/36<br>| 200000 | 205500 |
| Montego Bay Airport Revenue <br> Finance Ltd. 6.60% 6/15/35<br>| 200000 | 199260 |
| Railworks <br> Holdings LP/Railworks Rally, <br> Inc. 8.25% 11/15/28<br>| 260000 | 261467 |
| TopBuild Corp. |  |  |
| 4.13% 2/15/32 | 100000 | 94973 |
| 5.63% 1/31/34 | 160000 | 161854 |
|  |  | **3759661** |
| **Entertainment–0.03%** | **Entertainment–0.03%** | **Entertainment–0.03%** |
| GENM Capital Labuan Ltd. <br> 3.88% 4/19/31<br>| 200000 | 181210 |
| Light & Wonder <br> International, Inc. 6.25% <br> 10/1/33<br>| 170000 | 172108 |
| Mohegan Tribal Gaming <br> Authority/MS Digital <br> Entertainment <br> Holdings LLC<br>|  |  |
| 8.25% 4/15/30 | 60000 | 62544 |
| 11.88% 4/15/31 | 90000 | 95102 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Warnermedia Holdings, Inc. |  |  |
| 5.05% 3/15/42 | 160000 | $112600 |
| 5.14% 3/15/52 | 45000 | 29648 |
|  |  | **653212** |
| **Environmental Control–0.03%** | **Environmental Control–0.03%** | **Environmental Control–0.03%** |
| ‡Ambipar Lux SARL 9.88% <br> 2/6/31<br>| 531000 | 116820 |
| Clean Harbors, Inc. 6.38% <br> 2/1/31<br>| 100000 | 102912 |
| GFL Environmental, Inc. <br> 3.50% 9/1/28<br>| 100000 | 98334 |
| Reworld Holding Corp. 4.88% <br> 12/1/29<br>| 75000 | 72089 |
| Wrangler Holdco Corp. 6.63% <br> 4/1/32<br>| 190000 | 199162 |
|  |  | **589317** |
| **Food–0.85%** | **Food–0.85%** | **Food–0.85%** |
| Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 3.50% 3/15/29 | 185000 | 177673 |
| 4.88% 2/15/30 | 160000 | 158680 |
| 5.50% 3/31/31 | 70000 | 70738 |
| 5.75% 3/31/34 | 70000 | 70283 |
| 6.25% 3/15/33 | 120000 | 123358 |
| Barry Callebaut Services NV <br> 4.25% 8/19/31<br>| 200000 | 240564 |
| C&S Group Enterprises LLC <br> 5.00% 12/15/28<br>| 100000 | 92557 |
| Gruma SAB de CV 5.76% <br> 12/9/54<br>| 100000 | 100324 |
| KeHE Distributors LLC/KeHE <br> Finance Corp./NextWave <br> Distribution, Inc. 9.00% <br> 2/15/29<br>| 220000 | 230934 |
| Kroger Co. 5.00% 9/15/34 | 4340000 | 4363975 |
| Lamb Weston Holdings, Inc. <br> 4.13% 1/31/30<br>| 335000 | 324051 |
| MARB BondCo PLC 3.95% <br> 1/29/31<br>| 140000 | 126857 |
| Mars, Inc. |  |  |
| 4.80% 3/1/30 | 7595000 | 7761806 |
| 5.20% 3/1/35 | 2855000 | 2934454 |
| METRO AG 4.00% 3/5/30 | 175000 | 214394 |
| Minerva Luxembourg SA |  |  |
| 4.38% 3/18/31 | 30000 | 27886 |
| 8.88% 9/13/33 | 140000 | 152900 |
| NBM U.S. Holdings, Inc. 6.63% <br> 8/6/29<br>| 150000 | 151650 |
| Performance Food Group, <br> Inc. 6.13% 9/15/32<br>| 110000 | 113400 |
| Post Holdings, Inc. |  |  |
| 6.25% 2/15/32 | 165000 | 169533 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-10

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Post Holdings, <br> Inc. (continued)<br>|  |  |
| 6.38% 3/1/33 | 165000 | $166650 |
| 6.50% 3/15/36 | 60000 | 60081 |
| REWE International Finance <br> BV 4.88% 9/13/30<br>| 200000 | 250273 |
| U.S. Foods, Inc. |  |  |
| 4.75% 2/15/29 | 210000 | 208821 |
| 5.75% 4/15/33 | 125000 | 127324 |
|  |  | **18419166** |
| **Food Service–0.01%** | **Food Service–0.01%** | **Food Service–0.01%** |
| TKC Holdings, Inc. 6.88% <br> 5/15/28<br>| 210000 | 212047 |
|  |  | **212047** |
| **Forest Products & Paper–0.04%** | **Forest Products & Paper–0.04%** | **Forest Products & Paper–0.04%** |
| Ahlstrom Holding 3 OYJ 4.88% <br> 2/4/28<br>| 100000 | 98223 |
| Inversiones CMPC SA |  |  |
| 3.00% 4/6/31 | 50000 | 44746 |
| μ6.70% 12/9/57 | 200000 | 200612 |
| LD Celulose International <br> GmbH 7.95% 1/26/32<br>| 200000 | 208362 |
| Mondi Finance PLC 3.38% <br> 5/23/31<br>| 100000 | 116285 |
| Suzano Austria GmbH 5.00% <br> 1/15/30<br>| 200000 | 200168 |
| Suzano Netherlands BV 5.50% <br> 1/15/36<br>| 100000 | 99138 |
|  |  | **967534** |
| **Gas–0.23%** | **Gas–0.23%** | **Gas–0.23%** |
| Fluxys SA 4.00% 11/28/30 | 200000 | 238813 |
| NiSource, Inc. 2.95% 9/1/29 | 4540000 | 4356344 |
| Snam SpA 5.75% 5/28/35 | 200000 | 208924 |
| Vier Gas Transport GmbH <br> 3.63% 9/8/33<br>| 200000 | 232525 |
|  |  | **5036606** |
| **Health Care Products–0.02%** | **Health Care Products–0.02%** | **Health Care Products–0.02%** |
| Medline <br> Borrower LP/Medline <br> Co-Issuer, Inc. 6.25% 4/1/29<br>| 390000 | 403167 |
|  |  | **403167** |
| **Health Care Services–0.67%** | **Health Care Services–0.67%** | **Health Care Services–0.67%** |
| Acadia Healthcare Co., Inc. <br> 7.38% 3/15/33<br>| 120000 | 121201 |
| Centene Corp. 4.63% <br> 12/15/29<br>| 6560000 | 6362831 |
| CHS/Community Health <br> Systems, Inc.<br>|  |  |
| 4.75% 2/15/31 | 655000 | 583530 |
| 5.25% 5/15/30 | 557000 | 523130 |
| 6.13% 4/1/30 | 275000 | 220338 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| CHS/Community Health <br> Systems, Inc. (continued)<br>|  |  |
| 9.75% 1/15/34 | 110000 | $115536 |
| DaVita, Inc. |  |  |
| 4.63% 6/1/30 | 375000 | 364646 |
| 6.75% 7/15/33 | 160000 | 165903 |
| 6.88% 9/1/32 | 210000 | 218603 |
| Global Medical Response, <br> Inc. 7.38% 10/1/32<br>| 60000 | 62362 |
| HCA, Inc. 5.45% 9/15/34 | 2610000 | 2685808 |
| IQVIA, Inc. |  |  |
| 6.25% 6/1/32 | 230000 | 240331 |
| 6.50% 5/15/30 | 100000 | 103739 |
| LifePoint Health, Inc. 10.00% <br> 6/1/32<br>| 100000 | 106208 |
| Molina Healthcare, Inc. |  |  |
| 6.25% 1/15/33 | 365000 | 372105 |
| 6.50% 2/15/31 | 190000 | 195136 |
| National Mentor Holdings, <br> Inc. 10.50% 12/15/30<br>| 300000 | 301590 |
| Pediatrix Medical Group, Inc. <br> 5.38% 2/15/30<br>| 120000 | 119670 |
| Prime Healthcare Services, <br> Inc. 9.38% 9/1/29<br>| 135000 | 141750 |
| Radiology Partners, Inc. <br> 8.50% 7/15/32<br>| 65000 | 67901 |
| Sotera Health Holdings LLC <br> 7.38% 6/1/31<br>| 60000 | 62929 |
| Surgery Center Holdings, Inc. <br> 7.25% 4/15/32<br>| 120000 | 121376 |
| Tenet Healthcare Corp. |  |  |
| 4.25% 6/1/29 | 105000 | 103432 |
| 5.50% 11/15/32 | 200000 | 202742 |
| 6.00% 11/15/33 | 115000 | 118403 |
| 6.13% 10/1/28 | 245000 | 246096 |
| 6.13% 6/15/30 | 195000 | 199542 |
| U.S. Acute Care <br> Solutions LLC 9.75% 5/15/29<br>| 295000 | 297187 |
|  |  | **14424025** |
| **Holding Companies-Diversified–0.00%** | **Holding Companies-Diversified–0.00%** | **Holding Companies-Diversified–0.00%** |
| Clue Opco LLC 9.50% <br> 10/15/31<br>| 80000 | 84598 |
|  |  | **84598** |
| **Home Builders–0.09%** | **Home Builders–0.09%** | **Home Builders–0.09%** |
| Ashton Woods <br> USA LLC/Ashton Woods <br> Finance Co.<br>|  |  |
| 4.63% 8/1/29 | 70000 | 66738 |
| 6.88% 8/1/33 | 65000 | 65052 |
| Beazer Homes USA, Inc. <br> 7.50% 3/15/31<br>| 100000 | 101393 |
| Berkeley Group PLC 2.50% <br> 8/11/31<br>| 427000 | 497007 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-11

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| Century Communities, Inc. <br> 6.63% 9/15/33<br>| 135000 | $136512 |
| Dream Finders Homes, Inc. <br> 6.88% 9/15/30<br>| 135000 | 135761 |
| Forestar Group, Inc. 6.50% <br> 3/15/33<br>| 165000 | 168275 |
| LGI Homes, Inc. |  |  |
| 4.00% 7/15/29 | 100000 | 91132 |
| 7.00% 11/15/32 | 460000 | 439701 |
| 8.75% 12/15/28 | 15000 | 15646 |
| New Home Co., Inc. 8.50% <br> 11/1/30<br>| 115000 | 118433 |
| Taylor Morrison <br> Communities, Inc. 5.75% <br> 11/15/32<br>| 110000 | 113178 |
|  |  | **1948828** |
| **Home Furnishings–0.03%** | **Home Furnishings–0.03%** | **Home Furnishings–0.03%** |
| Whirlpool Corp. |  |  |
| 5.75% 3/1/34 | 15000 | 13914 |
| 6.13% 6/15/30 | 225000 | 224727 |
| 6.50% 6/15/33 | 395000 | 383034 |
|  |  | **621675** |
| **Household Products Ware–0.01%** | **Household Products Ware–0.01%** | **Household Products Ware–0.01%** |
| Kronos Acquisition Holdings, <br> Inc. 8.25% 6/30/31<br>| 210000 | 138075 |
|  |  | **138075** |
| **Insurance–0.77%** | **Insurance–0.77%** | **Insurance–0.77%** |
| Acrisure LLC/Acrisure <br> Finance, Inc.<br>|  |  |
| 6.75% 7/1/32 | 65000 | 66957 |
| 7.50% 11/6/30 | 60000 | 62499 |
| 8.50% 6/15/29 | 60000 | 62786 |
| Admiral Group PLC 8.50% <br> 1/6/34<br>| 235000 | 367037 |
| Alliant Holdings <br> Intermediate LLC/Alliant <br> Holdings Co-Issuer 7.38% <br> 10/1/32<br>| 125000 | 129608 |
| APH Somerset Investor 2 <br> LLC/APH2 Somerset <br> Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC <br> 7.88% 11/1/29<br>| 210000 | 212097 |
| Asurion LLC & Asurion <br> Co-Issuer, Inc. 8.00% <br> 12/31/32<br>| 380000 | 394292 |
| Athene Global Funding 5.58% <br> 1/9/29<br>| 2100000 | 2157171 |
| Corebridge Financial, Inc. <br> 3.90% 4/5/32<br>| 4670000 | 4432526 |
| Equitable Financial Life <br> Global Funding 5.00% <br> 3/27/30<br>| 4220000 | 4314065 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| μQBE Insurance Group Ltd. <br> 2.50% 9/13/38<br>| 174000 | $222361 |
| Reinsurance Group of <br> America, Inc. 3.15% 6/15/30<br>| 4590000 | 4340870 |
|  |  | **16762269** |
| **Internet–0.21%** | **Internet–0.21%** | **Internet–0.21%** |
| Cablevision Lightpath LLC |  |  |
| 3.88% 9/15/27 | 60000 | 58560 |
| 5.63% 9/15/28 | 40000 | 39094 |
| Cogent Communications <br> Group LLC/Cogent Finance, <br> Inc.<br>|  |  |
| 7.00% 6/15/27 | 150000 | 150101 |
| 7.00% 6/15/27 | 275000 | 274899 |
| Go Daddy Operating Co. <br> LLC/GD Finance Co., Inc.<br>|  |  |
| 3.50% 3/1/29 | 165000 | 158215 |
| 5.25% 12/1/27 | 165000 | 165450 |
| GrubHub Holdings, Inc. <br> 13.00% 7/31/30<br>| 39005 | 31750 |
| ION Platform Finance U.S., <br> Inc./ION Platform Finance <br> SARL<br>|  |  |
| 5.00% 5/1/28 | 200000 | 185651 |
| 5.75% 5/15/28 | 210000 | 198025 |
| 8.75% 5/1/29 | 60000 | 60787 |
| Prosus NV 4.19% 1/19/32 | 500000 | 478522 |
| Snap, Inc. |  |  |
| 6.88% 3/1/33 | 115000 | 119168 |
| 6.88% 3/15/34 | 70000 | 72074 |
| Uber Technologies, Inc. |  |  |
| 4.15% 1/15/31 | 884000 | 880730 |
| 4.80% 9/15/35 | 697000 | 693319 |
| Wayfair LLC |  |  |
| 6.75% 11/15/32 | 205000 | 210756 |
| 7.25% 10/31/29 | 321000 | 335018 |
| 7.75% 9/15/30 | 350000 | 372911 |
|  |  | **4485030** |
| **Investment Companies–0.70%** | **Investment Companies–0.70%** | **Investment Companies–0.70%** |
| Abu Dhabi Developmental <br> Holding Co. PJSC<br>|  |  |
| 5.25% 10/2/54 | 200000 | 193864 |
| 5.50% 5/8/34 | 200000 | 211066 |
| ARES Strategic Income Fund |  |  |
| 5.45% 9/9/28 | 1075000 | 1083986 |
| 5.80% 9/9/30 | 869000 | 877414 |
| 6.35% 8/15/29 | 2090000 | 2150564 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 4.88% 4/14/26 | 100000 | 134812 |
| 5.60% 11/22/29 | 1565000 | 1579752 |
| 7.30% 11/27/28 | 2950000 | 3129149 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-12

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| μHA Sustainable <br> Infrastructure Capital, Inc. <br> 8.00% 6/1/56<br>| 209000 | $218418 |
| Icahn Enterprises LP/Icahn <br> Enterprises Finance Corp.<br>|  |  |
| 4.38% 2/1/29 | 205000 | 176872 |
| 5.25% 5/15/27 | 380000 | 374777 |
| 6.25% 5/15/26 | 40000 | 39972 |
| 10.00% 11/15/29 | 190000 | 189866 |
| MDGH GMTN RSC Ltd. |  |  |
| 2.88% 11/7/29 | 200000 | 190580 |
| 5.08% 5/22/53 | 200000 | 189880 |
| Sixth Street Lending Partners <br> 6.13% 7/15/30<br>| 4220000 | 4331199 |
|  |  | **15072171** |
| **Iron & Steel–0.15%** | **Iron & Steel–0.15%** | **Iron & Steel–0.15%** |
| Carpenter Technology Corp. <br> 5.63% 3/1/34<br>| 160000 | 162516 |
| Champion Iron Canada, Inc. <br> 7.88% 7/15/32<br>| 50000 | 53082 |
| Cleveland-Cliffs, Inc. |  |  |
| 7.00% 3/15/32 | 155000 | 158875 |
| 7.38% 5/1/33 | 80000 | 83203 |
| 7.63% 1/15/34 | 85000 | 88827 |
| Commercial Metals Co. |  |  |
| 3.88% 2/15/31 | 100000 | 94955 |
| 4.13% 1/15/30 | 70000 | 67969 |
| 5.75% 11/15/33 | 144000 | 147245 |
| 6.00% 12/15/35 | 190000 | 194780 |
| CSN Inova Ventures 6.75% <br> 1/28/28<br>| 205000 | 189823 |
| Mineral Resources Ltd. |  |  |
| 7.00% 4/1/31 | 75000 | 78210 |
| 8.00% 11/1/27 | 140000 | 142982 |
| 8.50% 5/1/30 | 310000 | 322381 |
| 9.25% 10/1/28 | 100000 | 104950 |
| POSCO 5.88% 1/17/33 | 200000 | 211114 |
| @Samarco Mineracao SA 9.50% <br> 6/30/31<br>| 561775 | 569053 |
| Usiminas International SARL <br> 7.50% 1/27/32<br>| 200000 | 207492 |
| Vale Overseas Ltd. |  |  |
| μ6.00% 2/25/56 | 200000 | 200060 |
| 6.40% 6/28/54 | 150000 | 153075 |
|  |  | **3230592** |
| **Leisure Time–0.10%** | **Leisure Time–0.10%** | **Leisure Time–0.10%** |
| Acushnet Co. 5.63% 12/1/33 | 70000 | 70786 |
| Amer Sports Co. 6.75% <br> 2/16/31<br>| 210000 | 220103 |
| Carnival Corp. |  |  |
| 5.75% 3/15/30 | 230000 | 236535 |
| 5.75% 8/1/32 | 110000 | 112891 |
| 5.88% 6/15/31 | 215000 | 222074 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| Carnival Corp. (continued) |  |  |
| 6.13% 2/15/33 | 125000 | $129074 |
| Life Time, Inc. 6.00% <br> 11/15/31<br>| 195000 | 199780 |
| Lindblad Expeditions LLC <br> 7.00% 9/15/30<br>| 60000 | 62591 |
| MajorDrive Holdings IV LLC <br> 6.38% 6/1/29<br>| 175000 | 125610 |
| NCL Corp. Ltd. |  |  |
| 6.25% 9/15/33 | 230000 | 229903 |
| 6.75% 2/1/32 | 125000 | 127990 |
| Viking Cruises Ltd. |  |  |
| 5.88% 10/15/33 | 330000 | 335103 |
| 9.13% 7/15/31 | 100000 | 107084 |
|  |  | **2179524** |
| **Lodging–0.05%** | **Lodging–0.05%** | **Lodging–0.05%** |
| Hilton Domestic Operating <br> Co., Inc.<br>|  |  |
| 3.63% 2/15/32 | 340000 | 315615 |
| 4.00% 5/1/31 | 160000 | 153181 |
| 5.50% 3/31/34 | 60000 | 60412 |
| 5.75% 9/15/33 | 110000 | 112576 |
| 6.13% 4/1/32 | 100000 | 103551 |
| Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc. <br> 6.63% 1/15/32<br>| 120000 | 122998 |
| IHG Finance LLC 3.38% <br> 9/10/30<br>| 100000 | 117200 |
|  |  | **985533** |
| **Machinery Diversified–0.01%** | **Machinery Diversified–0.01%** | **Machinery Diversified–0.01%** |
| TK Elevator U.S. Newco, Inc. <br> 5.25% 7/15/27<br>| 335000 | 335079 |
|  |  | **335079** |
| **Media–0.90%** | **Media–0.90%** | **Media–0.90%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.<br>|  |  |
| 4.25% 2/1/31 | 240000 | 220524 |
| 4.25% 1/15/34 | 160000 | 136044 |
| 4.50% 5/1/32 | 230000 | 206434 |
| 4.50% 6/1/33 | 140000 | 122550 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 3.85% 4/1/61 | 6270000 | 3736357 |
| 6.38% 10/23/35 | 4140000 | 4272710 |
| 6.48% 10/23/45 | 2250000 | 2115374 |
| CSC Holdings LLC |  |  |
| 3.38% 2/15/31 | 500000 | 302779 |
| 4.13% 12/1/30 | 80000 | 49056 |
| 4.50% 11/15/31 | 350000 | 213500 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-13

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| CSC <br> Holdings LLC (continued)<br>|  |  |
| 4.63% 12/1/30 | 210000 | $75010 |
| Discovery <br> Communications LLC 6.35% <br> 6/1/40<br>| 45000 | 37272 |
| DISH DBS Corp. |  |  |
| 5.13% 6/1/29 | 160000 | 142001 |
| 5.25% 12/1/26 | 50000 | 48487 |
| 7.38% 7/1/28 | 95000 | 91858 |
| 7.75% 7/1/26 | 355000 | 350679 |
| EW Scripps Co. 9.88% 8/15/30 | 120000 | 119843 |
| Telecomunicaciones Digitales <br> SA 4.50% 1/30/30<br>| 250000 | 237945 |
| Time Warner Cable LLC 7.30% <br> 7/1/38<br>| 5775000 | 6186068 |
| Univision Communications, <br> Inc.<br>|  |  |
| 8.50% 7/31/31 | 395000 | 412629 |
| 9.38% 8/1/32 | 185000 | 198840 |
| Virgin Media Secured <br> Finance PLC 4.50% 8/15/30<br>| 250000 | 231434 |
|  |  | **19507394** |
| **Metal Fabricate & Hardware–0.01%** | **Metal Fabricate & Hardware–0.01%** | **Metal Fabricate & Hardware–0.01%** |
| Vallourec SACA 7.50% <br> 4/15/32<br>| 259000 | 275002 |
|  |  | **275002** |
| **Mining–0.24%** | **Mining–0.24%** | **Mining–0.24%** |
| Alcoa Nederland Holding BV <br> 7.13% 3/15/31<br>| 415000 | 440939 |
| Alumina Pty. Ltd. 6.38% <br> 9/15/32<br>| 210000 | 218069 |
| Antofagasta PLC 2.38% <br> 10/14/30<br>| 200000 | 181355 |
| Aris Mining Corp. 8.00% <br> 10/31/29<br>| 250000 | 260751 |
| Capstone Copper Corp. 6.75% <br> 3/31/33<br>| 110000 | 114174 |
| Century Aluminum Co. 6.88% <br> 8/1/32<br>| 130000 | 133940 |
| Cia de Minas Buenaventura <br> SAA 6.80% 2/4/32<br>| 200000 | 208026 |
| Corp. Nacional del Cobre de <br> Chile<br>|  |  |
| 3.15% 1/14/30 | 50000 | 47472 |
| 5.95% 1/8/34 | 200000 | 209123 |
| 6.30% 9/8/53 | 200000 | 204705 |
| Endeavour Mining PLC 7.00% <br> 5/28/30<br>| 200000 | 206545 |
| ERO Copper Corp. 6.50% <br> 2/15/30<br>| 290000 | 289334 |
| First Quantum Minerals Ltd. |  |  |
| 7.25% 2/15/34 | 365000 | 383726 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| First Quantum Minerals <br> Ltd. (continued)<br>|  |  |
| 8.00% 3/1/33 | 180000 | $192231 |
| Freeport Indonesia PT 6.20% <br> 4/14/52<br>| 200000 | 203350 |
| Fresnillo PLC 4.25% 10/2/50 | 250000 | 199333 |
| Hudbay Minerals, Inc. 4.50% <br> 4/1/26<br>| 100000 | 100105 |
| Indonesia Asahan Aluminium <br> PT/Mineral Industri <br> Indonesia Persero PT 5.45% <br> 5/15/30<br>| 150000 | 154828 |
| Ivanhoe Mines Ltd. 7.88% <br> 1/23/30<br>| 135000 | 139281 |
| Kaiser Aluminum Corp. 5.88% <br> 3/1/34<br>| 140000 | 140439 |
| Navoi Mining & Metallurgical <br> Combinat 6.95% 10/17/31<br>| 200000 | 212978 |
| Navoiyuran State Enterprise <br> 6.70% 7/2/30<br>| 200000 | 201483 |
| Nexa Resources SA 6.75% <br> 4/9/34<br>| 200000 | 213964 |
| Novelis Corp. |  |  |
| 6.38% 8/15/33 | 70000 | 70964 |
| 6.88% 1/30/30 | 240000 | 249204 |
| Volcan Cia Minera SAA 8.50% <br> 10/28/32<br>| 255000 | 262364 |
|  |  | **5238683** |
| **Miscellaneous Manufacturing–0.07%** | **Miscellaneous Manufacturing–0.07%** | **Miscellaneous Manufacturing–0.07%** |
| Amsted Industries, Inc. 6.38% <br> 3/15/33<br>| 135000 | 139048 |
| Axon Enterprise, Inc. |  |  |
| 6.13% 3/15/30 | 145000 | 149690 |
| 6.25% 3/15/33 | 165000 | 171654 |
| Enpro, Inc. 6.13% 6/1/33 | 135000 | 139306 |
| Entegris, Inc. |  |  |
| 4.75% 4/15/29 | 335000 | 335731 |
| 5.95% 6/15/30 | 535000 | 545705 |
|  |  | **1481134** |
| **Oil & Gas–2.01%** | **Oil & Gas–2.01%** | **Oil & Gas–2.01%** |
| Adnoc Murban Rsc Ltd. 5.13% <br> 9/11/54<br>| 200000 | 187936 |
| Ascent Resources Utica <br> Holdings LLC/ARU Finance <br> Corp. 6.63% 7/15/33<br>| 60000 | 62103 |
| Bapco Energies BSC Closed |  |  |
| 7.50% 10/25/27 | 150000 | 155437 |
| 8.38% 11/7/28 | 50000 | 53830 |
| Breakwater Energy Holdings <br> SARL 9.25% 11/15/30<br>| 165000 | 172781 |
| California Resources Corp. |  |  |
| 7.00% 1/15/34 | 15000 | 14776 |
| 8.25% 6/15/29 | 284000 | 297059 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-14

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Calumet Specialty Products <br> Partners LP/Calumet <br> Finance Corp.<br>|  |  |
| 8.13% 1/15/27 | 140000 | $140107 |
| 9.75% 7/15/28 | 250000 | 252655 |
| ‡Canacol Energy Ltd. 5.75% <br> 11/24/28<br>| 732000 | 209030 |
| Canadian Natural Resources <br> Ltd. 2.95% 7/15/30<br>| 4730000 | 4457599 |
| Cenovus Energy, Inc. |  |  |
| 4.65% 3/20/31 | 366000 | 364860 |
| 5.40% 3/20/36 | 282000 | 281630 |
| CITGO Petroleum Corp. 8.38% <br> 1/15/29<br>| 50000 | 51991 |
| CNX Resources Corp. 7.25% <br> 3/1/32<br>| 210000 | 219219 |
| Comstock Resources, Inc. |  |  |
| 5.88% 1/15/30 | 210000 | 204258 |
| 6.75% 3/1/29 | 165000 | 165366 |
| Cosan Overseas Ltd. 8.25% <br> 2/5/26<br>| 200000 | 201700 |
| CVR Energy, Inc. 8.50% <br> 1/15/29<br>| 115000 | 118202 |
| DBR Land Holdings LLC <br> 6.25% 12/1/30<br>| 120000 | 122746 |
| Ecopetrol SA |  |  |
| 8.38% 1/19/36 | 50000 | 51439 |
| 8.88% 1/13/33 | 350000 | 373780 |
| Empresa Nacional del <br> Petroleo 5.95% 7/30/34<br>| 200000 | 209269 |
| Energean Israel Finance Ltd. |  |  |
| 5.38% 3/30/28 | 45000 | 44381 |
| 5.88% 3/30/31 | 90000 | 87048 |
| Geopark Ltd. 8.75% 1/31/30 | 250000 | 233205 |
| Gran Tierra Energy, Inc. <br> 9.50% 10/15/29<br>| 210000 | 147718 |
| Hess Corp. 7.13% 3/15/33 | 1910000 | 2210457 |
| KazMunayGas National Co. <br> JSC<br>|  |  |
| 5.38% 4/24/30 | 100000 | 102054 |
| 5.75% 4/19/47 | 50000 | 47244 |
| Kosmos Energy Ltd. |  |  |
| 7.13% 4/4/26 | 197000 | 195276 |
| 7.50% 3/1/28 | 85000 | 57428 |
| 7.75% 5/1/27 | 75000 | 68250 |
| 8.75% 10/1/31 | 550000 | 310822 |
| Leviathan Bond Ltd. 6.50% <br> 6/30/27<br>| 140000 | 140808 |
| MC Brazil Downstream <br> Trading SARL 7.25% 6/30/31<br>| 194826 | 170855 |
| Medco Maple Tree Pte. Ltd. <br> 8.96% 4/27/29<br>| 250000 | 260689 |
| Moss Creek Resources <br> Holdings, Inc. 8.25% 9/1/31<br>| 186000 | 178095 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Nabors Industries, Inc. 8.88% <br> 8/15/31<br>| 125000 | $121262 |
| Occidental Petroleum Corp. |  |  |
| 5.38% 1/1/32 | 1285000 | 1315837 |
| 5.55% 10/1/34 | 895000 | 912911 |
| 6.13% 1/1/31 | 3158000 | 3337775 |
| ORLEN SA 6.00% 1/30/35 | 200000 | 210815 |
| PBF Holding Co. LLC/PBF <br> Finance Corp.<br>|  |  |
| 6.00% 2/15/28 | 30000 | 29715 |
| 7.88% 9/15/30 | 315000 | 303357 |
| 9.88% 3/15/30 | 120000 | 123450 |
| Pertamina Persero PT 4.18% <br> 1/21/50<br>| 50000 | 38687 |
| ‡Petroleos de Venezuela SA |  |  |
| 5.38% 4/12/27 | 450000 | 104400 |
| 9.75% 5/17/35 | 300000 | 77250 |
| Petroleos Mexicanos |  |  |
| 5.95% 1/28/31 | 9320000 | 9020291 |
| 6.63% 6/15/35 | 500000 | 474461 |
| 6.70% 2/16/32 | 165000 | 164559 |
| 6.75% 9/21/47 | 1139000 | 936490 |
| 7.69% 1/23/50 | 9810000 | 8791684 |
| 10.00% 2/7/33 | 200000 | 231658 |
| Petronas Capital Ltd. |  |  |
| 3.40% 4/28/61 | 100000 | 67946 |
| 3.50% 4/21/30 | 100000 | 97357 |
| PRIO Luxembourg Holding <br> SARL 6.75% 10/15/30<br>| 200000 | 194550 |
| QatarEnergy |  |  |
| 1.38% 9/12/26 | 300000 | 294291 |
| 2.25% 7/12/31 | 200000 | 180120 |
| 3.30% 7/12/51 | 350000 | 244741 |
| Saudi Arabian Oil Co. |  |  |
| 2.25% 11/24/30 | 300000 | 271109 |
| 3.25% 11/24/50 | 150000 | 100169 |
| 3.50% 4/16/29 | 300000 | 292688 |
| 4.25% 4/16/39 | 300000 | 273193 |
| 5.88% 7/17/64 | 200000 | 194241 |
| 6.38% 6/2/55 | 40000 | 41826 |
| 6.38% 6/2/55 | 200000 | 209265 |
| Sunoco LP |  |  |
| 4.63% 5/1/30 | 280000 | 272014 |
| 5.63% 3/15/31 | 70000 | 70513 |
| 5.88% 3/15/34 | 70000 | 69994 |
| 6.25% 7/1/33 | 200000 | 204864 |
| 6.63% 8/15/32 | 100000 | 102782 |
| μ7.88% 9/18/30 | 165000 | 169500 |
| Sunoco LP/Sunoco Finance <br> Corp.<br>|  |  |
| 4.50% 5/15/29 | 150000 | 147265 |
| 5.88% 3/15/28 | 160000 | 160391 |
| Talos Production, Inc. |  |  |
| 9.00% 2/1/29 | 85000 | 88284 |
| 9.38% 2/1/31 | 85000 | 88656 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-15

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Tecpetrol SA |  |  |
| 7.63% 11/3/30 | 60000 | $59603 |
| 7.63% 1/22/33 | 50000 | 50575 |
| Tengizchevroil Finance Co. <br> International Ltd. 3.25% <br> 8/15/30<br>| 100000 | 92750 |
| Transocean Aquila Ltd. 8.00% <br> 9/30/28<br>| 101231 | 103689 |
| Transocean International Ltd. |  |  |
| 7.88% 10/15/32 | 40000 | 41776 |
| 8.25% 5/15/29 | 115000 | 115903 |
| 8.75% 2/15/30 | 63750 | 66613 |
| Tullow Oil PLC 10.25% <br> 5/15/26<br>| 314000 | 227650 |
| YPF SA 8.25% 1/17/34 | 50000 | 51098 |
|  |  | **43462121** |
| **Oil & Gas Services–0.06%** | **Oil & Gas Services–0.06%** | **Oil & Gas Services–0.06%** |
| Guara Norte SARL 5.20% <br> 6/15/34<br>| 110498 | 107848 |
| Kodiak Gas Services LLC |  |  |
| 6.50% 10/1/33 | 160000 | 163394 |
| 6.75% 10/1/35 | 110000 | 113103 |
| Star Holding LLC 8.75% <br> 8/1/31<br>| 100000 | 96286 |
| TGS ASA 8.50% 1/15/30 | 125000 | 130518 |
| USA Compression <br> Partners LP/USA <br> Compression Finance Corp. <br> 6.25% 10/1/33<br>| 130000 | 131559 |
| Viridien 10.00% 10/15/30 | 110000 | 115993 |
| WBI Operating LLC |  |  |
| 6.25% 10/15/30 | 75000 | 75452 |
| 6.50% 10/15/33 | 110000 | 109583 |
| Yinson Boronia Production <br> BV 8.95% 7/31/42<br>| 230556 | 251194 |
|  |  | **1294930** |
| **Packaging & Containers–0.05%** | **Packaging & Containers–0.05%** | **Packaging & Containers–0.05%** |
| Ardagh Metal Packaging <br> Finance USA LLC/Ardagh <br> Metal Packaging Finance <br> PLC<br>|  |  |
| 4.00% 9/1/29 | 185000 | 174156 |
| 6.25% 1/30/31 | 150000 | 153416 |
| Clydesdale Acquisition <br> Holdings, Inc.<br>|  |  |
| 6.88% 1/15/30 | 210000 | 215250 |
| 8.75% 4/15/30 | 120000 | 122002 |
| Crown Americas LLC 5.88% <br> 6/1/33<br>| 160000 | 163648 |
| Graham Packaging Co., Inc. <br> 7.13% 8/15/28<br>| 80000 | 80068 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| Graphic Packaging <br> International LLC<br>|  |  |
| 3.75% 2/1/30 | 100000 | $94529 |
| 6.38% 7/15/32 | 70000 | 71307 |
|  |  | **1074376** |
| **Pharmaceuticals–0.63%** | **Pharmaceuticals–0.63%** | **Pharmaceuticals–0.63%** |
| 1261229 BC Ltd. 10.00% <br> 4/15/32<br>| 500000 | 520008 |
| AdaptHealth LLC 5.13% <br> 3/1/30<br>| 125000 | 121901 |
| Bausch Health Americas, Inc. <br> 8.50% 1/31/27<br>| 85000 | 84153 |
| Bausch Health Cos., Inc. |  |  |
| 4.88% 6/1/28 | 250000 | 223750 |
| 5.25% 1/30/30 | 50000 | 35000 |
| 11.00% 9/30/28 | 110000 | 113942 |
| Bayer U.S. Finance II LLC <br> 4.38% 12/15/28<br>| 4270000 | 4274679 |
| Bayer U.S. Finance LLC 6.50% <br> 11/21/33<br>| 700000 | 757816 |
| CVS Health Corp. |  |  |
| 3.25% 8/15/29 | 5640000 | 5444461 |
| μ6.75% 12/10/54 | 191000 | 199475 |
| μ7.00% 3/10/55 | 290000 | 304224 |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer BV<br>|  |  |
| 4.13% 4/30/28 | 250000 | 243609 |
| 5.13% 4/30/31 | 270000 | 223613 |
| 6.75% 5/15/34 | 30000 | 26984 |
| 7.88% 5/15/34 | 145000 | 118020 |
| Owens & Minor, Inc. |  |  |
| 4.50% 3/31/29 | 80000 | 54300 |
| 6.63% 4/1/30 | 170000 | 107768 |
| Teva Pharmaceutical Finance <br> Netherlands III BV<br>|  |  |
| 3.15% 10/1/26 | 59000 | 58319 |
| 6.00% 12/1/32 | 290000 | 304357 |
| 7.88% 9/15/29 | 200000 | 220006 |
| Teva Pharmaceutical Finance <br> Netherlands IV BV 5.75% <br> 12/1/30<br>| 265000 | 274865 |
|  |  | **13711250** |
| **Pipelines–1.45%** | **Pipelines–1.45%** | **Pipelines–1.45%** |
| Antero Midstream <br> Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.75% 10/15/33 | 70000 | 70423 |
| 5.75% 7/1/34 | 240000 | 241815 |
| CNX Midstream Partners LP <br> 4.75% 4/15/30<br>| 165000 | 159959 |
| CQP Holdco LP/BIP-V <br> Chinook Holdco LLC 7.50% <br> 12/15/33<br>| 210000 | 225009 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-16

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Delek Logistics <br> Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.13% 6/1/28 | 285000 | $286636 |
| 7.38% 6/30/33 | 65000 | 66329 |
| 8.63% 3/15/29 | 150000 | 157225 |
| EIG Pearl Holdings SARL <br> 3.55% 8/31/36<br>| 245863 | 227687 |
| Energy Transfer LP |  |  |
| 6.10% 12/1/28 | 4235000 | 4448336 |
| μ6.50% 2/15/56 | 14000 | 13954 |
| μ6.63% 2/15/28 | 195000 | 194011 |
| μ6.75% 2/15/56 | 14000 | 14053 |
| μ7.13% 5/15/30 | 80000 | 81916 |
| 7.38% 2/1/31 | 80000 | 83117 |
| Galaxy Pipeline Assets Bidco <br> Ltd.<br>|  |  |
| 2.16% 3/31/34 | 69919 | 63282 |
| 2.63% 3/31/36 | 300000 | 264389 |
| Genesis Energy LP/Genesis <br> Energy Finance Corp. 8.00% <br> 5/15/33<br>| 220000 | 228382 |
| Global Partners LP/GLP <br> Finance Corp.<br>|  |  |
| 6.88% 1/15/29 | 115000 | 116521 |
| 7.13% 7/1/33 | 50000 | 50912 |
| Golar LNG Ltd. |  |  |
| 7.50% 10/2/30 | 125000 | 120780 |
| 7.75% 9/19/29 | 400000 | 394643 |
| Greensaif Pipelines Bidco <br> SARL<br>|  |  |
| 6.13% 2/23/38 | 200000 | 212226 |
| 6.51% 2/23/42 | 200000 | 218063 |
| Harvest Midstream I LP |  |  |
| 7.50% 9/1/28 | 160000 | 162392 |
| 7.50% 5/15/32 | 50000 | 52119 |
| Hess Midstream <br> Operations LP<br>|  |  |
| 4.25% 2/15/30 | 65000 | 63576 |
| 5.13% 6/15/28 | 245000 | 245989 |
| 5.88% 3/1/28 | 120000 | 122253 |
| Howard Midstream Energy <br> Partners LLC<br>|  |  |
| 6.63% 1/15/34 | 70000 | 71913 |
| 7.38% 7/15/32 | 70000 | 73862 |
| Kinetik Holdings LP |  |  |
| 5.88% 6/15/30 | 125000 | 126120 |
| 6.63% 12/15/28 | 210000 | 216232 |
| NFE Financing LLC 12.00% <br> 11/15/29<br>| 425000 | 122931 |
| Oleoducto Central SA 4.00% <br> 7/14/27<br>| 100000 | 98661 |
| ONEOK, Inc. |  |  |
| 5.05% 11/1/34 | 1353000 | 1340918 |
| 6.50% 9/1/30 | 2990000 | 3205608 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| •Plains All American <br> Pipeline LP 8.22% (3 mo. <br> USD Term SOFR + 4.37%) <br> 1/30/26<br>| 940000 | $942667 |
| Plains All American <br> Pipeline LP/PAA Finance <br> Corp. 3.55% 12/15/29<br>| 2230000 | 2166405 |
| Prairie Acquiror LP 9.00% <br> 8/1/29<br>| 105000 | 109139 |
| Rockies Express Pipeline LLC |  |  |
| 4.95% 7/15/29 | 165000 | 164639 |
| 6.75% 3/15/33 | 205000 | 216341 |
| μSouth Bow Canadian <br> Infrastructure Holdings Ltd. <br> 7.50% 3/1/55<br>| 110000 | 117576 |
| Southern Gas Corridor CJSC <br> 6.88% 3/24/26<br>| 150000 | 150974 |
| Tallgrass Energy <br> Partners LP/Tallgrass <br> Energy Finance Corp.<br>|  |  |
| 5.50% 1/15/28 | 250000 | 250135 |
| 6.00% 12/31/30 | 695000 | 700620 |
| 6.75% 3/15/34 | 70000 | 69998 |
| Targa Resources Corp. |  |  |
| 4.35% 1/15/29 | 466000 | 467294 |
| 4.90% 9/15/30 | 658000 | 670426 |
| 5.65% 2/15/36 | 1584000 | 1627076 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 4355000 | 4356083 |
| TMS Issuer SARL 5.78% <br> 8/23/32<br>| 100000 | 104161 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| 6.13% 12/15/30 | 135000 | 137477 |
| 6.50% 1/15/34 | 220000 | 225333 |
| 6.50% 6/15/34 | 75000 | 76634 |
| 6.75% 1/15/36 | 485000 | 496781 |
| Williams Cos., Inc. 2.60% <br> 3/15/31<br>| 4820000 | 4400282 |
|  |  | **31292283** |
| **Real Estate–0.20%** | **Real Estate–0.20%** | **Real Estate–0.20%** |
| Alpha Star Holding IX Ltd. <br> 7.00% 8/26/28<br>| 200000 | 204705 |
| Anywhere Real Estate <br> Group LLC/Anywhere <br> Co-Issuer Corp. 7.00% <br> 4/15/30<br>| 55000 | 54763 |
| Anywhere Real Estate <br> Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |
| 5.75% 1/15/29 | 60000 | 58272 |
| 9.75% 4/15/30 | 50000 | 54264 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-17

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| Aroundtown SA 3.63% <br> 4/10/31<br>| 110000 | $136329 |
| AXA Logistics Europe Master <br> SCA 3.38% 5/13/31<br>| 100000 | 116848 |
| Blackstone Property Partners <br> Europe Holdings SARL <br> 1.63% 4/20/30<br>| 300000 | 325999 |
| CBRE Europe Logistics <br> Partners SCA SICAV-SIF <br> 3.50% 9/22/32<br>| 100000 | 114977 |
| CBRE Open-Ended Funds <br> SCA SICAV-SIF 4.75% <br> 3/27/34<br>| 125000 | 152964 |
| Citycon Treasury BV 5.38% <br> 7/8/31<br>| 100000 | 111476 |
| Corp. Inmobiliaria Vesta SAB <br> de CV 5.50% 1/30/33<br>| 200000 | 202548 |
| CPI Property Group SA 6.00% <br> 1/27/32<br>| 205000 | 241686 |
| Dar Al-Arkan Sukuk Co. Ltd. <br> 7.25% 7/2/30<br>| 200000 | 203052 |
| ‡Fideicomiso Irrevocable de <br> Administracion y Fuente de <br> Pago Numero CIB/4323 <br> 11.00% 9/12/31<br>| 464600 | 126603 |
| μGrand City Properties SA <br> 1.50% 3/9/26<br>| 100000 | 115691 |
| GTC Finance DAC 6.50% <br> 10/15/30<br>| 200000 | 218341 |
| μHeimstaden Bostad AB 3.63% <br> 10/13/26<br>| 105000 | 121837 |
| Howard Hughes Corp. |  |  |
| 4.13% 2/1/29 | 40000 | 38870 |
| 4.38% 2/1/31 | 100000 | 95209 |
| InRetail Shopping Malls <br> 5.65% 10/16/32<br>| 80000 | 80424 |
| Kennedy-Wilson, Inc. 4.75% <br> 2/1/30<br>| 145000 | 136666 |
| Logicor Financing SARL <br> 1.63% 1/17/30<br>| 305000 | 335181 |
| P3 Group SARL |  |  |
| 3.75% 4/2/33 | 100000 | 115581 |
| 4.00% 4/19/32 | 175000 | 206853 |
| Prologis International <br> Funding II SA 4.38% 7/1/36<br>| 275000 | 331315 |
| Samhallsbyggnadsbolaget I <br> Norden Holding AB 2.25% <br> 7/12/27<br>| 215000 | 239980 |
| Shurgard Luxembourg SARL <br> 4.00% 5/27/35<br>| 100000 | 116173 |
| Sirius Real Estate Ltd. 4.00% <br> 1/22/32<br>| 100000 | 116874 |
|  |  | **4373481** |
| **Real Estate Investment Trusts–1.33%** | **Real Estate Investment Trusts–1.33%** | **Real Estate Investment Trusts–1.33%** |
| Agree LP 2.90% 10/1/30 | 2340000 | 2189672 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| American Homes 4 Rent LP <br> 4.95% 6/15/30<br>| 1538000 | $1568776 |
| American Tower Corp. 3.63% <br> 5/30/32<br>| 150000 | 177370 |
| COPT Defense Properties LP |  |  |
| 2.75% 4/15/31 | 4950000 | 4515080 |
| 4.50% 10/15/30 | 178000 | 177136 |
| CTR <br> Partnership LP/CareTrust <br> Capital Corp. 3.88% 6/30/28<br>| 105000 | 103376 |
| EF Holdco/EF Cayman <br> Holdings/Ellington Financial <br> REIT Cayman/TRS/EF <br> Cayman Non-MTM 7.38% <br> 9/30/30<br>| 135000 | 136056 |
| Great Portland Estates PLC <br> 5.38% 9/25/31<br>| 340000 | 464334 |
| Ladder Capital Finance <br> Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.75% 6/15/29 | 100000 | 98877 |
| 7.00% 7/15/31 | 115000 | 121929 |
| Millrose Properties, Inc. |  |  |
| 6.25% 9/15/32 | 70000 | 70629 |
| 6.38% 8/1/30 | 100000 | 102322 |
| MPT Operating <br> Partnership LP/MPT <br> Finance Corp.<br>|  |  |
| 0.99% 10/15/26 | 100000 | 111639 |
| 3.50% 3/15/31 | 250000 | 181773 |
| 4.63% 8/1/29 | 150000 | 125668 |
| 5.00% 10/15/27 | 350000 | 337883 |
| Omega Healthcare Investors, <br> Inc.<br>|  |  |
| 3.25% 4/15/33 | 250000 | 222241 |
| 3.63% 10/1/29 | 2000000 | 1936424 |
| Phillips Edison Grocery <br> Center Operating <br> Partnership I LP 2.63% <br> 11/15/31<br>| 2470000 | 2213626 |
| Prologis Euro Finance LLC <br> 3.25% 9/22/32<br>| 100000 | 115578 |
| Realty Income Corp. 3.38% <br> 6/20/31<br>| 100000 | 116997 |
| RHP Hotel <br> Properties LP/RHP Finance <br> Corp. 6.50% 6/15/33<br>| 130000 | 135140 |
| Rithm Capital Corp. |  |  |
| 8.00% 4/1/29 | 100000 | 102670 |
| 8.00% 7/15/30 | 100000 | 102266 |
| Sabra Health Care LP 3.20% <br> 12/1/31<br>| 2860000 | 2616828 |
| Starwood Property Trust, Inc. |  |  |
| 5.25% 10/15/28 | 70000 | 70509 |
| 5.75% 1/15/31 | 110000 | 111182 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-18

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Starwood Property Trust, <br> Inc. (continued)<br>|  |  |
| 6.50% 7/1/30 | 200000 | $208622 |
| 6.50% 10/15/30 | 65000 | 67769 |
| 7.25% 4/1/29 | 120000 | 126732 |
| Stoneweg Ereit Lux Finco <br> SARL 4.13% 2/22/33<br>| 200000 | 229806 |
| Uniti Group LP/Uniti Fiber <br> Holdings, Inc./CSL <br> Capital LLC 6.00% 1/15/30<br>| 240000 | 223209 |
| Ventas Realty LP 3.00% <br> 1/15/30<br>| 4570000 | 4351000 |
| VICI Properties LP |  |  |
| 4.95% 2/15/30 | 2800000 | 2833609 |
| 5.63% 4/1/35 | 1170000 | 1194791 |
| VICI Properties LP/VICI <br> Note Co., Inc.<br>|  |  |
| 4.63% 12/1/29 | 1030000 | 1027990 |
| 5.75% 2/1/27 | 265000 | 267974 |
|  |  | **28757483** |
| **Retail–0.36%** | **Retail–0.36%** | **Retail–0.36%** |
| 1011778 BC ULC/New Red <br> Finance, Inc.<br>|  |  |
| 4.00% 10/15/30 | 100000 | 95240 |
| 4.38% 1/15/28 | 190000 | 188802 |
| 5.63% 9/15/29 | 250000 | 254547 |
| Carvana Co. 9.00% 6/1/31 | 524300 | 591635 |
| EG Global Finance PLC <br> 12.00% 11/30/28<br>| 460000 | 499966 |
| Fertitta <br> Entertainment LLC/Fertitta <br> Entertainment Finance Co., <br> Inc. 6.75% 1/15/30<br>| 400000 | 380310 |
| ‡Future Retail Ltd. 5.60% <br> 1/22/25<br>| 905000 | 9 |
| LBM Acquisition LLC |  |  |
| 6.25% 1/15/29 | 140000 | 125999 |
| 9.50% 6/15/31 | 170000 | 177215 |
| Lowe's Cos., Inc. 3.75% 4/1/32 | 4590000 | 4398356 |
| McDonald's Corp. 3.50% <br> 5/21/32<br>| 150000 | 177200 |
| Saks Global Enterprises LLC <br> 11.00% 12/15/29<br>| 455090 | 29581 |
| SGUS LLC 11.00% 12/15/29 | 244001 | 90280 |
| Staples, Inc. |  |  |
| 10.75% 9/1/29 | 280000 | 278371 |
| 12.75% 1/15/30 | 215000 | 180398 |
| Yum! Brands, Inc. 4.63% <br> 1/31/32<br>| 270000 | 264598 |
|  |  | **7732507** |
| **Semiconductors–0.55%** | **Semiconductors–0.55%** | **Semiconductors–0.55%** |
| Amkor Technology, Inc. 5.88% <br> 10/1/33<br>| 70000 | 71444 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Broadcom, Inc. |  |  |
| 3.19% 11/15/36 | 1965000 | $1666502 |
| 3.42% 4/15/33 | 4810000 | 4452448 |
| 5.05% 7/12/29 | 3330000 | 3428492 |
| NXP BV/NXP <br> Funding LLC/NXP USA, Inc.<br>|  |  |
| 4.85% 8/19/32 | 548000 | 550884 |
| 5.25% 8/19/35 | 1581000 | 1604360 |
| ON Semiconductor Corp. <br> 3.88% 9/1/28<br>| 100000 | 97786 |
| @Wolfspeed, Inc. 7.00% 6/15/31 | 66092 | 52874 |
|  |  | **11924790** |
| **Software–0.42%** | **Software–0.42%** | **Software–0.42%** |
| Cloud Software Group, Inc. |  |  |
| 8.25% 6/30/32 | 195000 | 203783 |
| 9.00% 9/30/29 | 455000 | 473887 |
| CoreWeave, Inc. |  |  |
| 9.00% 2/1/31 | 415000 | 380356 |
| 9.25% 6/1/30 | 235000 | 218496 |
| Fair Isaac Corp. 6.00% <br> 5/15/33<br>| 230000 | 236244 |
| MSCI, Inc. |  |  |
| 5.15% 3/15/36 | 373000 | 370271 |
| 5.25% 9/1/35 | 1099000 | 1106251 |
| Open Text Corp. |  |  |
| 3.88% 2/15/28 | 165000 | 161929 |
| 3.88% 12/1/29 | 165000 | 156590 |
| Open Text Holdings, Inc. <br> 4.13% 12/1/31<br>| 210000 | 195910 |
| Oracle Corp. |  |  |
| 3.60% 4/1/40 | 404000 | 299622 |
| 4.45% 9/26/30 | 669000 | 654507 |
| 4.80% 9/26/32 | 1115000 | 1076445 |
| 5.20% 9/26/35 | 1015000 | 972452 |
| 5.88% 9/26/45 | 626000 | 565355 |
| 5.95% 9/26/55 | 785000 | 695521 |
| 6.10% 9/26/65 | 808000 | 712650 |
| Rackspace Finance LLC <br> 3.50% 5/15/28<br>| 250000 | 91250 |
| UKG, Inc. 6.88% 2/1/31 | 125000 | 128402 |
| X.AI LLC/X.AI Co. Issuer <br> Corp. 12.50% 6/30/30<br>| 325000 | 345948 |
|  |  | **9045869** |
| **Telecommunications–1.28%** | **Telecommunications–1.28%** | **Telecommunications–1.28%** |
| Altice Financing SA |  |  |
| 5.75% 8/15/29 | 475000 | 329308 |
| 9.63% 7/15/27 | 100000 | 77000 |
| Altice France Lux 3/Altice <br> Holdings 1 10.00% 1/15/33<br>| 66000 | 60501 |
| Altice France SA |  |  |
| 6.50% 4/15/32 | 1159170 | 1111275 |
| 6.88% 7/15/32 | 34654 | 33231 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-19

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| †^Altice Holdings 1 SARL 0.00% <br> 12/31/99<br>| 275 | $44 |
| APLD ComputeCo LLC 9.25% <br> 12/15/30<br>| 545000 | 534591 |
| AT&T, Inc. |  |  |
| 2.25% 2/1/32 | 3760000 | 3297544 |
| 6.30% 1/15/38 | 1485000 | 1609181 |
| Axian Telecom Holding & <br> Management PLC 7.25% <br> 7/11/30<br>| 335000 | 337313 |
| BT Finance PLC 3.38% <br> 11/17/32<br>| 125000 | 145290 |
| C&W Senior Finance Ltd. <br> 9.00% 1/15/33<br>| 545000 | 561533 |
| Cipher Compute LLC 7.13% <br> 11/15/30<br>| 145000 | 147680 |
| Colombia <br> Telecomunicaciones SA ESP <br> 4.95% 7/17/30<br>| 220000 | 199404 |
| Connect Holding II LLC <br> 10.50% 4/3/31<br>| 45000 | 42635 |
| CT Trust 5.13% 2/3/32 | 200000 | 192355 |
| @EchoStar Corp. 6.75% <br> 11/30/30<br>| 733198 | 751138 |
| Flash Compute LLC 7.25% <br> 12/31/30<br>| 245000 | 242737 |
| Iliad Holding SAS |  |  |
| 7.00% 4/15/32 | 125000 | 128832 |
| 8.50% 4/15/31 | 145000 | 156056 |
| Koninklijke KPN NV 3.88% <br> 2/16/36<br>| 200000 | 235395 |
| Level 3 Financing, Inc. |  |  |
| 3.63% 1/15/29 | 120000 | 110749 |
| 3.75% 7/15/29 | 260000 | 236733 |
| 4.88% 6/15/29 | 75000 | 72937 |
| 6.88% 6/30/33 | 315000 | 322333 |
| 7.00% 3/31/34 | 190000 | 195809 |
| 8.50% 1/15/36 | 300000 | 307195 |
| Liberty Costa Rica Senior <br> Secured Finance 10.88% <br> 1/15/31<br>| 200000 | 210000 |
| Liquid Telecommunications <br> Financing PLC 5.50% 9/4/26<br>| 435000 | 396232 |
| Millicom International <br> Cellular SA<br>|  |  |
| 4.50% 4/27/31 | 305000 | 284094 |
| 7.38% 4/2/32 | 100000 | 103922 |
| μNetwork i2i Ltd. 3.98% 3/3/26 | 150000 | 149353 |
| NTT Finance Corp. |  |  |
| 3.68% 7/16/33 | 100000 | 118170 |
| 4.57% 7/16/27 | 247000 | 249084 |
| 4.62% 7/16/28 | 250000 | 253325 |
| 4.88% 7/16/30 | 638000 | 649747 |
| μRogers Communications, Inc. |  |  |
| 7.00% 4/15/55 | 100000 | 104620 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| μRogers Communications, <br> Inc. (continued)<br>|  |  |
| 7.13% 4/15/55 | 65000 | $68444 |
| Sable International Finance <br> Ltd. 7.13% 10/15/32<br>| 385000 | 389588 |
| Silk Road Group Holding LLC <br> 7.50% 9/15/30<br>| 200000 | 199964 |
| Telecommunications Co. <br> Telekom Srbija AD Belgrade <br> 7.00% 10/28/29<br>| 250000 | 249688 |
| μTELUS Corp. |  |  |
| 6.63% 10/15/55 | 98000 | 100003 |
| 7.00% 10/15/55 | 66000 | 68705 |
| T-Mobile USA, Inc. |  |  |
| 3.00% 2/15/41 | 580000 | 432186 |
| 3.88% 4/15/30 | 4430000 | 4356351 |
| 5.13% 5/15/32 | 915000 | 941601 |
| 5.75% 1/15/34 | 1190000 | 1260705 |
| Turk Telekomunikasyon AS <br> 6.95% 10/7/32<br>| 55000 | 56201 |
| Uniti Group LP/Uniti Group <br> Finance 2019, Inc./CSL <br> Capital LLC<br>|  |  |
| 6.50% 2/15/29 | 405000 | 388928 |
| 8.63% 6/15/32 | 135000 | 132981 |
| Verizon Communications, Inc. |  |  |
| 2.55% 3/21/31 | 2055000 | 1876613 |
| 5.25% 4/2/35 | 1830000 | 1859990 |
| Vmed O2 U.K. Financing I <br> PLC<br>|  |  |
| 4.25% 1/31/31 | 185000 | 168722 |
| 6.75% 1/15/33 | 165000 | 163521 |
| Windstream Services LLC <br> 7.50% 10/15/33<br>| 295000 | 302407 |
| Windstream <br> Services LLC/Windstream <br> Escrow Finance Corp. 8.25% <br> 10/1/31<br>| 300000 | 314931 |
| WULF Compute LLC 7.75% <br> 10/15/30<br>| 350000 | 360587 |
|  |  | **27649462** |
| **Transportation–0.08%** | **Transportation–0.08%** | **Transportation–0.08%** |
| Beacon Mobility Corp. 7.25% <br> 8/1/30<br>| 65000 | 67982 |
| Danaos Corp. 6.88% 10/15/32 | 115000 | 118814 |
| Genesee & Wyoming, Inc. <br> 6.25% 4/15/32<br>| 250000 | 257813 |
| MISC Capital Two Labuan <br> Ltd. 3.75% 4/6/27<br>| 200000 | 198681 |
| Mobico Group PLC |  |  |
| μ4.25% 1/12/26 | 100000 | 79322 |
| 4.88% 9/26/31 | 165000 | 153491 |
| Rand Parent LLC 8.50% <br> 2/15/30<br>| 370000 | 385486 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-20

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Stonepeak Nile Parent LLC <br> 7.25% 3/15/32<br>| 125000 | $132287 |
| Transnet 8.25% 2/6/28 | 50000 | 52780 |
| XPO, Inc. |  |  |
| 7.13% 6/1/31 | 100000 | 104269 |
| 7.13% 2/1/32 | 150000 | 157768 |
|  |  | **1708693** |
| **Trucking & Leasing–0.01%** | **Trucking & Leasing–0.01%** | **Trucking & Leasing–0.01%** |
| FTAI Aviation Investors LLC |  |  |
| 7.00% 6/15/32 | 100000 | 105125 |
| 7.88% 12/1/30 | 110000 | 116975 |
|  |  | **222100** |
| **Water–0.11%** | **Water–0.11%** | **Water–0.11%** |
| Anglian Water Services <br> Financing PLC 5.88% <br> 6/20/31<br>| 310000 | 431991 |
| Northumbrian Water Finance <br> PLC 4.50% 2/14/31<br>| 185000 | 243554 |
| Severn Trent Utilities Finance <br> PLC 3.88% 8/4/35<br>| 175000 | 204965 |
| South West Water Finance <br> PLC<br>|  |  |
| 5.25% 9/15/31 | 125000 | 169712 |
| 5.75% 12/11/32 | 160000 | 223253 |
| SW Finance I PLC |  |  |
| 6.88% 8/7/32 | 100000 | 139860 |
| 7.38% 12/12/41 | 100000 | 138995 |
| United Utilities Water <br> Finance PLC 3.50% 2/27/33<br>| 100000 | 116434 |
| Veolia Environnement SA <br> 3.32% 6/17/32<br>| 300000 | 350161 |
| Wessex Water Services <br> Finance PLC 6.13% 9/19/34<br>| 170000 | 235140 |
| Yorkshire Water Finance PLC <br> 6.00% 7/22/33<br>| 100000 | 137178 |
|  |  | **2391243** |
| **Total Corporate Bonds** <br>**(Cost $559,358,078)** | **Total Corporate Bonds** <br>**(Cost $559,358,078)** | **573427119** |
| **LOAN AGREEMENTS–5.55%** | **LOAN AGREEMENTS–5.55%** | **LOAN AGREEMENTS–5.55%** |
| •1011778 BC Unlimited <br> Liability Co. 5.47% (1 mo. <br> USD Term SOFR + 1.75%) <br> 9/20/30<br>| 712515 | 712736 |
| •19th Holdings Golf LLC 7.13% <br> (1 mo. USD Term SOFR + <br> 3.25%) 2/7/29<br>| 496144 | 499245 |
| •ABG Intermediate Holdings 2 <br> LLC 5.97% (1 mo. USD Term <br> SOFR + 2.25%) 12/21/28<br>| 496231 | 496544 |
| •Acosta, Inc. 9.22% (6 mo. USD <br> Term SOFR + 5.50%) <br> 8/21/31<br>| 64749 | 63238 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Acrisure LLC 6.72% (1 mo. <br> USD Term SOFR + 3.00%) <br> 11/6/30<br>| 1736842 | $1733594 |
| •Ahead DB Holdings LLC <br> 6.17% (3 mo. USD Term <br> SOFR + 2.50%) 2/3/31<br>| 169574 | 169226 |
| Air Comm Corp. LLC | Air Comm Corp. LLC | Air Comm Corp. LLC |
| ✠0.00% 12/11/31 | 23077 | 23135 |
| •6.44% (3 mo. USD Term <br> SOFR + 2.75%) 12/11/31<br>| 473390 | 474574 |
| •Alera Group, Inc. | •Alera Group, Inc. | •Alera Group, Inc. |
| 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 5/31/32<br>| 294262 | 295513 |
| 9.22% (1 mo. USD Term <br> SOFR + 5.50%) 5/30/33<br>| 44888 | 45684 |
| •AlixPartners LLP 5.72% (1 <br> mo. USD Term SOFR + <br> 2.00%) 8/12/32<br>| 170000 | 170180 |
| •Alliant Holdings <br> Intermediate LLC 6.22% (1 <br> mo. USD Term SOFR + <br> 2.50%) 9/19/31<br>| 54725 | 54833 |
| •Allied Universal Holdco LLC <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 8/20/32<br>| 817950 | 821672 |
| +Allison Transmission, Inc. <br> 0.00% 11/5/32<br>| 70000 | 70292 |
| •Altice Financing SA 8.90% (3 <br> mo. USD Term SOFR + <br> 5.00%) 10/31/27<br>| 9974 | 7349 |
| •Altice France SA 10.86% (3 <br> mo. USD Term SOFR + <br> 6.88%) 5/31/31<br>| 1540200 | 1537951 |
| •Amentum Government <br> Services Holdings LLC 5.72% <br> (1 mo. USD Term SOFR + <br> 2.00%) 9/29/31<br>| 599624 | 600559 |
| •American Airlines, Inc. | •American Airlines, Inc. | •American Airlines, Inc. |
| 6.13% (3 mo. USD Term <br> SOFR + 2.25%) 4/20/28<br>| 497500 | 498371 |
| 7.13% (3 mo. USD Term <br> SOFR + 3.25%) 5/28/32<br>| 99500 | 99936 |
| +American Axle & <br> Manufacturing, Inc. 0.00% <br> 2/24/32<br>| 115000 | 114952 |
| •American Trailer World Corp. <br> 7.57% (1 mo. USD Term <br> SOFR + 3.75%) 3/3/28<br>| 500000 | 442550 |
| •Amneal Pharmaceuticals LLC <br> 7.22% (1 mo. USD Term <br> SOFR + 3.50%) 8/1/32<br>| 164587 | 165822 |
| •AmWINS Group, Inc. 5.97% (1 <br> mo. USD Term SOFR + <br> 2.25%) 1/30/32<br>| 496241 | 497481 |
| •Amynta Agency Borrower, <br> Inc. 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 12/29/31<br>| 248750 | 249138 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-21

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| +Anticimex Global AB 0.00% <br> 11/17/31<br>| 195000 | $195731 |
| •AP Core Holdings II LLC <br> 9.33% (1 mo. USD Term <br> SOFR + 5.50%) 9/1/27<br>| 750000 | 748260 |
| •Applied Systems, Inc. 6.17% <br> (3 mo. USD Term SOFR + <br> 2.50%) 2/24/31<br>| 302852 | 304429 |
| Archkey Solutions LLC | Archkey Solutions LLC | Archkey Solutions LLC |
| ✠0.00% 11/1/31 | 18663 | 18838 |
| •7.92% (3 mo. USD Term <br> SOFR + 4.25%) 11/1/31<br>| 160531 | 162037 |
| •Arcis Golf LLC 6.47% (1 mo. <br> USD Term SOFR + 2.75%) <br> 11/24/28<br>| 113564 | 113706 |
| •Artera Services LLC 8.17% (3 <br> mo. USD Term SOFR + <br> 4.50%) 2/15/31<br>| 545997 | 439189 |
| •Arthur U.S. Finco, Inc. 8.92% <br> (3 mo. USD Term SOFR + <br> 5.25%) 12/14/29<br>| 494962 | 447941 |
| •Aruba Investments <br> Holdings LLC 7.82% (1 mo. <br> USD Term SOFR + 4.00%) <br> 11/24/27<br>| 496114 | 452084 |
| •Ascend Learning LLC 6.72% <br> (1 mo. USD Term SOFR + <br> 3.00%) 12/11/28<br>| 744375 | 746102 |
| •Asplundh Tree Expert LLC <br> 5.47% (1 mo. USD Term <br> SOFR + 1.75%) 5/23/31<br>| 248109 | 248995 |
| •Astro Acquisition LLC 7.12% <br> (6 mo. USD Term SOFR + <br> 3.25%) 8/30/32<br>| 99750 | 100373 |
| •Asurion LLC | •Asurion LLC | •Asurion LLC |
| 7.97% (1 mo. USD Term <br> SOFR + 4.25%) 9/19/30<br>| 1736809 | 1735993 |
| 8.07% (1 mo. USD Term <br> SOFR + 4.25%) 8/19/28<br>| 74426 | 74519 |
| 9.08% (1 mo. USD Term <br> SOFR + 5.25%) 1/31/28<br>| 230000 | 228887 |
| 9.08% (1 mo. USD Term <br> SOFR + 5.25%) 1/20/29<br>| 1000000 | 980000 |
| •AthenaHealth Group, Inc. <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 2/15/29<br>| 744375 | 745149 |
| •Aurora Lux Finco S.A.R.L <br> 8.92% (3 mo. USD Term <br> SOFR + 5.25%) 10/1/32<br>| 195000 | 193294 |
| •Aveanna Healthcare LLC <br> 7.47% (1 mo. USD Term <br> SOFR + 3.75%) 9/17/32<br>| 64838 | 65177 |
| •Avis Budget Car Rental LLC <br> 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 7/16/32<br>| 109450 | 108812 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Azorra Soar TLB Finance Ltd. <br> 6.47% (3 mo. USD Term <br> SOFR + 2.75%) 10/18/29<br>| 169145 | $169850 |
| •AZZ, Inc. 5.47% (1 mo. USD <br> Term SOFR + 1.75%) <br> 5/13/29<br>| 51722 | 51851 |
| •Bakelite U.S. Holdco, Inc. <br> 7.42% (3 mo. USD Term <br> SOFR + 3.75%) 12/23/31<br>| 496241 | 479492 |
| Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
| +0.00% 1/15/31 | 20000 | 20180 |
| •7.97% (1 mo. USD Term <br> SOFR + 4.25%) 1/15/31<br>| 253725 | 256009 |
| •Bausch Health Cos., Inc. <br> 9.97% (1 mo. USD Term <br> SOFR + 6.25%) 10/8/30<br>| 1487837 | 1450090 |
| •BCPE Empire Holdings, Inc. <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 12/11/30<br>| 496241 | 490246 |
| •Beach Acquisition Bidco LLC <br> 6.92% (3 mo. USD Term <br> SOFR + 3.25%) 9/12/32<br>| 155000 | 156066 |
| •Berlin Packaging LLC 6.92% <br> (1 mo. USD Term SOFR + <br> 3.25%) 6/7/31<br>| 339150 | 339808 |
| •BIFM U.S. Finance LLC 6.97% <br> (1 mo. USD Term SOFR + <br> 3.25%) 5/31/28<br>| 154221 | 155120 |
| •Boots Group Bidco Ltd. 7.21% <br> (3 mo. USD Term SOFR + <br> 3.50%) 8/30/32<br>| 110000 | 110504 |
| +BradyPlus Holdings LLC <br> 0.00% 12/29/32<br>| 765000 | 756072 |
| •Brand Industrial Services, <br> Inc. 8.35% (3 mo. USD Term <br> SOFR + 4.50%) 8/1/30<br>| 1042045 | 947313 |
| •BroadStreet Partners, Inc. <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 6/13/31<br>| 496511 | 497945 |
| •C&S Wholesale Grocers, Inc. <br> 8.67% (3 mo. USD Term <br> SOFR + 5.00%) 9/20/30<br>| 304237 | 296632 |
| •Caesars Entertainment, Inc. <br> 5.97% (1 mo. USD Term <br> SOFR + 2.25%) 2/6/30<br>| 1238567 | 1227420 |
| •Calpine Construction Finance <br> Co. LP 5.47% (1 mo. USD <br> Term SOFR + 1.75%) <br> 7/31/30<br>| 170000 | 170080 |
| •Cardenas Markets, Inc. <br> 10.52% (3 mo. USD Term <br> SOFR + 6.75%) 8/1/29<br>| 496154 | 381562 |
| •Cast & Crew Payroll LLC <br> 7.47% (1 mo. USD Term <br> SOFR + 3.75%) 12/29/28<br>| 496123 | 289984 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-22

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •CD&R Hydra Buyer, Inc. <br> 7.82% (1 mo. USD Term <br> SOFR + 4.00%) 3/25/31<br>| 496212 | $495592 |
| •Celsius Holdings, Inc. 6.17% <br> (3 mo. USD Term SOFR + <br> 2.50%) 4/1/32<br>| 193958 | 195025 |
| •Central Parent, Inc. 6.92% (3 <br> mo. USD Term SOFR + <br> 3.25%) 7/6/29<br>| 149244 | 126049 |
| •CFC Bidco Ltd. 7.74% (3 mo. <br> USD Term SOFR + 3.75%) <br> 7/1/32<br>| 180000 | 174825 |
| •Chamberlain Group, Inc. <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 9/8/32<br>| 109450 | 109610 |
| •Charlotte Buyer, Inc. 8.01% (1 <br> mo. USD Term SOFR + <br> 4.25%) 2/11/28<br>| 266820 | 261692 |
| •Charter Communications <br> Operating LLC 5.99% (3 mo. <br> USD Term SOFR + 2.00%) <br> 12/7/30<br>| 744304 | 743373 |
| •Charter NEX U.S., Inc. 6.50% <br> (1 mo. USD Term SOFR + <br> 2.75%) 11/29/30<br>| 496084 | 496788 |
| •Chemours Co. 7.22% (1 mo. <br> USD Term SOFR + 3.50%) <br> 10/15/32<br>| 350000 | 345188 |
| •CHG Healthcare Services, <br> Inc. 6.71% (3 mo. USD Term <br> SOFR + 2.75%) 9/29/28<br>| 248125 | 249167 |
| •Chobani LLC 5.97% (1 mo. <br> USD Term SOFR + 2.25%) <br> 10/28/32<br>| 235000 | 235940 |
| •Ciena Corp. 5.48% (1 mo. USD <br> Term SOFR + 1.75%) <br> 10/24/30<br>| 248744 | 249212 |
| •Citadel Securities LP 5.67% <br> (3 mo. USD Term SOFR + <br> 2.00%) 10/31/31<br>| 744361 | 747993 |
| •City Football Group Ltd. <br> 6.93% (3 mo. USD Term <br> SOFR + 3.00%) 7/22/30<br>| 496222 | 495135 |
| •Clarios Global LP 6.22% (1 <br> mo. USD Term SOFR + <br> 2.50%) 5/6/30<br>| 744361 | 744458 |
| •Cloud Software Group, Inc. <br> 6.92% (3 mo. USD Term <br> SOFR + 3.25%) 3/21/31<br>| 995000 | 995776 |
| •Clydesdale Acquisition <br> Holdings, Inc. 6.89% (1 mo. <br> USD Term SOFR + 3.18%) <br> 4/13/29<br>| 1500000 | 1500255 |
| •CMG Media Corp. 7.27% (3 <br> mo. USD Term SOFR + <br> 3.50%) 6/18/29<br>| 907989 | 844902 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •CNT Holdings I Corp. 6.09% (3 <br> mo. USD Term SOFR + <br> 2.25%) 11/8/32<br>| 496250 | $497208 |
| •CommScope, Inc. 8.47% (1 <br> mo. USD Term SOFR + <br> 4.75%) 12/17/29<br>| 750000 | 750352 |
| •Congruex Group LLC 5.49% (3 <br> mo. USD Term SOFR + <br> 1.50%) 5/3/29<br>| 35900 | 29118 |
| •Connect Holding II LLC 7.98% <br> (1 mo. USD Term SOFR + <br> 4.25%) 4/3/31<br>| 365000 | 316981 |
| •Consolidated Energy Finance <br> SA 8.20% (6 mo. USD Term <br> SOFR + 4.50%) 11/15/30<br>| 348961 | 284256 |
| •Constant Contact, Inc. 8.17% <br> (3 mo. USD Term SOFR + <br> 4.00%) 2/10/28<br>| 745094 | 708502 |
| •Construction Partners, Inc. <br> 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 11/3/31<br>| 248120 | 249671 |
| •CoorsTek, Inc. 6.86% (3 mo. <br> USD Term SOFR + 3.00%) <br> 10/28/32<br>| 115000 | 115791 |
| •Cornerstone Building Brands, Inc. | •Cornerstone Building Brands, Inc. | •Cornerstone Building Brands, Inc. |
| 7.10% (1 mo. USD Term <br> SOFR + 3.25%) 4/12/28<br>| 383146 | 298662 |
| 8.25% (1 mo. USD Term <br> SOFR + 4.50%) 5/15/31<br>| 49748 | 34989 |
| 9.38% (1 mo. USD Term <br> SOFR + 5.63%) 8/1/28<br>| 94513 | 74193 |
| •Corp. Service Co. 5.72% (1 <br> mo. USD Term SOFR + <br> 2.00%) 11/2/29<br>| 448011 | 447640 |
| •Corpay Technologies <br> Operating Co. LLC 5.57% (1 <br> mo. USD Term SOFR + <br> 1.75%) 11/5/32<br>| 160000 | 160034 |
| •Cotiviti Corp. 6.62% (1 mo. <br> USD Term SOFR + 2.75%) <br> 5/1/31<br>| 744347 | 713955 |
| •CPI Holdco B LLC 5.72% (1 <br> mo. USD Term SOFR + <br> 2.00%) 5/17/31<br>| 203589 | 203958 |
| •Crown Finance U.S., Inc. <br> 8.34% (1 mo. USD Term <br> SOFR + 4.50%) 12/2/31<br>| 992506 | 977122 |
| •Crown Subsea <br> Communications Holding, <br> Inc. 7.22% (1 mo. USD Term <br> SOFR + 3.50%) 1/30/31<br>| 124685 | 125496 |
| •Cyberswift U.S. Finco LLC <br> 7.65% (3 mo. USD Term <br> SOFR + 4.00%) 10/8/32<br>| 50000 | 49860 |
| •Darktrace PLC | •Darktrace PLC | •Darktrace PLC |
| 7.19% (3 mo. USD Term <br> SOFR + 3.25%) 10/9/31<br>| 620936 | 622824 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-23

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Darktrace PLC (continued) | •Darktrace PLC (continued) | •Darktrace PLC (continued) |
| 9.19% (3 mo. USD Term <br> SOFR + 5.25%) 10/9/32<br>| 80000 | $79087 |
| Dave & Buster's, Inc. | Dave & Buster's, Inc. | Dave & Buster's, Inc. |
| +0.00% 11/1/31 | 195000 | 174281 |
| •7.13% (3 mo. SOFR CME + <br> 3.25%) 6/29/29<br>| 500000 | 458905 |
| •DaVita, Inc. 5.47% (1 mo. USD <br> Term SOFR + 1.75%) 5/9/31<br>| 496250 | 497977 |
| +Dayforce, Inc. 0.00% 8/20/32 | 645000 | 642697 |
| •DG Investment Intermediate Holdings 2, Inc. | •DG Investment Intermediate Holdings 2, Inc. | •DG Investment Intermediate Holdings 2, Inc. |
| 7.47% (1 mo. USD Term <br> SOFR + 3.75%) 7/9/32<br>| 498705 | 498705 |
| 9.22% (1 mo. USD Term <br> SOFR + 5.50%) 7/31/33<br>| 45000 | 45000 |
| •Disco Parent, Inc. 7.07% (3 <br> mo. USD Term SOFR + <br> 3.25%) 8/6/32<br>| 65000 | 65325 |
| •Discovery Purchaser Corp. <br> 7.61% (3 mo. USD Term <br> SOFR + 3.75%) 10/4/29<br>| 496259 | 476057 |
| •Dotdash Meredith, Inc. 7.37% <br> (1 mo. USD Term SOFR + <br> 3.50%) 6/17/32<br>| 175000 | 158844 |
| •Dynasty Acquisition Co., Inc. | •Dynasty Acquisition Co., Inc. | •Dynasty Acquisition Co., Inc. |
| 5.72% (1 mo. USD Term <br> SOFR + 2.00%) 10/31/31<br>| 359499 | 360685 |
| 5.72% (1 mo. USD Term <br> SOFR + 2.00%) 10/31/31<br>| 136742 | 137193 |
| •Eagle Parent Corp. 7.92% (3 <br> mo. USD Term SOFR + <br> 4.25%) 4/2/29<br>| 744201 | 744863 |
| •Echo Global Logistics, Inc. <br> 7.57% (1 mo. USD Term <br> SOFR + 3.75%) 11/23/28<br>| 288501 | 283634 |
| •ECL Entertainment LLC <br> 6.72% (1 mo. USD Term <br> SOFR + 3.00%) 8/30/30<br>| 99750 | 99376 |
| •Elanco Animal Health, Inc. <br> 5.62% (1 mo. USD Term <br> SOFR + 1.75%) 10/31/32<br>| 75000 | 75078 |
| •Ellucian Holdings, Inc. 6.47% <br> (1 mo. USD Term SOFR + <br> 2.75%) 10/9/29<br>| 496250 | 498731 |
| •EMG Utica LLC 7.67% (3 mo. <br> USD Term SOFR + 4.00%) <br> 4/1/30<br>| 54723 | 55270 |
| •EMRLD Borrower LP | •EMRLD Borrower LP | •EMRLD Borrower LP |
| 6.07% (3 mo. USD Term <br> SOFR + 2.25%) 5/31/30<br>| 34738 | 34805 |
| 6.12% (6 mo. USD Term <br> SOFR + 2.25%) 8/4/31<br>| 229311 | 229648 |
| •Endo Luxembourg Finance <br> Co. I SARL 7.47% (1 mo. <br> USD Term SOFR + 3.75%) <br> 4/23/31<br>| 496231 | 491889 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Ensemble RCM LLC 6.84% (3 <br> mo. USD Term SOFR + <br> 3.00%) 8/1/29<br>| 99242 | $99672 |
| •EP Purchaser LLC 7.44% (3 <br> mo. USD Term SOFR + <br> 3.50%) 11/6/28<br>| 19794 | 14004 |
| •Esdec Solar Group BV 8.93% <br> (3 mo. USD Term SOFR + <br> 5.00%) 8/30/28<br>| 727133 | 331754 |
| •Fertitta Entertainment LLC <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 1/27/29<br>| 1736469 | 1735583 |
| •Fiesta Purchaser, Inc. 6.47% <br> (1 mo. USD Term SOFR + <br> 2.75%) 2/12/31<br>| 456350 | 455730 |
| •Filtration Group Corp. 6.47% <br> (1 mo. USD Term SOFR + <br> 2.75%) 10/21/28<br>| 238800 | 239893 |
| •Flutter Financing BV | •Flutter Financing BV | •Flutter Financing BV |
| 5.42% (3 mo. USD Term <br> SOFR + 1.75%) 11/30/30<br>| 496203 | 495374 |
| 5.67% (3 mo. USD Term <br> SOFR + 2.00%) 6/4/32<br>| 64675 | 64675 |
| •Flynn Restaurant Group LP <br> 7.47% (1 mo. USD Term <br> SOFR + 3.75%) 1/28/32<br>| 496208 | 497836 |
| •Focus Financial Partners LLC <br> 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 9/15/31<br>| 229334 | 229660 |
| •Froneri Lux Finco SARL <br> 6.45% (6 mo. USD Term <br> SOFR + 2.25%) 9/30/31<br>| 248125 | 247847 |
| •Gen Digital, Inc. 5.47% (1 mo. <br> USD Term SOFR + 1.75%) <br> 9/12/29<br>| 494179 | 494727 |
| •GEN II Fund Services LLC <br> 6.42% (3 mo. USD Term <br> SOFR + 2.75%) 11/26/31<br>| 248125 | 248021 |
| •Genesee & Wyoming, Inc. <br> 5.42% (3 mo. USD Term <br> SOFR + 1.75%) 4/10/31<br>| 496231 | 496107 |
| •Genesys Cloud Services <br> Holdings II LLC 6.22% (1 <br> mo. USD Term SOFR + <br> 2.50%) 1/30/32<br>| 34912 | 34803 |
| •Genmab AS 6.73% (3 mo. USD <br> Term SOFR + 3.00%) <br> 12/13/32<br>| 270000 | 271183 |
| •GFL Environmental, Inc. <br> 6.27% (3 mo. USD Term <br> SOFR + 2.50%) 3/3/32<br>| 498750 | 500246 |
| •Global Medical Response, <br> Inc. 7.38% (3 mo. USD Term <br> SOFR + 3.50%) 10/1/32<br>| 120000 | 120680 |
| •Gloves Buyer, Inc. 7.72% (1 <br> mo. USD Term SOFR + <br> 4.00%) 5/21/32<br>| 500000 | 496785 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-24

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Go Daddy Operating Co. LLC <br> 5.47% (1 mo. USD Term <br> SOFR + 1.75%) 11/9/29<br>| 248116 | $248408 |
| •Golden State Food LLC 7.67% <br> (3 mo. USD Term SOFR + <br> 4.25%) 12/4/31<br>| 114421 | 114980 |
| •Great Outdoors Group LLC <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 1/23/32<br>| 2977444 | 2992331 |
| •GTCR Everest Borrower LLC <br> 6.42% (3 mo. USD Term <br> SOFR + 2.75%) 9/5/31<br>| 550978 | 552813 |
| •GVC Holdings Gibraltar Ltd. <br> 5.92% (3 mo. USD Term <br> SOFR + 2.25%) 7/31/32<br>| 154925 | 153591 |
| •Hamilton Projects <br> Acquiror LLC 6.22% (1 mo. <br> USD Term SOFR + 2.50%) <br> 5/30/31<br>| 72369 | 72781 |
| Hanger, Inc. | Hanger, Inc. | Hanger, Inc. |
| •7.22% (1 mo. USD Term <br> SOFR + 3.50%) 10/23/31<br>| 219822 | 220365 |
| ✠•7.22% (1 mo. USD Term <br> SOFR + 3.50%) 10/23/31<br>| 28454 | 28524 |
| +HarbourVest Partners LP <br> 0.00% 4/18/30<br>| 135000 | 135000 |
| •Heartland Dental LLC 7.47% <br> (1 mo. USD Term SOFR + <br> 3.75%) 8/25/32<br>| 84625 | 84913 |
| •Help At Home, Inc. 8.72% (1 <br> mo. USD Term SOFR + <br> 5.00%) 9/24/31<br>| 610488 | 533512 |
| •Herschend Entertainment Co. <br> LLC 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 5/27/32<br>| 79600 | 80098 |
| •Hexion Holdings Corp. | •Hexion Holdings Corp. | •Hexion Holdings Corp. |
| 7.73% (1 mo. USD Term <br> SOFR + 4.00%) 3/15/29<br>| 945372 | 909250 |
| 11.25% (1 mo. USD Term <br> SOFR + 7.44%) 3/15/30<br>| 37500 | 36305 |
| •HighTower Holdings LLC <br> 6.65% (3 mo. USD Term <br> SOFR + 2.75%) 2/3/32<br>| 497500 | 497813 |
| •Hilton Grand Vacations <br> Borrower LLC 5.72% (1 mo. <br> USD Term SOFR + 2.00%) <br> 8/2/28<br>| 747206 | 748887 |
| •HNI Corp. 5.67% (3 mo. USD <br> Term SOFR + 2.00%) <br> 11/20/32<br>| 80000 | 80200 |
| •Horizon U.S. Finco LP 8.20% <br> (6 mo. USD Term SOFR + <br> 4.50%) 10/31/31<br>| 461678 | 449559 |
| •HUB International Ltd. 6.12% <br> (3 mo. USD Term SOFR + <br> 2.25%) 6/20/30<br>| 848556 | 852578 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •INEOS Quattro Holdings U.K. <br> Ltd. 8.07% (1 mo. USD Term <br> SOFR + 4.25%) 4/2/29<br>| 744972 | $521480 |
| •IVC Acquisition Ltd. 7.42% (3 <br> mo. USD Term SOFR + <br> 3.75%) 12/12/28<br>| 496212 | 498569 |
| •J&J Ventures Gaming LLC <br> 7.22% (1 mo. USD Term <br> SOFR + 3.50%) 4/26/30<br>| 496250 | 492141 |
| •Jane Street Group LLC 5.82% <br> (3 mo. USD Term SOFR + <br> 2.00%) 12/15/31<br>| 565068 | 561988 |
| •Jazz Financing Lux SARL <br> 5.97% (1 mo. USD Term <br> SOFR + 2.25%) 5/5/28<br>| 493988 | 495841 |
| +Jones Deslauriers Insurance <br> Management, Inc. 0.00% <br> 12/10/32<br>| 115000 | 115000 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. |
| •6.23% (3 mo. USD Term <br> SOFR + 2.50%) 2/26/32<br>| 681151 | 683439 |
| ✠•6.43% (3 mo. USD Term <br> SOFR + 2.50%) 2/26/32<br>| 64624 | 64841 |
| Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
| +0.00% 3/18/33 | 20000 | 19529 |
| •6.72% (1 mo. USD Term <br> SOFR + 3.00%) 3/20/32<br>| 1265500 | 1265677 |
| •Kingpin Intermediate <br> Holdings LLC 6.97% (1 mo. <br> USD Term SOFR + 3.25%) <br> 9/22/32<br>| 175000 | 171063 |
| •KnowBe4, Inc. 7.59% (3 mo. <br> USD Term SOFR + 3.75%) <br> 7/23/32<br>| 130000 | 129919 |
| •Kronos Acquisition Holdings, <br> Inc. 7.67% (3 mo. USD Term <br> SOFR + 4.00%) 7/8/31<br>| 496231 | 320441 |
| •KUEHG Corp. 6.42% (3 mo. <br> USD Term SOFR + 2.75%) <br> 6/12/30<br>| 23553 | 22813 |
| •LBM Acquisition LLC | •LBM Acquisition LLC | •LBM Acquisition LLC |
| 7.58% (1 mo. USD Term <br> SOFR + 3.75%) 6/6/31<br>| 312695 | 292792 |
| 8.73% (1 mo. USD Term <br> SOFR + 5.00%) 6/6/31<br>| 218390 | 217953 |
| •Level 3 Financing, Inc. 6.97% <br> (1 mo. USD Term SOFR + <br> 3.25%) 3/29/32<br>| 20000 | 20045 |
| •Life Time Fitness, Inc. 5.78% <br> (1 mo. USD Term SOFR + <br> 2.00%) 11/5/31<br>| 498750 | 500311 |
| •Live Nation Entertainment, <br> Inc. 5.73% (1 mo. USD Term <br> SOFR + 2.00%) 10/21/32<br>| 65000 | 65000 |
| •Lonza Group AG 7.70% (3 mo. <br> USD Term SOFR + 3.93%) <br> 7/3/28<br>| 819176 | 715010 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-25

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Lumen Technologies, Inc. | •Lumen Technologies, Inc. | •Lumen Technologies, Inc. |
| 4.35% (1 mo. USD Term <br> SOFR + 2.35%) 4/16/29<br>| 1756501 | $1745523 |
| 4.35% (1 mo. USD Term <br> SOFR + 2.35%) 4/15/30<br>| 119085 | 118274 |
| •Lumexa Imaging, Inc. 6.70% <br> (3 mo. USD Term SOFR + <br> 3.00%) 12/13/32<br>| 55000 | 55241 |
| •M2S Group Holdings, Inc. <br> 8.59% (3 mo. USD Term <br> SOFR + 4.75%) 8/25/31<br>| 815000 | 807665 |
| •Madison IAQ LLC 6.70% (6 <br> mo. USD Term SOFR + <br> 2.50%) 6/21/28<br>| 744171 | 747356 |
| •MajorDrive Holdings IV LLC <br> 7.93% (3 mo. USD Term <br> SOFR + 4.00%) 6/1/28<br>| 213558 | 193270 |
| •MED ParentCo LP 6.97% (1 <br> mo. USD Term SOFR + <br> 3.25%) 4/15/31<br>| 164587 | 164897 |
| •Medline Borrower LP 5.47% <br> (1 mo. USD Term SOFR + <br> 1.75%) 10/23/28<br>| 230428 | 231048 |
| •MH Sub I LLC | •MH Sub I LLC | •MH Sub I LLC |
| 7.92% (3 mo. USD Term <br> SOFR + 4.25%) 5/3/28<br>| 84783 | 78636 |
| 7.97% (1 mo. USD Term <br> SOFR + 4.25%) 12/31/31<br>| 1240602 | 1058196 |
| •MKS Instruments, Inc. 5.72% <br> (1 mo. USD Term SOFR + <br> 2.00%) 8/17/29<br>| 434349 | 435887 |
| •Modena Buyer LLC 8.09% (3 <br> mo. USD Term SOFR + <br> 4.25%) 7/1/31<br>| 746231 | 741567 |
| =•Modivcare, Inc. 10.73% (1 mo. <br> USD Term SOFR + 7.00%) <br> 2/22/26<br>| 11444 | 11101 |
| •ModivCare, Inc. 10.55% (1 mo. <br> USD Term SOFR + 6.75%) <br> 7/1/31<br>| 104039 | 39535 |
| MRP Buyer LLC | MRP Buyer LLC | MRP Buyer LLC |
| ✠0.00% 6/4/32 | 11256 | 11154 |
| •6.92% (3 mo. USD Term <br> SOFR + 3.25%) 6/4/32<br>| 88488 | 87686 |
| •Natgasoline LLC 9.22% (1 mo. <br> USD Term SOFR + 5.50%) <br> 3/29/30<br>| 925977 | 930607 |
| National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
| ✠0.00% 12/12/30 | 121500 | 121577 |
| •9.72% (1 mo. USD Term <br> SOFR + 6.00%) 12/12/30<br>| 283500 | 283679 |
| •Neptune Bidco U.S., Inc. | •Neptune Bidco U.S., Inc. | •Neptune Bidco U.S., Inc. |
| 8.76% (3 mo. USD Term <br> SOFR + 4.75%) 10/11/28<br>| 1258622 | 1240750 |
| 9.03% (3 mo. USD Term <br> SOFR + 5.00%) 4/11/29<br>| 248724 | 245678 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •New Arclin U.S. Holding Corp. <br> 7.32% (1 mo. USD Term <br> SOFR + 3.50%) 9/30/28<br>| 496129 | $495509 |
| •New Fortress Energy, Inc. <br> 9.24% (3 mo. USD Term <br> SOFR + 5.50%) 10/30/28<br>| 2578074 | 1051854 |
| •Nexstar Broadcasting, Inc. <br> 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 6/28/32<br>| 209475 | 210340 |
| •Nexus Buyer LLC | •Nexus Buyer LLC | •Nexus Buyer LLC |
| 7.22% (1 mo. USD Term <br> SOFR + 3.50%) 7/31/31<br>| 744375 | 733291 |
| 9.47% (1 mo. USD Term <br> SOFR + 5.75%) 2/16/32<br>| 95000 | 93872 |
| •Nielsen Consumer, Inc. 5.97% <br> (1 mo. USD Term SOFR + <br> 2.25%) 10/31/30<br>| 248128 | 248180 |
| •Nourish Buyer I, Inc. 8.25% (1 <br> mo. USD Term SOFR + <br> 4.50%) 7/9/32<br>| 229425 | 230430 |
| •Novae LLC 8.82% (3 mo. USD <br> Term SOFR + 5.00%) <br> 12/22/28<br>| 59845 | 55356 |
| •NRG Energy, Inc. 5.59% (3 <br> mo. USD Term SOFR + <br> 1.75%) 4/16/31<br>| 159190 | 159561 |
| •Nuvei Technologies Corp. <br> 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 11/17/31<br>| 496256 | 496410 |
| •Olaplex, Inc. 7.42% (3 mo. <br> USD Term SOFR + 3.50%) <br> 2/23/29<br>| 45000 | 43661 |
| •OMNIA Partners LLC 6.45% <br> (3 mo. USD Term SOFR + <br> 2.75%) 12/31/32<br>| 24938 | 25013 |
| •Open Text Corp. 5.47% (1 mo. <br> USD Term SOFR + 1.75%) <br> 1/31/30<br>| 493873 | 493938 |
| •Openlane, Inc. 6.37% (3 mo. <br> USD Term SOFR + 2.50%) <br> 10/8/32<br>| 50000 | 49969 |
| +Optiv Security, Inc. 0.00% <br> 7/31/26<br>| 497462 | 350865 |
| •Organon & Co. 5.97% (1 mo. <br> USD Term SOFR + 2.25%) <br> 5/19/31<br>| 500000 | 480500 |
| •Orion U.S. Finco, Inc. 7.43% <br> (3 mo. USD Term SOFR + <br> 3.50%) 10/8/32<br>| 100000 | 100406 |
| •Osmose Utilities Services, <br> Inc. 7.08% (1 mo. USD Term <br> SOFR + 3.25%) 6/23/28<br>| 164195 | 161014 |
| •Par Petroleum LLC 6.95% (3 <br> mo. USD Term SOFR + <br> 3.25%) 2/28/30<br>| 496182 | 497631 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-26

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •PAREXEL International Corp. <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 12/12/31<br>| 460000 | $461247 |
| •Park River Holdings, Inc. <br> 8.49% (3 mo. USD Term <br> SOFR + 4.50%) 3/15/31<br>| 165000 | 165790 |
| •Peer Holding III BV 5.92% (3 <br> mo. USD Term SOFR + <br> 2.25%) 9/29/32<br>| 135000 | 135112 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| +0.00% 2/1/29 | 90000 | 70482 |
| •7.69% (3 mo. USD Term <br> SOFR + 3.75%) 2/1/28<br>| 992016 | 919212 |
| +PHRG Intermediate LLC <br> 0.00% 2/20/32<br>| 290000 | 287825 |
| •Ping Identity Corp. 6.62% (3 <br> mo. USD Term SOFR + <br> 2.75%) 11/15/32<br>| 135000 | 135169 |
| Pinnacle Buyer LLC | Pinnacle Buyer LLC | Pinnacle Buyer LLC |
| ✠0.00% 10/1/32 | 26613 | 26696 |
| •6.49% (3 mo. USD Term <br> SOFR + 2.50%) 10/1/32<br>| 138041 | 138473 |
| •Polaris Newco LLC | •Polaris Newco LLC | •Polaris Newco LLC |
| 7.85% (3 mo. USD Term <br> SOFR + 3.75%) 6/2/28<br>| 1567333 | 1509153 |
| 12.92% (3 mo. USD Term <br> SOFR + 9.00%) 6/4/29<br>| 150000 | 138938 |
| •Primo Brands Corp. 5.92% (3 <br> mo. USD Term SOFR + <br> 2.25%) 3/31/28<br>| 496241 | 497442 |
| •Priority Holdings LLC 7.47% <br> (1 mo. USD Term SOFR + <br> 3.75%) 7/30/32<br>| 108406 | 106211 |
| •Project Alpha Intermediate <br> Holding, Inc. 6.92% (3 mo. <br> USD Term SOFR + 3.25%) <br> 10/26/30<br>| 614498 | 613140 |
| +Project Boost Purchaser LLC <br> 0.00% 7/16/31<br>| 172500 | 172859 |
| •Proofpoint, Inc. 6.67% (3 mo. <br> USD Term SOFR + 3.00%) <br> 8/31/28<br>| 405181 | 406895 |
| Pye-Barker Fire & Safety LLC | Pye-Barker Fire & Safety LLC | Pye-Barker Fire & Safety LLC |
| ✠0.00% 12/16/32 | 16900 | 16999 |
| •6.20% (3 mo. USD Term <br> SOFR + 2.50%) 12/16/32<br>| 113100 | 113759 |
| •Qnity Electronics, Inc. 5.80% <br> (6 mo. USD Term SOFR + <br> 2.00%) 11/1/32<br>| 260000 | 260975 |
| •QuidelOrtho Corp. 7.72% (1 <br> mo. USD Term SOFR + <br> 4.00%) 8/20/32<br>| 458850 | 458276 |
| •Quikrete Holdings, Inc. 5.97% <br> (1 mo. USD Term SOFR + <br> 2.25%) 2/10/32<br>| 744375 | 746504 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Radiology Partners, Inc. <br> 8.17% (3 mo. USD Term <br> SOFR + 4.50%) 6/30/32<br>| 44888 | $44761 |
| •Recess Holdings, Inc. 7.62% <br> (3 mo. USD Term SOFR + <br> 3.75%) 2/20/30<br>| 248120 | 249478 |
| •Red Planet Borrower LLC <br> 7.72% (1 mo. USD Term <br> SOFR + 4.00%) 9/8/32<br>| 410000 | 410385 |
| •Renaissance Holdings Corp. <br> 7.72% (1 mo. USD Term <br> SOFR + 4.00%) 4/5/30<br>| 744304 | 648304 |
| •Restoration Hardware, Inc. <br> 7.07% (1 mo. USD Term <br> SOFR + 3.25%) 10/20/28<br>| 496154 | 492021 |
| •Roper Industrial Products <br> Investment Co. LLC 6.42% <br> (3 mo. USD Term SOFR + <br> 2.75%) 11/22/29<br>| 133985 | 134700 |
| •RVR Dealership Holdings LLC <br> 7.74% (3 mo. USD Term <br> SOFR + 3.75%) 2/8/28<br>| 496124 | 476969 |
| •Ryan Specialty Group LLC <br> 5.72% (1 mo. USD Term <br> SOFR + 2.00%) 9/15/31<br>| 248120 | 248277 |
| •Sandisk Corp. 6.86% (3 mo. <br> USD Term SOFR + 3.00%) <br> 2/20/32<br>| 162500 | 163313 |
| •Sedgwick Claims <br> Management Services, Inc. <br> 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 7/31/31<br>| 496250 | 497699 |
| •SGH2 LLC 8.17% (3 mo. USD <br> Term SOFR + 4.50%) <br> 8/18/32<br>| 94762 | 94999 |
| •Shift4 Payments LLC 6.17% (3 <br> mo. USD Term SOFR + <br> 2.50%) 6/30/32<br>| 34913 | 35094 |
| +Sinclair Television Group, Inc. | +Sinclair Television Group, Inc. | +Sinclair Television Group, Inc. |
| 0.00% 12/31/29 | 45000 | 40973 |
| 0.00% 12/31/30 | 55000 | 49748 |
| •Solstice Advanced Materials, <br> Inc. 5.59% (3 mo. USD Term <br> SOFR + 1.75%) 10/29/32<br>| 115000 | 115504 |
| •Somnigroup International, <br> Inc. 5.91% (1 mo. USD Term <br> SOFR + 2.25%) 10/24/31<br>| 386836 | 389091 |
| •SonarSource Financing LLC <br> 8.17% (3 mo. USD Term <br> SOFR + 4.50%) 12/19/30<br>| 130000 | 128375 |
| •Sotera Health Holdings LLC <br> 6.34% (3 mo. USD Term <br> SOFR + 2.50%) 5/30/31<br>| 236295 | 237330 |
| +Sovos Compliance LLC 0.00% <br> 8/13/29<br>| 249373 | 249940 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-27

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Spa Holdings 3 OYJ 8.18% (3 <br> mo. USD Term SOFR + <br> 4.25%) 5/23/30<br>| 159201 | $159997 |
| •Spin Holdco, Inc. 8.02% (3 <br> mo. USD Term SOFR + <br> 4.00%) 3/4/28<br>| 1846182 | 1419252 |
| Splat Super Holdco LLC | Splat Super Holdco LLC | Splat Super Holdco LLC |
| ✠0.00% 7/2/32 | 10632 | 9949 |
| •8.72% (1 mo. USD Term <br> SOFR + 5.00%) 7/2/32<br>| 249368 | 233366 |
| •SS&C Technologies, Inc. <br> 5.72% (1 mo. USD Term <br> SOFR + 2.00%) 5/9/31<br>| 333100 | 334915 |
| •Staples, Inc. 9.60% (3 mo. <br> USD Term SOFR + 5.75%) <br> 9/4/29<br>| 804309 | 761954 |
| •Station Casinos LLC 5.72% (1 <br> mo. USD Term SOFR + <br> 2.00%) 3/14/31<br>| 496212 | 497517 |
| •Stonepeak Bayou Holdings LP <br> 6.42% (3 mo. USD Term <br> SOFR + 2.75%) 10/1/32<br>| 115000 | 103069 |
| •SupplyOne, Inc. 7.22% (1 mo. <br> USD Term SOFR + 3.50%) <br> 4/21/31<br>| 9975 | 9989 |
| •Sweetwater Borrower LLC <br> 8.08% (1 mo. USD Term <br> SOFR + 4.25%) 8/7/28<br>| 454992 | 457267 |
| •Talen Energy Supply LLC | •Talen Energy Supply LLC | •Talen Energy Supply LLC |
| 5.67% (3 mo. USD Term <br> SOFR + 2.00%) 11/25/32<br>| 125000 | 124923 |
| 6.35% (3 mo. USD Term <br> SOFR + 2.50%) 12/15/31<br>| 248120 | 248999 |
| •TGP Holdings III LLC 7.07% <br> (1 mo. USD Term SOFR + <br> 3.25%) 6/29/28<br>| 234875 | 218354 |
| •Tiger Acquisition LLC 6.23% <br> (1 mo. USD Term SOFR + <br> 2.50%) 8/23/32<br>| 144637 | 144999 |
| •TK Elevator Midco GmbH <br> 6.95% (6 mo. USD Term <br> SOFR + 2.75%) 4/30/30<br>| 496259 | 499073 |
| •TKO Worldwide Holdings LLC <br> 5.87% (3 mo. USD Term <br> SOFR + 2.00%) 11/21/31<br>| 114425 | 114885 |
| •Tory Burch LLC 7.08% (1 mo. <br> USD Term SOFR + 3.25%) <br> 4/17/28<br>| 496104 | 496104 |
| •TPC Group, Inc. 9.39% (6 mo. <br> USD Term SOFR + 5.75%) <br> 12/16/31<br>| 133501 | 119039 |
| •TransDigm, Inc. | •TransDigm, Inc. | •TransDigm, Inc. |
| 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 2/28/31<br>| 743079 | 745606 |
| 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 8/19/32<br>| 379050 | 380551 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| +Tronox Finance LLC 0.00% <br> 9/30/31<br>| 170000 | $130847 |
| •Truist Insurance <br> Holdings LLC 6.42% (3 mo. <br> USD Term SOFR + 2.75%) <br> 5/6/31<br>| 350000 | 350147 |
| •TTM Technologies, Inc. 6.12% <br> (1 mo. USD Term SOFR + <br> 2.25%) 5/30/30<br>| 248741 | 250452 |
| U.S. Fertility Enterprises LLC | U.S. Fertility Enterprises LLC | U.S. Fertility Enterprises LLC |
| ✠0.00% 12/10/32 | 10526 | 10553 |
| +0.00% 12/10/32 | 69474 | 69647 |
| •UKG, Inc. 6.34% (3 mo. USD <br> Term SOFR + 2.50%) <br> 2/10/31<br>| 1243734 | 1244232 |
| •United FP Holdings LLC | •United FP Holdings LLC | •United FP Holdings LLC |
| 8.10% (3 mo. USD Term <br> SOFR + 4.00%) 12/30/26<br>| 1188600 | 1141556 |
| 12.60% (3 mo. USD Term <br> SOFR + 8.50%) 12/30/27<br>| 50000 | 37500 |
| •Univision Communications, <br> Inc. 7.92% (3 mo. USD Term <br> SOFR + 4.25%) 6/24/29<br>| 744216 | 744030 |
| •USI, Inc. 5.92% (3 mo. USD <br> Term SOFR + 2.25%) <br> 9/29/30<br>| 496231 | 496921 |
| Van Pool Transportation LLC | Van Pool Transportation LLC | Van Pool Transportation LLC |
| •6.92% (3 mo. USD Term <br> SOFR + 3.25%) 8/6/30<br>| 83554 | 83920 |
| ✠•6.92% (3 mo. USD Term <br> SOFR + 3.25%) 8/6/30<br>| 11446 | 11496 |
| •Varsity Brands, Inc. 6.67% (3 <br> mo. USD Term SOFR + <br> 3.00%) 8/26/31<br>| 497500 | 499057 |
| •Venture Global Plaquemines LNG LLC | •Venture Global Plaquemines LNG LLC | •Venture Global Plaquemines LNG LLC |
| 5.94% (1 mo. USD Term <br> SOFR + 2.23%) 5/25/29<br>| 163634 | 162680 |
| 5.94% (1 mo. USD Term <br> SOFR + 2.23%) 5/25/29<br>| 20468 | 20366 |
| +Versant Media Group, Inc. <br> 0.00% 10/22/30<br>| 155000 | 154904 |
| •Vertiv Group Corp. 5.61% (1 <br> mo. USD Term SOFR + <br> 1.75%) 8/12/32<br>| 496250 | 498394 |
| •VFH Parent LLC 6.22% (1 mo. <br> USD Term SOFR + 2.50%) <br> 6/21/31<br>| 135000 | 135281 |
| •Virgin Media Bristol LLC <br> 7.05% (6 mo. USD Term <br> SOFR + 3.18%) 3/31/31<br>| 130000 | 128626 |
| •Vista Management Holding, <br> Inc. 7.74% (3 mo. USD Term <br> SOFR + 3.75%) 4/1/31<br>| 247500 | 249562 |
| •Vistra Operations Co. LLC <br> 5.47% (1 mo. USD Term <br> SOFR + 1.75%) 12/20/30<br>| 496203 | 498500 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-28

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •VM Consolidated, Inc. 5.72% <br> (1 mo. USD Term SOFR + <br> 2.00%) 10/1/32<br>| 114712 | $115458 |
| •VS Buyer LLC 6.09% (3 mo. <br> USD Term SOFR + 2.25%) <br> 4/12/31<br>| 284287 | 284998 |
| •W.R. Grace & Co.-Conn. 6.69% <br> (3 mo. USD Term SOFR + <br> 3.00%) 8/19/32<br>| 139650 | 139519 |
| •Wash Multifamily Parent, Inc. <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 9/10/32<br>| 110000 | 110825 |
| •Weber-Stephen Products LLC <br> 7.47% (3 mo. USD Term <br> SOFR + 3.75%) 10/1/32<br>| 655000 | 655327 |
| •WEC U.S. Holdings Ltd. 5.87% <br> (1 mo. USD Term SOFR + <br> 2.00%) 1/27/31<br>| 497481 | 498138 |
| •WH Borrower LLC 8.39% (3 <br> mo. USD Term SOFR + <br> 4.50%) 2/20/32<br>| 1114200 | 1118902 |
| •Whatabrands LLC 6.22% (1 <br> mo. USD Term SOFR + <br> 2.50%) 8/3/28<br>| 496241 | 497412 |
| •White Cap Buyer LLC 6.97% <br> (1 mo. USD Term SOFR + <br> 3.25%) 10/19/29<br>| 333317 | 334593 |
| •Windsor Holdings III LLC <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 8/1/30<br>| 496241 | 496955 |
| •Windstream Services LLC <br> 7.72% (1 mo. USD Term <br> SOFR + 4.00%) 10/6/32<br>| 480000 | 481200 |
| •X Corp. | •X Corp. | •X Corp. |
| 9.50% (6 mo. USD Term <br> SOFR + 9.50%) 10/26/29<br>| 1510000 | 1503522 |
| 10.45% (3 mo. USD Term <br> SOFR + 6.50%) 10/26/29<br>| 378220 | 371196 |
| X.AI Corp. | X.AI Corp. | X.AI Corp. |
| •10.85% (6 mo. USD Term <br> SOFR + 7.25%) 6/28/30<br>| 419112 | 413052 |
| 12.50% 6/28/30 | 59913 | 62821 |
| •Zelis Payments Buyer, Inc. <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 9/28/29<br>| 496212 | 490838 |
| **Total Loan Agreements** <br>**(Cost $121,283,417)** | **Total Loan Agreements** <br>**(Cost $121,283,417)** | **120008777** |
| **NON-AGENCY ASSET-BACKED SECURITIES–8.45%** | **NON-AGENCY ASSET-BACKED SECURITIES–8.45%** | **NON-AGENCY ASSET-BACKED SECURITIES–8.45%** |
| Affirm Asset Securitization <br> Trust Series 2025-X1 Class B <br> 5.19% 4/15/30<br>| 1000000 | 1002798 |
| •AIMCO CLO 10 Ltd. Series <br> 2019-10A Class ARR 5.27% <br> (3 mo. USD Term SOFR + <br> 1.41%) 7/22/37<br>| 10000000 | 10012180 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Allegro CLO XIII Ltd. Series <br> 2021-1A Class A1R 5.22% (3 <br> mo. USD Term SOFR + <br> 1.34%) 7/20/38<br>| 511000 | $512233 |
| Amur Equipment Finance <br> Receivables XV LLC Series <br> 2025-1A Class A2 4.70% <br> 9/22/31<br>| 1651467 | 1668370 |
| •ARES LIV CLO Ltd. Series <br> 2019-54A Class AR2 5.21% (3 <br> mo. USD Term SOFR + <br> 1.31%) 7/15/38<br>| 953000 | 955785 |
| •ARES LXX CLO Ltd. Series <br> 2023-70A Class A1R 4.97% (3 <br> mo. USD Term SOFR + <br> 1.25%) 1/25/39<br>| 1183000 | 1183524 |
| •ARES XXXIV CLO Ltd. Series <br> 2015-2A Class A1R4 5.17% (3 <br> mo. USD Term SOFR + <br> 1.29%) 7/17/38<br>| 1870000 | 1874365 |
| Avis Budget Rental Car <br> Funding AESOP LLC Series <br> 2025-1A Class A 4.80% <br> 8/20/29<br>| 445000 | 451968 |
| •Bain Capital Credit CLO Ltd. | •Bain Capital Credit CLO Ltd. | •Bain Capital Credit CLO Ltd. |
| Series 2023-2A Class A1R <br> 5.20% (3 mo. USD Term <br> SOFR + 1.32%) 7/18/38<br>| 1402000 | 1405459 |
| Series 2023-4A Class A1R <br> 4.96% (3 mo. USD Term <br> SOFR + 1.23%) 1/21/39<br>| 1386000 | 1387450 |
| •BCRED BSL Static CLO Ltd. <br> Series 2025-1A Class AR <br> 5.54% (3 mo. USD Term <br> SOFR + 1.25%) 7/24/35<br>| 1304000 | 1304302 |
| •Benefit Street Partners CLO <br> 43 Ltd. Series 2025-43A <br> Class A 5.19% (3 mo. USD <br> Term SOFR + 1.27%) <br> 10/20/38<br>| 1306000 | 1308127 |
| •Benefit Street Partners CLO <br> 44 Ltd. Series 2025-44A <br> Class A1 4.94% (3 mo. USD <br> Term SOFR + 1.22%) <br> 1/15/39<br>| 1186000 | 1186961 |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 1892363 | 1796815 |
| •Carlyle U.S. CLO Ltd. Series <br> 2025-6A Class A1 4.88% (3 <br> mo. USD Term SOFR + <br> 1.22%) 1/20/39<br>| 1354000 | 1354539 |
| •Cedar Funding XV CLO Ltd. <br> Series 2022-15A Class A <br> 5.20% (3 mo. USD Term <br> SOFR + 1.32%) 4/20/35<br>| 4500000 | 4500000 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-29

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •CIFC Funding Ltd. | •CIFC Funding Ltd. | •CIFC Funding Ltd. |
| Series 2019-5A Class A1R2 <br> 5.36% (3 mo. USD Term <br> SOFR + 1.27%) 10/15/38<br>| 1242000 | $1245663 |
| Series 2021-3A Class A1R <br> 5.13% (3 mo. USD Term <br> SOFR + 1.23%) 10/15/38<br>| 2221000 | 2220949 |
| Series 2025-6A Class A1 <br> 5.11% (3 mo. USD Term <br> SOFR + 1.25%) 10/23/38<br>| 820000 | 820855 |
| Consolidated <br> Communications LLC/Fidium <br> Fiber Finance Holdco LLC <br> Series 2025-1A Class A2 <br> 6.00% 5/20/55<br>| 173000 | 177022 |
| DB Master Finance LLC | DB Master Finance LLC | DB Master Finance LLC |
| Series 2017-1A Class A2II <br> 4.03% 11/20/47<br>| 4612500 | 4581790 |
| Series 2021-1A Class A23 <br> 2.79% 11/20/51<br>| 3750720 | 3339341 |
| Series 2025-1A Class A2I <br> 4.89% 8/20/55<br>| 1015000 | 1017077 |
| Series 2025-1A Class A2II <br> 5.17% 8/20/55<br>| 820000 | 820857 |
| Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
| Series 2023-3 Class A3 5.93% <br> 4/23/29<br>| 1144828 | 1150864 |
| Series 2025-1 Class A3 4.61% <br> 2/24/31<br>| 5200000 | 5259719 |
| Dext ABS LLC Series 2025-2 <br> Class A3 4.23% 4/15/36<br>| 205000 | 205086 |
| Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC |
| Series 2017-1A Class A23 <br> 4.12% 7/25/47<br>| 4700000 | 4673041 |
| Series 2021-1A Class A2I <br> 2.66% 4/25/51<br>| 14587500 | 13865769 |
| Series 2021-1A Class A2II <br> 3.15% 4/25/51<br>| 889838 | 815336 |
| •Dryden 108 CLO Ltd. Series <br> 2022-108A Class A1R 5.24% <br> (3 mo. USD Term SOFR + <br> 1.36%) 7/18/37<br>| 500000 | 500771 |
| •Eaton Vance CLO Ltd. | •Eaton Vance CLO Ltd. | •Eaton Vance CLO Ltd. |
| Series 2020-1A Class ARR <br> 5.29% (3 mo. USD Term <br> SOFR + 1.39%) 10/15/37<br>| 411000 | 412071 |
| Series 2020-2A Class AR2 <br> 5.28% (3 mo. USD Term <br> SOFR + 1.38%) 10/15/37<br>| 2750000 | 2753886 |
| Exeter Select Automobile <br> Receivables Trust Series <br> 2025-2 Class A3 4.43% <br> 8/15/30<br>| 140000 | 140921 |
| •Flatiron CLO 20 Ltd. Series <br> 2020-1A Class A1R2 5.13% (3 <br> mo. USD Term SOFR + <br> 1.24%) 11/20/38<br>| 1868000 | 1866898 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Flatiron CLO 31 Ltd. Series <br> 2025-31A Class A1 4.90% (3 <br> mo. USD Term SOFR + <br> 1.20%) 1/18/39<br>| 1186000 | $1186000 |
| •Flatiron CLO 32 Ltd. Series <br> 2025-32A Class A1 5.61% (3 <br> mo. USD Term SOFR + <br> 1.29%) 10/22/38<br>| 1242000 | 1246004 |
| GGAM Master Trust <br> International Ltd. Series <br> 2025-1A Class A 5.92% <br> 9/30/60<br>| 2865000 | 2880365 |
| GreenSky Home Improvement <br> Issuer Trust Series 2025-2A <br> Class A2 4.93% 6/25/60<br>| 300345 | 301454 |
| HPEFS Equipment Trust <br> Series 2025-2A Class A3 <br> 4.03% 11/22/32<br>| 1200000 | 1201922 |
| Jersey Mike's Funding LLC <br> Series 2025-1A Class A2 <br> 5.61% 8/16/55<br>| 778050 | 791983 |
| •Madison Park Funding LXVII <br> Ltd. Series 2024-67A <br> Class A1 5.37% (3 mo. USD <br> Term SOFR + 1.51%) <br> 4/25/37<br>| 4000000 | 4009312 |
| •Magnetite XXIX Ltd. Series <br> 2021-29A Class AR 5.25% (3 <br> mo. USD Term SOFR + <br> 1.35%) 7/15/37<br>| 6500000 | 6515086 |
| •Magnetite XXXVI Ltd. Series <br> 2023-36A Class AR 5.18% (3 <br> mo. USD Term SOFR + <br> 1.32%) 7/25/38<br>| 1270000 | 1273096 |
| Merchants Fleet Funding LLC <br> Series 2025-1A Class A 4.49% <br> 1/20/39<br>| 200000 | 200650 |
| MetroNet Infrastructure Issuer LLC | MetroNet Infrastructure Issuer LLC | MetroNet Infrastructure Issuer LLC |
| Series 2025-2A Class C 7.83% <br> 8/20/55<br>| 100000 | 102769 |
| Series 2025-4A Class C 7.11% <br> 12/20/55<br>| 105000 | 105699 |
| Navigator Aviation Ltd. Series <br> 2025-1 Class A 5.11% <br> 10/15/50<br>| 1871121 | 1852614 |
| •OCP Aegis CLO Ltd. | •OCP Aegis CLO Ltd. | •OCP Aegis CLO Ltd. |
| Series 2024-39A Class A1 <br> 5.11% (3 mo. USD Term <br> SOFR + 1.22%) 1/16/37<br>| 2522000 | 2522013 |
| Series 2025-47A Class A1 <br> 4.86% (3 mo. USD Term <br> SOFR + 1.11%) 1/21/38<br>| 1081000 | 1081268 |
| •OCP CLO Ltd. | •OCP CLO Ltd. | •OCP CLO Ltd. |
| Series 2018-15A Class AR <br> 5.13% (3 mo. USD Term <br> SOFR + 1.25%) 1/20/38<br>| 819000 | 820647 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-30

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •OCP CLO Ltd. (continued) | •OCP CLO Ltd. (continued) | •OCP CLO Ltd. (continued) |
| Series 2020-8RA Class AR2 <br> 5.10% (3 mo. USD Term <br> SOFR + 1.22%) 10/17/38<br>| 1214000 | $1215175 |
| Series 2025-44A Class A <br> 5.56% (3 mo. USD Term <br> SOFR + 1.30%) 10/24/38<br>| 1317000 | 1320303 |
| Series 2025-46A Class A <br> 5.05% (3 mo. USD Term <br> SOFR + 1.20%) 10/15/38<br>| 840000 | 839890 |
| •OHA Credit Funding 16-R Ltd. <br> Series 2023-16RA Class A1 <br> 5.08% (3 mo. USD Term <br> SOFR + 1.20%) 10/20/38<br>| 1890000 | 1890947 |
| •OHA Credit Funding 6 Ltd. <br> Series 2020-6A Class AR2 <br> 5.21% (3 mo. USD Term <br> SOFR + 1.33%) 10/20/37<br>| 1450000 | 1451914 |
| •OHA Credit Partners VII Ltd. <br> Series 2012-7A Class AR4 <br> 5.03% (3 mo. USD Term <br> SOFR + 1.14%) 2/20/38<br>| 10000000 | 9980000 |
| Onemain Financial Issuance <br> Trust Series 2025-1A Class A <br> 4.82% 7/14/38<br>| 1500000 | 1516514 |
| Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
| Series 2025-B Class A 4.88% <br> 5/9/33<br>| 300000 | 301112 |
| Series 2025-C Class A 4.49% <br> 7/8/33<br>| 1100000 | 1101923 |
| Series 2025-D Class A 4.53% <br> 2/8/33<br>| 600000 | 600716 |
| •Palmer Square CLO Ltd. | •Palmer Square CLO Ltd. | •Palmer Square CLO Ltd. |
| Series 2025-2A Class A1 <br> 5.23% (3 mo. USD Term <br> SOFR + 1.35%) 7/20/38<br>| 2355000 | 2363151 |
| Series 2025-5A Class A 5.09% <br> (3 mo. USD Term SOFR + <br> 1.21%) 10/20/38<br>| 1323000 | 1322014 |
| •Palmer Square Loan Funding <br> Ltd. Series 2025-2A Class A1 <br> 5.23% (3 mo. USD Term <br> SOFR + 0.94%) 7/15/33<br>| 1257000 | 1257263 |
| •Peace Park CLO Ltd. Series <br> 2021-1A Class AR 5.13% (3 <br> mo. USD Term SOFR + <br> 1.25%) 10/20/38<br>| 8656000 | 8664621 |
| PK Alift Loan Funding 7 LP <br> Series 2025-2 Class A 4.75% <br> 3/15/43<br>| 1382152 | 1384757 |
| RCKT Trust Series 2025-1A <br> Class A 4.90% 7/25/34<br>| 245165 | 245834 |
| Reach ABS Trust Series <br> 2025-2A Class A 4.93% <br> 8/18/32<br>| 444542 | 446311 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •RR 27 Ltd. Series 2023-27A <br> Class A1AR 5.13% (3 mo. <br> USD Term SOFR + 1.23%) <br> 10/15/40<br>| 2989000 | $2989398 |
| •RR 34 Ltd. Series 2024-34RA <br> Class A1R 5.25% (3 mo. USD <br> Term SOFR + 1.35%) <br> 10/15/39<br>| 250000 | 250686 |
| •Sixth Street CLO XIX Ltd. <br> Series 2021-19A Class A1R <br> 5.16% (3 mo. USD Term <br> SOFR + 1.28%) 7/17/38<br>| 810000 | 811941 |
| •Sixth Street CLO XVIII Ltd. <br> Series 2021-18A Class A1R <br> 5.13% (3 mo. USD Term <br> SOFR + 1.25%) 10/17/38<br>| 1240000 | 1241578 |
| •Sixth Street CLO XX Ltd. <br> Series 2021-20A Class A1R <br> 5.20% (3 mo. USD Term <br> SOFR + 1.32%) 7/17/38<br>| 1030000 | 1032430 |
| Slam Ltd. Series 2025-1A <br> Class A 5.81% 5/15/50<br>| 863687 | 885138 |
| Subway Funding LLC | Subway Funding LLC | Subway Funding LLC |
| Series 2024-1A Class A23 <br> 6.51% 7/30/54<br>| 4950000 | 5115627 |
| Series 2024-1A Class A2I <br> 6.03% 7/30/54<br>| 2890800 | 2930529 |
| Series 2024-1A Class A2II <br> 6.27% 7/30/54<br>| 4950000 | 5054112 |
| Series 2024-3A Class A23 <br> 5.91% 7/30/54<br>| 4950000 | 4907825 |
| •Symphony CLO 43 Ltd. Series <br> 2024-43A Class A1 5.42% (3 <br> mo. USD Term SOFR + <br> 1.52%) 4/15/37<br>| 6800000 | 6815103 |
| •Symphony CLO XXVI Ltd. <br> Series 2021-26A Class AR <br> 5.23% (3 mo. USD Term <br> SOFR + 1.34%) 4/20/33<br>| 6027884 | 6028854 |
| Taco Bell Funding LLC Series <br> 2025-1A Class A2I 4.82% <br> 8/25/55<br>| 2430000 | 2416372 |
| UPX HIL Issuer Trust Series <br> 2025-1 Class B 6.07% <br> 1/25/47<br>| 200000 | 201816 |
| VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
| Series 2024-1A Class D <br> 6.64% 5/15/54<br>| 200000 | 203365 |
| Series 2024-1A Class F 8.87% <br> 5/15/54<br>| 300000 | 310549 |
| Verdant Receivables LLC <br> Series 2025-1A Class A2 <br> 4.85% 3/13/28<br>| 542323 | 544852 |
| Wheels Fleet Lease Funding 1 <br> LLC Series 2025-3A Class A1 <br> 4.08% 9/18/40<br>| 200000 | 200518 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-31

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Willis Engine Structured <br> Trust VIII Series 2025-A <br> Class A 5.58% 6/15/50<br>| 1041227 | $1057475 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $182,672,087)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $182,672,087)** | **182764287** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.54%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.54%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–0.54%** |
| •Bravo Residential Funding <br> Trust Series 2025-NQM5 <br> Class A1 5.50% 2/25/65<br>| 656756 | 663307 |
| •CIM Trust Series 2021-R3 <br> Class A1A 1.95% 6/25/57<br>| 1508839 | 1408535 |
| •Cross Mortgage Trust Series <br> 2025-H4 Class A1 5.60% <br> 6/25/70<br>| 797717 | 805914 |
| •CSMC Trust Series 2021-RPL7 <br> Class A1 4.21% 7/27/61<br>| 1829557 | 1834644 |
| •GS Mortgage-Backed <br> Securities Trust Series <br> 2024-RPL2 Class A1 3.75% <br> 7/25/61<br>| 1915523 | 1877202 |
| •JP Morgan Mortgage Trust <br> Series 2025-NQM2 Class A1 <br> 5.57% 9/25/65<br>| 274318 | 277031 |
| •Morgan Stanley Residential <br> Mortgage Loan Trust Series <br> 2025-NQM3 Class A1 5.53% <br> 5/25/70<br>| 288091 | 290548 |
| •NYMT Loan Trust Series <br> 2025-CP1 Class A1 3.75% <br> 11/25/69<br>| 571597 | 550321 |
| OBX Trust | OBX Trust | OBX Trust |
| φSeries 2025-NQM10 Class A1 <br> 5.45% 5/25/65<br>| 516647 | 520862 |
| •Series 2025-NQM19 Class A1 <br> 4.87% 10/25/65<br>| 292606 | 292413 |
| •OLIT Trust Series 2025-HB2 <br> Class A 3.00% 11/25/38<br>| 379422 | 369577 |
| φPRET Trust Series 2025-RPL3 <br> Class A1 4.15% 4/25/65<br>| 378806 | 372757 |
| φPRPM LLC | φPRPM LLC | φPRPM LLC |
| Series 2024-RPL1 Class A1 <br> 4.20% 12/25/64<br>| 161949 | 160398 |
| Series 2024-RPL4 Class A1 <br> 4.00% 12/25/54<br>| 89057 | 87877 |
| φRCO VIII Mortgage LLC <br> Series 2025-3 Class A1 6.43% <br> 5/25/30<br>| 389758 | 390612 |
| φVerus Securitization Trust <br> Series 2025-5 Class A1 5.43% <br> 6/25/70<br>| 1814366 | 1829548 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $11,573,116)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $11,573,116)** | **11731546** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–3.69%** |
| •ALA Trust Series 2025-OANA <br> Class A 5.49% (1 mo. USD <br> Term SOFR + 1.74%) <br> 6/15/40<br>| 940000 | $943521 |
| •ARES Trust Series 2025-IND3 <br> Class D 6.30% (1 mo. USD <br> Term SOFR + 2.55%) <br> 4/15/42<br>| 140000 | 140000 |
| •Bank | •Bank | •Bank |
| Series 2018-BN10 Class B <br> 4.08% 2/15/61<br>| 330000 | 310451 |
| Series 2018-BN10 Class C <br> 4.16% 2/15/61<br>| 200000 | 180169 |
| Series 2025-BNK51 Class C <br> 5.95% 12/25/67<br>| 100000 | 100134 |
| •Bank of America Merrill <br> Lynch Commercial Mortgage <br> Trust Series 2016-UB10 <br> Class C 4.87% 7/15/49<br>| 100000 | 98616 |
| Bank5 | Bank5 | Bank5 |
| \*•Series 2025-5YR16 Class XB <br> 0.35% 8/15/63<br>| 2000000 | 36282 |
| Series 2025-5YR19 Class A3 <br> 5.27% 12/15/58<br>| 500000 | 516504 |
| •Series 2025-5YR19 Class D <br> 4.50% 12/15/58<br>| 100000 | 88925 |
| \*•Series 2025-5YR19 Class XB <br> 0.60% 12/15/58<br>| 1000000 | 29373 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| •Series 2020-C7 Class C 3.59% <br> 4/15/53<br>| 100000 | 85803 |
| •Series 2024-C30 Class C <br> 5.98% 11/15/57<br>| 100000 | 100034 |
| •Series 2025-5C34 Class C <br> 6.81% 5/15/58<br>| 275000 | 288509 |
| •Series 2025-5C37 Class C <br> 6.00% 9/15/58<br>| 144000 | 145954 |
| \*•Series 2025-5C38 Class XB <br> 0.89% 11/15/58<br>| 2400000 | 98910 |
| Series 2025-C32 Class C <br> 6.13% 2/15/62<br>| 125000 | 126634 |
| •Series 2025-C35 Class C <br> 6.11% 7/15/58<br>| 100000 | 101342 |
| •Series 2025-C39 Class C <br> 5.91% 12/15/58<br>| 100000 | 100427 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| •Series 2022-B33 Class C <br> 3.61% 3/15/55<br>| 200000 | 159927 |
| Series 2025-B41 Class C <br> 6.14% 7/15/68<br>| 100000 | 101947 |
| •BFLD Commercial Mortgage <br> Trust Series 2024-UNIV <br> Class E 7.39% (1 mo. USD <br> Term SOFR + 3.64%) <br> 11/15/41<br>| 131000 | 131648 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-32

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •BFLD Mortgage Trust Series <br> 2024-WRHS Class E 7.44% (1 <br> mo. USD Term SOFR + <br> 3.69%) 7/15/39<br>| 185399 | $185746 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| \*•Series 2025-5C11 Class XB <br> 0.58% 7/15/58<br>| 4000000 | 103203 |
| \*•Series 2025-5C12 Class XB <br> 0.75% 10/15/58<br>| 2300000 | 79683 |
| Series 2025-5C13 Class A2 <br> 4.74% 12/15/58<br>| 600000 | 605823 |
| Series 2025-5C13 Class A3 <br> 5.23% 12/15/58<br>| 600000 | 617409 |
| •Series 2025-C12 Class C <br> 6.39% 6/15/58<br>| 113000 | 116119 |
| •Series 2025-C13 Class C <br> 6.13% 10/15/58<br>| 117000 | 116378 |
| •BMP Trust | •BMP Trust | •BMP Trust |
| Series 2024-MF23 Class B <br> 5.39% (1 mo. USD Term <br> SOFR + 1.64%) 6/15/41<br>| 1113000 | 1113693 |
| Series 2024-MF23 Class E <br> 7.14% (1 mo. USD Term <br> SOFR + 3.39%) 6/15/41<br>| 168000 | 168210 |
| •BPR Commercial Mortgage Trust | •BPR Commercial Mortgage Trust | •BPR Commercial Mortgage Trust |
| Series 2024-PARK Class A <br> 5.22% 11/5/39<br>| 5800000 | 5913163 |
| Series 2024-PARK Class D <br> 7.00% 11/5/39<br>| 120000 | 124879 |
| Series 2025-STAR Class C <br> 5.87% 11/5/42<br>| 135000 | 135892 |
| •BPR Trust Series 2023-BRK2 <br> Class C 8.34% 10/5/38<br>| 275000 | 289591 |
| •BRES Commercial Mortgage Trust | •BRES Commercial Mortgage Trust | •BRES Commercial Mortgage Trust |
| Series 2025-ATCAP Class E <br> 7.39% (1 mo. USD Term <br> SOFR + 3.64%) 11/15/42<br>| 147000 | 147090 |
| Series 2025-ATCAP Class F <br> 8.94% (1 mo. USD Term <br> SOFR + 5.19%) 11/15/42<br>| 125000 | 124690 |
| •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust |
| Series 2020-VIV2 Class C <br> 3.54% 3/9/44<br>| 3211000 | 3009758 |
| Series 2020-VIVA Class D <br> 3.55% 3/11/44<br>| 290000 | 269221 |
| Series 2020-VIVA Class E <br> 3.55% 3/11/44<br>| 235000 | 213282 |
| Series 2021-ACNT Class B <br> 5.11% (1 mo. USD Term <br> SOFR + 1.36%) 11/15/38<br>| 207523 | 207269 |
| Series 2021-CIP Class F <br> 7.08% (1 mo. USD Term <br> SOFR + 3.33%) 12/15/38<br>| 131947 | 131785 |
| Series 2021-XL2 Class G <br> 6.71% (1 mo. USD Term <br> SOFR + 2.96%) 10/15/38<br>| 74352 | 73980 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •BX Commercial Mortgage Trust (continued) | •BX Commercial Mortgage Trust (continued) | •BX Commercial Mortgage Trust (continued) |
| Series 2022-LP2 Class C <br> 5.31% (1 mo. USD Term <br> SOFR + 1.56%) 2/15/39<br>| 175000 | $174344 |
| Series 2022-LP2 Class G <br> 7.86% (1 mo. USD Term <br> SOFR + 4.11%) 2/15/39<br>| 105000 | 104903 |
| Series 2023-XL3 Class C <br> 6.39% (1 mo. USD Term <br> SOFR + 2.64%) 12/9/40<br>| 136042 | 135957 |
| Series 2023-XL3 Class D <br> 7.34% (1 mo. USD Term <br> SOFR + 3.59%) 12/9/40<br>| 107401 | 107334 |
| Series 2024-GPA3 Class A <br> 5.04% (1 mo. USD Term <br> SOFR + 1.29%) 12/15/39<br>| 2729843 | 2729842 |
| Series 2024-KING Class E <br> 7.44% (1 mo. USD Term <br> SOFR + 3.69%) 5/15/34<br>| 355322 | 356210 |
| Series 2024-MDHS Class A <br> 5.39% (1 mo. USD Term <br> SOFR + 1.64%) 5/15/41<br>| 200191 | 200502 |
| Series 2024-MF Class D <br> 6.44% (1 mo. USD Term <br> SOFR + 2.69%) 2/15/39<br>| 442727 | 443682 |
| Series 2024-VLT5 Class E <br> 7.87% 11/13/46<br>| 350000 | 377435 |
| Series 2024-XL4 Class A <br> 5.19% (1 mo. USD Term <br> SOFR + 1.44%) 2/15/39<br>| 5177698 | 5174462 |
| Series 2024-XL4 Class B <br> 5.54% (1 mo. USD Term <br> SOFR + 1.79%) 2/15/39<br>| 1392053 | 1391183 |
| Series 2024-XL4 Class D <br> 6.89% (1 mo. USD Term <br> SOFR + 3.14%) 2/15/39<br>| 102084 | 102020 |
| Series 2024-XL4 Class E <br> 7.94% (1 mo. USD Term <br> SOFR + 4.19%) 2/15/39<br>| 106724 | 106804 |
| Series 2024-XL5 Class A <br> 5.14% (1 mo. USD Term <br> SOFR + 1.39%) 3/15/41<br>| 5350459 | 5353504 |
| Series 2024-XL5 Class D <br> 6.44% (1 mo. USD Term <br> SOFR + 2.69%) 3/15/41<br>| 140000 | 140239 |
| Series 2025-SPOT Class D <br> 6.24% (1 mo. USD Term <br> SOFR + 2.49%) 4/15/40<br>| 253860 | 253939 |
| Series 2025-SPOT Class E <br> 7.44% (1 mo. USD Term <br> SOFR + 3.69%) 4/15/40<br>| 344524 | 346244 |
| BX Trust | BX Trust | BX Trust |
| Series 2019-OC11 Class A <br> 3.20% 12/9/41<br>| 530000 | 499679 |
| •Series 2019-OC11 Class E <br> 3.94% 12/9/41<br>| 525000 | 484376 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-33

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| BX Trust (continued) | BX Trust (continued) | BX Trust (continued) |
| •Series 2021-BXMF Class A <br> 4.50% (1 mo. USD Term <br> SOFR + 0.75%) 10/15/26<br>| 3581129 | $3570087 |
| •Series 2021-LBA Class EV <br> 5.87% (1 mo. USD Term <br> SOFR + 2.11%) 2/15/36<br>| 197703 | 197587 |
| •Series 2021-RISE Class F <br> 6.51% (1 mo. USD Term <br> SOFR + 2.76%) 11/15/36<br>| 84533 | 84533 |
| •Series 2021-RISE Class G <br> 6.81% (1 mo. USD Term <br> SOFR + 3.06%) 11/15/36<br>| 116021 | 116021 |
| •Series 2021-SDMF Class F <br> 5.80% (1 mo. USD Term <br> SOFR + 2.05%) 9/15/34<br>| 299736 | 298641 |
| •Series 2022-LBA6 Class E <br> 6.45% (1 mo. USD Term <br> SOFR + 2.70%) 1/15/39<br>| 250000 | 249693 |
| •Series 2022-VAMF Class E <br> 6.45% (1 mo. USD Term <br> SOFR + 2.70%) 1/15/39<br>| 104000 | 103685 |
| •Series 2022-VAMF Class F <br> 7.05% (1 mo. USD Term <br> SOFR + 3.30%) 1/15/39<br>| 250000 | 248944 |
| •Series 2024-CNYN Class A <br> 5.19% (1 mo. USD Term <br> SOFR + 1.44%) 4/15/41<br>| 951277 | 950110 |
| •Series 2024-VLT4 Class E <br> 6.64% (1 mo. USD Term <br> SOFR + 2.89%) 6/15/41<br>| 275000 | 274315 |
| •Series 2024-VLT4 Class F <br> 7.69% (1 mo. USD Term <br> SOFR + 3.94%) 6/15/41<br>| 500000 | 502029 |
| •Series 2025-DIME Class A <br> 4.90% (1 mo. USD Term <br> SOFR + 1.15%) 2/15/35<br>| 1313000 | 1309719 |
| •Series 2025-LUNR Class E <br> 7.70% (1 mo. USD Term <br> SOFR + 3.95%) 6/15/40<br>| 88768 | 89045 |
| •Series 2025-OMG Class F <br> 7.35% (1 mo. USD Term <br> SOFR + 3.60%) 10/15/42<br>| 100000 | 99999 |
| •Series 2025-ROIC Class A <br> 4.89% (1 mo. USD Term <br> SOFR + 1.14%) 3/15/30<br>| 4792309 | 4781841 |
| •Series 2025-ROIC Class C <br> 5.29% (1 mo. USD Term <br> SOFR + 1.54%) 3/15/30<br>| 3164657 | 3152802 |
| •Series 2025-ROIC Class E <br> 6.69% (1 mo. USD Term <br> SOFR + 2.94%) 3/15/30<br>| 124514 | 123737 |
| •Series 2025-TAIL Class A <br> 5.15% (1 mo. USD Term <br> SOFR + 1.40%) 6/15/35<br>| 496000 | 495690 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| BX Trust (continued) | BX Trust (continued) | BX Trust (continued) |
| •Series 2025-TAIL Class D <br> 6.20% (1 mo. USD Term <br> SOFR + 2.45%) 6/15/35<br>| 128000 | $128000 |
| •Series 2025-TAIL Class E <br> 7.05% (1 mo. USD Term <br> SOFR + 3.30%) 6/15/35<br>| 200000 | 199999 |
| •Series 2025-VLT6 Class E <br> 6.94% (1 mo. USD Term <br> SOFR + 3.19%) 3/15/42<br>| 383000 | 381449 |
| •Series 2025-VLT6 Class F <br> 7.69% (1 mo. USD Term <br> SOFR + 3.94%) 3/15/42<br>| 256000 | 252493 |
| •Series 2025-VLT7 Class D <br> 7.00% (1 mo. USD Term <br> SOFR + 3.25%) 7/15/44<br>| 250000 | 250800 |
| •Series 2025-VOLT Class D <br> 6.50% (1 mo. USD Term <br> SOFR + 2.75%) 12/15/44<br>| 100000 | 99875 |
| CENT | CENT | CENT |
| •Series 2025-CITY Class A <br> 4.92% 7/10/40<br>| 1046000 | 1056774 |
| \*Series 2025-CITY Class X <br> 0.21% 7/10/40<br>| 10300000 | 70376 |
| •CIP Commercial Mortgage <br> Trust Series 2025-SBAY <br> Class E 7.50% (1 mo. USD <br> Term SOFR + 3.75%) <br> 10/15/37<br>| 100000 | 100156 |
| •Citigroup Commercial Mortgage Trust | •Citigroup Commercial Mortgage Trust | •Citigroup Commercial Mortgage Trust |
| Series 2023-SMRT Class D <br> 5.85% 10/12/40<br>| 127000 | 127155 |
| Series 2023-SMRT Class E <br> 5.85% 10/12/40<br>| 300000 | 296448 |
| •COMM Mortgage Trust | •COMM Mortgage Trust | •COMM Mortgage Trust |
| Series 2015-DC1 Class B <br> 4.04% 2/10/48<br>| 240000 | 231190 |
| Series 2015-DC1 Class C <br> 4.29% 2/10/48<br>| 250000 | 224774 |
| Series 2015-LC19 Class C <br> 4.42% 2/10/48<br>| 69272 | 66009 |
| Series 2025-180W Class E <br> 7.36% 8/10/42<br>| 100000 | 102089 |
| Series 2025-180W Class F <br> 7.36% 8/10/42<br>| 100000 | 97602 |
| •CONE Trust Series <br> 2024-DFW1 Class E 7.64% (1 <br> mo. USD Term SOFR + <br> 3.89%) 8/15/41<br>| 377000 | 378837 |
| DB-JPM Mortgage Trust <br> Series 2020-C9 Class B 2.57% <br> 8/15/53<br>| 100000 | 85899 |
| •ELP Commercial Mortgage Trust | •ELP Commercial Mortgage Trust | •ELP Commercial Mortgage Trust |
| Series 2025-ELP Class A <br> 4.60% 11/13/42<br>| 814000 | 811041 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-34

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •ELP Commercial Mortgage Trust (continued) | •ELP Commercial Mortgage Trust (continued) | •ELP Commercial Mortgage Trust (continued) |
| Series 2025-ELP Class D <br> 5.43% 11/13/42<br>| 100000 | $100067 |
| Series 2025-ELP Class E <br> 6.45% 11/13/42<br>| 115000 | 115081 |
| •Extended Stay America Trust | •Extended Stay America Trust | •Extended Stay America Trust |
| Series 2025-ESH Class A <br> 5.05% (1 mo. USD Term <br> SOFR + 1.30%) 10/15/42<br>| 3013000 | 3014882 |
| Series 2025-ESH Class B <br> 5.35% (1 mo. USD Term <br> SOFR + 1.60%) 10/15/42<br>| 445000 | 445694 |
| Series 2025-ESH Class C <br> 5.60% (1 mo. USD Term <br> SOFR + 1.85%) 10/15/42<br>| 215000 | 215336 |
| Series 2025-ESH Class E <br> 7.10% (1 mo. USD Term <br> SOFR + 3.35%) 10/15/42<br>| 100000 | 100624 |
| Series 2025-ESH Class F <br> 7.85% (1 mo. USD Term <br> SOFR + 4.10%) 10/15/42<br>| 100000 | 100874 |
| •Fashion Show Mall LLC <br> Series 2024-SHOW Class C <br> 6.07% 10/10/41<br>| 120000 | 121001 |
| •Fontainebleau Miami Beach <br> Mortgage Trust Series <br> 2024-FBLU Class G 9.40% (1 <br> mo. USD Term SOFR + <br> 5.65%) 12/15/39<br>| 131000 | 131640 |
| •GS Mortgage Securities Corp. Trust | •GS Mortgage Securities Corp. Trust | •GS Mortgage Securities Corp. Trust |
| Series 2023-SHIP Class E <br> 7.43% 9/10/38<br>| 250000 | 251033 |
| Series 2025-800D Class A <br> 6.38% (1 mo. USD Term <br> SOFR + 2.65%) 11/25/41<br>| 120000 | 120155 |
| •GS Mortgage Securities Trust | •GS Mortgage Securities Trust | •GS Mortgage Securities Trust |
| Series 2019-GC38 Class B <br> 4.31% 2/10/52<br>| 150888 | 145862 |
| Series 2019-GC42 Class C <br> 3.70% 9/10/52<br>| 155000 | 134686 |
| Series 2019-GSA1 Class C <br> 3.80% 11/10/52<br>| 125000 | 114366 |
| Series 2020-GC45 Class SWD <br> 3.22% 12/13/39<br>| 100000 | 80919 |
| •GSAT Trust Series 2025-BMF <br> Class F 7.90% (1 mo. USD <br> Term SOFR + 4.15%) <br> 7/15/40<br>| 130000 | 130150 |
| •HAVN Trust Series 2025-MOB <br> Class A 5.45% (1 mo. USD <br> Term SOFR + 1.70%) <br> 10/15/35<br>| 270000 | 270000 |
| •Hilton USA Trust Series <br> 2016-HHV Class F 4.19% <br> 11/5/38<br>| 350000 | 343228 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •INT Commercial Mortgage <br> Trust Series 2025-PLAZA <br> Class A 4.88% 11/5/37<br>| 727000 | $729302 |
| •IP Mortgage Trust Series <br> 2025-IP Class F 7.71% <br> 6/10/42<br>| 200000 | 202655 |
| •JP Morgan Chase Commercial Mortgage Securities Trust | •JP Morgan Chase Commercial Mortgage Securities Trust | •JP Morgan Chase Commercial Mortgage Securities Trust |
| Series 2021-MHC Class E <br> 6.57% (1 mo. USD Term <br> SOFR + 2.81%) 4/15/38<br>| 170000 | 170000 |
| Series 2021-MHC Class F <br> 7.07% (1 mo. USD Term <br> SOFR + 3.31%) 4/15/38<br>| 200000 | 200000 |
| •JPMBB Commercial Mortgage <br> Securities Trust Series <br> 2014-C26 Class D 3.57% <br> 1/15/48<br>| 250000 | 221025 |
| JPMDB Commercial <br> Mortgage Securities Trust <br> Series 2019-COR6 Class A4 <br> 3.06% 11/13/52<br>| 800000 | 730379 |
| •KIND Trust | •KIND Trust | •KIND Trust |
| Series 2021-KIND Class D <br> 6.17% (1 mo. USD Term <br> SOFR + 2.41%) 8/15/38<br>| 223167 | 220730 |
| Series 2021-KIND Class E <br> 7.12% (1 mo. USD Term <br> SOFR + 3.36%) 8/15/38<br>| 113071 | 111932 |
| •MHC Commercial Mortgage <br> Trust Series 2021-MHC <br> Class G 7.07% (1 mo. USD <br> Term SOFR + 3.32%) <br> 4/15/38<br>| 400308 | 400790 |
| •MHP Commercial Mortgage Trust | •MHP Commercial Mortgage Trust | •MHP Commercial Mortgage Trust |
| Series 2025-MHIL2 Class A <br> 5.25% (1 mo. USD Term <br> SOFR + 1.50%) 9/15/40<br>| 1134000 | 1133999 |
| Series 2025-MHIL2 Class D <br> 6.40% (1 mo. USD Term <br> SOFR + 2.65%) 9/15/40<br>| 100000 | 100000 |
| Series 2025-MHIL2 Class E <br> 7.25% (1 mo. USD Term <br> SOFR + 3.50%) 9/15/40<br>| 100000 | 100000 |
| •MHP Trust | •MHP Trust | •MHP Trust |
| Series 2022-MHIL Class E <br> 6.36% (1 mo. USD Term <br> SOFR + 2.61%) 1/15/39<br>| 200000 | 199816 |
| Series 2022-MHIL Class F <br> 7.01% (1 mo. USD Term <br> SOFR + 3.26%) 1/15/39<br>| 80000 | 79902 |
| •Morgan Stanley Bank of America Merrill Lynch Trust | •Morgan Stanley Bank of America Merrill Lynch Trust | •Morgan Stanley Bank of America Merrill Lynch Trust |
| Series 2025-5C2 Class C <br> 5.74% 11/15/58<br>| 100000 | 100263 |
| Series 2025-C35 Class C <br> 6.35% 8/15/58<br>| 100000 | 103038 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-35

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •Morgan Stanley Capital I <br> Trust Series 2017-H1 Class C <br> 4.28% 6/15/50<br>| 125000 | $118419 |
| MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust |
| •Series 2023-2 Class C 7.02% <br> 12/15/56<br>| 310000 | 327662 |
| Series 2023-2 Class D 4.00% <br> 12/15/56<br>| 136000 | 108511 |
| •NCMF Trust Series 2025-MFS <br> Class F 8.44% 6/10/33<br>| 100000 | 101936 |
| •NYC Trust Series 2025-77C <br> Class E 6.26% 1/10/38<br>| 100000 | 100195 |
| Prima Capital CRE Securitization Ltd. | Prima Capital CRE Securitization Ltd. | Prima Capital CRE Securitization Ltd. |
| Series 2019-7A Class D <br> 4.25% 12/25/50<br>| 100000 | 95605 |
| Series 2019-RK1 Class BT <br> 4.45% 4/15/38<br>| 110000 | 104767 |
| •PRM Trust | •PRM Trust | •PRM Trust |
| Series 2025-PRM6 Class E <br> 6.58% 7/5/33<br>| 100000 | 100187 |
| Series 2025-PRM6 Class F <br> 7.06% 7/5/33<br>| 100000 | 99393 |
| •PRM5 Trust Series <br> 2025-PRM5 Class D 5.62% <br> 3/10/33<br>| 150000 | 150099 |
| •RIDE Series 2025-SHRE <br> Class E 7.81% 2/14/47<br>| 350000 | 355257 |
| ROCK Trust Series <br> 2024-CNTR Class E 8.82% <br> 11/13/41<br>| 250000 | 265175 |
| •SCG Commercial Mortgage Trust | •SCG Commercial Mortgage Trust | •SCG Commercial Mortgage Trust |
| Series 2025-FLWR Class A <br> 5.00% (1 mo. USD Term <br> SOFR + 1.25%) 8/15/42<br>| 300000 | 300187 |
| Series 2025-FLWR Class E <br> 6.50% (1 mo. USD Term <br> SOFR + 2.75%) 8/15/42<br>| 160000 | 160000 |
| •SCG Trust | •SCG Trust | •SCG Trust |
| Series 2025-SNIP Class D <br> 6.35% (1 mo. USD Term <br> SOFR + 2.60%) 9/15/42<br>| 127000 | 127555 |
| Series 2025-SNIP Class E <br> 7.15% (1 mo. USD Term <br> SOFR + 3.40%) 9/15/42<br>| 159000 | 159378 |
| •SG Commercial Mortgage Securities Trust | •SG Commercial Mortgage Securities Trust | •SG Commercial Mortgage Securities Trust |
| Series 2019-PREZ Class D <br> 3.48% 9/15/39<br>| 135000 | 118152 |
| Series 2020-COVE Class F <br> 3.73% 3/15/37<br>| 45000 | 40627 |
| •SHR Trust Series 2024-LXRY <br> Class E 8.20% (1 mo. USD <br> Term SOFR + 4.45%) <br> 10/15/41<br>| 163000 | 164172 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •SMRT Commercial Mortgage <br> Trust Series 2022-MINI <br> Class E 6.45% (1 mo. USD <br> Term SOFR + 2.70%) <br> 1/15/39<br>| 390000 | $388050 |
| •SREIT Trust | •SREIT Trust | •SREIT Trust |
| Series 2021-MFP Class A <br> 4.60% (1 mo. USD Term <br> SOFR + 0.85%) 11/15/38<br>| 419421 | 419164 |
| Series 2021-PALM Class G <br> 7.48% (1 mo. USD Term <br> SOFR + 3.73%) 10/15/34<br>| 100000 | 99677 |
| •Starwood Mortgage Trust <br> Series 2021-LIH Class E <br> 6.77% (1 mo. USD Term <br> SOFR + 3.02%) 11/15/36<br>| 100000 | 99877 |
| •SWCH Commercial Mortgage Trust | •SWCH Commercial Mortgage Trust | •SWCH Commercial Mortgage Trust |
| Series 2025-DATA Class D <br> 6.39% (1 mo. USD Term <br> SOFR + 2.64%) 2/15/42<br>| 200000 | 197505 |
| Series 2025-DATA Class F <br> 7.99% (1 mo. USD Term <br> SOFR + 4.24%) 2/15/42<br>| 250000 | 247308 |
| •TCO Commercial Mortgage <br> Trust Series 2024-DPM <br> Class A 4.99% (1 mo. USD <br> Term SOFR + 1.24%) <br> 12/15/39<br>| 4870000 | 4869998 |
| •VDCM Commercial Mortgage Trust | •VDCM Commercial Mortgage Trust | •VDCM Commercial Mortgage Trust |
| Series 2025-AZ Class C <br> 5.84% 7/13/44<br>| 100000 | 101229 |
| Series 2025-AZ Class D <br> 6.23% 7/13/44<br>| 100000 | 101217 |
| Series 2025-AZ Class E <br> 7.68% 7/13/44<br>| 100000 | 101057 |
| •VTR Commercial Mortgage Trust | •VTR Commercial Mortgage Trust | •VTR Commercial Mortgage Trust |
| Series 2025-STEM Class C <br> 5.86% 10/13/39<br>| 100000 | 100242 |
| Series 2025-STEM Class D <br> 6.49% 10/13/39<br>| 115000 | 115458 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| •Series 2016-BNK1 Class C <br> 3.07% 8/15/49<br>| 20000 | 14377 |
| •Series 2020-C57 Class C <br> 4.02% 8/15/53<br>| 299000 | 273852 |
| •Series 2024-1CHI Class E <br> 7.57% 7/15/35<br>| 250000 | 253260 |
| •Series 2024-5C2 Class C <br> 6.33% 11/15/57<br>| 100000 | 102701 |
| \*•Series 2025-5C4 Class XA <br> 1.12% 5/15/58<br>| 3996084 | 172788 |
| \*•Series 2025-5C4 Class XB <br> 0.51% 5/15/58<br>| 10000000 | 224692 |
| •Series 2025-5C7 Class C <br> 5.80% 12/15/58<br>| 100000 | 99800 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-36

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| Wells Fargo Commercial Mortgage Trust (continued) | Wells Fargo Commercial Mortgage Trust (continued) | Wells Fargo Commercial Mortgage Trust (continued) |
| •Series 2025-B33RP Class E <br> 7.25% (1 mo. USD Term <br> SOFR + 3.50%) 8/15/42<br>| 160000 | $160640 |
| •Series 2025-C65 Class C <br> 6.01% 10/15/58<br>| 100000 | 99842 |
| •WHARF Commercial <br> Mortgage Trust Series <br> 2025-DC Class E 7.72% <br> 7/15/40<br>| 100000 | 102644 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $79,384,943)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $79,384,943)** | **79806161** |
| **ΔSOVEREIGN BONDS–1.36%** | **ΔSOVEREIGN BONDS–1.36%** | **ΔSOVEREIGN BONDS–1.36%** |
| **Angola—0.02%** | **Angola—0.02%** | **Angola—0.02%** |
| Angola Government <br> International Bonds 9.38% <br> 5/8/48<br>| 50000 | 43928 |
| Angolan Government International Bonds | Angolan Government International Bonds | Angolan Government International Bonds |
| 8.75% 4/14/32 | 200000 | 194874 |
| 9.24% 1/15/31 | 200000 | 201192 |
|  |  | **439994** |
| **Argentina—0.10%** | **Argentina—0.10%** | **Argentina—0.10%** |
| φArgentina Government <br> International Bonds 4.13% <br> 7/9/35<br>| 871767 | 648595 |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| φ0.75% 7/9/30 | 855326 | 727027 |
| 1.00% 7/9/29 | 233993 | 207786 |
| φ3.50% 7/9/41 | 225000 | 155700 |
| 5.00% 1/9/38 | 450000 | 349200 |
|  |  | **2088308** |
| **Armenia—0.01%** | **Armenia—0.01%** | **Armenia—0.01%** |
| Republic of Armenia <br> International Bonds 6.75% <br> 3/12/35<br>| 250000 | 260060 |
|  |  | **260060** |
| **Australia—0.01%** | **Australia—0.01%** | **Australia—0.01%** |
| Australia Government Bonds <br> 1.25% 5/21/32<br>| 450000 | 247363 |
|  |  | **247363** |
| **Bahamas—0.01%** | **Bahamas—0.01%** | **Bahamas—0.01%** |
| Bahamas Government <br> International Bonds 8.25% <br> 6/24/36<br>| 200000 | 223014 |
|  |  | **223014** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Bahrain—0.00%** | **Bahrain—0.00%** | **Bahrain—0.00%** |
| Bahrain Government <br> International Bonds 5.63% <br> 5/18/34<br>| 50000 | $47981 |
|  |  | **47981** |
| **Benin—0.01%** | **Benin—0.01%** | **Benin—0.01%** |
| Benin Government <br> International Bonds 7.96% <br> 2/13/38<br>| 200000 | 207330 |
|  |  | **207330** |
| **Bermuda—0.01%** | **Bermuda—0.01%** | **Bermuda—0.01%** |
| Bermuda Government International Bonds | Bermuda Government International Bonds | Bermuda Government International Bonds |
| 3.38% 8/20/50 | 50000 | 34625 |
| 3.72% 1/25/27 | 200000 | 197400 |
|  |  | **232025** |
| **Brazil—0.04%** | **Brazil—0.04%** | **Brazil—0.04%** |
| Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| 3.88% 6/12/30 | 200000 | 190790 |
| 6.63% 3/15/35 | 200000 | 206040 |
| 7.13% 1/20/37 | 100000 | 109585 |
| 8.25% 1/20/34 | 250000 | 290337 |
|  |  | **796752** |
| **Canada—0.08%** | **Canada—0.08%** | **Canada—0.08%** |
| Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
| 1.50% 6/1/31<br> CAD | 175000 | 117671 |
| 1.50% 12/1/31<br> CAD | 2370000 | 1577611 |
| 2.00% 6/1/32<br> CAD | 40000 | 27191 |
|  |  | **1722473** |
| **Chile—0.03%** | **Chile—0.03%** | **Chile—0.03%** |
| Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
| 2.45% 1/31/31 | 300000 | 274770 |
| 3.10% 1/22/61 | 150000 | 92775 |
| 4.00% 1/31/52 | 200000 | 158390 |
| 5.33% 1/5/54 | 200000 | 192860 |
|  |  | **718795** |
| **Colombia—0.08%** | **Colombia—0.08%** | **Colombia—0.08%** |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| 3.00% 1/30/30 | 350000 | 314125 |
| 5.00% 6/15/45 | 242000 | 176055 |
| 5.20% 5/15/49 | 200000 | 146900 |
| 8.00% 11/14/35 | 780000 | 831090 |
| 8.75% 11/14/53 | 200000 | 220200 |
|  |  | **1688370** |
| **Costa Rica—0.01%** | **Costa Rica—0.01%** | **Costa Rica—0.01%** |
| Costa Rica Government <br> International Bonds 7.30% <br> 11/13/54<br>| 200000 | 224500 |
|  |  | **224500** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-37

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Dominican Republic—0.05%** | **Dominican Republic—0.05%** | **Dominican Republic—0.05%** |
| Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| 5.30% 1/21/41 | 100000 | $90500 |
| 5.95% 1/25/27 | 250000 | 252262 |
| 6.60% 6/1/36 | 150000 | 157868 |
| 7.05% 2/3/31 | 300000 | 321900 |
| 7.15% 2/24/55 | 150000 | 160440 |
|  |  | **982970** |
| **Ecuador—0.02%** | **Ecuador—0.02%** | **Ecuador—0.02%** |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 6.90% 7/31/30 | 250000 | 246440 |
| 6.90% 7/31/35 | 200000 | 176300 |
|  |  | **422740** |
| **Egypt—0.03%** | **Egypt—0.03%** | **Egypt—0.03%** |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 7.50% 1/31/27 | 200000 | 205137 |
| 7.50% 2/16/61 | 150000 | 130521 |
| 7.63% 5/29/32 | 100000 | 106325 |
| 8.70% 3/1/49 | 300000 | 299699 |
|  |  | **741682** |
| **El Salvador—0.02%** | **El Salvador—0.02%** | **El Salvador—0.02%** |
| El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
| 9.25% 4/17/30 | 200000 | 217400 |
| 9.65% 11/21/54 | 200000 | 228500 |
|  |  | **445900** |
| **Georgia—0.01%** | **Georgia—0.01%** | **Georgia—0.01%** |
| Georgia Government <br> International Bonds 2.75% <br> 4/22/26<br>| 200000 | 197800 |
|  |  | **197800** |
| **Germany—0.02%** | **Germany—0.02%** | **Germany—0.02%** |
| Bundesrepublik Deutschland <br> Bundesanleihe 2.50% 7/4/44<br>| 390000 | 406200 |
|  |  | **406200** |
| **Ghana—0.01%** | **Ghana—0.01%** | **Ghana—0.01%** |
| φGhana Government International Bonds | φGhana Government International Bonds | φGhana Government International Bonds |
| 5.00% 7/3/29 | 61952 | 60755 |
| 5.00% 7/3/35 | 89088 | 81391 |
|  |  | **142146** |
| **Guatemala—0.02%** | **Guatemala—0.02%** | **Guatemala—0.02%** |
| Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
| 5.38% 4/24/32 | 100000 | 100950 |
| 6.13% 6/1/50 | 50000 | 48900 |
| 6.25% 8/15/36 | 200000 | 209000 |
|  |  | **358850** |
| **Hungary—0.03%** | **Hungary—0.03%** | **Hungary—0.03%** |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 2.13% 9/22/31 | 200000 | 172379 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Hungary (continued)** | **Hungary (continued)** | **Hungary (continued)** |
| Hungary Government International Bonds (continued) | Hungary Government International Bonds (continued) | Hungary Government International Bonds (continued) |
| 5.50% 6/16/34 | 100000 | $101412 |
| 6.75% 9/25/52 | 100000 | 105992 |
| Magyar Export-Import Bank <br> Zrt 6.13% 12/4/27<br>| 200000 | 205632 |
|  |  | **585415** |
| **Indonesia—0.04%** | **Indonesia—0.04%** | **Indonesia—0.04%** |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 4.10% 4/24/28 | 100000 | 100297 |
| 4.35% 1/11/48 | 100000 | 86666 |
| 5.95% 1/8/46 | 250000 | 266157 |
| 7.75% 1/17/38 | 200000 | 250201 |
| 8.50% 10/12/35 | 200000 | 255967 |
|  |  | **959288** |
| **Israel—0.01%** | **Israel—0.01%** | **Israel—0.01%** |
| Israel Government <br> International Bonds 5.75% <br> 3/12/54<br>| 200000 | 192402 |
| State of Israel 3.38% 1/15/50 | 150000 | 100596 |
|  |  | **292998** |
| **Ivory Coast—0.01%** | **Ivory Coast—0.01%** | **Ivory Coast—0.01%** |
| Ivory Coast Government <br> International Bonds 6.13% <br> 6/15/33<br>| 300000 | 299689 |
|  |  | **299689** |
| **Jamaica—0.00%** | **Jamaica—0.00%** | **Jamaica—0.00%** |
| Jamaica Government <br> International Bonds 7.88% <br> 7/28/45<br>| 50000 | 60394 |
|  |  | **60394** |
| **Japan—0.05%** | **Japan—0.05%** | **Japan—0.05%** |
| Japan Government Ten Year <br> Bonds 0.10% 9/20/28<br>| 73850000 | 457343 |
| ^Japan Treasury Discount Bills | ^Japan Treasury Discount Bills | ^Japan Treasury Discount Bills |
| 0.00% 3/2/26 | 27400000 | 174737 |
| 0.00% 3/23/26 | 67800000 | 432214 |
|  |  | **1064294** |
| **Jordan—0.00%** | **Jordan—0.00%** | **Jordan—0.00%** |
| Jordan Government <br> International Bonds 7.38% <br> 10/10/47<br>| 50000 | 50145 |
|  |  | **50145** |
| **Kenya—0.01%** | **Kenya—0.01%** | **Kenya—0.01%** |
| Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
| 9.50% 3/5/36 | 35000 | 37258 |
| 9.75% 2/16/31 | 200000 | 218760 |
|  |  | **256018** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-38

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Lebanon—0.00%** | **Lebanon—0.00%** | **Lebanon—0.00%** |
| ‡Lebanon Government <br> International Bonds 6.38% <br> 3/9/20<br>| 145000 | $33542 |
|  |  | **33542** |
| **Luxembourg—0.01%** | **Luxembourg—0.01%** | **Luxembourg—0.01%** |
| Eagle Funding Luxco SARL <br> 5.50% 8/17/30<br>| 210000 | 213904 |
|  |  | **213904** |
| **Mexico—0.06%** | **Mexico—0.06%** | **Mexico—0.06%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 2.66% 5/24/31 | 200000 | 178000 |
| 3.50% 2/12/34 | 200000 | 172900 |
| 3.77% 5/24/61 | 200000 | 123100 |
| 6.35% 2/9/35 | 200000 | 209600 |
| 6.40% 5/7/54 | 45000 | 43222 |
| 6.88% 5/13/37 | 250000 | 266750 |
| 7.38% 5/13/55 | 250000 | 269250 |
|  |  | **1262822** |
| **Mongolia—0.01%** | **Mongolia—0.01%** | **Mongolia—0.01%** |
| Mongolia Government <br> International Bonds 7.88% <br> 6/5/29<br>| 200000 | 212926 |
|  |  | **212926** |
| **Montenegro—0.01%** | **Montenegro—0.01%** | **Montenegro—0.01%** |
| Montenegro Government <br> International Bonds 7.25% <br> 3/12/31<br>| 200000 | 213139 |
|  |  | **213139** |
| **Morocco—0.01%** | **Morocco—0.01%** | **Morocco—0.01%** |
| Morocco Government <br> International Bonds 6.50% <br> 9/8/33<br>| 200000 | 217230 |
|  |  | **217230** |
| **Nigeria—0.03%** | **Nigeria—0.03%** | **Nigeria—0.03%** |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
| 6.13% 9/28/28 | 400000 | 401390 |
| 7.88% 2/16/32 | 195000 | 203690 |
|  |  | **605080** |
| **Oman—0.02%** | **Oman—0.02%** | **Oman—0.02%** |
| Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| 6.25% 1/25/31 | 200000 | 214072 |
| 6.75% 1/17/48 | 125000 | 137640 |
|  |  | **351712** |
| **Pakistan—0.02%** | **Pakistan—0.02%** | **Pakistan—0.02%** |
| Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
| 6.00% 4/8/26 | 200000 | 199492 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Pakistan (continued)** | **Pakistan (continued)** | **Pakistan (continued)** |
| Pakistan Government International Bonds (continued) | Pakistan Government International Bonds (continued) | Pakistan Government International Bonds (continued) |
| 7.38% 4/8/31 | 200000 | $199156 |
|  |  | **398648** |
| **Panama—0.02%** | **Panama—0.02%** | **Panama—0.02%** |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| 3.87% 7/23/60 | 200000 | 132220 |
| 7.88% 3/1/57 | 200000 | 232897 |
|  |  | **365117** |
| **Paraguay—0.03%** | **Paraguay—0.03%** | **Paraguay—0.03%** |
| Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
| 2.74% 1/29/33 | 200000 | 178352 |
| 6.00% 2/9/36 | 200000 | 214298 |
| 6.65% 3/4/55 | 200000 | 217284 |
|  |  | **609934** |
| **Peru—0.01%** | **Peru—0.01%** | **Peru—0.01%** |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 2.78% 1/23/31 | 150000 | 138308 |
| 3.30% 3/11/41 | 100000 | 77210 |
|  |  | **215518** |
| **Philippines—0.02%** | **Philippines—0.02%** | **Philippines—0.02%** |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 5.50% 1/17/48 | 200000 | 200344 |
| 5.95% 10/13/47 | 200000 | 210930 |
|  |  | **411274** |
| **Poland—0.03%** | **Poland—0.03%** | **Poland—0.03%** |
| Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
| 5.38% 5/22/33 | 200000 | 205501 |
| 6.25% 7/9/54 | 200000 | 207568 |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 5.50% 4/4/53 | 40000 | 38385 |
| 5.75% 11/16/32 | 100000 | 107263 |
|  |  | **558717** |
| **Qatar—0.03%** | **Qatar—0.03%** | **Qatar—0.03%** |
| Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
| 4.40% 4/16/50 | 300000 | 265396 |
| 4.63% 6/2/46 | 200000 | 184775 |
| 4.82% 3/14/49 | 250000 | 235430 |
|  |  | **685601** |
| **Romania—0.04%** | **Romania—0.04%** | **Romania—0.04%** |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 2.12% 7/16/31 | 25000 | 25785 |
| 3.63% 3/27/32 | 100000 | 91391 |
| 4.00% 2/14/51 | 85000 | 58104 |
| 5.75% 9/16/30 | 80000 | 82519 |
| 5.88% 7/11/32 | 150000 | 184018 |
| 6.00% 5/25/34 | 60000 | 60859 |
| 6.38% 9/18/33 | 100000 | 126144 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-39

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Romania (continued)** | **Romania (continued)** | **Romania (continued)** |
| Romania Government International Bonds (continued) | Romania Government International Bonds (continued) | Romania Government International Bonds (continued) |
| 7.50% 2/10/37 | 150000 | $165914 |
|  |  | **794734** |
| **Rwanda—0.00%** | **Rwanda—0.00%** | **Rwanda—0.00%** |
| Rwanda International <br> Government Bonds 5.50% <br> 8/9/31<br>| 100000 | 92707 |
|  |  | **92707** |
| **Saudi Arabia—0.02%** | **Saudi Arabia—0.02%** | **Saudi Arabia—0.02%** |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 2.25% 2/2/33 | 200000 | 171901 |
| 3.45% 2/2/61 | 250000 | 159203 |
| 3.75% 1/21/55 | 100000 | 70661 |
| 4.50% 10/26/46 | 100000 | 85495 |
|  |  | **487260** |
| **Senegal—0.00%** | **Senegal—0.00%** | **Senegal—0.00%** |
| Senegal Government <br> International Bonds 6.25% <br> 5/23/33<br>| 75000 | 43383 |
|  |  | **43383** |
| **Serbia—0.01%** | **Serbia—0.01%** | **Serbia—0.01%** |
| Serbia International Bonds <br> 6.00% 6/12/34<br>| 150000 | 155076 |
|  |  | **155076** |
| **South Africa—0.04%** | **South Africa—0.04%** | **South Africa—0.04%** |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| 4.85% 9/30/29 | 150000 | 150095 |
| 5.00% 10/12/46 | 150000 | 117424 |
| 5.75% 9/30/49 | 200000 | 168598 |
| 6.13% 12/11/37 | 200000 | 197299 |
| 7.10% 11/19/36 | 300000 | 322152 |
|  |  | **955568** |
| **Sri Lanka—0.02%** | **Sri Lanka—0.02%** | **Sri Lanka—0.02%** |
| Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
| φ3.10% 1/15/30 | 56145 | 53433 |
| φ3.35% 3/15/33 | 110128 | 94702 |
| φ3.60% 5/15/36 | 51609 | 46894 |
| φ3.60% 2/15/38 | 103261 | 94098 |
| 4.00% 4/15/28 | 52468 | 50283 |
|  |  | **339410** |
| **Turkey—0.10%** | **Turkey—0.10%** | **Turkey—0.10%** |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 4.88% 4/16/43 | 200000 | 154193 |
| 5.75% 5/11/47 | 100000 | 82079 |
| 5.88% 6/26/31 | 100000 | 100358 |
| 6.80% 11/4/36 | 200000 | 201894 |
| 7.63% 5/15/34 | 250000 | 271620 |
| 9.38% 3/14/29 | 300000 | 336938 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Turkiye Government International Bonds (continued) | Turkiye Government International Bonds (continued) | Turkiye Government International Bonds (continued) |
| 9.38% 1/19/33 | 400000 | $472317 |
| 9.88% 1/15/28 | 200000 | 220052 |
| Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
| 6.38% 10/3/30 | 65000 | 65218 |
| 6.88% 7/3/28 | 200000 | 206534 |
|  |  | **2111203** |
| **Ukraine—0.02%** | **Ukraine—0.02%** | **Ukraine—0.02%** |
| φUkraine Government International Bonds | φUkraine Government International Bonds | φUkraine Government International Bonds |
| 0.00% 2/1/30 | 21848 | 12945 |
| 0.00% 2/1/34 | 81644 | 38724 |
| 0.00% 2/1/35 | 68995 | 38987 |
| 0.00% 2/1/36 | 57496 | 32629 |
| 4.00% 2/1/32 | 67000 | 50407 |
| 4.50% 2/1/29 | 150000 | 111783 |
| 4.50% 2/1/34 | 179987 | 109692 |
| 4.50% 2/1/35 | 139990 | 83785 |
| 4.50% 2/1/36 | 79994 | 47017 |
|  |  | **525969** |
| **United Arab Emirates—0.04%** | **United Arab Emirates—0.04%** | **United Arab Emirates—0.04%** |
| Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
| 3.13% 9/30/49 | 500000 | 356924 |
| 5.50% 4/30/54 | 200000 | 203898 |
| Emirate of Dubai Government <br> International Bonds 5.25% <br> 1/30/43<br>| 200000 | 203042 |
|  |  | **763864** |
| **Uruguay—0.01%** | **Uruguay—0.01%** | **Uruguay—0.01%** |
| Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
| 5.10% 6/18/50 | 150000 | 141405 |
| 5.75% 10/28/34 | 50000 | 53275 |
|  |  | **194680** |
| **Uzbekistan—0.00%** | **Uzbekistan—0.00%** | **Uzbekistan—0.00%** |
| Republic of Uzbekistan <br> International Bonds 3.70% <br> 11/25/30<br>| 100000 | 92805 |
|  |  | **92805** |
| **Venezuela—0.01%** | **Venezuela—0.01%** | **Venezuela—0.01%** |
| ‡Venezuela Government <br> International Bonds 9.25% <br> 9/15/27<br>| 550000 | 181500 |
|  |  | **181500** |
| **Zambia—0.00%** | **Zambia—0.00%** | **Zambia—0.00%** |
| Zambia Government <br> International Bonds 0.50% <br> 12/31/53<br>| 155000 | 108364 |
|  |  | **108364** |
| **Total Sovereign Bonds** <br>**(Cost $27,795,788)** | **Total Sovereign Bonds** <br>**(Cost $27,795,788)** | **29365181** |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-40

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SUPRANATIONAL BANKS–0.14%** | **SUPRANATIONAL BANKS–0.14%** | **SUPRANATIONAL BANKS–0.14%** | **SUPRANATIONAL BANKS–0.14%** |
| European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
| ^0.00% 3/28/28 | EUR | 1205000 | $1347380 |
| 2.88% 6/18/35 | EUR | 70000 | 80939 |
| European Union | European Union | European Union | European Union |
| 2.88% 4/4/28 | EUR | 349000 | 415156 |
| 3.38% 12/12/35 | EUR | 854000 | 1018157 |
| 3.75% 10/12/45 | EUR | 135000 | 156478 |
| **Total Supranational Banks** <br>**(Cost $2,977,444)** | **Total Supranational Banks** <br>**(Cost $2,977,444)** | **Total Supranational Banks** <br>**(Cost $2,977,444)** | **3018110** |
| **U.S. TREASURY OBLIGATIONS–38.29%** | **U.S. TREASURY OBLIGATIONS–38.29%** | **U.S. TREASURY OBLIGATIONS–38.29%** | **U.S. TREASURY OBLIGATIONS–38.29%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 2.25% 8/15/46 |  | 37530000 | 24697965 |
| 3.88% 2/15/43 |  | 28715000 | 25832283 |
| 4.50% 11/15/54 |  | 13320000 | 12563466 |
| 4.63% 11/15/44 |  | 31610000 | 30975331 |
| 4.63% 2/15/55 |  | 102180000 | 98424087 |
| 4.75% 2/15/45 |  | 79030000 | 78628676 |
| 4.75% 5/15/55 |  | 7441000 | 7311945 |
| 4.75% 8/15/55 |  | 16700000 | 16418187 |
| 4.88% 8/15/45 |  | 500000 | 504844 |
| U.S. Treasury Inflation <br> Indexed Bonds 2.38% <br> 2/15/55 <br>|  | 1588941 | 1507258 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 3.63% 8/31/30 |  | 20700000 | 20626418 |
| 3.75% 5/31/30 |  | 156000 | 156384 |
| 4.00% 2/28/30 |  | 28410000 | 28771784 |
| 4.00% 3/31/30 |  | 120000000 | 121528126 |
| 4.00% 1/31/31 |  | 1015000 | 1026696 |
| ∞4.00% 4/30/32 |  | 158075000 | 159100018 |
| 4.00% 6/30/32 |  | 16500000 | 16594746 |
| 4.00% 7/31/32 |  | 160000 | 160838 |
| 4.00% 2/15/34 |  | 1815000 | 1809328 |
| 4.13% 5/31/32 |  | 2534000 | 2567259 |
| 4.25% 5/15/35 |  | 41735000 | 42080618 |
| 4.25% 8/15/35 |  | 17151700 | 17274978 |
| ∞4.50% 12/31/31 |  | 20340000 | 21048722 |
| 4.63% 2/15/35 |  | 94870000 | 98475801 |
| **Total U.S. Treasury Obligations** <br>**(Cost $837,974,100)** | **Total U.S. Treasury Obligations** <br>**(Cost $837,974,100)** | **Total U.S. Treasury Obligations** <br>**(Cost $837,974,100)** | **828085758** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–0.01%** | **COMMON STOCK–0.01%** | **COMMON STOCK–0.01%** |
| †Luxco Co. Ltd. | 19852 | 357533 |
| **Total Common Stock** <br>**(Cost $347,449)** | **Total Common Stock** <br>**(Cost $347,449)** | **357533** |
| **PREFERRED STOCKS–0.02%** | **PREFERRED STOCKS–0.02%** | **PREFERRED STOCKS–0.02%** |
| =†Acrisure Holdings, Inc. 0.00% | 8824 | 240366 |
| †φStrategy, Inc. 0.00% | 1250 | 123494 |
| **Total Preferred Stocks** <br>**(Cost $329,566)** | **Total Preferred Stocks** <br>**(Cost $329,566)** | **363860** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **MONEY MARKET FUND–1.17%** | **MONEY MARKET FUND–1.17%** | **MONEY MARKET FUND–1.17%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 25237416 | $25237416 |
| **Total Money Market Fund** <br>**(Cost $25,237,416)** | **Total Money Market Fund** <br>**(Cost $25,237,416)** | **25237416** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Notional** <br>**Amount**<br>|  |
| **OPTIONS PURCHASED–0.02%** | **OPTIONS PURCHASED–0.02%** | **OPTIONS PURCHASED–0.02%** |
| **Over-The-Counter–0.02%** | **Over-The-Counter–0.02%** | **Over-The-Counter–0.02%** |
| **Put Swaptions–0.01%** | **Put Swaptions–0.01%** | **Put Swaptions–0.01%** |
| 10 Year Interest Rate Swap <br> Strike price $3.84, <br> expiration date 7/24/36, <br> notional amount $570,000 <br> JPM<br>| 570000 | 10713 |
| 5 Year Interest Rate Swap <br> Strike price $4.15, <br> expiration date 7/30/30, <br> notional amount $3,000,000 <br> CBK<br>| 3000000 | 81946 |
| 10 Year Interest Rate Swap <br> Strike price $3.80, <br> expiration date 8/25/26, <br> notional amount $3,160,000 <br> GS<br>| 3160000 | 55241 |
| 5 Year Interest Rate Swap <br> Strike price $3.85, <br> expiration date 9/16/30, <br> notional amount $1,790,000 <br> GS<br>| 1790000 | 59810 |
| 10 Year Interest Rate Swap <br> Strike price $3.58, <br> expiration date 4/29/26, <br> notional amount $1,870,000 <br> BOA<br>| 1870000 | 48210 |
|  |  | **255920** |
| **Call Swaptions–0.01%** | **Call Swaptions–0.01%** | **Call Swaptions–0.01%** |
| 10 Year Interest Rate Swap <br> Strike price $3.84, <br> expiration date 7/24/36, <br> notional amount $570,000 <br> JPM<br>| 570000 | 10713 |
| 5 Year Interest Rate Swap <br> Strike price $4.15, <br> expiration date 7/30/30, <br> notional amount $3,000,000 <br> CBK<br>| 3000000 | 82026 |
| 10 Year Interest Rate Swap <br> Strike price $3.80, <br> expiration date 8/25/26, <br> notional amount $3,160,000 <br> GS<br>| 3160000 | 70513 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-41

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Notional**<br> **Amount**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** | **OPTIONS PURCHASED (continued)** |
| **Over-The-Counter (continued)** | **Over-The-Counter (continued)** | **Over-The-Counter (continued)** |
| **Call Swaptions (continued)** | **Call Swaptions (continued)** | **Call Swaptions (continued)** |
| 5 Year Interest Rate Swap <br> Strike price $3.85, <br> expiration date 9/16/30, <br> notional amount $1,790,000 <br> GS<br>| 1790000 | $38405 |
| 10 Year Interest Rate Swap <br> Strike price $3.59, <br> expiration date 4/29/26, <br> notional amount $1,870,000 <br> BOA<br>| 1870000 | 10846 |
|  |  | **212503** |
| **Total Options Purchased** <br>**(Cost $625,136)** | **Total Options Purchased** <br>**(Cost $625,136)** | **468423** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–104.04% (Cost $2,256,129,853)** | **2250357202** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **SECURITIES SOLD SHORT–(1.12%)** | **SECURITIES SOLD SHORT–(1.12%)** | **SECURITIES SOLD SHORT–(1.12%)** |
| **Agency Mortgage-Backed Securities–(1.12%)** | **Agency Mortgage-Backed Securities–(1.12%)** | **Agency Mortgage-Backed Securities–(1.12%)** |
| Uniform Mortgage-Backed Security, TBA | (1800000)<br>| $(1757056)<br>|
| Uniform Mortgage-Backed Security, TBA | (1400000)<br>| (1183328)<br>|
| Uniform Mortgage-Backed Security, TBA | (15775000)<br>| (13940540)<br>|
| Uniform Mortgage-Backed Security, TBA | (6600000)<br>| (6575508)<br>|
| Uniform Mortgage-Backed Security, TBA | (800000)<br>| (831392)<br>|
| **Total Securities Sold Short** <br>**(Proceeds $(24295361))** | **Total Securities Sold Short** <br>**(Proceeds $(24295361))** | **(24287824)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(2.92%)** | **(63175481)**<br>|
| **NET ASSETS APPLICABLE TO 244,144,814 SHARES OUTSTANDING–100.00%** | **$2162893897** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **TOTAL BOND FUND STANDARD CLASS** <br>**($362,779,022 / 40,761,798 Shares)** | **$8.900** |
| **NET ASSET VALUE PER SHARE–LVIP FIDELITY INSTITUTIONAL AM**<sup>®</sup> **TOTAL BOND FUND SERVICE CLASS** <br>**($1,800,114,875 / 203,383,016 Shares)** | **$8.851** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$2545890884** |
| Distributable earnings/(accumulated loss) | **(382996987)**<br>|
| **TOTAL NET ASSETS** | **$2162893897** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-42

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| »Fully or partially pledged as collateral for centrally cleared swaps. |
| ∞Fully or partially pledged as collateral for futures contracts. |
| @PIK. 100% of the income received was in the form of additional par. |
| †Non-income producing. |
| ^Zero coupon security. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| ‡Non-income producing security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| ✠All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the <br> time of funding. |
| +Delayed settlement. Interest rate to be determined upon settlement date. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at December 31, 2025. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. |
| ΔSecurities have been classified by country of origin. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $30,000 cash collateral held at broker for futures contracts, $12,449 cash collateral held at brokers for centrally cleared swap <br> contracts, $256,037 expense reimbursement receivable from Lincoln Financial Investments Corporation, $54,859 variation margin due <br> from brokers on centrally cleared swap contracts, $112,507,573 payable for securities purchased, $8,189,465 payable for fund shares <br> redeemed, $102,855 other accrued expenses payable, $296,472 payable for unfunded loan commitments, $1,551,706 due to manager and <br> affiliates, $172,016 variation margin due to broker on futures contracts, $37,607 payable for audit fee and $51,671 payable for fund <br> accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at December 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BNP | EUR | &nbsp;&nbsp; (16732000)<br>| USD | &nbsp;&nbsp; 19497632 | 1/30/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(194711)<br>|
| BNP | EUR | &nbsp;&nbsp; 105000 | USD | &nbsp;&nbsp; (123581)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| GSB | CAD | &nbsp;&nbsp; (136000)<br>| USD | &nbsp;&nbsp; 98570 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (654)<br>|
| GSB | GBP | &nbsp;&nbsp; (4643000)<br>| USD | &nbsp;&nbsp; 6183130 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (75154)<br>|
| JPM | AUD | &nbsp;&nbsp; (772000)<br>| USD | &nbsp;&nbsp; 510919 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4365)<br>|
| JPM | CAD | &nbsp;&nbsp; (2268000)<br>| USD | &nbsp;&nbsp; 1643028 | 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11688)<br>|
| JPM | CAD | &nbsp;&nbsp; 31000 | USD | &nbsp;&nbsp; (22662)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (45)<br>|
| JPM | EUR | &nbsp;&nbsp; 19000 | USD | &nbsp;&nbsp; (22409)<br>| 1/30/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (47)<br>|
| RBC | JPY | &nbsp;&nbsp; (167350000)<br>| USD | &nbsp;&nbsp; 1078834 | 1/30/26 | &nbsp;&nbsp; 7507 | &nbsp;&nbsp; — |
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $7507 | &nbsp;&nbsp; $(286667)<br>|

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-43

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| 891 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $100181812 | &nbsp;&nbsp; $100500527 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(318715)<br>|
| 210 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 43845703 | &nbsp;&nbsp; 43843588 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 2115 | &nbsp;&nbsp; — |
| 17 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 1858180 | &nbsp;&nbsp; 1860244 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2064)<br>|
| 33 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 3814594 | &nbsp;&nbsp; 3833978 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (19384)<br>|
| (7) | Long Gilt Futures | &nbsp;&nbsp; (862136)<br>| &nbsp;&nbsp; (856750)<br>| &nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5386)<br>|
| 4 | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 460063 | &nbsp;&nbsp; 461696 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1633)<br>|
| 10 | Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp; 1182829 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2829)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $2115 | &nbsp;&nbsp; $(350011)<br>|

---

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared:** |  |  |  |  |  |  |  |
| **Protection Purchased** |  |  |  |  |  |  |  |
| CDX.EM.IG.44 - Quarterly<sup>4</sup> <br>| 525000 | (1.00%) | 12/20/30 | $(8186) | $(7142) | $— | $(1044) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup> <br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:** |  |  |  |  |  |  |  |
| **Protection Purchased** |  |  |  |  |  |  |  |
| BNP Allianz SE 2.24 <br> 07/07/2045 - Quarterly<br>| EUR 350,000 | (1.00%) | 12/20/30 | $(6497) | $(3889) | $— | $(2608) |
| CBK Aviva PLC 6.13 - <br> 14/11/2036 - Quarterly<br>| EUR 250,000 | (1.00%) | 12/20/30 | (2534) | (68) |  | (2466) |
| BNP BMW Finance NV 0.75 - <br> 07/13/2026 - Quarterly<br>| EUR 450,000 | (1.00%) | 12/20/30 | (13489) | (10786) |  | (2703) |
| MSC CMBX.NA.AAA.16 - <br> Monthly<sup>5</sup> <br>| 1399843 | (0.50%) | 4/17/65 | 6563 | 11583 |  | (5020) |
| GS CMBX.NA.AAA.16 - <br> Monthly<sup>5</sup> <br>| 99989 | (0.50%) | 4/17/65 | 469 | 943 |  | (474) |
| MSC CMBX.NA.AAA.16 - <br> Monthly<sup>5</sup> <br>| 199968 | (0.50%) | 4/17/65 | 935 | 1759 |  | (824) |
| MSC CMBX.NA.BB.18 - <br> Monthly<sup>5</sup> <br>| 200000 | (5.00%) | 12/17/57 | 31101 | 28460 | 2641 |  |
| MSC CMBX.NA.BBB-.16 - <br> Monthly<sup>5</sup> <br>| 50000 | (3.00%) | 4/17/65 | 8325 | 8517 |  | (192) |
| MSC CMBX.NA.BBB-.17 - <br> Monthly<sup>5</sup> <br>| 200000 | (3.00%) | 12/15/56 | 26263 | 28645 |  | (2382) |
| CBK CMBX.NA.BBB-.17 - <br> Monthly<sup>5</sup> <br>| 100000 | (3.00%) | 12/15/56 | 13115 | 14167 |  | (1052) |
| GS CMBX.NA.BBB-.18 - <br> Monthly<sup>5</sup> <br>| 700000 | (3.00%) | 12/17/57 | 56292 | 67807 |  | (11515) |
| CITI CMBX.NA.BBB-.18 - <br> Monthly<sup>5</sup> <br>| 700000 | (3.00%) | 12/17/57 | 56292 | 51466 | 4826 |  |
| GS CMBX.NA.BBB-.18 - <br> Monthly<sup>5</sup> <br>| 700000 | (3.00%) | 12/17/57 | 56175 | 49871 | 6304 |  |
| JPM CMBX.NA.BBB-.18 - <br> Monthly<sup>5</sup> <br>| 100000 | (3.00%) | 12/17/57 | 8042 | 8162 |  | (120) |
| JPM Commerzbank AG 4.00 <br> 05/12/2030 - Quarterly<br>| EUR 250,000 | (1.00%) | 12/20/30 | 11 | 2944 |  | (2933) |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-44

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

**Swap Contracts**<sup>1</sup>

**Credit Default Swap (CDS) Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/**<br> **Reference**<br> **Obligation/**<br> **Payment**<br> **Frequency**<br>| **Notional**<br> **Amount**<sup>3</sup><br>| **Annual**<br> **Protection**<br> **Payments**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| **Over-The-Counter:**<br> **(continued)** |  |  |  |  |  |  |  |
| **Protection Purchased**<br> **(continued)** |  |  |  |  |  |  |  |
| BNP Deutsche Bank AG 5.63 <br> - 05/19/2031 - Quarterly<br>| EUR 200,000 | (1.00%) | 12/20/30 | $1637 | $3424 | $— | $(1787) |
| BNP Generali 4.13 - <br> 05/04/2026 - Quarterly<br>| EUR 300,000 | (1.00%) | 12/20/30 | (2960) | (812) |  | (2148) |
| JPM Heidelberg Materials AG <br> 3.75 05/31/2032 - Quarterly<br>| EUR 290,000 | (5.00%) | 12/20/30 | (70331) | (66630) |  | (3701) |
| JPM Intesa Sanpaolo SpA <br> 6.18 - 02/20/2034 - Quarterly<br>| EUR 250,000 | (1.00%) | 12/20/30 | (1944) | (541) |  | (1403) |
| BNP Societe Generale SA <br> 5.25 - 09/06/2032 - Quarterly<br>| EUR 200,000 | (1.00%) | 12/20/30 | 228 | 2721 |  | (2493) |
| GS UniCredit SpA 5.86 - <br> 06/19/2032 - Quarterly<br>| EUR 250,000 | (1.00%) | 12/20/30 | (673) | 1541 |  | (2214) |
|  |  |  |  |  | 199284 | 13771 | (46035) |
| **Protection Sold** |  |  |  |  |  |  |  |
| MSC CMBX.NA.AAA.17 - <br> Monthly<sup>5</sup> <br>| 400000 | (0.50%) | 12/15/56 | (4522) | (4558) | 36 |  |
|  |  |  |  |  | 194726 | 13807 | (46035) |
| **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | **Total CDS Contracts** | $187584 | $13807 | $(47079) |

---

**Swap Contracts**<sup>1</sup>

**Interest Rate Swap (IRS) Contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<sup>3</sup> <br>| **Fixed**<br> **Interest**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/Receive**<br> **Floating**<br> **Rate**<br>| **Payment**<br> **Frequency (Fixed**<br> **Rate/Floating Rate)**<br>| **Termination**<br> **Date**<br>| **Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<sup>2</sup> <br>| **Unrealized**<br> **Depreciation**<sup>2</sup> <br>|
| **Centrally Cleared** |  |  |  |  |  |  |  |  |  |
| 46688000 | 3.50 | SOFR12M | Receive | Annual | 3/18/28 | $(204902) | $(157022) | $— | $(47880) |
| 5292000 | 3.50 | SOFR12M | Receive | Annual | 3/18/30 | (20675) | (14761) |  | (5914) |
| 29766000 | 3.50 | SOFR12M | Receive | Annual | 3/18/29 | (147604) | (102267) |  | (45337) |
| 860000 | 4.00 | SOFR12M | Pay | Annual | 3/18/56 | (25029) | (20744) |  | (4285) |
| 1098000 | 4.00 | SOFR12M | Pay | Annual | 3/18/36 | 16751 | 21060 |  | (4309) |
| 762000 | 3.50 | SOFR12M | Pay | Annual | 3/18/31 | 1023 | 1042 |  | (19) |
| **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** | **Total IRS Contracts** |  | $(272692) | $— | $(107744) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the <br> amounts recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the <br> Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures and centrally cleared swap contracts from the date the contracts were opened <br> through December 31, 2025. |
| <sup>3</sup> Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency. |
| <sup>4</sup> Markit's CDX.EM Index is composed of fourteen sovereign issuers from the following regions: Latin America, Middle East, Eastern Europe, <br> Africa and Asia. Constituents for the index can be found at www.markit.com/Documentation. |
| <sup>5</sup> CMBX.NA.AAA, CMBX.NA.AS, CMBX.NA.AA, CMBX.NA.A, CMBX.NA.BBB and CMBX.NA.BB (collectively, the "CMBX Indices" and each, a <br> "CMBX Index"). Each CMBX Index will be composed of 25 reference obligations that are tranches of commercial mortgage-backed <br> securities offerings. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-45

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| AUD–Australian Dollar |
| BMO–Bank of Montreal  |
| BNP–BNP Paribas |
| BOA–Bank of America |
| CAD–Canadian Dollar |
| CBK–Citibank NA |
| CBOT–Chicago Board of Trade |
| CITI–Citigroup Global Markets |
| CLO–Collateralized Loan Obligation |
| CME–Chicago Mercantile Exchange |
| CMPC–Coût Moyen Pondéré du Capital |
| DB–Deutsche Bank |
| DB-JPM–Deutsche Bank JPMorgan |
| EUR–Euro |
| GBP–British Pound Sterling |
| GS–Goldman Sachs |
| GSB–Goldman Sachs Bank USA |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| IRS–Interest Rate Swap |
| JPM–JPMorgan Chase Bank NA |
| JPY–Japanese Yen |
| LNG–Liquefied Natural Gas |
| MSC–Morgan Stanley & Co. |
| MSCI–Morgan Stanley Capital International |
| PJSC–Public Joint Stock Company |
| RBC–Royal Bank of Canada |
| REIT–Real Estate Investment Trust |
| REMIC–Real Estate Mortgage Investment Conduits |
| SOFR–Secured Overnight Financing Rate |
| SOFR12M–Secured Overnight Financing Rate 12 Months |
| TBA–To be announced |
| USD–United States Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-46

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $108006378 |
| Dividends | 106796 |
| Foreign taxes refunded | 7479 |
|  | 108120653 |
| **EXPENSES:** |  |
| Management fees | 12702903 |
| Distribution fees-Service Class | 5473740 |
| Shareholder servicing fees | 630244 |
| Accounting and administration expenses | 369521 |
| Reports and statements to shareholders | 145216 |
| Professional fees | 124355 |
| Pricing fees | 113328 |
| Custodian fees | 96149 |
| Trustees' fees and expenses | 63084 |
| Consulting fees | 20708 |
| Other | 44057 |
|  | 19783305 |
| Less:  |  |
| Management fees waived | (433344)<br>|
| Expenses reimbursed | (2573987)<br>|
| Total operating expenses | 16775974 |
| **NET INVESTMENT INCOME**  | 91344679 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (83122034)<br>|
| Foreign currencies | 67937 |
| Foreign currency exchange contracts | (689214)<br>|
| Futures contracts | (509309)<br>|
| Options purchased | (29293)<br>|
| Swap contracts | (937676)<br>|
| Net realized loss | (85219589)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 128025506 |
| Foreign currencies | 12326 |
| Foreign currency exchange contracts | (426813)<br>|
| Futures contracts | 2400049 |
| Securities sold short | 7537 |
| Options purchased | (156714)<br>|
| Swap contracts | 74514 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 129936405 |
| **NET REALIZED AND UNREALIZED GAIN** | 44716816 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $136061495 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $91344679 | $89245142 |
| Net realized loss | (85219589)<br>| (38394771)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 129936405 | (11472810)<br>|
| Net increase in net assets <br> resulting from operations<br>| 136061495 | 39377561 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (15219453)<br>| (14789243)<br>|
| Service Class | (71064531)<br>| (74903257)<br>|
|  | (86283984)<br>| (89692500)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 53506946 | 64579956 |
| Service Class | 134070888 | 170443588 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 15219453 | 14789243 |
| Service Class | 71064531 | 74903257 |
|  | 273861818 | 324716044 |
| Cost of shares redeemed: |  |  |
| Standard Class | (63107542)<br>| (56211670)<br>|
| Service Class | (326351591)<br>| (221459080)<br>|
|  | (389459133)<br>| (277670750)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (115597315)<br>| 47045294 |
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (65819804)<br>| (3269645)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 2228713701 | 2231983346 |
| End of year | $2162893897 | $2228713701 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-47

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25**<sup>1</sup> <br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.706 | &nbsp;&nbsp; $8.917 | &nbsp;&nbsp; $8.735 | &nbsp;&nbsp; $10.533 | &nbsp;&nbsp; $11.560 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.400 | 0.382 | 0.363 | 0.296 | 0.247 |
| Net realized and unrealized gain (loss) | 0.184 | &nbsp;&nbsp; (0.206)<br>| 0.185 | &nbsp;&nbsp; (1.756)<br>| &nbsp;&nbsp; (0.402)<br>|
| Total from investment operations | 0.584 | 0.176 | 0.548 | &nbsp;&nbsp; (1.460)<br>| &nbsp;&nbsp; (0.155)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.390)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.553)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; (0.318)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.390)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.366)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.872)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.900 | &nbsp;&nbsp; $8.706 | &nbsp;&nbsp; $8.917 | &nbsp;&nbsp; $8.735 | &nbsp;&nbsp; $10.533 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.72% | &nbsp;&nbsp; 1.98% <br><sup>5</sup><br>| &nbsp;&nbsp; 6.24% | &nbsp;&nbsp; (13.86%)<br>| &nbsp;&nbsp; (1.30%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $362779 | &nbsp;&nbsp; $349700 | &nbsp;&nbsp; $334721 | &nbsp;&nbsp; $309107 | &nbsp;&nbsp; $385982 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.56% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; 2.26% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 2.19% |
| Portfolio turnover | &nbsp;&nbsp; 286% | &nbsp;&nbsp; 102% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 280% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, Fidelity Institutional Asset Management ("FIAM, LLC") replaced Delaware Investments Fund Advisers ("DIFA") as a sub-adviser to the Fund.

<sup>2</sup> The Fund adopted the accounting and performance history of the Delaware VIP Diversified Income Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Diversified Income Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> In 2024, 0.09% of the fund's total return consists of a voluntary reimbursement by sub-adviser Delaware Investments Fund Advisers for a realized investment loss. Excluding this item, total return would have been 1.89%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-48

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** | **LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25**<sup>1</sup> <br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21**<sup>2</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $8.659 | &nbsp;&nbsp; $8.872 | &nbsp;&nbsp; $8.693 | &nbsp;&nbsp; $10.481 | &nbsp;&nbsp; $11.470 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>3</sup> | 0.371 | 0.353 | 0.334 | 0.266 | 0.213 |
| Net realized and unrealized gain (loss) | 0.183 | &nbsp;&nbsp; (0.206)<br>| 0.183 | &nbsp;&nbsp; (1.746)<br>| &nbsp;&nbsp; (0.403)<br>|
| Total from investment operations | 0.554 | 0.147 | 0.517 | &nbsp;&nbsp; (1.480)<br>| &nbsp;&nbsp; (0.190)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.360)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.480)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; (0.318)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.008)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.360)<br>| &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.308)<br>| &nbsp;&nbsp; (0.799)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $8.851 | &nbsp;&nbsp; $8.659 | &nbsp;&nbsp; $8.872 | &nbsp;&nbsp; $8.693 | &nbsp;&nbsp; $10.481 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 1.67% <br><sup>5</sup><br>| &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; (14.12%)<br>| &nbsp;&nbsp; (1.62%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1800115 | &nbsp;&nbsp; $1879014 | &nbsp;&nbsp; $1897262 | &nbsp;&nbsp; $1848841 | &nbsp;&nbsp; $2413119 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.86% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 3.78% | &nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 1.96% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 3.67% | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 1.89% |
| Portfolio turnover | &nbsp;&nbsp; 286% | &nbsp;&nbsp; 102% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 96% | &nbsp;&nbsp; 280% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective May 1, 2025, Fidelity Institutional Asset Management ("FIAM, LLC") replaced Delaware Investments Fund Advisers ("DIFA") as a sub-adviser to the Fund.

<sup>2</sup> The Fund adopted the accounting and performance history of the Delaware VIP Diversified Income Series, a former series of Delaware VIP<sup>®</sup> Trust, as the result of a reorganization on May 1, 2021. Pre-inception information is that of the Delaware VIP Diversified Income Series. 

<sup>3</sup> The average shares outstanding method has been applied for per share information.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>5</sup> In 2024, 0.09% of the fund's total return consists of a voluntary reimbursement by sub-adviser Delaware Investments Fund Advisers for a realized investment loss. Excluding this item, total return would have been 1.58%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-49

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund (formerly, LVIP Macquarie Diversified Income Fund)(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek maximum long-term total return, consistent with reasonable risk.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-50

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statements of Net Assets..

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund is $1,689,101 and $1,687,922 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-51

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; 0.60% of the next $500 million; 0.55% of the next $1.5 billion; and 0.50% of the Fund's average daily net assets in excess of $2.5 billion. Effective May 1, 2025, LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.03% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Effective May 1, 2025, LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.51% of the Fund's average daily net assets for the Standard Class and 0.81% for the Service Class. The reimbursement is accrued daily and received monthly. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.54% the Fund's average daily net assets for the Standard Class and 0.84% for the Service Class.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the year ended December 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal years in which they expire:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration Date** | **Expiration Date** | **Expiration Date** |  |
|  | **2026** | **2027** | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $2310296 | &nbsp;&nbsp; $2427755 | &nbsp;&nbsp; $2573987 | &nbsp;&nbsp; $7312038 |

---

Effective May 1, 2025, Fidelity Institutional Asset Management ("FIAM, LLC") (the "Sub Adviser") and FMR Investment Management (UK) Limited ("Sub-Sub-Adviser") are responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. Prior to May 1, 2025, Delaware Investments Fund Advisers ("DIFA") was responsible for the day-to-day management of the Fund's investment portfolio.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $180327 |
| Legal | &nbsp;&nbsp; 29877 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $111,838 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.30% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-52

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $256037 |
| Management fees payable to LFI | &nbsp;&nbsp; 1019798 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 459792 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 18795 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 53321 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $1281179991 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 1610965927 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 1422175472 |
| Sales of U.S. government securities | &nbsp;&nbsp; 1491602859 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $2257409927 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $34700648 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (41851313)<br>|
| Net unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $(7150665)<br>|

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-53

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23954601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23954601 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 7405843 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7405843 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 361671767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 361671767 |
| Convertible Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2690820 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2690820 |
| Corporate Bonds |  |  |  |  |
| Advertising | &nbsp;&nbsp; — | &nbsp;&nbsp; 1910893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1910893 |
| Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 11425639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11425639 |
| Agriculture | &nbsp;&nbsp; — | &nbsp;&nbsp; 8374749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8374749 |
| Airlines | &nbsp;&nbsp; — | &nbsp;&nbsp; 848256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 848256 |
| Apparel | &nbsp;&nbsp; — | &nbsp;&nbsp; 384044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384044 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 6210771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6210771 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 1937454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1937454 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 156327188 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156327188 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 468547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 468547 |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; 512545 | &nbsp;&nbsp; — | &nbsp;&nbsp; 512545 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 4679878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4679878 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 9976001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9976001 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 7238450 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7238450 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 6955789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6955789 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 61412 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61412 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 28128971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28128971 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 25993488 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25993488 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 172274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172274 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 369160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 369160 |
| Energy-Alternate Sources | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 700 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 3759661 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3759661 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 653212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 653212 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 589317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 589317 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 18419166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18419166 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 212047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212047 |
| Forest Products & Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 967534 | &nbsp;&nbsp; — | &nbsp;&nbsp; 967534 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 5036606 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5036606 |
| Health Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 403167 | &nbsp;&nbsp; — | &nbsp;&nbsp; 403167 |
| Health Care Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 14424025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14424025 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 84598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84598 |
| Home Builders | &nbsp;&nbsp; — | &nbsp;&nbsp; 1948828 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1948828 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 621675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 621675 |
| Household Products Ware | &nbsp;&nbsp; — | &nbsp;&nbsp; 138075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 138075 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 16762269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16762269 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 4485030 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4485030 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 15072171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15072171 |
| Iron & Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 3230592 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3230592 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 2179524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2179524 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 985533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 985533 |
| Machinery Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 335079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 335079 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 19507394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19507394 |
| Metal Fabricate & Hardware | &nbsp;&nbsp; — | &nbsp;&nbsp; 275002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 275002 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 5238683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5238683 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 1481134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1481134 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 43462121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43462121 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 1294930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1294930 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 1074376 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1074376 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 13711250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13711250 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 31292283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31292283 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 4373481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4373481 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 28757483 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28757483 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 7732507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7732507 |

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-54

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Semiconductors | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11924790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11924790 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 9045869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9045869 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 27649462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27649462 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 1708693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1708693 |
| Trucking & Leasing | &nbsp;&nbsp; — | &nbsp;&nbsp; 222100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 222100 |
| Water | &nbsp;&nbsp; — | &nbsp;&nbsp; 2391243 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2391243 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 119997676 | &nbsp;&nbsp; 11101 | &nbsp;&nbsp; 120008777 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 182764287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182764287 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 11731546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11731546 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 79806161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79806161 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 29365181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29365181 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 3018110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3018110 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 828085758 | &nbsp;&nbsp; — | &nbsp;&nbsp; 828085758 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 357533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 357533 |
| Preferred Stocks | &nbsp;&nbsp; 123494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 240366 | &nbsp;&nbsp; 363860 |
| Money Market Fund | &nbsp;&nbsp; 25237416 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25237416 |
| Options Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 468423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 468423 |
| **Total Investments** | &nbsp;&nbsp; $25360910 | &nbsp;&nbsp; $2224744125 | &nbsp;&nbsp; $252167 | &nbsp;&nbsp; $2250357202 |
| **Liabilities:** |  |  |  |  |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24287824)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24287824)<br>|
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contract | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7507 |
| Futures Contract | &nbsp;&nbsp; $2115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2115 |
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13807 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13807 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(286667)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(286667)<br>|
| Futures Contracts | &nbsp;&nbsp; $(350011)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(350011)<br>|
| Swap Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(154823)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(154823)<br>|

---

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and swaps, mark-to-market adjustments on certain derivatives, premium amortization adjustments on certain debt instruments and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $86283984 | &nbsp;&nbsp; $89692500 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $9108462 |
| Capital loss carryforward | &nbsp;&nbsp; (384477781)<br>|
| Other temporary differences | &nbsp;&nbsp; (477003)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (7150665)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(382996987)<br>|

---

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-55

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $63982536 | &nbsp;&nbsp; $320495245 | &nbsp;&nbsp; $384477781 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 5929217 | &nbsp;&nbsp; 7177031 |
| Service Class | &nbsp;&nbsp; 14996533 | &nbsp;&nbsp; 19202707 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; 1701190 |
| Service Class | &nbsp;&nbsp; 8027491 | &nbsp;&nbsp; 8661718 |
|  | &nbsp;&nbsp; 30663241 | &nbsp;&nbsp; 36742646 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (7047019)<br>| &nbsp;&nbsp; (6245268)<br>|
| Service Class | &nbsp;&nbsp; (36635366)<br>| &nbsp;&nbsp; (24729483)<br>|
|  | &nbsp;&nbsp; (43682385)<br>| &nbsp;&nbsp; (30974751)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (13019144)<br>| &nbsp;&nbsp; 5767895 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts– The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts and foreign cross currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-56

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to reduce transaction costs.

Options Contracts–During the year ended December 31, 2025, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

During the year ended December 31, 2025, the Fund used options contracts to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions; and reduce transaction costs.

Swap Contracts–The Fund enters into CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Interest rate swaps may be used to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from (paid to) the counterparty over the interest rate swap contract's remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty for trades.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-57

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

During the year ended December 31, 2025, the Fund used interest rate swap contracts to manage the Fund's sensitivity to interest rates or to hedge against changes in interest rates.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

During the year ended December 31, 2025, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the Statements of Net Assets, at December 31, 2025, the notional value of the protection sold was USD 400,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement had been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event occurs, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. At December 31, 2025, net unrealized depreciation of the protection sold was $36.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty, and (2) for centrally cleared swaps, by trading these instruments through a central counterparty.

During the year ended December 31, 2025, the Fund used CDS contracts to hedge against credit events, to enhance total return and to gain exposure to certain securities or markets.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statements of Net Assets.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-58

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $7507 | Liabilities net of receivables and other <br> assets<br>| $(286667)<br>|
| Futures contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 2115 | Liabilities net of receivables and other <br> assets<br>| (350011)<br>|
| Options purchased <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 468423 | Liabilities net of receivables and other <br> assets<br>|  |
| Swap contracts <br> (Credit contracts)<br>| Liabilities net of receivables and other <br> assets<br>| 13807 | Liabilities net of receivables and other <br> assets<br>| (47079)<br>|
| Swap contracts <br> (Interest rate <br> contracts)<br>| Liabilities net of receivables and other <br> assets<br>|  | Liabilities net of receivables and other <br> assets<br>| (107744)<br>|
| Total |  | $491852 |  | $(791501)<br>|

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(689214)<br>| &nbsp;&nbsp; $(426813)<br>|
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (509309)<br>| &nbsp;&nbsp; 2400049 |
| Options purchased (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options purchased and net <br> change in unrealized appreciation (depreciation) of options <br> purchased<br>| &nbsp;&nbsp; (29293)<br>| &nbsp;&nbsp; (156714)<br>|
| Swap contracts (Credit <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; (1019768)<br>| &nbsp;&nbsp; 182258 |
| Swap contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; 82092 | &nbsp;&nbsp; (107744)<br>|
| Total |  | &nbsp;&nbsp; $(2165492)<br>| &nbsp;&nbsp; $1891036 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $841953 | $20921349 |
| Futures contracts (average notional value) | 143994355 | 2167538 |
| Options contracts (average value) | 234714 |  |
| CDS contracts (average notional value)\* | 3931171 | 5610002 |
| Interest rate swap contracts (average notional value)\*\* | 22038615 | 20086769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Long represents buying protection and short represents selling protection. <br> \*\*Long represents paying floating interest payments and short represent receiving floating interest payments.

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-59

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At December 31, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Bank of America | &nbsp;&nbsp; $59056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59056 |
| BNP Paribas SA | &nbsp;&nbsp; — | &nbsp;&nbsp; (206453)<br>| &nbsp;&nbsp; (206453)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; 168798 | &nbsp;&nbsp; (3518)<br>| &nbsp;&nbsp; 165280 |
| Goldman Sachs International | &nbsp;&nbsp; 230273 | &nbsp;&nbsp; (90011)<br>| &nbsp;&nbsp; 140262 |
| JPMorgan Chase Bank | &nbsp;&nbsp; 21426 | &nbsp;&nbsp; (24303)<br>| &nbsp;&nbsp; (2877)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; 2677 | &nbsp;&nbsp; (8418)<br>| &nbsp;&nbsp; (5741)<br>|
| Royal Bank of Canada | &nbsp;&nbsp; 7507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7507 |
| Total | &nbsp;&nbsp; $489737 | &nbsp;&nbsp; $(332703)<br>| &nbsp;&nbsp; $157034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Bank of America | &nbsp;&nbsp; $59056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59056 |
| BNP Paribas SA | &nbsp;&nbsp; (206453)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (206453)<br>|
| Citigroup Global Markets | &nbsp;&nbsp; 165280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165280 |
| Goldman Sachs International | &nbsp;&nbsp; 140262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 140262 |
| JPMorgan Chase Bank | &nbsp;&nbsp; (2877)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2877)<br>|
| Morgan Stanley Capital | &nbsp;&nbsp; (5741)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5741)<br>|
| Royal Bank of Canada | &nbsp;&nbsp; 7507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7507 |
| Total | &nbsp;&nbsp; $157034 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $157034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-60

------

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1. Restricted securities have been identified on the Statements of Net Assets.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund-61

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund (formerly, LVIP Macquarie Diversified Income Fund) (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the year ended December 31, 2021, were audited by another independent registered public accounting firm whose report, dated February 28, 2022, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img87947e032.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund–62

------

![](img018b1e561.jpg)

LVIP Franklin Templeton Core Bond Fund

(formerly, LVIP Macquarie Bond Fund)

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Franklin Templeton Core Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_957195da-2929-410c-850b-6d0a1cd3776e_SOI-continued-270_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_957195da-2929-410c-850b-6d0a1cd3776e_FS-continued-270_1)**  | &nbsp;&nbsp; **25** |
| **[Statements of Changes in Net Assets](#xx_957195da-2929-410c-850b-6d0a1cd3776e_FS-continued-270_1)**  | &nbsp;&nbsp; **25** |
| **[Financial Highlights](#xx_957195da-2929-410c-850b-6d0a1cd3776e_FIHI-continued-270_1)**  | &nbsp;&nbsp; **26** |
| **[Notes to Financial Statements](#xx_957195da-2929-410c-850b-6d0a1cd3776e_NTF-continued-270_1)**  | &nbsp;&nbsp; **28** |
| **[Report of Independent Registered Public Accounting Firm](#xx_957195da-2929-410c-850b-6d0a1cd3776e_AUDIT-continued-270_1)**  | &nbsp;&nbsp; **37** |

---

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.35%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.35%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.35%** |
| Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  |
| \*•Series 3973 Class SA 2.39% <br> (6.38% minus 30 day USD <br> SOFR Average) 12/15/41<br>| 87574 | $9335 |
| Series 4676 Class KZ 2.50% <br> 7/15/45<br>| 1768775 | 1567745 |
| Series 4793 Class CB 3.00% <br> 5/15/48<br>| 121765 | 107494 |
| Series 4793 Class CD 3.00% <br> 6/15/48<br>| 80833 | 71593 |
| Series 4813 Class CJ 3.00% <br> 8/15/48<br>| 75032 | 66514 |
| \*Series 4980 Class KI 4.50% <br> 6/25/50<br>| 723766 | 161355 |
| Series 4991 Class QV 2.00% <br> 9/25/45<br>| 88382 | 77535 |
| \*Series 5010 Class IK 2.50% <br> 9/25/50<br>| 114218 | 17640 |
| \*Series 5010 Class JI 2.50% <br> 9/25/50<br>| 278813 | 46202 |
| \*Series 5013 Class IN 2.50% <br> 9/25/50<br>| 69930 | 11681 |
| \*Series 5018 Class MI 2.00% <br> 10/25/50<br>| 215622 | 29269 |
| \*Series 5059 Class IB 2.50% <br> 1/25/51<br>| 442178 | 74498 |
| Series 5092 Class AP 2.00% <br> 4/25/41<br>| 127856 | 114250 |
| \*Series 5093 Class IY 4.50% <br> 12/25/50<br>| 396794 | 88418 |
| \*Series 5118 Class NI 2.00% <br> 2/25/51<br>| 671360 | 87520 |
| \*Series 5140 Class NI 2.50% <br> 5/25/49<br>| 384281 | 54334 |
| \*Series 5148 Class BI 2.50% <br> 1/25/49<br>| 1007080 | 145483 |
| \*Series 5148 Class CI 2.00% <br> 6/25/49<br>| 404442 | 50531 |
| \*Series 5159 Class IP 3.00% <br> 11/25/51<br>| 614434 | 86015 |
| \*Series 5161 IO 2.00% <br> 3/25/51<br>| 724536 | 99660 |
| \*Series 5179 Class GI 2.50% <br> 1/25/52<br>| 781269 | 131243 |
| \*Series 5202 Class IN 3.00% <br> 1/25/47<br>| 270158 | 34015 |
| Series 5224 Class HL 4.00% <br> 4/25/52<br>| 400000 | 369150 |
| \*Series 5293 Class CI 2.50% <br> 4/25/51<br>| 1392366 | 219922 |
| \*Series 5293 IO 2.00% <br> 3/25/51<br>| 823943 | 102924 |
| \*Series 5377 IO 2.50% <br> 12/25/51<br>| 749413 | 91763 |
| \*Series 5389 Class IC 4.50% <br> 11/25/51<br>| 409891 | 89401 |
| •Series 5444 Class FC 4.99% <br> (30 day USD SOFR Average <br> + 1.12%) 8/25/54<br>| 18313121 | 18384050 |
| •Series 5452 Class FC 4.92% <br> (30 day USD SOFR Average <br> + 1.05%) 9/25/54<br>| 13730232 | 13735459 |
| •Series 5493 Class FK 5.02% <br> (30 day USD SOFR Average <br> + 1.15%) 1/25/55<br>| 317992 | 318884 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. REMICS (continued)  | Federal Home Loan Mortgage Corp. REMICS (continued)  | Federal Home Loan Mortgage Corp. REMICS (continued)  |
| •Series 5500 Class FW 5.07% <br> (30 day USD SOFR Average <br> + 1.20%) 10/25/54<br>| 493042 | $495881 |
| •Series 5537 Class FC 5.02% <br> (30 day USD SOFR Average <br> + 1.15%) 5/25/55<br>| 13682652 | 13711960 |
| Federal Home Loan Mortgage <br> Corp. Seasoned Credit Risk <br> Transfer Trust Series 2024-1 <br> Class MT 3.00% 11/25/63<br>| 360457 | 302923 |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust  | •Federal Home Loan Mortgage Corp. STACR REMICS Trust  | •Federal Home Loan Mortgage Corp. STACR REMICS Trust  |
| Series 2021-DNA2 Class M2 <br> 6.17% (30 day USD SOFR <br> Average + 2.30%) 8/25/33<br>| 154168 | 157382 |
| Series 2021-DNA5 Class M2 <br> 5.52% (30 day USD SOFR <br> Average + 1.65%) 1/25/34<br>| 3684114 | 3696642 |
| Series 2021-DNA6 Class M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 10/25/41<br>| 623989 | 625911 |
| Series 2022-DNA1 Class M2 <br> 6.37% (30 day USD SOFR <br> Average + 2.50%) 1/25/42<br>| 10549000 | 10697093 |
| Series 2022-DNA2 Class M1A <br> 5.17% (30 day USD SOFR <br> Average + 1.30%) 2/25/42<br>| 171072 | 171463 |
| Series 2022-DNA3 Class M1B <br> 6.77% (30 day USD SOFR <br> Average + 2.90%) 4/25/42<br>| 830000 | 850430 |
| Series 2022-DNA4 Class M1B <br> 7.22% (30 day USD SOFR <br> Average + 3.35%) 5/25/42<br>| 990000 | 1018686 |
| Series 2022-DNA5 Class M1B <br> 8.37% (30 day USD SOFR <br> Average + 4.50%) 6/25/42<br>| 240000 | 252121 |
| Series 2024-DNA1 Class M2 <br> 5.82% (30 day USD SOFR <br> Average + 1.95%) 2/25/44<br>| 470000 | 474427 |
| Series 2025-DNA1 Class M2 <br> 5.22% (30 day USD SOFR <br> Average + 1.35%) 1/25/45<br>| 1050000 | 1048958 |
| Series 2025-DNA2 Class M1 <br> 5.07% (30 day USD SOFR <br> Average + 1.20%) 5/25/45<br>| 1452843 | 1453968 |
| Series 2025-DNA2 Class M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 4443000 | 4449327 |
| Series 2025-DNA3 Class A1 <br> 4.82% (30 day USD SOFR <br> Average + 0.95%) 9/25/45<br>| 6613650 | 6615504 |
| Series 2025-DNA3 Class M1 <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 9/25/45<br>| 8460567 | 8466299 |
| Series 2025-DNA4 Class M1 <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 10/25/45<br>| 4675551 | 4677731 |
| Series 2025-HQA1 Class M2 <br> 5.52% (30 day USD SOFR <br> Average + 1.65%) 2/25/45<br>| 1200000 | 1203329 |
| \*•Federal Home Loan Mortgage Corp. STRIPS | \*•Federal Home Loan Mortgage Corp. STRIPS | \*•Federal Home Loan Mortgage Corp. STRIPS |
| Series 334 Class S7 2.00% <br> (5.99% minus 30 day USD <br> SOFR Average) 8/15/44<br>| 160467 | 17131 |

---

LVIP Franklin Templeton Core Bond Fund-1

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| \*•Federal Home Loan Mortgage Corp. STRIPS (continued) | \*•Federal Home Loan Mortgage Corp. STRIPS (continued) | \*•Federal Home Loan Mortgage Corp. STRIPS (continued) |
| Series 353 Class S1 1.90% <br> (5.89% minus 30 day USD <br> SOFR Average) 12/15/46<br>| 74527 | $7980 |
| ♦Federal Home Loan Mortgage <br> Corp. Structured <br> Pass-Through Certificates <br> Series T-58 Class 2A 6.50% <br> 9/25/43<br>| 111448 | 117366 |
| •Federal National Mortgage <br> Association Connecticut <br> Avenue Securities Series <br> 2025-R06 Class 1A1 4.77% <br> (30 day USD SOFR Average <br> + 0.90%) 9/25/45<br>| 7135252 | 7137371 |
| •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust |
| Series 2021-R01 Class 1M2 <br> 5.42% (30 day USD SOFR <br> Average + 1.55%) 10/25/41<br>| 153778 | 154340 |
| Series 2022-R02 Class 2M2 <br> 6.87% (30 day USD SOFR <br> Average + 3.00%) 1/25/42<br>| 4169000 | 4243687 |
| Series 2022-R03 Class 1M2 <br> 7.37% (30 day USD SOFR <br> Average + 3.50%) 3/25/42<br>| 240000 | 246723 |
| Series 2023-R01 Class 1M2 <br> 7.62% (30 day USD SOFR <br> Average + 3.75%) 12/25/42<br>| 760000 | 797193 |
| Series 2023-R06 Class 1M2 <br> 6.57% (30 day USD SOFR <br> Average + 2.70%) 7/25/43<br>| 997500 | 1024954 |
| Series 2023-R08 Class 1M1 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 4797169 | 4805270 |
| Series 2024-R01 Class 1M2 <br> 5.67% (30 day USD SOFR <br> Average + 1.80%) 1/25/44<br>| 1040000 | 1045248 |
| Series 2024-R02 Class 1M2 <br> 5.67% (30 day USD SOFR <br> Average + 1.80%) 2/25/44<br>| 350000 | 351815 |
| Series 2024-R03 Class 2M1 <br> 5.02% (30 day USD SOFR <br> Average + 1.15%) 3/25/44<br>| 3717559 | 3721066 |
| Series 2024-R04 Class 1A1 <br> 4.87% (30 day USD SOFR <br> Average + 1.00%) 5/25/44<br>| 13826016 | 13839713 |
| Series 2024-R06 Class 1M2 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 9/25/44<br>| 1030000 | 1031508 |
| Series 2025-R01 Class 1M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 5334000 | 5341155 |
| Series 2025-R02 Class 1M2 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 4558000 | 4571138 |
| Series 2025-R03 Class 2M1 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 3/25/45<br>| 5458457 | 5477138 |
| Series 2025-R04 Class 1M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 11307000 | 11323169 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| \*Federal National Mortgage Association Interest STRIPS | \*Federal National Mortgage Association Interest STRIPS | \*Federal National Mortgage Association Interest STRIPS |
| Series 427 Class C21 2.00% <br> 3/25/50<br>| 715180 | $90111 |
| Series 427 Class C73 3.00% <br> 12/25/48<br>| 440438 | 71583 |
| Series 440 Class C50 4.50% <br> 10/25/53<br>| 1708696 | 374747 |
| Series 440 Class C6 2.00% <br> 10/25/52<br>| 1678727 | 211317 |
| Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  |
| \*•Series 2010-100 Class SV <br> 2.64% (6.52% minus 30 day <br> USD SOFR Average) <br> 9/25/40<br>| 180130 | 18437 |
| Series 2012-118 Class VZ <br> 3.00% 11/25/42<br>| 208012 | 191037 |
| \*•Series 2013-124 Class SB <br> 1.96% (5.84% minus 30 day <br> USD SOFR Average) <br> 12/25/43<br>| 31624 | 3232 |
| Series 2013-44 Class Z 3.00% <br> 5/25/43<br>| 196515 | 143614 |
| \*•Series 2013-54 Class BS <br> 2.16% (6.04% minus 30 day <br> USD SOFR Average) <br> 6/25/43<br>| 13025 | 1367 |
| Series 2015-65 Class CZ <br> 3.50% 9/25/45<br>| 286993 | 249610 |
| \*•Series 2016-61 Class BS <br> 2.11% (5.99% minus 30 day <br> USD SOFR Average) <br> 9/25/46<br>| 207039 | 13709 |
| Series 2017-40 Class GZ <br> 3.50% 5/25/47<br>| 2337594 | 2180460 |
| \*•Series 2017-76 Class SB <br> 2.11% (5.99% minus 30 day <br> USD SOFR Average) <br> 10/25/57<br>| 221404 | 29047 |
| \*•Series 2017-85 Class SC <br> 2.21% (6.09% minus 30 day <br> USD SOFR Average) <br> 11/25/47<br>| 41247 | 3595 |
| Series 2020-47 Class GZ <br> 2.00% 7/25/50<br>| 223235 | 132972 |
| Series 2020-56 Class AQ <br> 2.00% 8/25/50<br>| 596501 | 481905 |
| \*Series 2020-56 Class DI <br> 2.50% 8/25/50<br>| 133955 | 22175 |
| Series 2020-57 Class TA <br> 2.00% 4/25/50<br>| 348668 | 313915 |
| \*Series 2020-61 Class NI <br> 3.50% 9/25/50<br>| 523077 | 84389 |
| \*Series 2020-73 Class KI <br> 3.00% 10/25/50<br>| 121955 | 21576 |
| \*Series 2021-1 Class IG 2.50% <br> 2/25/51<br>| 362548 | 61983 |
| Series 2021-28 Class LB <br> 2.00% 4/25/51<br>| 318559 | 269173 |
| \*Series 2021-3 Class NI 2.50% <br> 2/25/51<br>| 619090 | 92373 |
| \*Series 2021-3 Class QI 2.50% <br> 2/25/51<br>| 466804 | 73512 |
| \*Series 2021-43 IO 2.50% <br> 6/25/51<br>| 794672 | 124055 |

---

LVIP Franklin Templeton Core Bond Fund-2

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  |
| \*Series 2021-44 Class MI <br> 2.50% 7/25/51<br>| 165745 | $28890 |
| \*Series 2021-61 Class KI <br> 2.50% 4/25/49<br>| 782597 | 114748 |
| Series 2021-65 Class JA <br> 2.00% 1/25/46<br>| 118898 | 108130 |
| \*Series 2021-77 Class WI <br> 3.00% 8/25/50<br>| 584002 | 92136 |
| \*Series 2022-22 IO 2.50% <br> 10/25/51<br>| 1203612 | 210913 |
| Series 2022-29 Class KZ <br> 1.50% 6/25/42<br>| 422074 | 322472 |
| \*Series 2022-86 IO 2.50% <br> 5/25/50<br>| 490258 | 67698 |
| \*Series 2023-2 Class CI 2.00% <br> 10/25/50<br>| 1638259 | 203383 |
| \*Series 2024-22 Class IC <br> 2.50% 10/25/51<br>| 2975746 | 403711 |
| •Series 2024-49 Class AF <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 7/25/54<br>| 6732784 | 6762849 |
| \*Series 2024-5 Class DI 3.00% <br> 10/25/51<br>| 941771 | 166043 |
| •Series 2024-77 Class FM <br> 4.82% (30 day USD SOFR <br> Average + 0.95%) 11/25/54<br>| 944126 | 946301 |
| •Series 2024-87 Class FB <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 12/25/54<br>| 11009933 | 11010516 |
| •Series 2024-95 Class KF <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 12/25/54<br>| 1350189 | 1352605 |
| •Series 2025-55 Class FG <br> 4.97% (30 day USD SOFR <br> Average + 1.10%) 7/25/55<br>| 8465523 | 8502693 |
| •Series Update Class FE <br> 5.02% (30 day USD SOFR <br> Average + 1.15%) 2/25/55<br>| 13728343 | 13766107 |
| Federal National Mortgage <br> Association REMICS Trust <br> Series 2004-W11 Class 1A2 <br> 6.50% 5/25/44<br>| 32069 | 33189 |
| Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  |
| \*•Series 2007-51 Class SG <br> 2.73% (6.47% minus 1 mo. <br> USD Term SOFR) 8/20/37<br>| 23275 | 2266 |
| Series 2013-113 Class LY <br> 3.00% 5/20/43<br>| 2157666 | 2026400 |
| \*•Series 2016-135 Class SB <br> 2.25% (5.99% minus 1 mo. <br> USD Term SOFR) 10/16/46<br>| 126508 | 16031 |
| \*•Series 2016-21 Class ST <br> 2.30% (6.04% minus 1 mo. <br> USD Term SOFR) 2/20/46<br>| 204442 | 24210 |
| \*Series 2016-84 Class IG <br> 4.50% 11/16/45<br>| 322852 | 62252 |
| Series 2017-163 Class ZK <br> 3.50% 11/20/47<br>| 408587 | 387176 |
| \*•Series 2017-H11 IO 2.26% <br> 5/20/67<br>| 4461338 | 147539 |
| •Series 2017-H14 Class FK <br> 3.86% (1 yr. CMT + 0.20%) <br> 5/20/67<br>| 7446 | 7429 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  |
| \*•Series 2017-H22 Class IC <br> 2.66% 11/20/67<br>| 108340 | $4120 |
| •Series 2018-H13 Class FC <br> 4.41% (1 mo. USD Term <br> SOFR + 0.41%) 7/20/68<br>| 35088 | 35009 |
| •Series 2019-H13 Class FT <br> 4.11% (1 yr. CMT + 0.45%) <br> 8/20/69<br>| 8279 | 8289 |
| \*Series 2020-123 Class IL <br> 2.50% 8/20/50<br>| 54128 | 7753 |
| \*Series 2020-123 Class NI <br> 2.50% 8/20/50<br>| 249736 | 35968 |
| \*Series 2020-127 Class IN <br> 2.50% 8/20/50<br>| 120476 | 17925 |
| \*Series 2020-129 Class IE <br> 2.50% 9/20/50<br>| 61469 | 8881 |
| \*Series 2020-160 Class IH <br> 2.50% 10/20/50<br>| 65679 | 9404 |
| \*Series 2020-160 Class VI <br> 2.50% 10/20/50<br>| 64276 | 9271 |
| \*Series 2020-173 Class MI <br> 2.50% 11/20/50<br>| 1458887 | 208178 |
| \*Series 2020-181 Class WI <br> 2.00% 12/20/50<br>| 715714 | 83575 |
| \*Series 2020-47 Class MI <br> 3.50% 4/20/50<br>| 194493 | 36439 |
| \*Series 2020-47 Class NI <br> 3.50% 4/20/50<br>| 56314 | 10858 |
| •Series 2020-H13 Class FA <br> 4.56% (1 mo. USD Term <br> SOFR + 0.56%) 7/20/70<br>| 61055 | 60770 |
| \*Series 2021-138 Class IK <br> 3.00% 7/20/51<br>| 769570 | 109158 |
| \*Series 2021-191 Class NI <br> 3.00% 10/20/51<br>| 162823 | 30114 |
| Series 2021-223 Class P <br> 2.00% 6/20/51<br>| 283420 | 254408 |
| Series 2022-139 Class AL <br> 4.00% 7/20/51<br>| 500000 | 454918 |
| Series 2022-189 Class PT <br> 2.50% 10/20/51<br>| 238685 | 202811 |
| Series 2022-24 Class AH <br> 2.50% 2/20/52<br>| 139145 | 121194 |
| \*Series 2022-81 Class CI <br> 3.00% 9/20/50<br>| 649807 | 94008 |
| Series 2022-9 Class GA <br> 2.00% 1/20/52<br>| 273923 | 230049 |
| Series 2022-99 Class JW <br> 2.50% 1/20/52<br>| 100000 | 84511 |
| \*Series 2023-130 IO 4.00% <br> 8/20/47<br>| 1315895 | 230005 |
| \*•Series 2024-151 Class KS <br> 2.13% (6.05% minus 30 day <br> USD SOFR Average) <br> 9/20/54<br>| 871119 | 71942 |
| \*•Series 2025-108 Class SC <br> 1.96% (5.88% minus 30 day <br> USD SOFR Average) <br> 6/20/55<br>| 3745924 | 297369 |
| \*•Series 2025-114 Class WS <br> 1.23% (5.15% minus 30 day <br> USD SOFR Average) <br> 7/20/55<br>| 1974948 | 85336 |

---

LVIP Franklin Templeton Core Bond Fund-3

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  |
| \*•Series 2025-141 Class SE <br> 1.93% (5.85% minus 30 day <br> USD SOFR Average) <br> 8/20/55<br>| 2184429 | $175270 |
| \*•Series 2025-55 Class SD <br> 2.03% (5.95% minus 30 day <br> USD SOFR Average) <br> 3/20/55<br>| 3785187 | 294914 |
| \*•Series 2025-95 Class SB <br> 1.88% (5.80% minus 30 day <br> USD SOFR Average) <br> 5/20/55<br>| 2138643 | 160542 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $217,570,640)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $217,570,640)** | **217526453** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.69%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.69%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–0.69%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates |
| \*♦•Series K058 Class X1 0.89% <br> 8/25/26<br>| 5849474 | 22248 |
| \*♦•Series K094 Class X1 0.87% <br> 6/25/29<br>| 677454 | 17364 |
| \*♦•Series K094 Class XAM <br> 1.15% 6/25/29<br>| 1150000 | 41639 |
| \*♦•Series K095 Class XAM <br> 1.23% 6/25/29<br>| 300000 | 12246 |
| \*♦•Series K101 Class X1 0.83% <br> 10/25/29<br>| 289533 | 7664 |
| \*♦•Series K104 Class XAM <br> 1.38% 1/25/30<br>| 600000 | 29668 |
| \*♦•Series K105 Class X1 1.51% <br> 1/25/30<br>| 1657933 | 84722 |
| \*♦•Series K110 Class X1 1.64% <br> 4/25/30<br>| 1761207 | 101203 |
| \*♦•Series K115 Class X1 1.31% <br> 6/25/30<br>| 686197 | 33914 |
| \*♦•Series K116 Class X1 1.41% <br> 7/25/30<br>| 1263894 | 64744 |
| \*♦•Series K124 Class X1 0.71% <br> 12/25/30<br>| 693100 | 20385 |
| \*♦•Series K128 Class X1 0.51% <br> 3/25/31<br>| 1969374 | 42733 |
| \*♦•Series K130 Class X1 1.03% <br> 6/25/31<br>| 2879606 | 132513 |
| \*♦•Series K131 Class X1 0.73% <br> 7/25/31<br>| 2384236 | 81088 |
| \*♦•Series K133 Class X1 0.34% <br> 9/25/31<br>| 3762689 | 64619 |
| \*♦•Series K142 Class X1 0.30% <br> 3/25/32<br>| 1595035 | 26453 |
| \*♦•Series K143 Class X1 0.34% <br> 4/25/55<br>| 1690501 | 33296 |
| ♦Series K144 Class A2 2.45% <br> 4/25/32<br>| 21463000 | 19438262 |
| \*♦•Series K145 Class X1 0.32% <br> 5/25/32<br>| 1890628 | 35463 |
| \*♦•Series K147 Class X1 0.37% <br> 6/25/32<br>| 2650097 | 59909 |
| \*♦•Series K148 Class X1 0.25% <br> 7/25/32<br>| 5786640 | 94054 |
| \*♦•Series K149 Class X1 0.27% <br> 8/25/32<br>| 2683068 | 47315 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) |
| ♦•Series K-150 Class A2 3.71% <br> 9/25/32<br>| 10595000 | $10258368 |
| \*♦•Series K-151 Class X1 0.18% <br> 10/25/32<br>| 4787473 | 63924 |
| \*♦•Series K-1511 Class X1 0.77% <br> 3/25/34<br>| 579778 | 24850 |
| \*♦•Series K-1520 Class X1 0.47% <br> 2/25/36<br>| 1185919 | 40202 |
| \*♦•Series K-157 Class X1 0.25% <br> 5/25/33<br>| 2198900 | 42025 |
| \*♦•Series K737 Class X1 0.61% <br> 10/25/26<br>| 1691884 | 5093 |
| \*♦•Series K741 Class X1 0.56% <br> 12/25/27<br>| 651088 | 5891 |
| \*♦•Series K742 Class X1 0.77% <br> 3/25/28<br>| 1469747 | 11239 |
| \*♦•Series K743 Class X1 0.91% <br> 5/25/28<br>| 977218 | 18052 |
| ♦Series K753 Class A2 4.40% <br> 10/25/30<br>| 7284000 | 7398319 |
| \*♦•Series KC05 Class X1 1.20% <br> 6/25/27<br>| 320885 | 2476 |
| Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
| Series 2016-M11 Class AL <br> 2.94% 7/25/39<br>| 26367 | 25213 |
| Series 2018-M15 Class 1A2 <br> 3.70% 1/25/36<br>| 300000 | 288923 |
| •FREMF Mortgage Trust Series <br> 2017-K71 Class B 3.75% <br> 11/25/50<br>| 2731000 | 2692966 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| •Series 2013-107 Class AD <br> 2.78% 11/16/47<br>| 88270 | 82208 |
| \*•Series 2013-50 IO 0.06% <br> 10/16/48<br>| 919457 | 2243 |
| \*•Series 2013-74 IO 0.48% <br> 12/16/53<br>| 665752 | 6493 |
| \*•Series 2017-145 IO 0.48% <br> 4/16/57<br>| 263867 | 6528 |
| \*•Series 2017-157 IO 0.52% <br> 12/16/59<br>| 189185 | 5460 |
| \*•Series 2017-8 IO 0.44% <br> 8/16/58<br>| 270644 | 5316 |
| \*•Series 2020-109 Class AI <br> 0.83% 5/16/60<br>| 482023 | 26999 |
| \*•Series 2020-184 IO 0.91% <br> 11/16/60<br>| 620228 | 41397 |
| \*•Series 2020-68 IO 1.61% <br> 5/16/60<br>| 2452686 | 246477 |
| \*•Series 2021-11 Class IX <br> 1.16% 12/16/62<br>| 2984849 | 237876 |
| \*•Series 2021-110 IO 0.88% <br> 11/16/63<br>| 1086439 | 68100 |
| \*•Series 2021-133 IO 0.88% <br> 7/16/63<br>| 1187853 | 82097 |
| \*•Series 2021-37 IO 0.80% <br> 1/16/61<br>| 625056 | 35927 |
| \*•Series 2021-60 IO 0.83% <br> 5/16/63<br>| 517045 | 28505 |
| \*•Series 2021-63 IO 0.82% <br> 4/16/61<br>| 3314885 | 199534 |

---

LVIP Franklin Templeton Core Bond Fund-4

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| \*•Series 2021-68 IO 0.88% <br> 10/16/62<br>| 590090 | $34214 |
| \*•Series 2021-94 IO 0.83% <br> 2/16/63<br>| 3173574 | 192300 |
| •Series 2022-196 Class BE <br> 3.00% 10/16/64<br>| 300000 | 214534 |
| \*•Series 2022-210 IO 0.70% <br> 7/16/64<br>| 375134 | 22988 |
| \*•Series 2022-216 IO 0.75% <br> 7/16/65<br>| 389114 | 21042 |
| •Series 2022-220 Class E <br> 3.00% 10/16/64<br>| 200000 | 144544 |
| \*•Series 2022-3 IO 0.64% <br> 2/16/61<br>| 1481131 | 70243 |
| \*•Series 2022-59 IO 0.57% <br> 2/16/62<br>| 746323 | 30318 |
| Series 2023-92 Class AH <br> 2.00% 6/16/64<br>| 1280577 | 1008363 |
| \*•Series 2023-92 Class IA <br> 0.61% 6/16/64<br>| 1379083 | 74249 |
| \*•Government National <br> Mortgage Association <br> REMICS Series 2021-108 IO <br> 0.97% 6/16/61<br>| 3126808 | 216540 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $44,172,597)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $44,172,597)** | **44473538** |
| **AGENCY MORTGAGE-BACKED SECURITIES–33.71%** | **AGENCY MORTGAGE-BACKED SECURITIES–33.71%** | **AGENCY MORTGAGE-BACKED SECURITIES–33.71%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1.50% 11/1/40 | 616432 | 526326 |
| 1.50% 5/1/41 | 688354 | 585857 |
| 1.50% 7/1/41 | 490282 | 416179 |
| 1.50% 10/1/41 | 690365 | 582373 |
| 1.50% 11/1/41 | 72875 | 61452 |
| 2.00% 9/1/40 | 100978 | 88498 |
| 2.00% 10/1/40 | 285048 | 249108 |
| 2.00% 3/1/41 | 504254 | 440203 |
| 2.00% 6/1/41 | 66540 | 58194 |
| 2.00% 7/1/41 | 261378 | 226310 |
| 2.00% 8/1/41 | 205868 | 179010 |
| 2.00% 9/1/41 | 750530 | 654826 |
| 2.00% 10/1/41 | 347825 | 302293 |
| 2.00% 11/1/41 | 199727 | 173971 |
| 2.00% 12/1/41 | 509203 | 443005 |
| 2.00% 1/1/42 | 1138531 | 983604 |
| 2.00% 2/1/42 | 441795 | 382995 |
| 2.00% 4/1/42 | 777870 | 670853 |
| 2.00% 7/1/50 | 455947 | 372615 |
| 2.00% 11/1/50 | 194780 | 161156 |
| 2.00% 12/1/50 | 5199669 | 4241782 |
| 2.00% 2/1/51 | 797379 | 657408 |
| 2.00% 3/1/51 | 380427 | 313236 |
| 2.00% 4/1/51 | 117237 | 96761 |
| 2.00% 5/1/51 | 1883184 | 1542240 |
| 2.00% 6/1/51 | 217616 | 179031 |
| 2.00% 11/1/51 | 77886 | 63760 |
| 2.00% 3/1/52 | 13723851 | 11128382 |
| 2.50% 3/1/42 | 146071 | 131646 |
| 2.50% 4/1/42 | 74781 | 66797 |
| 2.50% 9/1/42 | 19540038 | 17525622 |
| 2.50% 7/1/50 | 1947657 | 1679142 |
| 2.50% 10/1/50 | 281893 | 244177 |
| 2.50% 11/1/50 | 826226 | 715586 |
| 2.50% 12/1/50 | 889947 | 769191 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 2.50% 2/1/51 | 297175 | $257612 |
| 2.50% 3/1/51 | 2574438 | 2222132 |
| 2.50% 5/1/51 | 3295017 | 2843563 |
| 2.50% 7/1/51 | 65131 | 56404 |
| 2.50% 8/1/51 | 705374 | 608681 |
| 2.50% 9/1/51 | 74275 | 64068 |
| 2.50% 11/1/51 | 15160977 | 13098004 |
| 2.50% 12/1/51 | 18610746 | 16065031 |
| 2.50% 1/1/52 | 2471255 | 2132926 |
| 2.50% 2/1/52 | 302543 | 260786 |
| 2.50% 4/1/52 | 1852968 | 1596249 |
| 3.00% 9/1/32 | 23153 | 22635 |
| 3.00% 10/1/32 | 12204 | 11919 |
| 3.00% 10/1/33 | 8908 | 8641 |
| 3.00% 7/1/42 | 152821 | 142548 |
| 3.00% 9/1/42 | 229730 | 214637 |
| 3.00% 1/1/47 | 43992766 | 39742466 |
| 3.00% 8/1/48 | 3625808 | 3299752 |
| 3.00% 9/1/49 | 75385 | 68074 |
| 3.00% 11/1/49 | 74765 | 67501 |
| 3.00% 6/1/50 | 286868 | 254067 |
| 3.00% 7/1/50 | 3006851 | 2726991 |
| 3.00% 6/1/51 | 121445 | 109610 |
| 3.00% 8/1/51 | 5045958 | 4531476 |
| 3.00% 10/1/51 | 74871 | 67477 |
| 3.00% 11/1/51 | 38641 | 34481 |
| 3.00% 1/1/52 | 2644707 | 2379431 |
| 3.00% 2/1/52 | 81000 | 72340 |
| 3.00% 3/1/52 | 150612 | 133727 |
| 3.00% 4/1/52 | 298510 | 265622 |
| 3.00% 8/1/52 | 16528759 | 14812305 |
| •3.01% (1 yr. USD RFUCCT + <br> 1.63%) 11/1/48<br>| 560661 | 559879 |
| •3.09% (1 yr. USD RFUCCT + <br> 1.62%) 2/1/50<br>| 305151 | 310344 |
| 3.50% 1/1/38 | 100024 | 96615 |
| 3.50% 2/1/47 | 7581694 | 7224233 |
| 3.50% 7/1/47 | 46521846 | 43908628 |
| 3.50% 11/1/48 | 7003792 | 6620565 |
| 3.50% 2/1/49 | 30343708 | 28200696 |
| 3.50% 12/1/50 | 231787 | 217733 |
| 3.50% 1/1/52 | 66692 | 62112 |
| 4.00% 10/1/47 | 5512234 | 5311782 |
| 4.00% 7/1/49 | 904795 | 873885 |
| 4.00% 9/1/49 | 5145639 | 4979816 |
| 4.00% 7/1/50 | 83807 | 81193 |
| 4.00% 4/1/52 | 582179 | 557924 |
| 4.00% 9/1/52 | 12653594 | 12061305 |
| 4.00% 2/1/53 | 382121 | 368615 |
| 4.50% 10/1/35 | 26041 | 26297 |
| 4.50% 5/1/38 | 1702284 | 1705355 |
| 4.50% 3/1/47 | 70240 | 70545 |
| 4.50% 1/1/49 | 3458663 | 3413803 |
| 4.50% 3/1/49 | 1690534 | 1676625 |
| 4.50% 8/1/49 | 5194835 | 5167757 |
| 4.50% 1/1/51 | 133870 | 131983 |
| 4.50% 7/1/52 | 219777 | 216249 |
| 4.50% 10/1/52 | 17698270 | 17346261 |
| 4.50% 11/1/52 | 488033 | 480432 |
| 4.50% 12/1/52 | 148227 | 146343 |
| 5.00% 10/1/48 | 2091735 | 2119281 |
| 5.00% 7/1/52 | 11367689 | 11454923 |
| 5.00% 9/1/52 | 23116170 | 23337156 |
| 5.00% 11/1/52 | 306802 | 307736 |
| 5.00% 12/1/52 | 73809 | 73831 |
| 5.00% 1/1/53 | 230752 | 232407 |
| 5.00% 3/1/53 | 233556 | 235137 |

---

LVIP Franklin Templeton Core Bond Fund-5

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 5.00% 4/1/53 | 637096 | $639184 |
| 5.00% 2/1/55 | 3155960 | 3175026 |
| •5.00% (1 yr. USD RFUCCT + <br> 1.62%) 11/1/47<br>| 166474 | 171582 |
| 5.50% 9/1/41 | 5778895 | 6049042 |
| 5.50% 9/1/52 | 11097912 | 11418815 |
| 5.50% 11/1/52 | 2263896 | 2317700 |
| 5.50% 12/1/52 | 76781 | 78516 |
| 5.50% 1/1/53 | 68423 | 70105 |
| 5.50% 3/1/53 | 20384789 | 20912034 |
| 5.50% 4/1/53 | 137840 | 140286 |
| 5.50% 5/1/53 | 299037 | 305743 |
| 5.50% 6/1/53 | 242882 | 248732 |
| 5.50% 7/1/53 | 151083 | 154157 |
| 5.50% 8/1/53 | 399730 | 408372 |
| 5.50% 9/1/53 | 22378774 | 22940245 |
| 5.50% 2/1/54 | 18466256 | 18853326 |
| 5.50% 4/1/54 | 2598192 | 2656201 |
| 6.00% 12/1/52 | 319838 | 330551 |
| 6.00% 8/1/53 | 3193351 | 3286875 |
| 6.00% 10/1/53 | 1382451 | 1438037 |
| 6.00% 4/1/54 | 169206 | 174618 |
| 6.50% 1/1/53 | 111646 | 116718 |
| 6.50% 2/1/53 | 185979 | 194604 |
| 6.50% 4/1/53 | 121111 | 126876 |
| 6.50% 5/1/53 | 258871 | 272330 |
| 6.50% 11/1/53 | 627316 | 658529 |
| 6.50% 2/1/54 | 206032 | 214880 |
| 6.50% 4/1/54 | 165389 | 172534 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1.50% 11/1/41 | 435332 | 367101 |
| 1.50% 2/1/42 | 347443 | 296155 |
| 2.00% 8/1/36 | 25291464 | 23426839 |
| 2.00% 10/1/40 | 1428932 | 1252202 |
| 2.00% 6/1/41 | 67203 | 58627 |
| 2.00% 9/1/41 | 271538 | 236691 |
| 2.00% 10/1/41 | 208826 | 181941 |
| 2.00% 11/1/41 | 209113 | 179427 |
| 2.00% 12/1/41 | 642719 | 558817 |
| 2.00% 1/1/42 | 858579 | 746792 |
| 2.00% 2/1/42 | 647856 | 562696 |
| 2.00% 3/1/42 | 73148 | 63487 |
| 2.00% 4/1/42 | 150837 | 130916 |
| 2.00% 5/1/42 | 169402 | 146990 |
| 2.00% 8/1/42 | 866281 | 756345 |
| 2.00% 6/1/50 | 21680368 | 17722465 |
| 2.00% 8/1/50 | 51424 | 42465 |
| 2.00% 9/1/50 | 503193 | 411502 |
| 2.00% 10/1/50 | 309021 | 252657 |
| 2.00% 11/1/50 | 13736483 | 11317295 |
| 2.00% 1/1/51 | 4223463 | 3492248 |
| 2.00% 2/1/51 | 12023484 | 9913914 |
| 2.00% 3/1/51 | 2365347 | 1933942 |
| 2.00% 4/1/51 | 16407666 | 13357317 |
| 2.00% 5/1/51 | 650236 | 529301 |
| 2.00% 8/1/51 | 6266583 | 5152494 |
| 2.00% 9/1/51 | 40100919 | 32592377 |
| 2.00% 10/1/51 | 1479976 | 1207132 |
| 2.00% 11/1/51 | 145888 | 119741 |
| 2.00% 1/1/52 | 15790129 | 13006586 |
| 2.00% 2/1/52 | 150722 | 124144 |
| 2.00% 3/1/52 | 408528 | 335916 |
| 2.50% 9/1/36 | 74429 | 69617 |
| 2.50% 3/1/38 | 208684 | 195235 |
| 2.50% 11/1/40 | 143222 | 130054 |
| 2.50% 3/1/41 | 121727 | 109654 |
| 2.50% 4/1/41 | 126202 | 113621 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 2.50% 5/1/41 | 267263 | $241512 |
| 2.50% 11/1/41 | 350190 | 315088 |
| 2.50% 2/1/42 | 201389 | 181127 |
| 2.50% 3/1/42 | 213417 | 190887 |
| 2.50% 4/1/42 | 219927 | 194803 |
| 2.50% 5/1/42 | 74721 | 67018 |
| 2.50% 9/1/42 | 79515 | 71564 |
| 2.50% 6/1/50 | 49980 | 43038 |
| 2.50% 8/1/50 | 20518015 | 17743363 |
| 2.50% 10/1/50 | 474331 | 409353 |
| 2.50% 11/1/50 | 133382 | 115140 |
| 2.50% 12/1/50 | 58327 | 50356 |
| 2.50% 1/1/51 | 36365918 | 31574164 |
| 2.50% 2/1/51 | 95002 | 82024 |
| 2.50% 3/1/51 | 61473 | 53170 |
| 2.50% 5/1/51 | 177106 | 153256 |
| 2.50% 6/1/51 | 6206359 | 5374590 |
| 2.50% 7/1/51 | 1229410 | 1061426 |
| 2.50% 8/1/51 | 30290598 | 26126750 |
| 2.50% 9/1/51 | 203639 | 175867 |
| 2.50% 10/1/51 | 559212 | 483409 |
| 2.50% 11/1/51 | 63839 | 54954 |
| 2.50% 12/1/51 | 566436 | 487210 |
| 2.50% 1/1/52 | 2232204 | 1908825 |
| 2.50% 2/1/52 | 56172964 | 47619142 |
| 2.50% 3/1/52 | 222923 | 191864 |
| 2.50% 5/1/52 | 1899230 | 1626882 |
| 2.50% 7/1/53 | 6460033 | 5505436 |
| 2.50% 9/1/61 | 288010 | 237149 |
| 2.95% 7/1/27 | 337049 | 332129 |
| 3.00% 11/1/33 | 6768069 | 6608003 |
| 3.00% 7/1/35 | 50292 | 48060 |
| 3.00% 2/1/36 | 127417 | 121864 |
| 3.00% 4/1/36 | 90839 | 86925 |
| 3.00% 7/1/36 | 211391 | 201795 |
| 3.00% 8/1/36 | 349899 | 333844 |
| 3.00% 10/1/36 | 238439 | 227172 |
| 3.00% 4/1/38 | 76420 | 74026 |
| 3.00% 6/1/38 | 107490 | 102406 |
| 3.00% 9/1/40 | 33791 | 31521 |
| 3.00% 1/1/41 | 54003 | 51385 |
| 3.00% 3/1/42 | 66752 | 61831 |
| 3.00% 5/1/42 | 153456 | 142935 |
| 3.00% 6/1/42 | 229158 | 212788 |
| 3.00% 6/1/43 | 14882 | 13704 |
| 3.00% 7/1/43 | 48241 | 44422 |
| 3.00% 10/1/43 | 39869 | 36709 |
| 3.00% 1/1/45 | 67203 | 61931 |
| 3.00% 6/1/45 | 358940 | 328804 |
| 3.00% 8/1/46 | 856738 | 779769 |
| 3.00% 10/1/46 | 154747 | 141051 |
| 3.00% 12/1/46 | 87658 | 80027 |
| 3.00% 1/1/47 | 1228840 | 1124919 |
| 3.00% 2/1/47 | 486597 | 447261 |
| 3.00% 12/1/47 | 1893480 | 1716813 |
| 3.00% 2/1/48 | 16550580 | 15110070 |
| 3.00% 3/1/48 | 13286078 | 12036334 |
| 3.00% 11/1/48 | 68872 | 63418 |
| 3.00% 12/1/49 | 14501113 | 13074761 |
| 3.00% 4/1/50 | 298755 | 269431 |
| 3.00% 10/1/50 | 124732 | 111861 |
| 3.00% 11/1/50 | 295625 | 263990 |
| 3.00% 5/1/51 | 2538842 | 2287404 |
| 3.00% 6/1/51 | 58727 | 53130 |
| 3.00% 8/1/51 | 300044 | 271319 |
| 3.00% 10/1/51 | 64887 | 58777 |
| 3.00% 11/1/51 | 1829856 | 1649368 |

---

LVIP Franklin Templeton Core Bond Fund-6

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.00% 12/1/51 | 134254 | $120869 |
| 3.00% 1/1/52 | 1423991 | 1269569 |
| 3.00% 2/1/52 | 141581 | 127224 |
| 3.00% 3/1/52 | 1341289 | 1208674 |
| 3.00% 4/1/52 | 300462 | 268908 |
| 3.00% 5/1/52 | 400481 | 354928 |
| 3.50% 4/1/32 | 225637 | 222383 |
| 3.50% 2/1/37 | 30094 | 29193 |
| 3.50% 12/1/37 | 28390 | 27266 |
| 3.50% 8/1/39 | 36505 | 35353 |
| 3.50% 2/1/40 | 102457 | 98430 |
| 3.50% 12/1/42 | 23050 | 21992 |
| 3.50% 3/1/43 | 169165 | 161553 |
| 3.50% 11/1/44 | 1524818 | 1449083 |
| 3.50% 12/1/46 | 197260 | 188201 |
| 3.50% 12/1/47 | 435951 | 408262 |
| 3.50% 11/1/48 | 674736 | 638304 |
| 3.50% 8/1/50 | 23304607 | 21860689 |
| 3.50% 12/1/51 | 68030 | 63945 |
| 3.50% 1/1/52 | 138098 | 129376 |
| 3.50% 3/1/52 | 71185 | 66319 |
| 3.50% 4/1/52 | 281996 | 262718 |
| 3.50% 5/1/52 | 12552054 | 11740568 |
| 4.00% 9/1/42 | 20435290 | 20103434 |
| 4.00% 11/1/42 | 127283 | 124483 |
| 4.00% 4/1/44 | 261366 | 255139 |
| 4.00% 10/1/44 | 1510193 | 1464868 |
| 4.00% 12/1/44 | 74041 | 72240 |
| 4.00% 5/1/47 | 195742 | 188972 |
| 4.00% 10/1/48 | 3532165 | 3423535 |
| 4.00% 1/1/49 | 138381 | 133797 |
| 4.00% 4/1/52 | 441026 | 422651 |
| 4.00% 7/1/52 | 475260 | 453642 |
| 4.00% 6/1/57 | 200413 | 190535 |
| 4.27% 10/1/32 | 95206 | 94793 |
| 4.50% 6/1/39 | 103765 | 104662 |
| 4.50% 10/1/43 | 130814 | 131784 |
| 4.50% 3/1/46 | 182695 | 183261 |
| 4.50% 6/1/48 | 60145 | 59948 |
| 4.50% 7/1/48 | 88452 | 87852 |
| 4.50% 8/1/48 | 144679 | 143667 |
| 4.50% 11/1/48 | 80172 | 79611 |
| 4.50% 7/1/49 | 46891 | 46202 |
| 4.50% 9/1/49 | 427598 | 424697 |
| 4.50% 1/1/50 | 3097541 | 3072991 |
| 4.50% 3/1/50 | 71888 | 71904 |
| 4.50% 4/1/50 | 11648557 | 11562283 |
| 4.50% 5/1/50 | 90353 | 89107 |
| 4.50% 9/1/51 | 56980 | 56379 |
| 4.50% 8/1/52 | 617118 | 604971 |
| 4.50% 9/1/52 | 227641 | 224307 |
| 4.50% 11/1/52 | 166311 | 163863 |
| 4.50% 1/1/53 | 148054 | 146038 |
| 4.50% 8/1/58 | 259904 | 253798 |
| 4.50% 1/1/59 | 35331 | 34403 |
| 5.00% 7/1/47 | 14617655 | 15031874 |
| 5.00% 9/1/48 | 149548 | 150911 |
| 5.00% 9/1/49 | 199989 | 203117 |
| 5.00% 1/1/51 | 14465646 | 14663027 |
| 5.00% 6/1/52 | 141700 | 142938 |
| 5.00% 7/1/52 | 353549 | 359183 |
| 5.00% 11/1/52 | 188749 | 189681 |
| 5.00% 1/1/53 | 81114 | 81224 |
| 5.00% 2/1/53 | 148893 | 149214 |
| 5.00% 4/1/53 | 75531 | 76211 |
| 5.00% 8/1/53 | 5892758 | 5949228 |
| 5.50% 6/1/41 | 40131 | 41862 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 5.50% 5/1/44 | 6265905 | $6552824 |
| 5.50% 8/1/52 | 8500629 | 8757079 |
| 5.50% 11/1/52 | 7421682 | 7618883 |
| 5.50% 1/1/53 | 288483 | 293690 |
| 5.50% 2/1/53 | 68584 | 70236 |
| 5.50% 4/1/53 | 220691 | 226006 |
| 5.50% 5/1/53 | 311600 | 317893 |
| 5.50% 7/1/53 | 8477413 | 8622877 |
| 5.50% 8/1/53 | 228865 | 233672 |
| 5.50% 9/1/53 | 658572 | 674434 |
| 5.50% 9/1/54 | 1780729 | 1812259 |
| 6.00% 10/1/39 | 70802 | 74520 |
| 6.00% 7/1/41 | 128899 | 136254 |
| 6.00% 1/1/42 | 11707014 | 12375259 |
| 6.00% 1/1/53 | 66902 | 68817 |
| 6.00% 5/1/53 | 221215 | 228495 |
| 6.00% 6/1/53 | 1428548 | 1486172 |
| 6.00% 7/1/53 | 10967302 | 11386163 |
| 6.50% 11/1/52 | 64640 | 68129 |
| 6.50% 1/1/53 | 375405 | 392883 |
| 6.50% 2/1/53 | 55695 | 58228 |
| 6.50% 9/1/53 | 5578901 | 5844441 |
| 6.50% 12/1/53 | 208924 | 217975 |
| 6.50% 1/1/54 | 137774 | 143784 |
| 6.50% 3/1/54 | 141206 | 147324 |
| 6.50% 6/1/54 | 216317 | 224749 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 8/20/50 | 103404 | 85701 |
| 2.00% 10/20/50 | 1939673 | 1607524 |
| 2.00% 12/20/50 | 1525558 | 1262596 |
| 2.00% 1/20/51 | 1472320 | 1219793 |
| 2.00% 2/20/51 | 1801522 | 1481206 |
| 2.00% 3/20/51 | 578049 | 473194 |
| 2.00% 4/20/51 | 547193 | 445820 |
| 2.50% 10/20/49 | 182545 | 158449 |
| 2.50% 12/20/50 | 186090 | 159070 |
| 2.50% 1/20/51 | 101022 | 87248 |
| 2.50% 2/20/51 | 72196 | 62331 |
| 2.50% 5/20/51 | 479154 | 413166 |
| 2.50% 6/20/51 | 69148 | 59293 |
| 2.50% 7/20/51 | 197691 | 170570 |
| 2.50% 8/20/51 | 133961 | 115075 |
| 2.50% 10/20/51 | 618727 | 531197 |
| 2.50% 11/20/51 | 68852 | 59145 |
| 2.50% 12/20/51 | 571113 | 489043 |
| 3.00% 9/15/42 | 83757 | 77111 |
| 3.00% 10/15/42 | 11257 | 10344 |
| 3.00% 8/15/45 | 2385769 | 2166030 |
| 3.00% 1/20/46 | 12252 | 11182 |
| 3.00% 8/20/46 | 79505 | 72358 |
| 3.00% 11/20/46 | 43326 | 39519 |
| 3.00% 2/20/47 | 16581 | 15110 |
| 3.00% 9/20/47 | 55239 | 50238 |
| 3.00% 2/20/48 | 3593 | 3267 |
| 3.00% 1/20/50 | 209474 | 185466 |
| 3.00% 3/20/50 | 158575 | 140881 |
| 3.00% 11/20/51 | 207376 | 184212 |
| 3.00% 12/20/51 | 11231931 | 10105355 |
| 3.00% 2/20/52 | 575790 | 513656 |
| 3.00% 3/20/52 | 1126693 | 1004823 |
| 3.00% 4/20/52 | 510053 | 456273 |
| 3.50% 4/20/45 | 46265 | 43167 |
| 3.50% 11/20/45 | 52148 | 48583 |
| 3.50% 1/20/46 | 31087 | 28962 |
| 3.50% 3/20/46 | 144053 | 134207 |
| 3.50% 4/20/46 | 88362 | 82323 |
| 3.50% 5/20/46 | 33231 | 30960 |

---

LVIP Franklin Templeton Core Bond Fund-7

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 3.50% 6/20/46 | 57021 | $53112 |
| 3.50% 7/20/46 | 34341 | 31771 |
| 3.50% 9/20/46 | 12543 | 11678 |
| 3.50% 9/20/47 | 498488 | 461139 |
| 3.50% 10/20/47 | 79289 | 72838 |
| 3.50% 2/20/48 | 308178 | 282549 |
| 3.50% 9/20/48 | 1361202 | 1261864 |
| 3.50% 10/20/48 | 22843 | 21166 |
| 3.50% 11/20/48 | 282670 | 261824 |
| 3.50% 10/20/49 | 21294 | 19390 |
| 3.50% 2/20/50 | 25530 | 23248 |
| 3.50% 5/15/50 | 63039 | 57637 |
| 3.50% 3/20/52 | 83659 | 74936 |
| 3.50% 6/20/52 | 59615 | 53547 |
| 4.00% 10/20/44 | 6632 | 6412 |
| 4.00% 8/20/46 | 121221 | 116997 |
| 4.00% 2/20/47 | 47259 | 45506 |
| 4.00% 6/20/47 | 291427 | 280878 |
| 4.00% 9/20/47 | 185898 | 179068 |
| 4.00% 11/20/47 | 88528 | 85244 |
| 4.00% 12/20/47 | 44280 | 42629 |
| 4.00% 2/20/48 | 121961 | 115806 |
| 4.00% 3/20/48 | 399812 | 384758 |
| 4.00% 4/20/48 | 24522 | 23530 |
| 4.00% 5/20/48 | 44221 | 42628 |
| 4.00% 8/20/48 | 115995 | 111386 |
| 4.00% 9/20/48 | 28895 | 27777 |
| 4.00% 2/20/49 | 220240 | 211217 |
| 4.00% 3/20/49 | 67371 | 64569 |
| 4.00% 4/20/49 | 56014 | 53652 |
| 4.00% 10/20/49 | 22741 | 21690 |
| 4.00% 11/20/49 | 158258 | 150943 |
| 4.00% 1/20/50 | 29085 | 27202 |
| 4.00% 2/20/50 | 128280 | 122766 |
| 4.00% 4/20/50 | 69954 | 66387 |
| 4.00% 6/20/52 | 152761 | 145087 |
| 4.00% 8/20/52 | 154055 | 146547 |
| 4.00% 10/20/52 | 313259 | 297992 |
| 4.50% 7/20/32 | 2132 | 2119 |
| 4.50% 6/20/34 | 398 | 397 |
| 4.50% 2/20/40 | 1864 | 1878 |
| 4.50% 8/20/45 | 2562 | 2552 |
| 4.50% 8/20/47 | 52259 | 51968 |
| 4.50% 4/20/48 | 83823 | 83243 |
| 4.50% 5/20/48 | 7431 | 7356 |
| 4.50% 6/20/48 | 109209 | 108282 |
| 4.50% 8/20/48 | 388512 | 385434 |
| 4.50% 10/20/48 | 76580 | 75906 |
| 4.50% 12/20/48 | 147789 | 146425 |
| 4.50% 1/20/49 | 158088 | 156686 |
| 4.50% 2/20/49 | 138148 | 136844 |
| 4.50% 3/20/49 | 290739 | 287995 |
| 4.50% 2/20/50 | 213218 | 211063 |
| 4.50% 3/20/50 | 27168 | 26861 |
| 4.50% 5/20/50 | 311173 | 307595 |
| 4.50% 11/20/50 | 146430 | 145143 |
| 4.50% 12/20/50 | 27581 | 27266 |
| 4.50% 8/20/52 | 233126 | 227895 |
| 4.50% 9/20/52 | 291630 | 285265 |
| 4.50% 11/20/52 | 77692 | 76237 |
| 5.00% 5/20/48 | 28967 | 29451 |
| 5.00% 6/20/48 | 21969 | 22255 |
| 5.00% 9/20/48 | 37146 | 37751 |
| 5.00% 10/20/48 | 158650 | 161502 |
| 5.00% 11/20/48 | 70214 | 71344 |
| 5.00% 12/20/48 | 101649 | 103130 |
| 5.00% 1/20/49 | 109438 | 111133 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 5.00% 4/20/49 | 65618 | $66769 |
| 5.00% 9/20/49 | 60559 | 61570 |
| 5.00% 11/20/49 | 38985 | 39636 |
| 5.00% 1/20/50 | 55937 | 56869 |
| 5.00% 8/20/52 | 1605120 | 1608477 |
| 5.00% 9/20/52 | 5809896 | 5826103 |
| 5.00% 10/20/52 | 221107 | 221604 |
| 5.00% 12/20/52 | 75543 | 75685 |
| 5.00% 1/20/53 | 224132 | 225394 |
| 5.00% 5/20/53 | 1001023 | 1006657 |
| 5.00% 8/20/53 | 932788 | 937620 |
| 5.50% 10/15/42 | 7149791 | 7512832 |
| 5.50% 11/20/52 | 136465 | 139063 |
| 5.50% 1/20/53 | 523306 | 532399 |
| 5.50% 2/20/53 | 276989 | 281126 |
| 5.50% 3/20/53 | 572740 | 582919 |
| 5.50% 4/20/53 | 7370627 | 7370122 |
| 5.50% 5/20/53 | 1304846 | 1331245 |
| 5.50% 7/20/53 | 10208609 | 10414870 |
| 5.50% 8/20/53 | 639458 | 652986 |
| 5.50% 2/20/54 | 11226198 | 11436768 |
| 6.00% 9/20/53 | 805538 | 833780 |
| 6.00% 1/20/54 | 1865278 | 1935215 |
| 6.00% 2/20/54 | 1932084 | 2002470 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| 2.00% 1/20/55 | 57000000 | 47193992 |
| 2.50% 1/20/55 | 89000000 | 76755547 |
| 3.50% 1/20/55 | 34000000 | 30935994 |
| 4.00% 1/20/55 | 25000000 | 23612305 |
| 4.50% 1/20/56 | 26790000 | 26090948 |
| 5.00% 1/20/55 | 36800000 | 36713021 |
| 5.50% 1/20/55 | 36360000 | 36712561 |
| 6.00% 1/20/55 | 51300000 | 52275902 |
| 6.50% 1/20/55 | 12000000 | 12404063 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| 1.50% 1/1/40 | 26500000 | 23972149 |
| 2.00% 1/1/40 | 13500000 | 12495937 |
| 2.00% 1/1/55 | 138000000 | 111520701 |
| 2.50% 1/1/41 | 12000000 | 11349844 |
| 2.50% 1/1/55 | 12000000 | 10142813 |
| 4.00% 1/1/56 | 23000000 | 21813765 |
| 4.50% 1/1/55 | 15000000 | 14642133 |
| 5.00% 1/1/40 | 16000000 | 16203650 |
| 5.50% 1/1/55 | 189000000 | 191642709 |
| 6.00% 1/1/55 | 167000000 | 171463487 |
| 6.50% 1/1/55 | 198000000 | 205769635 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $2,211,130,429)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $2,211,130,429)** | **2186475105** |
| **CORPORATE BONDS–28.83%** | **CORPORATE BONDS–28.83%** | **CORPORATE BONDS–28.83%** |
| **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** |
| Omnicom Group, Inc. 2.40% <br> 3/1/31<br>| 3200000 | 2872852 |
|  |  | **2872852** |
| **Aerospace & Defense–1.04%** | **Aerospace & Defense–1.04%** | **Aerospace & Defense–1.04%** |
| BAE Systems PLC 5.30% <br> 3/26/34<br>| 17745000 | 18375747 |
| Boeing Co. |  |  |
| 2.70% 2/1/27 | 210000 | 206939 |
| 2.80% 3/1/27 | 80000 | 78782 |
| 3.10% 5/1/26 | 60000 | 59762 |
| 3.20% 3/1/29 | 200000 | 193895 |
| 3.25% 2/1/35 | 320000 | 280187 |
| 3.75% 2/1/50 | 30000 | 21818 |
| 5.15% 5/1/30 | 7260000 | 7459724 |
| 6.86% 5/1/54 | 22621000 | 25406519 |
| 6.88% 3/15/39 | 4875000 | 5484429 |

---

LVIP Franklin Templeton Core Bond Fund-8

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Howmet Aerospace, Inc. <br> 4.55% 11/15/32<br>| 8530000 | $8568009 |
| L3Harris Technologies, Inc. <br> 4.85% 4/27/35<br>| 140000 | 139639 |
| Northrop Grumman Corp. |  |  |
| 3.25% 1/15/28 | 160000 | 157947 |
| 5.25% 5/1/50 | 1060000 | 1000320 |
|  |  | **67433717** |
| **Agriculture–0.76%** | **Agriculture–0.76%** | **Agriculture–0.76%** |
| BAT Capital Corp. |  |  |
| 3.56% 8/15/27 | 185000 | 183577 |
| 3.73% 9/25/40 | 180000 | 145617 |
| 4.39% 8/15/37 | 4023000 | 3705828 |
| 4.54% 8/15/47 | 270000 | 223972 |
| 4.63% 3/22/33 | 14795000 | 14710595 |
| 6.25% 8/15/55 | 130000 | 134054 |
| 7.08% 8/2/53 | 70000 | 79364 |
| Bunge Ltd. Finance Corp. <br> 4.20% 9/17/29<br>| 11394000 | 11400468 |
| Philip Morris International, <br> Inc.<br>|  |  |
| 2.10% 5/1/30 | 250000 | 229004 |
| 4.00% 10/29/30 | 18000000 | 17836578 |
| 4.50% 3/20/42 | 560000 | 500552 |
| 4.88% 2/13/29 | 130000 | 133068 |
| 5.13% 2/13/31 | 30000 | 31086 |
| 5.25% 2/13/34 | 100000 | 103361 |
| Reynolds American, Inc. <br> 5.85% 8/15/45<br>| 50000 | 49192 |
|  |  | **49466316** |
| **Airlines–0.11%** | **Airlines–0.11%** | **Airlines–0.11%** |
| AS Mileage Plan IP Ltd. 5.02% <br> 10/20/29<br>| 5800000 | 5840256 |
| United Airlines, Inc. 4.63% <br> 4/15/29<br>| 1040000 | 1035489 |
|  |  | **6875745** |
| **Apparel–0.10%** | **Apparel–0.10%** | **Apparel–0.10%** |
| Tapestry, Inc. 5.10% 3/11/30 | 6500000 | 6672936 |
|  |  | **6672936** |
| **Auto Manufacturers–0.41%** | **Auto Manufacturers–0.41%** | **Auto Manufacturers–0.41%** |
| Ford Motor Co. 6.10% 8/19/32 | 270000 | 278199 |
| Ford Motor Credit Co. LLC <br> 5.80% 3/5/27<br>| 4700000 | 4758540 |
| General Motors Co. |  |  |
| 5.60% 10/15/32 | 70000 | 73213 |
| 6.75% 4/1/46 | 41000 | 43919 |
| General Motors Financial Co., <br> Inc.<br>|  |  |
| 4.20% 10/27/28 | 1935000 | 1937753 |
| 5.45% 9/6/34 | 2985000 | 3027956 |
| 5.63% 4/4/32 | 2777000 | 2891471 |
| Hyundai Capital America |  |  |
| 2.10% 9/15/28 | 5000000 | 4725527 |
| 4.50% 9/18/30 | 1870000 | 1870171 |
| 5.35% 3/19/29 | 6700000 | 6892787 |
|  |  | **26499536** |
| **Banks–8.08%** | **Banks–8.08%** | **Banks–8.08%** |
| μAustralia & New Zealand <br> Banking Group Ltd. 2.57% <br> 11/25/35<br>| 2910000 | 2616850 |
| Banco Santander SA 6.92% <br> 8/8/33<br>| 5400000 | 5982095 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. |  |  |
| μ1.90% 7/23/31 | 410000 | $368282 |
| μ2.57% 10/20/32 | 670000 | 604275 |
| μ2.59% 4/29/31 | 240000 | 223627 |
| μ2.97% 2/4/33 | 1070000 | 978520 |
| μ3.59% 7/21/28 | 890000 | 883866 |
| μ3.97% 3/5/29 | 480000 | 479220 |
| μ3.97% 2/7/30 | 280000 | 278423 |
| μ4.08% 3/20/51 | 1160000 | 929438 |
| 4.25% 10/22/26 | 810000 | 811903 |
| μ4.33% 3/15/50 | 230000 | 193219 |
| 4.45% 3/3/26 | 1221000 | 1221880 |
| 5.00% 1/21/44 | 40000 | 38569 |
| μ5.16% 1/24/31 | 8567000 | 8844179 |
| μ5.52% 10/25/35 | 23067000 | 23625722 |
| μ5.82% 9/15/29 | 8690000 | 9064398 |
| μ6.20% 11/10/28 | 20477000 | 21277890 |
| μ6.25% 7/26/30 | 14618000 | 14847590 |
| μ6.63% 5/1/30 | 4781000 | 4981568 |
| μBank of Montreal |  |  |
| 3.80% 12/15/32 | 70000 | 69169 |
| 7.30% 11/26/84 | 2160000 | 2303018 |
| μBank of Nova Scotia |  |  |
| 4.59% 5/4/37 | 180000 | 175374 |
| 7.35% 4/27/85 | 2910000 | 3026188 |
| μBarclays PLC 4.97% 5/16/29 | 450000 | 457462 |
| μCaixaBank SA 4.89% 7/3/31 | 500000 | 506899 |
| Citibank NA 5.44% 4/30/26 | 4457000 | 4473985 |
| Citigroup, Inc. |  |  |
| μ2.52% 11/3/32 | 240000 | 215015 |
| μ2.57% 6/3/31 | 1010000 | 935797 |
| μ3.79% 3/17/33 | 390000 | 371857 |
| 4.45% 9/29/27 | 2380000 | 2395310 |
| μ4.50% 9/11/31 | 5395000 | 5411696 |
| 4.65% 7/23/48 | 490000 | 432216 |
| μ4.66% 5/24/28 | 90000 | 90757 |
| 4.75% 5/18/46 | 150000 | 131633 |
| μ4.91% 5/24/33 | 620000 | 627430 |
| μ6.02% 1/24/36 | 5612000 | 5877957 |
| 6.13% 8/25/36 | 250000 | 265648 |
| μ6.63% 2/15/31 | 5035000 | 5116928 |
| μ6.75% 2/15/30 | 6946000 | 7070535 |
| μ6.88% 8/15/30 | 3736000 | 3882097 |
| μ7.00% 8/15/34 | 4110000 | 4334685 |
| 8.13% 7/15/39 | 10000 | 12821 |
| Commonwealth Bank of <br> Australia<br>|  |  |
| 2.69% 3/11/31 | 3200000 | 2914073 |
| 5.84% 3/13/34 | 3200000 | 3373050 |
| μCredit Agricole SA |  |  |
| 4.82% 9/25/33 | 410000 | 409464 |
| 5.22% 5/27/31 | 5754000 | 5907156 |
| μDeutsche Bank AG |  |  |
| 5.30% 5/9/31 | 5544000 | 5680196 |
| 6.72% 1/18/29 | 5422000 | 5676506 |
| 6.82% 11/20/29 | 6519000 | 6951158 |
| 7.15% 7/13/27 | 5037000 | 5113868 |
| Goldman Sachs Group, Inc. |  |  |
| μ2.65% 10/21/32 | 950000 | 857493 |
| μ2.91% 7/21/42 | 180000 | 132005 |
| μ3.21% 4/22/42 | 80000 | 61815 |
| 3.50% 11/16/26 | 840000 | 837072 |
| μ3.62% 3/15/28 | 90000 | 89500 |
| μ3.69% 6/5/28 | 720000 | 716169 |
| μ4.22% 5/1/29 | 560000 | 561165 |
| 4.75% 10/21/45 | 260000 | 235596 |
| μ5.02% 10/23/35 | 9348000 | 9398043 |

---

LVIP Franklin Templeton Core Bond Fund-9

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group, <br> Inc. (continued)<br>|  |  |
| 5.15% 5/22/45 | 190000 | $178417 |
| μ5.22% 4/23/31 | 8731000 | 9017791 |
| μ5.56% 11/19/45 | 7782000 | 7784476 |
| 6.25% 2/1/41 | 400000 | 437967 |
| μ6.48% 10/24/29 | 8074000 | 8562366 |
| 6.75% 10/1/37 | 180000 | 200948 |
| JPMorgan Chase & Co. |  |  |
| μ2.52% 4/22/31 | 970000 | 903581 |
| μ2.55% 11/8/32 | 1040000 | 938493 |
| μ3.11% 4/22/51 | 240000 | 162981 |
| 3.63% 12/1/27 | 130000 | 129337 |
| μ4.20% 7/23/29 | 290000 | 290940 |
| 4.25% 10/1/27 | 1148000 | 1156344 |
| μ4.45% 12/5/29 | 460000 | 464740 |
| μ5.01% 1/23/30 | 6455000 | 6614439 |
| μ5.10% 4/22/31 | 7895000 | 8151402 |
| μ5.14% 1/24/31 | 26673000 | 27569042 |
| μ5.57% 4/22/28 | 6940000 | 7078054 |
| μ5.57% 4/22/36 | 10320000 | 10827320 |
| μ5.58% 7/23/36 | 6605000 | 6832535 |
| μ6.25% 10/23/34 | 4064000 | 4462013 |
| Lloyds Banking Group PLC <br> 4.65% 3/24/26<br>| 340000 | 340416 |
| μMorgan Stanley |  |  |
| 2.48% 9/16/36 | 19146000 | 16835334 |
| 2.70% 1/22/31 | 540000 | 506518 |
| 3.62% 4/1/31 | 1110000 | 1078503 |
| 3.77% 1/24/29 | 390000 | 387797 |
| 4.43% 1/23/30 | 20000 | 20111 |
| 5.16% 4/20/29 | 11755000 | 12019600 |
| 5.19% 4/17/31 | 1388000 | 1431128 |
| 5.32% 7/19/35 | 680000 | 699993 |
| 5.47% 1/18/35 | 160000 | 166316 |
| 5.66% 4/17/36 | 5023000 | 5272469 |
| 5.83% 4/19/35 | 13390000 | 14228972 |
| 6.30% 10/18/28 | 11176000 | 11609806 |
| 6.41% 11/1/29 | 7055000 | 7477655 |
| μMorgan Stanley Private Bank <br> NA 4.73% 7/18/31<br>| 4472000 | 4533255 |
| μNatWest Group PLC 4.89% <br> 5/18/29<br>| 200000 | 203364 |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 4.90% 5/13/31 | 3557000 | 3640293 |
| 5.58% 6/12/29 | 370000 | 383734 |
| 5.58% 1/29/36 | 4530000 | 4723072 |
| 5.68% 1/22/35 | 4841000 | 5103037 |
| 6.88% 10/20/34 | 7074000 | 8005129 |
| Toronto-Dominion Bank |  |  |
| 4.46% 6/8/32 | 170000 | 169670 |
| μ8.13% 10/31/82 | 2200000 | 2319996 |
| Truist Bank |  |  |
| 3.30% 5/15/26 | 6594000 | 6575256 |
| μ4.63% 9/17/29 | 20396000 | 20459181 |
| μTruist Financial Corp. 6.05% <br> 6/8/27<br>| 250000 | 252012 |
| μU.S. Bancorp |  |  |
| 2.22% 1/27/28 | 40000 | 39286 |
| 2.49% 11/3/36 | 4284000 | 3738951 |
| 4.65% 2/1/29 | 14825000 | 15010308 |
| 5.05% 2/12/31 | 6676000 | 6857260 |
| 5.38% 1/23/30 | 2283000 | 2364472 |
| 5.42% 2/12/36 | 3599000 | 3740549 |
| 5.68% 1/23/35 | 5083000 | 5367156 |
| 5.78% 6/12/29 | 270000 | 280639 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μU.S. Bancorp (continued) |  |  |
| 5.84% 6/12/34 | 100000 | $106689 |
| 6.79% 10/26/27 | 3430000 | 3504973 |
| μU.S. Bank NA 4.73% 5/15/28 | 6238000 | 6300984 |
| UBS Group AG |  |  |
| 4.13% 4/15/26 | 286000 | 286122 |
| μ4.19% 4/1/31 | 400000 | 396188 |
| 4.25% 3/23/28 | 890000 | 890102 |
| 4.55% 4/17/26 | 271000 | 271457 |
| μ4.75% 5/12/28 | 410000 | 413316 |
| μ5.58% 5/9/36 | 6763000 | 7032487 |
| μ6.85% 9/10/29 | 12828000 | 13116938 |
| Wells Fargo & Co. |  |  |
| μ2.39% 6/2/28 | 230000 | 224732 |
| μ2.88% 10/30/30 | 430000 | 409056 |
| 3.00% 10/23/26 | 330000 | 327587 |
| μ3.35% 3/2/33 | 640000 | 597336 |
| 4.15% 1/24/29 | 410000 | 410951 |
| 4.30% 7/22/27 | 204000 | 204795 |
| 4.40% 6/14/46 | 610000 | 509668 |
| μ4.48% 4/4/31 | 390000 | 392577 |
| 4.65% 11/4/44 | 10000 | 8763 |
| 4.75% 12/7/46 | 580000 | 509624 |
| 4.90% 11/17/45 | 360000 | 324041 |
| μ5.01% 4/4/51 | 2310000 | 2111019 |
| μ5.15% 4/23/31 | 7069000 | 7296644 |
| μ5.24% 1/24/31 | 5156000 | 5339141 |
| μ5.61% 4/23/36 | 9622000 | 10084931 |
|  |  | **524024865** |
| **Beverages–0.03%** | **Beverages–0.03%** | **Beverages–0.03%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. 4.90% <br> 2/1/46<br>| 750000 | 693667 |
| Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |
| 3.50% 6/1/30 | 680000 | 663991 |
| 5.55% 1/23/49 | 510000 | 508884 |
|  |  | **1866542** |
| **Biotechnology–0.59%** | **Biotechnology–0.59%** | **Biotechnology–0.59%** |
| Amgen, Inc. |  |  |
| 4.20% 3/1/33 | 3610000 | 3528570 |
| 5.25% 3/2/30 | 5810000 | 6026285 |
| Biogen, Inc. 2.25% 5/1/30 | 8600000 | 7900250 |
| Regeneron Pharmaceuticals, <br> Inc. 1.75% 9/15/30<br>| 6500000 | 5798762 |
| Royalty Pharma PLC |  |  |
| 1.75% 9/2/27 | 6297000 | 6064515 |
| 5.15% 9/2/29 | 5800000 | 5960588 |
| 5.20% 9/25/35 | 2775000 | 2789034 |
|  |  | **38068004** |
| **Building Materials–0.04%** | **Building Materials–0.04%** | **Building Materials–0.04%** |
| Carlisle Cos., Inc. 5.25% <br> 9/15/35<br>| 2735000 | 2791491 |
|  |  | **2791491** |
| **Chemicals–0.02%** | **Chemicals–0.02%** | **Chemicals–0.02%** |
| EQUATE Petrochemical Co. <br> KSC 4.25% 11/3/26<br>| 510000 | 508885 |
| MEGlobal BV 2.63% 4/28/28 | 770000 | 739208 |
|  |  | **1248093** |
| **Commercial Services–0.01%** | **Commercial Services–0.01%** | **Commercial Services–0.01%** |
| DP World Ltd. 5.63% 9/25/48 | 770000 | 754689 |
|  |  | **754689** |

---

LVIP Franklin Templeton Core Bond Fund-10

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Computers–0.58%** | **Computers–0.58%** | **Computers–0.58%** |
| Gartner, Inc. 3.63% 6/15/29 | 8800000 | $8482267 |
| Hewlett Packard Enterprise <br> Co. 4.55% 10/15/29<br>| 6500000 | 6537342 |
| Leidos, Inc. |  |  |
| 5.40% 3/15/32 | 9078000 | 9442096 |
| 5.50% 3/15/35 | 12362000 | 12847174 |
|  |  | **37308879** |
| **Cosmetics & Personal Care–0.07%** | **Cosmetics & Personal Care–0.07%** | **Cosmetics & Personal Care–0.07%** |
| Haleon U.S. Capital LLC |  |  |
| 3.38% 3/24/27 | 250000 | 248166 |
| 3.63% 3/24/32 | 250000 | 237823 |
| Kenvue, Inc. 4.90% 3/22/33 | 4150000 | 4234696 |
|  |  | **4720685** |
| **Diversified Financial Services–2.83%** | **Diversified Financial Services–2.83%** | **Diversified Financial Services–2.83%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 6900000 | 6806215 |
| 3.00% 10/29/28 | 19734000 | 19131889 |
| 5.00% 11/15/35 | 160000 | 158087 |
| 5.10% 1/19/29 | 3836000 | 3921516 |
| Air Lease Corp. |  |  |
| 2.88% 1/15/26 | 20637000 | 20625867 |
| 3.00% 2/1/30 | 8421000 | 7893703 |
| μ4.13% 12/15/26 | 4377000 | 4272767 |
| 4.63% 10/1/28 | 3017000 | 3028419 |
| 5.10% 3/1/29 | 2182000 | 2215351 |
| 5.30% 2/1/28 | 180000 | 183302 |
| Aircastle Ltd. 6.50% 7/18/28 | 5810000 | 6107975 |
| Ally Financial, Inc. 8.00% <br> 11/1/31<br>| 5810000 | 6594384 |
| American Express Co. 4.05% <br> 5/3/29<br>| 250000 | 250770 |
| Aviation Capital Group LLC |  |  |
| 3.50% 11/1/27 | 14504000 | 14282012 |
| 4.80% 10/24/30 | 14878000 | 14883626 |
| 5.38% 7/15/29 | 6398000 | 6549475 |
| Avolon Holdings Funding Ltd. |  |  |
| 4.95% 10/15/32 | 10000000 | 9891046 |
| 5.75% 11/15/29 | 5800000 | 6017257 |
| μCapital One Financial Corp. <br> 4.49% 9/11/31<br>| 6490000 | 6480481 |
| CI Financial Corp. 7.50% <br> 5/30/29<br>| 560000 | 595709 |
| Intercontinental Exchange, <br> Inc. 4.60% 3/15/33<br>| 80000 | 81063 |
| Jane Street Group/JSG <br> Finance, Inc. 4.50% <br> 11/15/29<br>| 5800000 | 5712189 |
| Jefferies Financial Group, <br> Inc.<br>|  |  |
| 2.63% 10/15/31 | 5411000 | 4796165 |
| 4.50% 9/15/26 | 8450000 | 8450549 |
| 6.45% 6/8/27 | 1613000 | 1664332 |
| 6.50% 1/20/43 | 4685000 | 4873268 |
| LPL Holdings, Inc. 5.20% <br> 3/15/30<br>| 8800000 | 9005321 |
| Macquarie Airfinance <br> Holdings Ltd. 6.40% 3/26/29<br>| 8800000 | 9221489 |
|  |  | **183694227** |
| **Electric–2.95%** | **Electric–2.95%** | **Electric–2.95%** |
| AEP Texas, Inc. |  |  |
| 3.45% 1/15/50 | 1649000 | 1125969 |
| 4.15% 5/1/49 | 1397000 | 1073939 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| AEP Texas, Inc. (continued) |  |  |
| 5.40% 6/1/33 | 2306000 | $2380692 |
| Alexander Funding Trust II <br> 7.47% 7/31/28<br>| 5800000 | 6179330 |
| μAmerican Electric Power Co., <br> Inc.<br>|  |  |
| 5.80% 3/15/56 | 7975000 | 7917264 |
| 6.05% 3/15/56 | 2660000 | 2613530 |
| American Transmission <br> Systems, Inc. 2.65% 1/15/32<br>| 80000 | 71983 |
| Appalachian Power Co. 3.70% <br> 5/1/50<br>| 2201000 | 1596515 |
| Atlantic City Electric Co. <br> 4.00% 10/15/28<br>| 1548000 | 1550224 |
| Cleveland Electric <br> Illuminating Co. 3.50% <br> 4/1/28<br>| 70000 | 68846 |
| Comision Federal de <br> Electricidad 3.88% 7/26/33<br>| 1220000 | 1080914 |
| Constellation Energy <br> Generation LLC 5.75% <br> 3/15/54<br>| 7357000 | 7300046 |
| μDominion Energy, Inc. |  |  |
| 6.20% 2/15/56 | 3855000 | 3857626 |
| 6.63% 5/15/55 | 5046000 | 5199686 |
| 6.88% 2/1/55 | 6051000 | 6289578 |
| DTE Electric Co. 5.25% <br> 5/15/35<br>| 1195000 | 1228150 |
| DTE Energy Co. 5.10% 3/1/29 | 6466000 | 6626003 |
| Duke Energy Carolinas LLC <br> 4.95% 1/15/33<br>| 25751000 | 26522894 |
| Enel Finance International <br> NV 4.38% 9/30/30<br>| 6685000 | 6656738 |
| Exelon Corp. 5.45% 3/15/34 | 12010000 | 12487021 |
| FirstEnergy Corp. 3.90% <br> 7/15/27<br>| 510000 | 507965 |
| Florida Power & Light Co. <br> 5.70% 3/15/55<br>| 240000 | 243176 |
| Georgia Power Co. 5.20% <br> 3/15/35<br>| 210000 | 215535 |
| MidAmerican Energy Co. <br> 3.65% 4/15/29<br>| 260000 | 256916 |
| Mid-Atlantic Interstate <br> Transmission LLC 4.10% <br> 5/15/28<br>| 200000 | 200136 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 5.55% 3/15/54 | 6699000 | 6470540 |
| μ6.50% 8/15/55 | 2923000 | 3079526 |
| Northern States Power Co. <br> 5.05% 5/15/35<br>| 3200000 | 3260458 |
| NRG Energy, Inc. 5.41% <br> 10/15/35<br>| 210000 | 209778 |
| Oncor Electric Delivery Co. <br> LLC<br>|  |  |
| 5.35% 4/1/35 | 120000 | 123716 |
| 5.80% 4/1/55 | 150000 | 150862 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 50000 | 48473 |
| 2.50% 2/1/31 | 110000 | 98996 |
| 3.30% 8/1/40 | 230000 | 174099 |
| 3.50% 8/1/50 | 50000 | 33715 |
| 5.05% 10/15/32 | 350000 | 351952 |

---

LVIP Franklin Templeton Core Bond Fund-11

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 4.13% 5/15/27 | 310000 | $309040 |
| 5.45% 5/21/28 | 200000 | 204838 |
| 6.15% 5/21/48 | 890000 | 903880 |
| μSempra 6.40% 10/1/54 | 14791000 | 15044362 |
| Southern Power Co. |  |  |
| 4.25% 10/1/30 | 2525000 | 2518251 |
| 4.90% 10/1/35 | 4550000 | 4500970 |
| Southwestern Electric Power <br> Co. 4.10% 9/15/28<br>| 16298000 | 16286578 |
| Virginia Electric & Power Co. <br> 4.90% 9/15/35<br>| 3250000 | 3234604 |
| Vistra Operations Co. LLC |  |  |
| 4.60% 10/15/30 | 3425000 | 3423612 |
| 6.00% 4/15/34 | 2790000 | 2936009 |
| 6.95% 10/15/33 | 16079000 | 17917441 |
| Xcel Energy, Inc. 5.60% <br> 4/15/35<br>| 6500000 | 6731185 |
|  |  | **191263561** |
| **Electronics–0.19%** | **Electronics–0.19%** | **Electronics–0.19%** |
| Amphenol Corp. |  |  |
| 2.20% 9/15/31 | 6553000 | 5853081 |
| 4.40% 2/15/33 | 6535000 | 6466337 |
|  |  | **12319418** |
| **Environmental Control–0.11%** | **Environmental Control–0.11%** | **Environmental Control–0.11%** |
| Waste Connections, Inc. 5.00% <br> 3/1/34<br>| 6740000 | 6882776 |
|  |  | **6882776** |
| **Food–1.05%** | **Food–1.05%** | **Food–1.05%** |
| JBS USA Holding Lux <br> SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food <br> Co.<br>|  |  |
| 5.50% 1/15/36 | 6206000 | 6306275 |
| 6.25% 3/1/56 | 5804000 | 5776614 |
| Kraft Heinz Foods Co. |  |  |
| 4.63% 10/1/39 | 1975000 | 1803710 |
| 5.00% 6/4/42 | 5902000 | 5415646 |
| 6.88% 1/26/39 | 1975000 | 2206212 |
| Kroger Co. 5.00% 9/15/34 | 220000 | 221215 |
| Mars, Inc. |  |  |
| 2.38% 7/16/40 | 300000 | 215239 |
| 3.20% 4/1/30 | 250000 | 240405 |
| 4.80% 3/1/30 | 8855000 | 9049479 |
| 5.00% 3/1/32 | 25000 | 25769 |
| 5.20% 3/1/35 | 8010000 | 8232915 |
| 5.65% 5/1/45 | 5206000 | 5247726 |
| 5.70% 5/1/55 | 16298000 | 16234898 |
| Pilgrim's Pride Corp. 3.50% <br> 3/1/32<br>| 3200000 | 2956145 |
| Sysco Corp. 5.10% 9/23/30 | 4210000 | 4346988 |
|  |  | **68279236** |
| **Forest Products & Paper–0.10%** | **Forest Products & Paper–0.10%** | **Forest Products & Paper–0.10%** |
| Georgia-Pacific LLC 4.95% <br> 6/30/32<br>| 6170000 | 6339987 |
| Suzano Austria GmbH 3.13% <br> 1/15/32<br>| 380000 | 339925 |
|  |  | **6679912** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Gas–0.11%** | **Gas–0.11%** | **Gas–0.11%** |
| CenterPoint Energy <br> Resources Corp. 5.40% <br> 7/1/34<br>| 3200000 | $3298838 |
| NiSource, Inc. 5.20% 7/1/29 | 3600000 | 3711499 |
|  |  | **7010337** |
| **Health Care Products–0.09%** | **Health Care Products–0.09%** | **Health Care Products–0.09%** |
| GE HealthCare Technologies, <br> Inc.<br>|  |  |
| 4.80% 1/15/31 | 2941000 | 2995365 |
| 5.50% 6/15/35 | 2882000 | 2994219 |
|  |  | **5989584** |
| **Health Care Services–0.29%** | **Health Care Services–0.29%** | **Health Care Services–0.29%** |
| HCA, Inc. |  |  |
| 4.60% 11/15/32 | 3270000 | 3240386 |
| 5.45% 9/15/34 | 9458000 | 9732708 |
| Humana, Inc. |  |  |
| 3.13% 8/15/29 | 260000 | 249321 |
| 3.70% 3/23/29 | 420000 | 412376 |
| 3.95% 3/15/27 | 290000 | 289159 |
| Icon Investments Six DAC <br> 5.85% 5/8/29<br>| 3200000 | 3339583 |
| UnitedHealth Group, Inc. |  |  |
| 1.25% 1/15/26 | 70000 | 69931 |
| 2.00% 5/15/30 | 230000 | 209767 |
| 2.30% 5/15/31 | 40000 | 36072 |
| 2.90% 5/15/50 | 120000 | 76621 |
| 3.13% 5/15/60 | 20000 | 12070 |
| 3.70% 8/15/49 | 560000 | 415792 |
| 3.88% 12/15/28 | 70000 | 69946 |
| 3.88% 8/15/59 | 160000 | 114847 |
| 4.00% 5/15/29 | 200000 | 199801 |
| 4.20% 5/15/32 | 240000 | 236946 |
| 4.25% 6/15/48 | 50000 | 40916 |
| 4.45% 12/15/48 | 40000 | 33616 |
|  |  | **18779858** |
| **Insurance–1.20%** | **Insurance–1.20%** | **Insurance–1.20%** |
| Aon Corp./Aon Global <br> Holdings PLC<br>|  |  |
| 2.90% 8/23/51 | 11471000 | 7134764 |
| 5.00% 9/12/32 | 11257000 | 11530258 |
| Aon North America, Inc. |  |  |
| 5.30% 3/1/31 | 4626000 | 4822656 |
| 5.45% 3/1/34 | 540000 | 561176 |
| 5.75% 3/1/54 | 1740000 | 1731169 |
| Arthur J Gallagher & Co. <br> 4.85% 12/15/29<br>| 3300000 | 3376806 |
| Athene Global Funding 5.54% <br> 8/22/35<br>| 4200000 | 4213896 |
| Athene Holding Ltd. |  |  |
| μ6.63% 10/15/54 | 5539000 | 5528499 |
| 6.63% 5/19/55 | 5790000 | 5896999 |
| μ6.88% 6/28/55 | 5279000 | 5274938 |
| Brown & Brown, Inc. 4.90% <br> 6/23/30<br>| 11700000 | 11861806 |
| CNA Financial Corp. 5.13% <br> 2/15/34<br>| 3200000 | 3218650 |
| Corebridge Financial, Inc. <br> 3.85% 4/5/29<br>| 3200000 | 3147944 |
| MetLife, Inc. 6.40% 12/15/66 | 380000 | 398691 |
| New York Life Global Funding <br> 5.45% 9/18/26<br>| 8900000 | 8996575 |
|  |  | **77694827** |

---

LVIP Franklin Templeton Core Bond Fund-12

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Internet–0.11%** | **Internet–0.11%** | **Internet–0.11%** |
| Alphabet, Inc. |  |  |
| 1.10% 8/15/30 | 360000 | $317311 |
| 1.90% 8/15/40 | 150000 | 101531 |
| 4.50% 5/15/35 | 100000 | 99467 |
| 5.25% 5/15/55 | 140000 | 134090 |
| 5.30% 5/15/65 | 150000 | 141073 |
| Meta Platforms, Inc. |  |  |
| 3.85% 8/15/32 | 6252000 | 6064818 |
| 4.75% 8/15/34 | 430000 | 433524 |
|  |  | **7291814** |
| **Investment Company–0.07%** | **Investment Company–0.07%** | **Investment Company–0.07%** |
| Blackstone Private Credit <br> Fund 5.60% 11/22/29<br>| 4430000 | 4471757 |
|  |  | **4471757** |
| **Leisure Time–0.37%** | **Leisure Time–0.37%** | **Leisure Time–0.37%** |
| Brunswick Corp. 5.85% <br> 3/18/29<br>| 6500000 | 6723769 |
| Carnival Corp. |  |  |
| 5.13% 5/1/29 | 7960000 | 8048272 |
| 5.75% 3/15/30 | 8800000 | 9050026 |
|  |  | **23822067** |
| **Lodging–0.13%** | **Lodging–0.13%** | **Lodging–0.13%** |
| Hyatt Hotels Corp. 5.25% <br> 6/30/29<br>| 7000000 | 7205588 |
| Las Vegas Sands Corp. |  |  |
| 5.63% 6/15/28 | 630000 | 645936 |
| 6.00% 8/15/29 | 140000 | 146127 |
| 6.00% 6/14/30 | 110000 | 115270 |
| Sands China Ltd. 4.38% <br> 6/18/30<br>| 600000 | 591118 |
|  |  | **8704039** |
| **Machinery Construction & Mining–0.23%** | **Machinery Construction & Mining–0.23%** | **Machinery Construction & Mining–0.23%** |
| Caterpillar, Inc. 5.20% <br> 5/15/35<br>| 7092000 | 7350974 |
| Vertiv Group Corp. 4.13% <br> 11/15/28<br>| 7417000 | 7325845 |
|  |  | **14676819** |
| **Machinery Diversified–0.00%** | **Machinery Diversified–0.00%** | **Machinery Diversified–0.00%** |
| Deere & Co. |  |  |
| 3.10% 4/15/30 | 150000 | 144513 |
| 3.75% 4/15/50 | 100000 | 78387 |
|  |  | **222900** |
| **Media–0.49%** | **Media–0.49%** | **Media–0.49%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 3.50% 6/1/41 | 3245000 | 2308132 |
| 3.50% 3/1/42 | 90000 | 62437 |
| 3.85% 4/1/61 | 6859000 | 4087348 |
| 4.20% 3/15/28 | 420000 | 417910 |
| 4.40% 4/1/33 | 540000 | 508717 |
| 4.80% 3/1/50 | 230000 | 172776 |
| 5.05% 3/30/29 | 410000 | 414762 |
| 5.13% 7/1/49 | 370000 | 289544 |
| 5.38% 4/1/38 | 400000 | 368800 |
| 5.38% 5/1/47 | 200000 | 164749 |
| 5.50% 4/1/63 | 150000 | 118193 |
| 6.48% 10/23/45 | 290000 | 272648 |
| 6.55% 6/1/34 | 120000 | 126211 |
| Paramount Global 4.20% <br> 6/1/29<br>| 2000000 | 1948533 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Time Warner Cable LLC |  |  |
| 6.55% 5/1/37 | 60000 | $61228 |
| 6.75% 6/15/39 | 5494000 | 5556960 |
| 7.30% 7/1/38 | 13600000 | 14568055 |
|  |  | **31447003** |
| **Mining–0.01%** | **Mining–0.01%** | **Mining–0.01%** |
| Glencore Funding LLC |  |  |
| 3.88% 10/27/27 | 30000 | 29893 |
| 4.00% 3/27/27 | 130000 | 129869 |
| 5.67% 4/1/35 | 480000 | 501151 |
| 6.14% 4/1/55 | 210000 | 216708 |
|  |  | **877621** |
| **Office Business Equipment–0.18%** | **Office Business Equipment–0.18%** | **Office Business Equipment–0.18%** |
| CDW LLC/CDW Finance Corp. <br> 3.28% 12/1/28<br>| 11949000 | 11609475 |
|  |  | **11609475** |
| **Oil & Gas–0.17%** | **Oil & Gas–0.17%** | **Oil & Gas–0.17%** |
| Ecopetrol SA 5.88% 5/28/45 | 970000 | 721529 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co. 6.00% 2/1/31<br>| 3306000 | 3142787 |
| KazMunayGas National Co. <br> JSC<br>|  |  |
| 5.38% 4/24/30 | 250000 | 255135 |
| 5.75% 4/19/47 | 794000 | 750237 |
| Occidental Petroleum Corp. |  |  |
| 3.00% 2/15/27 | 200000 | 197674 |
| 3.50% 8/15/29 | 120000 | 115819 |
| 4.20% 3/15/48 | 40000 | 30141 |
| 4.40% 4/15/46 | 90000 | 71084 |
| 4.50% 7/15/44 | 560000 | 443534 |
| Petroleos Mexicanos 6.75% <br> 9/21/47<br>| 4103000 | 3373502 |
| Viper Energy Partners LLC |  |  |
| 4.90% 8/1/30 | 1945000 | 1967309 |
| 5.70% 8/1/35 | 200000 | 204106 |
|  |  | **11272857** |
| **Oil & Gas Services–0.06%** | **Oil & Gas Services–0.06%** | **Oil & Gas Services–0.06%** |
| Guara Norte SARL 5.20% <br> 6/15/34<br>| 4171649 | 4071618 |
|  |  | **4071618** |
| **Packaging & Containers–0.05%** | **Packaging & Containers–0.05%** | **Packaging & Containers–0.05%** |
| AptarGroup, Inc. 4.75% <br> 3/30/31<br>| 3325000 | 3348476 |
|  |  | **3348476** |
| **Pharmaceuticals–0.59%** | **Pharmaceuticals–0.59%** | **Pharmaceuticals–0.59%** |
| AbbVie, Inc. |  |  |
| 2.95% 11/21/26 | 160000 | 158754 |
| 3.20% 11/21/29 | 1200000 | 1163731 |
| 4.25% 11/21/49 | 380000 | 312951 |
| 4.55% 3/15/35 | 20000 | 19690 |
| 4.80% 3/15/29 | 300000 | 307358 |
| 4.88% 11/14/48 | 30000 | 27314 |
| 4.95% 3/15/31 | 130000 | 134419 |
| 5.05% 3/15/34 | 180000 | 184984 |
| Bristol-Myers Squibb Co. |  |  |
| 5.10% 2/22/31 | 160000 | 166599 |
| 5.20% 2/22/34 | 450000 | 467801 |
| 5.55% 2/22/54 | 10000 | 9821 |
| CVS Health Corp. |  |  |
| 1.88% 2/28/31 | 50000 | 43870 |
| 2.13% 9/15/31 | 180000 | 158124 |
| 3.63% 4/1/27 | 70000 | 69614 |
| 3.75% 4/1/30 | 230000 | 224585 |

---

LVIP Franklin Templeton Core Bond Fund-13

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| CVS Health <br> Corp. (continued)<br>|  |  |
| 4.13% 4/1/40 | 30000 | $25637 |
| 4.30% 3/25/28 | 392000 | 393298 |
| 4.78% 3/25/38 | 3000000 | 2831735 |
| 5.00% 9/15/32 | 3000000 | 3062012 |
| 5.13% 7/20/45 | 270000 | 243758 |
| 5.40% 6/1/29 | 3000000 | 3107086 |
| Merck & Co., Inc. |  |  |
| 1.45% 6/24/30 | 600000 | 536523 |
| 2.75% 12/10/51 | 50000 | 30941 |
| 4.45% 12/4/32 | 1745000 | 1747432 |
| 4.75% 12/4/35 | 2815000 | 2804478 |
| Novartis Capital Corp. 4.10% <br> 11/5/30<br>| 12440000 | 12426744 |
| Pfizer, Inc. 1.70% 5/28/30 | 1030000 | 932944 |
| Zoetis, Inc. 5.00% 8/17/35 | 6500000 | 6571222 |
|  |  | **38163425** |
| **Pipelines–1.32%** | **Pipelines–1.32%** | **Pipelines–1.32%** |
| Cheniere Energy Partners LP |  |  |
| 4.50% 10/1/29 | 3200000 | 3206728 |
| 5.55% 10/30/35 | 220000 | 224923 |
| Columbia Pipelines Holding <br> Co. LLC 6.04% 8/15/28<br>| 220000 | 228630 |
| Columbia Pipelines Operating <br> Co. LLC 5.93% 8/15/30<br>| 3200000 | 3385140 |
| Eastern Energy Gas <br> Holdings LLC<br>|  |  |
| 5.65% 10/15/54 | 1700000 | 1644463 |
| 5.80% 1/15/35 | 4330000 | 4571961 |
| Energy Transfer LP |  |  |
| 3.75% 5/15/30 | 1240000 | 1206728 |
| 4.95% 6/15/28 | 80000 | 81322 |
| 5.25% 4/15/29 | 250000 | 256886 |
| 5.40% 10/1/47 | 210000 | 188715 |
| 5.50% 6/1/27 | 170000 | 172746 |
| 5.55% 5/15/34 | 210000 | 215808 |
| 6.10% 12/1/28 | 5955000 | 6254980 |
| 6.25% 4/15/49 | 410000 | 405783 |
| μ6.50% 11/15/26 | 14595000 | 14659276 |
| Kinder Morgan Energy <br> Partners LP 5.50% 3/1/44<br>| 140000 | 134118 |
| Kinder Morgan, Inc. 4.30% <br> 3/1/28<br>| 220000 | 221074 |
| MPLX LP |  |  |
| 4.50% 4/15/38 | 230000 | 209708 |
| 4.80% 2/15/29 | 310000 | 314630 |
| 5.20% 3/1/47 | 100000 | 89361 |
| 5.20% 12/1/47 | 50000 | 44574 |
| ONEOK, Inc. |  |  |
| 5.05% 11/1/34 | 2703000 | 2678863 |
| 5.55% 11/1/26 | 100000 | 101077 |
| 5.70% 11/1/54 | 4421000 | 4120089 |
| 5.80% 11/1/30 | 160000 | 168658 |
| 6.63% 9/1/53 | 140000 | 146621 |
| South Bow USA <br> Infrastructure Holdings LLC <br> 5.03% 10/1/29<br>| 6800000 | 6897788 |
| Targa Resources Corp. 4.95% <br> 4/15/52<br>| 70000 | 59831 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 10782000 | 10784680 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Tennessee Gas Pipeline Co. <br> LLC 2.90% 3/1/30<br>| 12998000 | $12257745 |
| Transcontinental Gas Pipe <br> Line Co. LLC<br>|  |  |
| 3.25% 5/15/30 | 180000 | 172447 |
| 5.10% 3/15/36 | 3610000 | 3634554 |
| Venture Global Calcasieu <br> Pass LLC 3.88% 11/1/33<br>| 6969000 | 5975303 |
| Williams Cos., Inc. |  |  |
| 4.85% 3/1/48 | 50000 | 43797 |
| 4.90% 1/15/45 | 270000 | 241632 |
| 5.10% 9/15/45 | 190000 | 174374 |
| 5.15% 3/15/34 | 380000 | 386368 |
| 8.75% 3/15/32 | 120000 | 145583 |
|  |  | **85706964** |
| **Real Estate Investment Trusts–0.75%** | **Real Estate Investment Trusts–0.75%** | **Real Estate Investment Trusts–0.75%** |
| American Tower Corp. |  |  |
| 2.90% 1/15/30 | 8800000 | 8353601 |
| 4.70% 12/15/32 | 2190000 | 2190475 |
| 4.90% 3/15/30 | 980000 | 1000905 |
| Crown Castle, Inc. 4.90% <br> 9/1/29<br>| 8800000 | 8936511 |
| Extra Space Storage LP 5.40% <br> 2/1/34<br>| 10576000 | 10853408 |
| GLP Capital LP/GLP <br> Financing II, Inc. 6.75% <br> 12/1/33<br>| 3200000 | 3477997 |
| VICI Properties LP |  |  |
| 4.95% 2/15/30 | 7877000 | 7971549 |
| 5.63% 4/1/35 | 3192000 | 3259635 |
| VICI Properties LP/VICI <br> Note Co., Inc. 4.63% 12/1/29<br>| 2690000 | 2684750 |
|  |  | **48728831** |
| **Retail–0.43%** | **Retail–0.43%** | **Retail–0.43%** |
| 7-Eleven, Inc. |  |  |
| 1.30% 2/10/28 | 6500000 | 6134344 |
| 1.80% 2/10/31 | 6500000 | 5691905 |
| Dick's Sporting Goods, Inc. |  |  |
| 3.15% 1/15/32 | 3200000 | 2941300 |
| 4.10% 1/15/52 | 3200000 | 2338106 |
| Home Depot, Inc. |  |  |
| 1.38% 3/15/31 | 260000 | 225703 |
| 2.50% 4/15/27 | 100000 | 98391 |
| 2.70% 4/15/30 | 150000 | 141832 |
| 3.25% 4/15/32 | 270000 | 254171 |
| 3.30% 4/15/40 | 160000 | 130656 |
| 3.35% 4/15/50 | 210000 | 148138 |
| 3.90% 6/15/47 | 30000 | 23856 |
| 4.88% 6/25/27 | 2379000 | 2419229 |
| 4.95% 6/25/34 | 6238000 | 6380120 |
| McDonald's Corp. |  |  |
| 2.13% 3/1/30 | 220000 | 203165 |
| 3.60% 7/1/30 | 140000 | 137373 |
| 3.63% 9/1/49 | 30000 | 22077 |
| 4.20% 4/1/50 | 160000 | 128929 |
| 4.88% 12/9/45 | 330000 | 300734 |
|  |  | **27720029** |
| **Semiconductors–0.61%** | **Semiconductors–0.61%** | **Semiconductors–0.61%** |
| Broadcom, Inc. |  |  |
| 3.14% 11/15/35 | 383000 | 329834 |
| 3.19% 11/15/36 | 8000 | 6785 |
| 4.15% 11/15/30 | 72000 | 71705 |
| 4.80% 2/15/36 | 220000 | 217084 |
| 4.90% 7/15/32 | 3019000 | 3082405 |
| 4.93% 5/15/37 | 199000 | 196415 |

---

LVIP Franklin Templeton Core Bond Fund-14

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Broadcom, Inc. (continued) |  |  |
| 5.05% 7/12/29 | 9289000 | $9563744 |
| 5.20% 7/15/35 | 3818000 | 3911793 |
| Foundry JV Holdco LLC |  |  |
| 5.88% 1/25/34 | 300000 | 308084 |
| 5.90% 1/25/30 | 460000 | 481102 |
| 6.10% 1/25/36 | 7202000 | 7529235 |
| 6.15% 1/25/32 | 2230000 | 2363105 |
| 6.25% 1/25/35 | 4000000 | 4241565 |
| Intel Corp. |  |  |
| 1.60% 8/12/28 | 120000 | 112606 |
| 3.05% 8/12/51 | 60000 | 36896 |
| 4.75% 3/25/50 | 200000 | 163220 |
| 5.13% 2/10/30 | 170000 | 174263 |
| Marvell Technology, Inc. <br> 4.75% 7/15/30<br>| 6500000 | 6584926 |
|  |  | **39374767** |
| **Software–0.45%** | **Software–0.45%** | **Software–0.45%** |
| MSCI, Inc. 3.63% 9/1/30 | 8800000 | 8405501 |
| Oracle Corp. |  |  |
| 2.95% 4/1/30 | 40000 | 36927 |
| 3.60% 4/1/50 | 90000 | 56062 |
| 4.45% 9/26/30 | 3530000 | 3453526 |
| 4.65% 5/6/30 | 170000 | 168511 |
| 4.80% 9/26/32 | 5015000 | 4841591 |
| 5.20% 9/26/35 | 130000 | 124550 |
| 5.38% 9/27/54 | 330000 | 266896 |
| 5.88% 9/26/45 | 340000 | 307062 |
| 5.95% 9/26/55 | 270000 | 239224 |
| Paychex, Inc. 5.10% 4/15/30 | 6500000 | 6691844 |
| Synopsys, Inc. |  |  |
| 4.85% 4/1/30 | 160000 | 163416 |
| 5.00% 4/1/32 | 130000 | 132744 |
| 5.15% 4/1/35 | 110000 | 111798 |
| 5.70% 4/1/55 | 4398000 | 4362769 |
|  |  | **29362421** |
| **Telecommunications–1.85%** | **Telecommunications–1.85%** | **Telecommunications–1.85%** |
| AT&T, Inc. |  |  |
| 2.25% 2/1/32 | 330000 | 289412 |
| 2.55% 12/1/33 | 340000 | 290180 |
| 3.50% 9/15/53 | 15749000 | 10539612 |
| 3.55% 9/15/55 | 408000 | 271582 |
| 3.65% 9/15/59 | 50000 | 32973 |
| 3.80% 12/1/57 | 60000 | 41270 |
| 4.35% 3/1/29 | 1300000 | 1306776 |
| 4.35% 6/15/45 | 58000 | 47856 |
| 5.38% 8/15/35 | 3449000 | 3534361 |
| 6.05% 8/15/56 | 2781000 | 2797342 |
| 6.30% 1/15/38 | 4110000 | 4453694 |
| Cipher Compute LLC 7.13% <br> 11/15/30<br>| 14836000 | 15110212 |
| Motorola Solutions, Inc. 2.30% <br> 11/15/30<br>| 7000000 | 6357475 |
| Rogers Communications, Inc. |  |  |
| 5.30% 2/15/34 | 10060000 | 10136477 |
| μ7.13% 4/15/55 | 5800000 | 6107353 |
| Sprint Capital Corp. 6.88% <br> 11/15/28<br>| 8800000 | 9443535 |
| T-Mobile USA, Inc. |  |  |
| 2.25% 11/15/31 | 220000 | 194854 |
| 2.55% 2/15/31 | 130000 | 118766 |
| 2.63% 2/15/29 | 450000 | 429519 |
| 3.00% 2/15/41 | 6133000 | 4569993 |
| 3.30% 2/15/51 | 60000 | 40109 |
| 3.75% 4/15/27 | 12132000 | 12093886 |
| 3.88% 4/15/30 | 1910000 | 1878246 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| T-Mobile USA, <br> Inc. (continued)<br>|  |  |
| 5.13% 5/15/32 | 2471000 | $2542837 |
| 5.15% 4/15/34 | 190000 | 194223 |
| 5.75% 1/15/34 | 3046000 | 3226982 |
| 5.88% 11/15/55 | 7934000 | 7925536 |
| Verizon Communications, Inc. |  |  |
| 1.75% 1/20/31 | 840000 | 739398 |
| 2.55% 3/21/31 | 398000 | 363451 |
| 2.65% 11/20/40 | 100000 | 71374 |
| 3.15% 3/22/30 | 170000 | 162800 |
| 3.40% 3/22/41 | 60000 | 46981 |
| 3.85% 11/1/42 | 530000 | 424959 |
| 4.00% 3/22/50 | 210000 | 160029 |
| 4.40% 11/1/34 | 220000 | 212261 |
| 4.50% 8/10/33 | 840000 | 826691 |
| 4.75% 1/15/33 | 4945000 | 4941128 |
| 4.78% 2/15/35 | 296000 | 291433 |
| 4.86% 8/21/46 | 20000 | 17765 |
| 5.25% 4/2/35 | 5010000 | 5092104 |
| 5.25% 3/16/37 | 130000 | 130854 |
| 5.50% 3/16/47 | 30000 | 28872 |
| 5.88% 11/30/55 | 2240000 | 2213123 |
|  |  | **119698284** |
| **Transportation–0.06%** | **Transportation–0.06%** | **Transportation–0.06%** |
| Burlington Northern Santa <br> Fe LLC 5.55% 3/15/56<br>| 3195000 | 3149443 |
| Union Pacific Corp. |  |  |
| 2.15% 2/5/27 | 170000 | 166968 |
| 2.40% 2/5/30 | 160000 | 149781 |
| 3.75% 2/5/70 | 220000 | 148273 |
| 3.84% 3/20/60 | 90000 | 64928 |
|  |  | **3679393** |
| **Trucking & Leasing–0.10%** | **Trucking & Leasing–0.10%** | **Trucking & Leasing–0.10%** |
| SMBC Aviation Capital <br> Finance DAC 5.30% 4/3/29<br>| 6500000 | 6677532 |
|  |  | **6677532** |
| **Total Corporate Bonds** <br>**(Cost $1,863,930,784)** | **Total Corporate Bonds** <br>**(Cost $1,863,930,784)** | **1870126178** |
| **NON-AGENCY ASSET-BACKED SECURITIES–7.43%** | **NON-AGENCY ASSET-BACKED SECURITIES–7.43%** | **NON-AGENCY ASSET-BACKED SECURITIES–7.43%** |
| •AIMCO CLO 15 Ltd. Series <br> 2021-15A Class AR 5.08% (3 <br> mo. USD Term SOFR + <br> 1.20%) 4/17/38<br>| 1070000 | 1070537 |
| •Apex Credit CLO LLC Series <br> 2021-2A Class A1AR 5.06% <br> (3 mo. USD Term SOFR + <br> 1.18%) 10/20/34<br>| 28324000 | 28296922 |
| •Apex Credit CLO Ltd. Series <br> 2020-1A Class A1RR 5.33% <br> (3 mo. USD Term SOFR + <br> 1.45%) 4/20/35<br>| 680000 | 680122 |
| •Apidos Loan Fund Ltd. Series <br> 2024-1A Class A1R 5.38% (3 <br> mo. USD Term SOFR + <br> 1.25%) 10/25/38<br>| 1490000 | 1492277 |
| •Arbor Realty Commercial <br> Real Estate Notes Ltd. <br> Series 2022-FL1 Class A <br> 5.43% (30 day USD SOFR <br> Average + 1.45%) 1/15/37<br>| 212475 | 212475 |

---

LVIP Franklin Templeton Core Bond Fund-15

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •ARES LXV CLO Ltd. Series <br> 2022-65A Class A1R 4.98% (3 <br> mo. USD Term SOFR + <br> 1.12%) 7/25/34<br>| 29000000 | $28997187 |
| •ARES XLIV CLO Ltd. Series <br> 2017-44A Class A1RR 5.03% <br> (3 mo. USD Term SOFR + <br> 1.13%) 4/15/34<br>| 740000 | 740605 |
| Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
| Series 2024-1A Class A 5.36% <br> 6/20/30<br>| 500000 | 515539 |
| Series 2025-4A Class A 4.40% <br> 2/20/32<br>| 260000 | 258534 |
| •Battery Park CLO Ltd. Series <br> 2019-1A Class AR 5.30% (3 <br> mo. USD Term SOFR + <br> 1.40%) 7/15/36<br>| 370000 | 370140 |
| •Birch Grove CLO 4 Ltd. Series <br> 2022-4A Class A1R 5.38% (3 <br> mo. USD Term SOFR + <br> 1.48%) 7/15/37<br>| 410000 | 410636 |
| •Birch Grove CLO 8 Ltd. Series <br> 2024-8A Class A1 5.51% (3 <br> mo. USD Term SOFR + <br> 1.63%) 4/20/37<br>| 240000 | 240835 |
| •Black Diamond CLO Ltd. <br> Series 2024-1A Class A1 <br> 5.51% (3 mo. USD Term <br> SOFR + 1.65%) 10/25/37<br>| 1360000 | 1362652 |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 182928 | 173692 |
| •BlueMountain CLO XXX Ltd. <br> Series 2020-30A Class AR2 <br> 5.05% (3 mo. USD Term <br> SOFR + 1.15%) 4/15/35<br>| 860000 | 859595 |
| •BRAVO Residential Funding <br> Trust Series 2025-HE1 <br> Class A1 5.22% (30 day USD <br> SOFR Average + 1.35%) <br> 9/25/72<br>| 7242351 | 7237146 |
| •Carlyle U.S. CLO Ltd. Series <br> 2020-2A Class A1R2 4.94% (3 <br> mo. USD Term SOFR + <br> 1.08%) 1/25/35<br>| 27000000 | 27019818 |
| •CarVal CLO XI C Ltd. Series <br> 2024-3A Class A1 5.27% (3 <br> mo. USD Term SOFR + <br> 1.39%) 10/20/37<br>| 970000 | 972488 |
| •CIFC Funding Ltd. | •CIFC Funding Ltd. | •CIFC Funding Ltd. |
| Series 2015-4A Class A1A2 <br> 5.22% (3 mo. USD Term <br> SOFR + 1.33%) 4/20/34<br>| 440000 | 440088 |
| Series 2018-1A Class A1R <br> 5.20% (3 mo. USD Term <br> SOFR + 1.32%) 1/18/38<br>| 440000 | 441325 |
| Series 2021-7A Class AR <br> 4.95% (3 mo. USD Term <br> SOFR + 1.09%) 1/23/35<br>| 24382000 | 24377343 |
| Series 2022-4A Class BR <br> 5.44% (3 mo. USD Term <br> SOFR + 1.55%) 7/16/35<br>| 4700000 | 4707816 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| CLI Funding IX LLC Series <br> 2024-1A Class A 5.63% <br> 7/20/49<br>| 616931 | $621276 |
| DataBank Issuer LLC Series <br> 2021-1A Class A2 2.06% <br> 2/27/51<br>| 7763000 | 7727907 |
| Diamond Infrastructure <br> Funding LLC Series 2021-1A <br> Class A 1.76% 4/15/49<br>| 24025000 | 23349309 |
| DLLMT LLC Series 2024-1A <br> Class A4 4.98% 4/20/32<br>| 320000 | 326008 |
| Driven Brands Funding LLC | Driven Brands Funding LLC | Driven Brands Funding LLC |
| Series 2024-1A Class A2 <br> 6.37% 10/20/54<br>| 839375 | 868319 |
| Series 2025-1A Class A2 <br> 5.30% 10/20/55<br>| 260000 | 259047 |
| •Elevation CLO Ltd. Series <br> 2025-18A Class A1 5.12% (3 <br> mo. USD Term SOFR + <br> 1.24%) 3/28/38<br>| 650000 | 650178 |
| •Elmwood CLO 26 Ltd. Series <br> 2024-1A Class A1 5.38% (3 <br> mo. USD Term SOFR + <br> 1.50%) 4/18/37<br>| 200000 | 200490 |
| •Elmwood CLO I Ltd. Series <br> 2019-1A Class A1RR 5.40% <br> (3 mo. USD Term SOFR + <br> 1.52%) 4/20/37<br>| 670000 | 671552 |
| •Empower CLO Ltd. Series <br> 2024-1A Class A1 5.46% (3 <br> mo. USD Term SOFR + <br> 1.60%) 4/25/37<br>| 250000 | 250622 |
| FIGRE Trust | FIGRE Trust | FIGRE Trust |
| φSeries 2025-FL2 Class A1 <br> 5.05% 11/25/55<br>| 2399000 | 2405123 |
| •Series 2025-HE5 Class A <br> 5.29% 8/25/55<br>| 3556610 | 3570382 |
| Ford Credit Auto Owner Trust <br> Series 2024-B Class A3 5.10% <br> 4/15/29<br>| 12787000 | 12951475 |
| Frontier Issuer LLC Series <br> 2024-1 Class A2 6.19% <br> 6/20/54<br>| 6393000 | 6591337 |
| GGAM Master Trust <br> International Ltd. Series <br> 2025-1A Class A 5.92% <br> 9/30/60<br>| 420000 | 422252 |
| GM Financial Automobile <br> Leasing Trust Series 2024-1 <br> Class A3 5.09% 3/22/27<br>| 4976480 | 4987721 |
| GMF Floorplan Owner <br> Revolving Trust Series <br> 2024-1A Class A1 5.13% <br> 3/15/29<br>| 26486000 | 26882400 |
| GoodLeap Sustainable Home <br> Solutions Trust Series <br> 2022-1GS Class A 2.70% <br> 1/20/49<br>| 330032 | 290529 |
| •Greystone CRE Notes LLC <br> Series 2025-FL4 Class A <br> 5.23% (1 mo. USD Term <br> SOFR + 1.48%) 1/15/43<br>| 1240000 | 1243086 |

---

LVIP Franklin Templeton Core Bond Fund-16

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| φGS Mortgage-Backed <br> Securities Trust Series <br> 2025-CES2 Class A1 5.18% <br> 9/25/55<br>| 3728954 | $3738188 |
| •HalseyPoint CLO 3 Ltd. Series <br> 2020-3A Class A1R 5.32% (3 <br> mo. USD Term SOFR + <br> 1.48%) 7/30/37<br>| 510000 | 511594 |
| Hardee's Funding LLC Series <br> 2021-1A Class A2 2.87% <br> 6/20/51<br>| 687600 | 642066 |
| Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
| Series 2023-3A Class A 5.94% <br> 2/25/28<br>| 250000 | 253741 |
| Series 2023-4A Class A 6.15% <br> 3/25/30<br>| 400000 | 418706 |
| Series 2025-1A Class A 4.91% <br> 9/25/29<br>| 780000 | 789010 |
| Series 2025-2A Class A 5.13% <br> 9/25/31<br>| 780000 | 792269 |
| Hildene Community Funding <br> CDO Ltd. Series 2015-1A <br> Class ARR 2.60% 11/1/35<br>| 373331 | 337618 |
| Huntington Bank Auto <br> Credit-Linked Notes Series <br> 2024-2 Class B1 5.44% <br> 10/20/32<br>| 700382 | 707897 |
| •ICG U.S. CLO Ltd. Series <br> 2014-1A Class A1A2 5.35% (3 <br> mo. USD Term SOFR + <br> 1.46%) 10/20/34<br>| 3653000 | 3656646 |
| •KKR CLO 41 Ltd. Series <br> 2022-41A Class A1 5.23% (3 <br> mo. USD Term SOFR + <br> 1.33%) 4/15/35<br>| 5115000 | 5116432 |
| •Magnetite XXIX Ltd. Series <br> 2021-29A Class BR 5.65% (3 <br> mo. USD Term SOFR + <br> 1.75%) 7/15/37<br>| 690000 | 691649 |
| •Magnetite XXVII Ltd. Series <br> 2020-27A Class ARR 5.16% <br> (3 mo. USD Term SOFR + <br> 1.23%) 10/20/38<br>| 1060000 | 1060082 |
| MetroNet Infrastructure <br> Issuer LLC Series 2025-2A <br> Class A2 5.40% 8/20/55<br>| 740000 | 750430 |
| •MF1 LLC Series 2025-FL19 <br> Class A 5.22% (1 mo. USD <br> Term SOFR + 1.49%) <br> 5/18/42<br>| 1330000 | 1332905 |
| MMAF Equipment <br> Finance LLC Series 2024-A <br> Class A4 5.10% 7/13/49<br>| 520000 | 537597 |
| MVW LLC Series 2023-2A <br> Class A 6.18% 11/20/40<br>| 140192 | 144098 |
| •Navient Student Loan Trust <br> Series 2016-3A Class A3 <br> 5.34% (30 day USD SOFR <br> Average + 1.46%) 6/25/65<br>| 265870 | 269714 |
| •Neuberger Berman Loan Advisers CLO 48 Ltd. | •Neuberger Berman Loan Advisers CLO 48 Ltd. | •Neuberger Berman Loan Advisers CLO 48 Ltd. |
| Series 2022-48A Class A1R <br> 4.95% (3 mo. USD Term <br> SOFR + 1.09%) 4/25/36<br>| 29400000 | 29401058 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Neuberger Berman Loan Advisers CLO 48 Ltd. (continued) | •Neuberger Berman Loan Advisers CLO 48 Ltd. (continued) | •Neuberger Berman Loan Advisers CLO 48 Ltd. (continued) |
| Series 2022-48A Class A2R <br> 5.31% (3 mo. USD Term <br> SOFR + 1.45%) 4/25/36<br>| 2000000 | $2000062 |
| NMEF Funding LLC Series <br> 2025-A Class A2 4.72% <br> 7/15/32<br>| 785742 | 788590 |
| •Oaktree CLO Ltd. Series <br> 2024-25A Class A 5.43% (3 <br> mo. USD Term SOFR + <br> 1.55%) 4/20/37<br>| 750000 | 751704 |
| OCCU Auto Receivables Trust <br> Series 2025-1A Class D <br> 5.60% 11/15/34<br>| 750000 | 758628 |
| •Ocean Trails CLO X Series <br> 2020-10A Class AR2 5.20% (3 <br> mo. USD Term SOFR + <br> 1.30%) 10/15/34<br>| 690000 | 689386 |
| •Octagon Investment Partners <br> 51 Ltd. Series 2021-1A <br> Class AR 4.87% (3 mo. USD <br> Term SOFR + 0.99%) <br> 7/20/34<br>| 10047000 | 10052868 |
| •Palmer Square CLO Ltd. <br> Series 2021-1A Class A1AR <br> 5.03% (3 mo. USD Term <br> SOFR + 1.15%) 4/20/38<br>| 890000 | 890378 |
| •Parallel Ltd. | •Parallel Ltd. | •Parallel Ltd. |
| Series 2020-1A Class A1R <br> 5.37% (3 mo. USD Term <br> SOFR + 1.48%) 7/20/34<br>| 520000 | 520725 |
| Series 2023-1A Class A1R <br> 5.27% (3 mo. USD Term <br> SOFR + 1.39%) 7/20/36<br>| 1070000 | 1072291 |
| •Park Blue CLO Ltd. | •Park Blue CLO Ltd. | •Park Blue CLO Ltd. |
| Series 2022-2A Class A1R <br> 5.30% (3 mo. USD Term <br> SOFR + 1.42%) 7/20/37<br>| 770000 | 771762 |
| Series 2024-5A Class A1 <br> 5.34% (3 mo. USD Term <br> SOFR + 1.48%) 7/25/37<br>| 620000 | 621681 |
| PK Alift Loan Funding 7 LP <br> Series 2025-2 Class A 4.75% <br> 3/15/43<br>| 2945009 | 2950560 |
| •Point Au Roche Park CLO <br> Ltd. Series 2021-1A Class A <br> 5.23% (3 mo. USD Term <br> SOFR + 1.34%) 7/20/34<br>| 2050000 | 2051683 |
| Porsche Innovative Lease <br> Owner Trust Series 2024-1A <br> Class A3 4.67% 11/22/27<br>| 18267000 | 18339935 |
| •Rockford Tower CLO Ltd. <br> Series 2021-2A Class A2R <br> 5.38% (3 mo. USD Term <br> SOFR + 1.50%) 7/20/34<br>| 2700000 | 2700127 |
| •Sagard-Halseypoint CLO 8 <br> Ltd. Series 2024-8A Class A1 <br> 5.23% (3 mo. USD Term <br> SOFR + 1.39%) 1/30/38<br>| 460000 | 460580 |
| Santander Drive Auto <br> Receivables Trust Series <br> 2025-1 Class D 5.43% <br> 3/17/31<br>| 7078000 | 7188367 |

---

LVIP Franklin Templeton Core Bond Fund-17

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| SCF Equipment Leasing LLC <br> Series 2025-1A Class A3 <br> 5.11% 11/21/33<br>| 1030000 | $1051419 |
| •Signal Peak CLO 5 Ltd. Series <br> 2018-5A Class A1R 5.41% (3 <br> mo. USD Term SOFR + <br> 1.55%) 4/25/37<br>| 3653000 | 3662355 |
| •Silver Point CLO 8 Ltd. Series <br> 2025-8A Class A1 5.11% (3 <br> mo. USD Term SOFR + <br> 1.21%) 4/15/38<br>| 500000 | 500188 |
| SMB Private Education Loan <br> Trust Series 2024-E <br> Class A1A 5.09% 10/16/56<br>| 517033 | 525059 |
| •Sycamore Tree CLO Ltd. <br> Series 2025-6A Class A1 <br> 5.08% (3 mo. USD Term <br> SOFR + 1.20%) 4/20/38<br>| 800000 | 797898 |
| Taco Bell Funding LLC Series <br> 2025-1A Class A2I 4.82% <br> 8/25/55<br>| 1210000 | 1203214 |
| •Towd Point Mortgage Trust <br> Series 2025-HE2 Class A1A <br> 5.22% (30 day USD SOFR <br> Average + 1.35%) 9/25/65<br>| 7658848 | 7674744 |
| Toyota Auto Receivables <br> Owner Trust Series 2024-B <br> Class A3 5.33% 1/16/29<br>| 25941676 | 26211952 |
| •Trestles CLO VII Ltd. Series <br> 2024-7A Class A1 5.24% (3 <br> mo. USD Term SOFR + <br> 1.38%) 10/25/37<br>| 650000 | 651545 |
| •Trinitas CLO XIV Ltd. Series <br> 2020-14A Class A1R2 4.96% <br> (3 mo. USD Term SOFR + <br> 1.10%) 1/25/34<br>| 29000000 | 28980077 |
| •Trinitas CLO XVI Ltd. Series <br> 2021-16A Class A1R 5.01% (3 <br> mo. USD Term SOFR + <br> 1.13%) 7/20/34<br>| 860000 | 859841 |
| •Trinitas CLO XVII Ltd. Series <br> 2021-17A Class B1R 5.53% (3 <br> mo. USD Term SOFR + <br> 1.65%) 10/20/34<br>| 14700000 | 14715920 |
| Triumph Rail Holdings LLC <br> Series 2021-2 Class A 2.15% <br> 6/19/51<br>| 403374 | 389925 |
| •Venture 34 CLO Ltd. Series <br> 2018-34A Class AR 5.18% (3 <br> mo. USD Term SOFR + <br> 1.28%) 10/15/31<br>| 3270915 | 3271880 |
| •Venture 42 CLO Ltd. Series <br> 2021-42A Class A1A 5.30% (3 <br> mo. USD Term SOFR + <br> 1.39%) 4/15/34<br>| 13700000 | 13706069 |
| Verizon Master Trust Series <br> 2024-3 Class A1A 5.34% <br> 4/22/30<br>| 15527000 | 15829725 |
| Volkswagen Auto Lease Trust <br> Series 2024-A Class A3 5.21% <br> 6/21/27<br>| 31053000 | 31217985 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Warwick Capital CLO 7 Ltd. <br> Series 2025-7A Class A1 <br> 5.25% (3 mo. USD Term <br> SOFR + 1.30%) 10/21/38<br>| 760000 | $760830 |
| •Woodmont Trust Series <br> 2023-12A Class A1R 5.26% (3 <br> mo. USD Term SOFR + <br> 1.40%) 10/25/32<br>| 930049 | 931023 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $480,760,054)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $480,760,054)** | **481849461** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–3.30%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–3.30%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–3.30%** |
| φA&D Mortgage Trust Series <br> 2024-NQM1 Class A1 6.20% <br> 2/25/69<br>| 5341941 | 5390043 |
| •Agate Bay Mortgage Trust | •Agate Bay Mortgage Trust | •Agate Bay Mortgage Trust |
| Series 2015-1 Class B1 3.61% <br> 1/25/45<br>| 354478 | 348274 |
| Series 2015-1 Class B2 3.61% <br> 1/25/45<br>| 219329 | 215490 |
| Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
| •Series 2021-7 Class A3 2.34% <br> 10/25/66<br>| 164767 | 145068 |
| Series 2022-3 Class A1 4.00% <br> 1/25/67<br>| 362608 | 353367 |
| φSeries 2025-1 Class A1 5.69% <br> 1/25/70<br>| 7678779 | 7757976 |
| BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| •Series 2022-NQM3 Class A1 <br> 5.11% 7/25/62<br>| 589054 | 589023 |
| φSeries 2024-NQM3 Class A1 <br> 6.19% 3/25/64<br>| 325728 | 329953 |
| φSeries 2024-NQM5 Class A1 <br> 5.80% 6/25/64<br>| 184497 | 186681 |
| φSeries 2024-NQM5 Class A3 <br> 6.16% 6/25/64<br>| 262554 | 265080 |
| •Cascade Funding Mortgage <br> Trust Series 2025-HB16 <br> Class A 3.00% 3/25/35<br>| 2322340 | 2281070 |
| •Chase Home Lending <br> Mortgage Trust Series <br> 2025-10 Class A11 5.17% (30 <br> day USD SOFR Average + <br> 1.30%) 7/25/56<br>| 4986976 | 4995170 |
| •CIM Trust Series 2024-R1 <br> Class A1 4.75% 6/25/64<br>| 791893 | 794166 |
| •Citigroup Mortgage Loan <br> Trust, Inc. Series 2025-4 <br> Class A28 5.17% (30 day USD <br> SOFR Average + 1.30%) <br> 10/25/55<br>| 7911395 | 7923913 |
| φCOLT Mortgage Loan Trust <br> Series 2025-4 Class A1 5.79% <br> 4/25/70<br>| 7390258 | 7496722 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| •Series 2020-RPL4 Class A1 <br> 2.00% 1/25/60<br>| 205428 | 186514 |
| •Series 2021-AFC1 Class A1 <br> 0.83% 3/25/56<br>| 177138 | 150212 |
| •Series 2021-AFC1 Class A3 <br> 1.17% 3/25/56<br>| 237526 | 203174 |
| •Series 2021-NQM3 Class A3 <br> 1.63% 4/25/66<br>| 419933 | 375363 |

---

LVIP Franklin Templeton Core Bond Fund-18

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| CSMC Trust (continued) | CSMC Trust (continued) | CSMC Trust (continued) |
| •Series 2021-NQM7 Class A1 <br> 1.76% 10/25/66<br>| 135372 | $121559 |
| •Series 2021-NQM8 Class A1 <br> 2.84% 10/25/66<br>| 733356 | 678846 |
| Series 2021-RPL2 Class A1 <br> 2.00% 1/25/60<br>| 129308 | 114821 |
| •Series 2022-NQM1 Class A1 <br> 2.27% 11/25/66<br>| 751924 | 698188 |
| Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
| •Series 2022-1 Class A1 2.21% <br> 1/25/67<br>| 484767 | 450438 |
| φSeries 2024-1 Class A1 5.74% <br> 7/25/69<br>| 5747353 | 5804529 |
| •EFMT Series 2025-NQM4 <br> Class A1F 5.07% (30 day <br> USD SOFR Average + 1.20%) <br> 9/25/70<br>| 20007347 | 19990757 |
| •Ellington Financial Mortgage <br> Trust Series 2021-2 Class A1 <br> 0.93% 6/25/66<br>| 198016 | 166020 |
| φGCAT Trust Series <br> 2020-NQM1 Class A3 3.55% <br> 1/25/60<br>| 334058 | 329560 |
| •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust |
| Series 2021-PJ7 Class A2 <br> 2.50% 1/25/52<br>| 8732219 | 7287309 |
| Series 2025-PJ10 Class A27 <br> 5.22% (30 day USD SOFR <br> Average + 1.35%) 4/25/56<br>| 4763121 | 4772341 |
| Series 2025-PJ8 Class A27 <br> 5.17% (30 day USD SOFR <br> Average + 1.30%) 2/25/56<br>| 2135026 | 2138108 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| •Series 2014-2 Class B1 3.37% <br> 6/25/29<br>| 588553 | 575483 |
| •Series 2014-2 Class B2 3.37% <br> 6/25/29<br>| 219277 | 214408 |
| •Series 2015-1 Class B2 5.50% <br> 12/25/44<br>| 748233 | 744816 |
| •Series 2015-4 Class B1 3.51% <br> 6/25/45<br>| 985197 | 923037 |
| •Series 2015-4 Class B2 3.51% <br> 6/25/45<br>| 772488 | 723749 |
| •Series 2015-5 Class B2 5.60% <br> 5/25/45<br>| 45936 | 45598 |
| •Series 2015-6 Class B1 3.51% <br> 10/25/45<br>| 700812 | 680586 |
| •Series 2015-6 Class B2 3.51% <br> 10/25/45<br>| 593785 | 576648 |
| •Series 2015-6 Class B3 3.51% <br> 10/25/45<br>| 976245 | 877457 |
| •Series 2016-4 Class B1 3.78% <br> 10/25/46<br>| 866323 | 824809 |
| •Series 2016-4 Class B2 3.78% <br> 10/25/46<br>| 1586279 | 1510264 |
| •Series 2017-1 Class B3 3.45% <br> 1/25/47<br>| 3105183 | 2846946 |
| •Series 2017-2 Class A3 3.50% <br> 5/25/47<br>| 259592 | 234991 |
| •Series 2017-5 Class A2 4.75% <br> 10/26/48<br>| 751910 | 759197 |
| •Series 2020-2 Class A3 3.50% <br> 7/25/50<br>| 343479 | 308007 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| JP Morgan Mortgage Trust (continued) | JP Morgan Mortgage Trust (continued) | JP Morgan Mortgage Trust (continued) |
| •Series 2020-7 Class A3 3.00% <br> 1/25/51<br>| 1555731 | $1348817 |
| •Series 2021-1 Class A3 2.50% <br> 6/25/51<br>| 2703944 | 2256525 |
| •Series 2021-10 Class A3 <br> 2.50% 12/25/51<br>| 5769376 | 4814724 |
| •Series 2021-11 Class A3 <br> 2.50% 1/25/52<br>| 9720259 | 8124010 |
| •Series 2021-12 Class A3 <br> 2.50% 2/25/52<br>| 12576733 | 10495676 |
| •Series 2021-13 Class A3 <br> 2.50% 4/25/52<br>| 12594009 | 10510094 |
| φSeries 2024-VIS2 Class A1 <br> 5.85% 11/25/64<br>| 2153946 | 2180460 |
| φSeries 2025-NQM1 Class A3 <br> 5.97% 6/25/65<br>| 1071018 | 1080505 |
| •MFA Trust Series 2020-NQM1 <br> Class A3 3.30% 8/25/49<br>| 81155 | 78947 |
| φMill City Mortgage Loan Trust <br> Series 2023-NQM2 Class A1 <br> 6.24% 12/25/67<br>| 4344944 | 4341794 |
| •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust |
| Series 2020-1 Class A2A <br> 2.50% 12/25/50<br>| 3750645 | 3103923 |
| Series 2021-1 Class A2 2.50% <br> 3/25/51<br>| 2635251 | 2199199 |
| Series 2021-4 Class A3 2.50% <br> 7/25/51<br>| 2745290 | 2291030 |
| Series 2021-5 Class A3 2.50% <br> 8/25/51<br>| 8752904 | 7304572 |
| Series 2024-INV2 Class A1 <br> 6.50% 2/25/54<br>| 481106 | 492082 |
| •New Residential Mortgage Loan Trust | •New Residential Mortgage Loan Trust | •New Residential Mortgage Loan Trust |
| Series 2014-2A Class A3 <br> 3.75% 5/25/54<br>| 128764 | 124052 |
| Series 2015-2A Class A1 <br> 3.75% 8/25/55<br>| 430528 | 421613 |
| Series 2015-2A Class A2 <br> 3.75% 8/25/55<br>| 245059 | 238537 |
| Series 2016-3A Class A1B <br> 3.25% 9/25/56<br>| 138606 | 131056 |
| Series 2017-2A Class B2 <br> 4.75% 3/25/57<br>| 291502 | 290740 |
| Series 2017-4A Class A1 <br> 4.00% 5/25/57<br>| 326818 | 318762 |
| Series 2017-6A Class A1 <br> 4.00% 8/27/57<br>| 700359 | 684327 |
| Series 2018-RPL1 Class A1 <br> 3.50% 12/25/57<br>| 462468 | 452452 |
| Series 2022-NQM2 Class A1 <br> 3.08% 3/27/62<br>| 752544 | 721972 |
| OBX Trust | OBX Trust | OBX Trust |
| •Series 2021-NQM2 Class A1 <br> 1.10% 5/25/61<br>| 142662 | 119054 |
| •Series 2021-NQM3 Class A1 <br> 1.05% 7/25/61<br>| 208767 | 173697 |
| •Series 2021-NQM4 Class A1 <br> 1.96% 10/25/61<br>| 467478 | 403910 |
| •Series 2022-NQM1 Class A1 <br> 2.31% 11/25/61<br>| 712167 | 645894 |
| φSeries 2024-NQM1 Class A1 <br> 5.93% 11/25/63<br>| 664835 | 669823 |
| φSeries 2024-NQM11 Class A1 <br> 5.88% 6/25/64<br>| 170452 | 172357 |

---

LVIP Franklin Templeton Core Bond Fund-19

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| OBX Trust (continued) | OBX Trust (continued) | OBX Trust (continued) |
| φSeries 2024-NQM17 Class A3 <br> 6.02% 11/25/64<br>| 789629 | $797557 |
| •Series 2025-J2 Class AF <br> 5.17% (30 day USD SOFR <br> Average + 1.30%) 9/25/55<br>| 11007196 | 11024735 |
| φSeries 2025-NQM4 Class A3 <br> 5.76% 2/25/55<br>| 899109 | 907074 |
| •PMT Loan Trust Series <br> 2025-J2 Class A11 5.22% (30 <br> day USD SOFR Average + <br> 1.35%) 8/25/56<br>| 1403271 | 1407283 |
| PRKCM Trust | PRKCM Trust | PRKCM Trust |
| •Series 2021-AFC2 Class A1 <br> 2.07% 11/25/56<br>| 202963 | 181755 |
| φSeries 2024-HOME1 Class A1 <br> 6.43% 5/25/59<br>| 433035 | 439977 |
| φPRPM LLC Series 2024-RCF1 <br> Class A1 4.00% 1/25/54<br>| 189466 | 187586 |
| •Radian Mortgage Capital <br> Trust Series 2025-J3 <br> Class A25 5.37% (30 day USD <br> SOFR Average + 1.50%) <br> 12/25/55<br>| 5400488 | 5419588 |
| •RCKT Mortgage Trust | •RCKT Mortgage Trust | •RCKT Mortgage Trust |
| Series 2021-1 Class A1 2.50% <br> 3/25/51<br>| 2750022 | 2294979 |
| Series 2021-6 Class A1 2.50% <br> 12/25/51<br>| 5793185 | 4834593 |
| Series 2024-INV1 Class A1 <br> 6.50% 6/25/54<br>| 226394 | 232408 |
| •Sequoia Mortgage Trust | •Sequoia Mortgage Trust | •Sequoia Mortgage Trust |
| Series 2013-4 Class B2 3.43% <br> 4/25/43<br>| 282305 | 274077 |
| Series 2015-1 Class B2 3.94% <br> 1/25/45<br>| 474819 | 464823 |
| Series 2020-4 Class A2 2.50% <br> 11/25/50<br>| 2265891 | 1882459 |
| •SG Residential Mortgage <br> Trust Series 2022-1 Class A1 <br> 3.17% 3/27/62<br>| 728534 | 698620 |
| •Station Place Securitization <br> Trust Series 2025-7 Class A <br> 4.63% (1 mo. USD Term <br> SOFR + 0.90%) 11/24/26<br>| 21115000 | 20926696 |
| •Towd Point Mortgage Trust | •Towd Point Mortgage Trust | •Towd Point Mortgage Trust |
| Series 2018-1 Class A1 3.00% <br> 1/25/58<br>| 117463 | 116753 |
| Series 2019-HY2 Class M2 <br> 5.75% (1 mo. USD Term <br> SOFR + 2.01%) 5/25/58<br>| 300000 | 303672 |
| φVerus Securitization Trust | φVerus Securitization Trust | φVerus Securitization Trust |
| Series 2024-6 Class A3 6.15% <br> 7/25/69<br>| 177337 | 179305 |
| Series 2025-1 Class A3 5.98% <br> 1/25/70<br>| 283167 | 285989 |
| •Wells Fargo Mortgage-Backed <br> Securities Trust Series <br> 2020-1 Class A1 3.00% <br> 12/25/49<br>| 532756 | 461618 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $230,096,743)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $230,096,743)** | **213897882** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–6.76%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–6.76%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–6.76%** |
| •AREIT Trust Series <br> 2022-CRE6 Class A 5.19% <br> (30 day USD SOFR Average <br> + 1.25%) 1/20/37<br>| 258824 | $258344 |
| Bank | Bank | Bank |
| •Series 2017-BNK5 Class B <br> 3.90% 6/15/60<br>| 3731000 | 3632600 |
| Series 2019-BN20 Class A3 <br> 3.01% 9/15/62<br>| 5625000 | 5283312 |
| Series 2020-BN25 Class A5 <br> 2.65% 1/15/63<br>| 21533000 | 19989797 |
| •Series 2022-BNK40 Class B <br> 3.39% 3/15/64<br>| 8083000 | 7162949 |
| \*•Bank5 | \*•Bank5 | \*•Bank5 |
| Series 2025-5YR17 Class XA <br> 1.19% 11/15/58<br>| 57514881 | 2809360 |
| Series 2025-5YR19 Class XA <br> 1.13% 12/15/58<br>| 93026250 | 4634958 |
| BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
| Series 2020-C7 Class A5 <br> 2.04% 4/15/53<br>| 16970000 | 15296376 |
| Series 2025-5C34 Class A3 <br> 5.66% 5/15/58<br>| 400000 | 418562 |
| \*•Series 2025-5C37 Class XA <br> 1.66% 9/15/58<br>| 76775323 | 5104469 |
| \*•Series 2025-C39 Class XA <br> 0.92% 12/15/58<br>| 129583000 | 8761210 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| •Series 2018-B1 Class A5 <br> 3.67% 1/15/51<br>| 1220000 | 1205728 |
| Series 2020-B17 Class A5 <br> 2.29% 3/15/53<br>| 21463000 | 19393527 |
| Series 2020-B19 Class A5 <br> 1.85% 9/15/53<br>| 27498000 | 24268035 |
| Series 2020-B20 Class A5 <br> 2.03% 10/15/53<br>| 20185000 | 17851810 |
| Series 2020-B22 Class A5 <br> 1.97% 1/15/54<br>| 22240000 | 19518698 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 6059000 | 5418507 |
| Series 2021-B25 Class A5 <br> 2.58% 4/15/54<br>| 12905000 | 11581248 |
| •Series 2022-B32 Class B <br> 3.20% 1/15/55<br>| 8220000 | 6933773 |
| •Series 2022-B32 Class C <br> 3.45% 1/15/55<br>| 10047000 | 7905534 |
| •Series 2022-B33 Class B <br> 3.61% 3/15/55<br>| 4064000 | 3563046 |
| •Series 2022-B33 Class C <br> 3.61% 3/15/55<br>| 4064000 | 3249721 |
| •Series 2022-B34 Class A5 <br> 3.79% 4/15/55<br>| 4325866 | 4037689 |
| •Series 2022-B35 Class A5 <br> 4.44% 5/15/55<br>| 13924000 | 13598002 |
| •Series 2022-B36 Class A5 <br> 4.47% 7/15/55<br>| 7284000 | 7134910 |
| \*•Series 2025-V17 Class XA <br> 1.51% 9/15/58<br>| 63769000 | 3947920 |
| \*•Series 2025-V18 Class XA <br> 1.26% 10/15/58<br>| 52502050 | 2798092 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| •Series 2022-C1 Class A5 <br> 3.37% 2/15/55<br>| 3247000 | 3017572 |
| \*•Series 2025-5C12 Class XA <br> 1.44% 10/15/58<br>| 50542317 | 3044194 |

---

LVIP Franklin Templeton Core Bond Fund-20

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| •BMP Trust Series 2024-MF23 <br> Class A 5.12% (1 mo. USD <br> Term SOFR + 1.37%) <br> 6/15/41<br>| 1000000 | $1001558 |
| •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust | •BX Commercial Mortgage Trust |
| Series 2021-XL2 Class A <br> 4.55% (1 mo. USD Term <br> SOFR + 0.80%) 10/15/38<br>| 353614 | 351846 |
| Series 2023-XL3 Class A <br> 5.51% (1 mo. USD Term <br> SOFR + 1.76%) 12/9/40<br>| 336524 | 336314 |
| Series 2024-XL5 Class A <br> 5.14% (1 mo. USD Term <br> SOFR + 1.39%) 3/15/41<br>| 262475 | 262625 |
| BX Trust | BX Trust | BX Trust |
| Series 2019-OC11 Class A <br> 3.20% 12/9/41<br>| 270000 | 254553 |
| •Series 2021-BXMF Class A <br> 4.50% (1 mo. USD Term <br> SOFR + 0.75%) 10/15/26<br>| 451222 | 449831 |
| •Series 2022-LBA6 Class A <br> 4.75% (1 mo. USD Term <br> SOFR + 1.00%) 1/15/39<br>| 530000 | 528352 |
| •Series 2024-PALM Class A <br> 5.29% (1 mo. USD Term <br> SOFR + 1.54%) 6/15/37<br>| 216346 | 216481 |
| •Series 2024-VLT4 Class B <br> 5.69% (1 mo. USD Term <br> SOFR + 1.94%) 6/15/41<br>| 750000 | 749067 |
| •Series 2025-VOLT Class A <br> 5.45% (1 mo. USD Term <br> SOFR + 1.70%) 12/15/44<br>| 3921000 | 3916102 |
| Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
| Series 2019-CF1 Class A5 <br> 3.79% 5/15/52<br>| 14871000 | 14613002 |
| Series 2019-CF2 Class A5 <br> 2.87% 11/15/52<br>| 5434000 | 5144339 |
| Series 2019-CF3 Class A4 <br> 3.01% 1/15/53<br>| 12010000 | 11321126 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| Series 2016-CD1 Class A4 <br> 2.72% 8/10/49<br>| 610000 | 601582 |
| Series 2016-CD2 Class A3 <br> 3.25% 11/10/49<br>| 8802813 | 8752475 |
| •Series 2017-CD6 Class B <br> 3.91% 11/13/50<br>| 2760000 | 2645577 |
| Series 2019-CD8 Class A4 <br> 2.91% 8/15/57<br>| 14682000 | 13712473 |
| CFCRE Commercial Mortgage <br> Trust Series 2016-C7 <br> Class A3 3.84% 12/10/54<br>| 6475000 | 6430789 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| Series 2016-P3 Class A4 <br> 3.33% 4/15/49<br>| 7391000 | 7363573 |
| Series 2016-P6 Class A4 <br> 3.46% 12/10/49<br>| 88681 | 88207 |
| Series 2017-C4 Class A4 <br> 3.47% 10/12/50<br>| 17298000 | 17064951 |
| Series 2019-C7 Class A4 <br> 3.10% 12/15/72<br>| 10872000 | 10341051 |
| Series 2020-555 Class A <br> 2.65% 12/10/41<br>| 6119000 | 5575349 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| DB-JPM Mortgage Trust | DB-JPM Mortgage Trust | DB-JPM Mortgage Trust |
| Series 2016-C1 Class A4 <br> 3.28% 5/10/49<br>| 4413000 | $4400137 |
| Series 2020-C9 Class A5 <br> 1.93% 8/15/53<br>| 10275000 | 9200701 |
| Series 2020-C9 Class B 2.57% <br> 8/15/53<br>| 2968000 | 2549485 |
| Grace Trust Series <br> 2020-GRCE Class A 2.35% <br> 12/10/40<br>| 8503000 | 7607683 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| •Series 2018-GS9 Class B <br> 4.32% 3/10/51<br>| 2875000 | 2695867 |
| Series 2019-GC39 Class A4 <br> 3.57% 5/10/52<br>| 2200000 | 2102178 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| Series 2013-LC11 Class B <br> 3.50% 4/15/46<br>| 1180054 | 1084813 |
| Series 2015-JP1 Class A5 <br> 3.91% 1/15/49<br>| 1279558 | 1271263 |
| Series 2016-JP2 Class A4 <br> 2.82% 8/15/49<br>| 9731000 | 9616956 |
| JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust |
| Series 2016-C2 Class A4 <br> 3.14% 6/15/49<br>| 11159000 | 10998348 |
| Series 2016-C4 Class A3 <br> 3.14% 12/15/49<br>| 6530000 | 6420592 |
| Series 2017-C7 Class A5 <br> 3.41% 10/15/50<br>| 3854000 | 3802628 |
| Morgan Stanley Bank of <br> America Merrill Lynch Trust <br> Series 2016-C29 Class A4 <br> 3.33% 5/15/49<br>| 170000 | 169314 |
| Morgan Stanley Capital I <br> Trust Series 2019-L3 <br> Class A4 3.13% 11/15/52<br>| 5845000 | 5567257 |
| •MSWF Commercial Mortgage <br> Trust Series 2023-2 Class A5 <br> 6.01% 12/15/56<br>| 540000 | 582556 |
| •MTN Commercial Mortgage <br> Trust Series 2022-LPFL <br> Class A 5.16% (1 mo. USD <br> Term SOFR + 1.40%) <br> 3/15/39<br>| 320000 | 319802 |
| •NJ Trust Series 2023-GSP <br> Class A 6.48% 1/6/29<br>| 420000 | 439636 |
| •NYCT Trust Series 2024-3ELV <br> Class A 5.74% (1 mo. USD <br> Term SOFR + 1.99%) <br> 8/15/29<br>| 310000 | 310387 |
| •PFP Ltd. Series 2024-11 <br> Class A 5.61% (1 mo. USD <br> Term SOFR + 1.83%) <br> 9/17/39<br>| 138135 | 138480 |
| •SHRN Trust Series 2025-MF18 <br> Class A 4.95% (1 mo. USD <br> Term SOFR + 1.20%) <br> 10/15/40<br>| 8967000 | 8966999 |
| •SMRT Commercial Mortgage <br> Trust Series 2022-MINI <br> Class A 4.75% (1 mo. USD <br> Term SOFR + 1.00%) <br> 1/15/39<br>| 540000 | 539156 |

---

LVIP Franklin Templeton Core Bond Fund-21

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| VLS Commercial Mortgage <br> Trust Series 2020-LAB <br> Class A 2.13% 10/10/42<br>| 480000 | $411496 |
| VNDO Trust Series 2016-350P <br> Class A 3.81% 1/10/35<br>| 1080000 | 1072556 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2016-BNK1 Class A3 <br> 2.65% 8/15/49<br>| 7211000 | 7134372 |
| \*•Series 2016-BNK1 Class XA <br> 1.67% 8/15/49<br>| 3530300 | 4206 |
| \*•Series 2016-C36 Class XA <br> 1.14% 11/15/59<br>| 7474325 | 28366 |
| Series 2020-C58 Class A4 <br> 2.09% 7/15/53<br>| 2991000 | 2682066 |
| Series 2024-C63 Class A5 <br> 5.31% 8/15/57<br>| 350000 | 361944 |
| \*•Series 2025-5C6 Class XA <br> 1.37% 10/15/58<br>| 76014533 | 4224477 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $472,738,134)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $472,738,134)** | **438244887** |
| **ΔSOVEREIGN BONDS–0.06%** | **ΔSOVEREIGN BONDS–0.06%** | **ΔSOVEREIGN BONDS–0.06%** |
| **Chile—0.00%** | **Chile—0.00%** | **Chile—0.00%** |
| Chile Government <br> International Bonds 3.10% <br> 1/22/61<br>| 290000 | 179365 |
|  |  | **179365** |
| **Israel—0.01%** | **Israel—0.01%** | **Israel—0.01%** |
| Israel Government <br> International Bonds 3.25% <br> 1/17/28<br>| 400000 | 392873 |
|  |  | **392873** |
| **Mexico—0.03%** | **Mexico—0.03%** | **Mexico—0.03%** |
| Mexico Government <br> International Bonds 3.50% <br> 2/12/34<br>| 2010000 | 1737645 |
|  |  | **1737645** |
| **Peru—0.02%** | **Peru—0.02%** | **Peru—0.02%** |
| Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
| 3.30% 3/11/41 | 70000 | 54047 |
| 3.55% 3/10/51 | 160000 | 111856 |
| 5.50% 3/30/36 | 1250000 | 1274500 |
|  |  | **1440403** |
| **Uruguay—0.00%** | **Uruguay—0.00%** | **Uruguay—0.00%** |
| Uruguay Government <br> International Bonds 7.63% <br> 3/21/36<br>| 80000 | 96652 |
|  |  | **96652** |
| **Total Sovereign Bonds** <br>**(Cost $3,948,634)** | **Total Sovereign Bonds** <br>**(Cost $3,948,634)** | **3846938** |
| **SUPRANATIONAL BANKS–0.21%** | **SUPRANATIONAL BANKS–0.21%** | **SUPRANATIONAL BANKS–0.21%** |
| Africa Finance Corp. 5.55% <br> 10/8/29<br>| 5393000 | 5525949 |
| μAfrican Development Bank <br> 5.75% 5/7/34<br>| 5914000 | 5900453 |
| μCorp. Andina de Fomento <br> 6.75% 6/17/30<br>| 2384000 | 2449560 |
| **Total Supranational Banks** <br>**(Cost $13,528,583)** | **Total Supranational Banks** <br>**(Cost $13,528,583)** | **13875962** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS–28.37%** | **U.S. TREASURY OBLIGATIONS–28.37%** | **U.S. TREASURY OBLIGATIONS–28.37%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.13% 5/15/40 | 26410000 | $16756939 |
| 2.25% 8/15/46 | 50310000 | 33108304 |
| 2.38% 11/15/49 | 224110000 | 143946904 |
| 2.50% 5/15/46 | 31600000 | 21917563 |
| 3.38% 11/15/48 | 24860000 | 19669504 |
| 4.13% 8/15/44 | 6280000 | 5763617 |
| 4.63% 11/15/44 | 180122000 | 176505489 |
| 4.63% 5/15/54 | 13300000 | 12809043 |
| 4.75% 5/15/55 | 182268000 | 179106789 |
| 4.75% 8/15/55 | 37160000 | 36532925 |
| 5.00% 5/15/45 | 96927000 | 99501624 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.63% 12/31/27 | 10000 | 9453 |
| 0.63% 5/15/30 | 82320000 | 72239015 |
| 1.13% 8/31/28 | 224160000 | 210579056 |
| 1.75% 1/31/29 | 168510000 | 159663225 |
| 3.38% 11/30/27 | 62750000 | 62629893 |
| 3.50% 10/31/27 | 37670000 | 37678829 |
| 3.50% 10/15/28 | 55830000 | 55773298 |
| 3.88% 7/15/28 | 13577000 | 13691556 |
| 3.88% 6/30/30 | 203705000 | 205240744 |
| 3.88% 8/15/33 | 33000000 | 32725430 |
| 4.00% 11/15/35 | 36290000 | 35768331 |
| 4.25% 11/15/34 | 12000000 | 12126094 |
| 4.25% 5/15/35 | 141139000 | 142307807 |
| 4.63% 9/30/28 | 12000 | 12339 |
| 4.63% 5/31/31 | 51740000 | 53854064 |
| **Total U.S. Treasury Obligations** <br>**(Cost $1,854,084,389)** | **Total U.S. Treasury Obligations** <br>**(Cost $1,854,084,389)** | **1839917835** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–0.01%** | **COMMON STOCK–0.01%** | **COMMON STOCK–0.01%** |
| =†MNSN Holdings, Inc. | 8379 | 494361 |
| **Total Common Stock** <br>**(Cost $0)** | **Total Common Stock** <br>**(Cost $0)** | **494361** |
| **MONEY MARKET FUND–0.28%** | **MONEY MARKET FUND–0.28%** | **MONEY MARKET FUND–0.28%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 17989715 | 17989715 |
| **Total Money Market Fund** <br>**(Cost $17,989,715)** | **Total Money Market Fund** <br>**(Cost $17,989,715)** | **17989715** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **SHORT-TERM INVESTMENTS—3.83%** | **SHORT-TERM INVESTMENTS—3.83%** | **SHORT-TERM INVESTMENTS—3.83%** |
| **Discounted Commercial Paper–3.83%** | **Discounted Commercial Paper–3.83%** | **Discounted Commercial Paper–3.83%** |
| ≠ABN AMRO Funding USA LLC | ≠ABN AMRO Funding USA LLC | ≠ABN AMRO Funding USA LLC |
| 3.75% 1/2/26 | 60000000 | 59993833 |
| ≠Canadian Imperial Bank of Commerce | ≠Canadian Imperial Bank of Commerce | ≠Canadian Imperial Bank of Commerce |
| 3.67% 1/2/26 | 50000000 | 49994972 |
| 3.84% 1/22/26 | 20000000 | 19956017 |
| 4.05% 1/30/26 | 25000000 | 24920250 |
| ≠Danske Bank AS | ≠Danske Bank AS | ≠Danske Bank AS |
| 3.97% 1/28/26 | 3000000 | 2991292 |
| ≠Manhattan Asset Funding Co. LLC | ≠Manhattan Asset Funding Co. LLC | ≠Manhattan Asset Funding Co. LLC |
| 3.70% 1/2/26 | 310000 | 309968 |
| 3.80% 1/5/26 | 25000000 | 24989611 |
| ≠MUFG Bank Ltd. | ≠MUFG Bank Ltd. | ≠MUFG Bank Ltd. |
| 3.67% 1/7/26 | 24000000 | 23985520 |
| ≠Province of British Columbia | ≠Province of British Columbia | ≠Province of British Columbia |
| 3.99% 2/3/26 | 4550000 | 4533734 |
| ≠Swedbank AB | ≠Swedbank AB | ≠Swedbank AB |
| 4.08% 3/6/26 | 8000000 | 7946046 |

---

LVIP Franklin Templeton Core Bond Fund-22

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |
| **Discounted Commercial Paper (continued)** | **Discounted Commercial Paper (continued)** | **Discounted Commercial Paper (continued)** |
| ≠Toronto-Dominion Bank | ≠Toronto-Dominion Bank | ≠Toronto-Dominion Bank |
| 3.79% 1/15/26 | 15000000 | $14978242 |
| 4.06% 1/22/26 | 4000000 | 3990760 |
| ≠Toyota Credit de Puerto Rico Corp. | ≠Toyota Credit de Puerto Rico Corp. | ≠Toyota Credit de Puerto Rico Corp. |
| 4.08% 3/23/26 | 10000000 | 9912731 |
| **Total Short-Term** <br> **Investments** <br>**(Cost $248,498,851)**<br>|  | **248502976** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–116.83% (Cost $7,658,449,553)** | **7577221291** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **SECURITIES SOLD SHORT–(0.85%)** | **SECURITIES SOLD SHORT–(0.85%)** | **SECURITIES SOLD SHORT–(0.85%)** |
| **Agency Mortgage-Backed Securities–(0.85%)** | **Agency Mortgage-Backed Securities–(0.85%)** | **Agency Mortgage-Backed Securities–(0.85%)** |
| Uniform Mortgage-Backed Security, TBA | (5000000)<br>| $(4421680)<br>|
| Uniform Mortgage-Backed Security, TBA | (41000000)<br>| (37900976)<br>|
| Uniform Mortgage-Backed Security, TBA | (13000000)<br>| (12963438)<br>|
| **Total Securities Sold Short** <br>**(Proceeds $(54879141))** | **Total Securities Sold Short** <br>**(Proceeds $(54879141))** | **(55286094)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(15.98%)** | **(1036186453)**<br>|
| **NET ASSETS APPLICABLE TO 556,612,924 SHARES OUTSTANDING–100.00%** | **$6485748744** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON CORE BOND FUND STANDARD CLASS** <br>**($1,739,021,704 / 149,135,198 Shares)** | **$11.661** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON CORE BOND FUND SERVICE CLASS** <br>**($4,746,727,040 / 407,477,726 Shares)** | **$11.649** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$7808859658** |
| Distributable earnings/(accumulated loss) | **(1323110914)**<br>|
| **TOTAL NET ASSETS** | **$6485748744** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at December 31, 2025. |
| ΔSecurities have been classified by country of origin. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| †Non-income producing. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $109,510 expense reimbursement receivable from Lincoln Financial Investments Corporation, $1,192,332,366 payable for <br> securities purchased, $13,878,750 payable for fund shares redeemed, $3,081,000 cash collateral due to brokers for TBAs, $121,668 other <br> accrued expenses payable, $3,269,208 due to manager and affiliates, $40,109 payable for audit fee and $133,253 payable for fund accounting <br> fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Core Bond Fund-23

------

**LVIP Franklin Templeton Core Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| **Summary of Abbreviations:** |
| BMO–Bank of Montreal  |
| CLO–Collateralized Loan Obligation |
| CMT–Constant Maturity Treasury |
| DB-JPM–Deutsche Bank JPMorgan |
| FREMF–Freddie Mac Multifamily |
| GS–Goldman Sachs |
| JPM-DB–JPMorgan Deutsche Bank |
| REMIC–Real Estate Mortgage Investment Conduits |
| RFUCCT–Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |
| TBA–To be announced |
| yr.–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Core Bond Fund-24

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Franklin Templeton Core Bond Fund** | **LVIP Franklin Templeton Core Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $292666371 |
| **EXPENSES:** |  |
| Management fees | 19644120 |
| Distribution fees-Service Class | 14960636 |
| Shareholder servicing fees | 1844798 |
| Accounting and administration expenses | 1029866 |
| Reports and statements to shareholders | 303773 |
| Professional fees | 232121 |
| Trustees' fees and expenses | 185435 |
| Custodian fees | 100219 |
| Pricing fees | 73622 |
| Consulting fees | 42420 |
| Other | 130903 |
|  | 38547913 |
| Less:  |  |
| Expenses reimbursed | (109510)<br>|
| Total operating expenses | 38438403 |
| **NET INVESTMENT INCOME**  | 254227968 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | (135247064)<br>|
| Foreign currencies | 35 |
| Futures contracts | (6765036)<br>|
| Swap contracts | (469850)<br>|
| Net realized loss | (142481915)<br>|
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 294853188 |
| Foreign currencies | 36 |
| Futures contracts | 8343330 |
| Securities sold short | (406953)<br>|
| Swap contracts | 577038 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 303366639 |
| **NET REALIZED AND UNREALIZED GAIN** | 160884724 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $415112692 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Franklin Templeton Core Bond Fund** | **LVIP Franklin Templeton Core Bond Fund** | **LVIP Franklin Templeton Core Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $254227968 | $278403121 |
| Net realized loss | (142481915)<br>| (84041687)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 303366639 | (95030549)<br>|
| Net increase in net assets <br> resulting from operations<br>| 415112692 | 99330885 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (71944465)<br>| (130015921)<br>|
| Service Class | (181492743)<br>| (193000979)<br>|
|  | (253437208)<br>| (323016900)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 288253752 | 336394127 |
| Service Class | 375451814 | 457599207 |
| Net assets from merger: |  |  |
| Standard Class | 13671816 |  |
| Service Class | 509882993 |  |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 71944465 | 130015921 |
| Service Class | 181492743 | 193000979 |
|  | 1440697583 | 1117010234 |
| Cost of shares redeemed: |  |  |
| Standard Class | (1302476919)<br>| (586564917)<br>|
| Service Class | (628121470)<br>| (347943369)<br>|
|  | (1930598389)<br>| (934508286)<br>|
| Increase (decrease) in net <br> assets derived from capital <br> share transactions<br>| (489900806)<br>| 182501948 |
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (328225322)<br>| (41184067)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 6813974066 | 6855158133 |
| End of year | $6485748744 | $6813974066 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Core Bond Fund-25

------

**LVIP Franklin Templeton Core Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Core Bond Fund Standard Class** | **LVIP Franklin Templeton Core Bond Fund Standard Class** | **LVIP Franklin Templeton Core Bond Fund Standard Class** | **LVIP Franklin Templeton Core Bond Fund Standard Class** | **LVIP Franklin Templeton Core Bond Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25**<sup>1</sup> <br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.342 | &nbsp;&nbsp; $11.728 | &nbsp;&nbsp; $11.430 | &nbsp;&nbsp; $13.691 | &nbsp;&nbsp; $14.404 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.495 | 0.501 | 0.471 | 0.343 | 0.236 |
| Net realized and unrealized gain (loss) | 0.326 | &nbsp;&nbsp; (0.302)<br>| 0.203 | &nbsp;&nbsp; (2.209)<br>| &nbsp;&nbsp; (0.493)<br>|
| Total from investment operations | 0.821 | 0.199 | 0.674 | &nbsp;&nbsp; (1.866)<br>| &nbsp;&nbsp; (0.257)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.502)<br>| &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; (0.376)<br>| &nbsp;&nbsp; (0.375)<br>| &nbsp;&nbsp; (0.284)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.172)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.502)<br>| &nbsp;&nbsp; (0.585)<br>| &nbsp;&nbsp; (0.376)<br>| &nbsp;&nbsp; (0.395)<br>| &nbsp;&nbsp; (0.456)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.661 | &nbsp;&nbsp; $11.342 | &nbsp;&nbsp; $11.728 | &nbsp;&nbsp; $11.430 | &nbsp;&nbsp; $13.691 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 1.61% <br><sup>4</sup><br>| &nbsp;&nbsp; 5.93% | &nbsp;&nbsp; (13.70%)<br>| &nbsp;&nbsp; (1.80%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1739022 | &nbsp;&nbsp; $2598535 | &nbsp;&nbsp; $2805120 | &nbsp;&nbsp; $2334652 | &nbsp;&nbsp; $2932099 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 1.67% |
| Portfolio turnover | &nbsp;&nbsp; 197% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 156% | &nbsp;&nbsp; 298% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective August 1, 2025, Franklin Advisers, Inc. replaced Delaware Investments Fund Advisers as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> In 2024, 0.06% of the fund's total return consists of a voluntary reimbursement by sub-adviser Delaware Investments Fund Advisers for a realized investment loss. Excluding this item, total return would have been 1.55%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Core Bond Fund-26

------

**LVIP Franklin Templeton Core Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Core Bond Fund Service Class** | **LVIP Franklin Templeton Core Bond Fund Service Class** | **LVIP Franklin Templeton Core Bond Fund Service Class** | **LVIP Franklin Templeton Core Bond Fund Service Class** | **LVIP Franklin Templeton Core Bond Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25**<sup>1</sup> <br>| **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.335 | &nbsp;&nbsp; $11.723 | &nbsp;&nbsp; $11.426 | &nbsp;&nbsp; $13.684 | &nbsp;&nbsp; $14.398 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.454 | 0.459 | 0.430 | 0.299 | 0.186 |
| Net realized and unrealized gain (loss) | 0.324 | &nbsp;&nbsp; (0.302)<br>| 0.202 | &nbsp;&nbsp; (2.206)<br>| &nbsp;&nbsp; (0.492)<br>|
| Total from investment operations | 0.778 | 0.157 | 0.632 | &nbsp;&nbsp; (1.907)<br>| &nbsp;&nbsp; (0.306)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.331)<br>| &nbsp;&nbsp; (0.236)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.172)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.020)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.464)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.335)<br>| &nbsp;&nbsp; (0.351)<br>| &nbsp;&nbsp; (0.408)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.649 | &nbsp;&nbsp; $11.335 | &nbsp;&nbsp; $11.723 | &nbsp;&nbsp; $11.426 | &nbsp;&nbsp; $13.684 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 6.87% | &nbsp;&nbsp; 1.25% <br><sup>4</sup><br>| &nbsp;&nbsp; 5.57% | &nbsp;&nbsp; (14.00%)<br>| &nbsp;&nbsp; (2.14%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4746727 | &nbsp;&nbsp; $4215439 | &nbsp;&nbsp; $4050038 | &nbsp;&nbsp; $3843448 | &nbsp;&nbsp; $4823857 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 1.32% |
| Portfolio turnover | &nbsp;&nbsp; 197% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 156% | &nbsp;&nbsp; 298% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective August 1, 2025, Franklin Advisers, Inc. replaced Delaware Investments Fund Advisers as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> In 2024, 0.05% of the fund's total return consists of a voluntary reimbursement by sub-adviser Delaware Investments Fund Advisers for a realized investment loss. Excluding this item, total return would have been 1.20%. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Core Bond Fund-27

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Franklin Templeton Core Bond Fund (formerly, LVIP Macquarie Bond Fund)(the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek long-term total return and current income.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices. Swap contracts are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

To Be Announced Securities (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund's ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

LVIP Franklin Templeton Core Bond Fund-28

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Net Assets.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.48% of the first $200 million of the Fund's average daily net assets; 0.40% of the next $200 million; and 0.30% of the Fund's average daily net assets in excess of $400 million.

Effective October 31, 2025, LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.37% of the Fund's average daily net assets for the Standard Class and 0.72% for the Service Class. The reimbursement is accrued daily and received monthly. This agreement will continue at least through October 31, 2027, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LVIP Franklin Templeton Core Bond Fund-29

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Effective August 1, 2025, Franklin Advisers, Inc. ("FAV") ("the Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. Prior to August 1, 2025, Delaware Investments Fund Advisers ("DIFA") was responsible for the day-to-day management of the Fund's investment portfolio.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $529316 |
| Legal | &nbsp;&nbsp; 87814 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $188,214 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $109510 |
| Management fees payable to LFI | &nbsp;&nbsp; 1698225 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 1409361 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 2058 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 159564 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $1974652529 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 3597090926 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 2175265349 |
| Sales of U.S. government securities | &nbsp;&nbsp; 3841761263 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $7661879032 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $59619506 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (144684200)<br>|
| Net unrealized depreciation of investments | &nbsp;&nbsp; $(85064694)<br>|

---

LVIP Franklin Templeton Core Bond Fund-30

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $217526453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $217526453 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 44473538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44473538 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2186475105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2186475105 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1870126178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1870126178 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 481849461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 481849461 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 213897882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 213897882 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 438244887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 438244887 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3846938 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3846938 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 13875962 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13875962 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1839917835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1839917835 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 494361 | &nbsp;&nbsp; 494361 |
| Money Market Fund | &nbsp;&nbsp; 17989715 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17989715 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 248502976 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248502976 |
| **Total Investments** | &nbsp;&nbsp; $17989715 | &nbsp;&nbsp; $7558737215 | &nbsp;&nbsp; $494361 | &nbsp;&nbsp; $7577221291 |
| **Liabilities:** |  |  |  |  |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55286094)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(55286094)<br>|

---

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

LVIP Franklin Templeton Core Bond Fund-31

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, premium amortization adjustments on certain debt instruments and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $253437208 | &nbsp;&nbsp; $323016900 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $13884570 |
| Capital loss carryforward | &nbsp;&nbsp; (1245597796)<br>|
| Other temporary differences | &nbsp;&nbsp; (6332994)<br>|
| Net unrealized depreciation | &nbsp;&nbsp; (85064694)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(1323110914)<br>|

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to merger related adjustments.

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $(226887976)<br>| &nbsp;&nbsp; $226887976 |

---

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $297165079 | &nbsp;&nbsp; $948432717 | &nbsp;&nbsp; $1245597796 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 24322591 | &nbsp;&nbsp; 28739961 |
| Service Class | &nbsp;&nbsp; 31494214 | &nbsp;&nbsp; 39289150 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 6189467 | &nbsp;&nbsp; 11161521 |
| Service Class | &nbsp;&nbsp; 15628888 | &nbsp;&nbsp; 16574795 |
| Shares from merger: |  |  |
| Standard Class | &nbsp;&nbsp; 1129527 | &nbsp;&nbsp; — |
| Service Class | &nbsp;&nbsp; 42275398 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 121040085 | &nbsp;&nbsp; 95765427 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (111608297)<br>| &nbsp;&nbsp; (49975858)<br>|
| Service Class | &nbsp;&nbsp; (53805781)<br>| &nbsp;&nbsp; (29462970)<br>|
|  | &nbsp;&nbsp; (165414078)<br>| &nbsp;&nbsp; (79438828)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (44373993)<br>| &nbsp;&nbsp; 16326599 |

---

LVIP Franklin Templeton Core Bond Fund-32

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Fund Merger**

As of the close of business on October 31, 2025, the Fund acquired all of the assets and liabilities of the LVIP Western Asset Core Bond Fund ("Acquired Fund"), an open-end investment company, in exchange for the shares of the LVIP Franklin Templeton Core Bond Fund ("Acquiring Fund") pursuant to a Plan and Agreement of Reorganization ("Reorganization"). The purpose of the Reorganization was to combine 2 funds managed by LFI with comparable investment objectives and strategies. The Reorganization was treated as a tax-free reorganization for federal income tax purposes and, accordingly, the basis of the assets of the Acquiring Fund reflected the historical basis of the assets of the Acquired Fund as of the date of the Reorganization. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and assets received and shares issued by the Acquiring Fund were recorded at fair value. The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund prior to the Reorganization, as shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Acquired Fund**<br> **Shares**<br> **Outstanding**<br>| **Acquiring Fund** | **Shares**<br> **Converted to**<br> **Acquiring Fund**<br>| **Acquired Fund**<br> **Net Assets**<br>| **Conversion** <br> **Ratio**<br>|
| Acquired Fund - Standard Class | &nbsp;&nbsp; 1792975 | Standard Class | &nbsp;&nbsp; 1129527 | &nbsp;&nbsp; $13671816 | 0.630 |
| Acquired Fund - Service Class | &nbsp;&nbsp; 66619226 | Service Class | &nbsp;&nbsp; 42275398 | &nbsp;&nbsp; 509882993 | 0.635 |

---

The net assets of the Acquiring Fund before the acquisition were $5,976,850,156. The net assets of the Acquiring Fund immediately following the acquisition were $6,500,404,966.

If the acquisition had been completed on January 1, 2025, the beginning of the Acquiring Fund's reporting period, the Acquiring Fund's pro forma results of operations for the year ended December 31, 2025, would have been as follows (unaudited):

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp; $270233090 <br><sup>(a)</sup><br>|
| Net realized gain (loss) | &nbsp;&nbsp; (143910749 )<sup>(b)</sup><br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 274545810 <br><sup>(c)</sup><br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $400868151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) $254,227,968,
 as reported in the Statements of Changes in Net Assets, plus $16,005,122 Net investment income(loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $(142,481,915),
 as reported in the Statements of Changes in Net Assets, plus $(1,428,834) Net realized gain (loss) from Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;(c) $303,366,639,
 as reported in the Statements of Changes in Net Assets, plus $(28,820,829) Net change in unrealized appreciation (depreciation)
 from Acquired Fund pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund's Statements of Changes in Net Assets since November 3, 2025.

**8. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**9. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the

LVIP Franklin Templeton Core Bond Fund-33

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and as a cash management tool.

Swap Contracts–The Fund enters into CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

During the year ended December 31, 2025, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and for centrally cleared swaps, by trading these instruments through a central counterparty.

During the year ended December 31, 2025, the Fund used CDS contracts to gain exposure to certain securities or markets.

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(6765036)<br>| &nbsp;&nbsp; $8343330 |
| Swap contracts (Credit <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from swap contracts and net change <br> in unrealized appreciation (depreciation) of swap contracts<br>| &nbsp;&nbsp; (469850)<br>| &nbsp;&nbsp; 577038 |
| Total |  | &nbsp;&nbsp; $(7234886)<br>| &nbsp;&nbsp; $8920368 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $791176940 | $210851549 |
| CDS contracts (average notional value)\* |  | 7366923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Core Bond Fund-34

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Derivatives (continued)**

\*Long represents buying protection and short represents selling protection.<br>

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At December 31, 2025, the Fund had no assets and liabilities subject to offsetting provisions.

**10. Risk Factors**

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**11. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**12. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after

LVIP Franklin Templeton Core Bond Fund-35

------

**LVIP Franklin Templeton Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **12. Recent Accounting Pronouncements (continued)**

December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**13. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Franklin Templeton Core Bond Fund-36

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Franklin Templeton Core Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Franklin Templeton Core Bond Fund (formerly, LVIP Macquarie Bond Fund) (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgc645b4b22.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Franklin Templeton Core Bond Fund–37

------

![](img70a575431.jpg)

![](img3394cab62.jpg)

LVIP Franklin Templeton Global Equity Managed Volatility Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_a7366ba8-9c34-45a9-9950-fc13121f1bb7_SOI-continued-235_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_a7366ba8-9c34-45a9-9950-fc13121f1bb7_FS-continued-235_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Changes in Net Assets](#xx_a7366ba8-9c34-45a9-9950-fc13121f1bb7_FS-continued-235_1)**  | &nbsp;&nbsp; **7** |
| **[Financial Highlights](#xx_a7366ba8-9c34-45a9-9950-fc13121f1bb7_FIHI-continued-235_1)**  | &nbsp;&nbsp; **8** |
| **[Notes to Financial Statements](#xx_a7366ba8-9c34-45a9-9950-fc13121f1bb7_NTF-continued-235_1)**  | &nbsp;&nbsp; **10** |
| **[Report of Independent Registered Public Accounting Firm](#xx_a7366ba8-9c34-45a9-9950-fc13121f1bb7_AUDIT-continued-235_1)**  | &nbsp;&nbsp; **19** |

---

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–93.13%** | **ΔCOMMON STOCK–93.13%** | **ΔCOMMON STOCK–93.13%** |
| **Australia–0.03%** | **Australia–0.03%** | **Australia–0.03%** |
| Pro Medicus Ltd. | 1711 | $251283 |
|  |  | **251283** |
| **Canada–2.20%** | **Canada–2.20%** | **Canada–2.20%** |
| †Celestica, Inc. | 6498 | 1920874 |
| Constellation Software, <br> Inc.<br>| 35 | 84185 |
| Manulife Financial Corp. | 216200 | 7850649 |
| Royal Bank of Canada | 46200 | 7876098 |
| †Shopify, Inc. Class A | 17100 | 2753342 |
|  |  | **20485148** |
| **Cayman Islands–0.00%** | **Cayman Islands–0.00%** | **Cayman Islands–0.00%** |
| †Bullish | 100 | 3787 |
|  |  | **3787** |
| **China–0.18%** | **China–0.18%** | **China–0.18%** |
| †BeOne Medicines Ltd. <br> ADR<br>| 156 | 47394 |
| Tencent Holdings Ltd. | 21059 | 1616142 |
|  |  | **1663536** |
| **Denmark–0.72%** | **Denmark–0.72%** | **Denmark–0.72%** |
| †Ascendis Pharma AS ADR | 3442 | 733972 |
| Novo Nordisk AS Class B | 118394 | 6004761 |
|  |  | **6738733** |
| **France–3.63%** | **France–3.63%** | **France–3.63%** |
| Airbus SE | 8162 | 1895410 |
| BNP Paribas SA | 23497 | 2222980 |
| Capgemini SE | 11000 | 1826530 |
| Cie de Saint-Gobain SA | 14495 | 1474024 |
| Danone SA | 14186 | 1279563 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 9631 | 7259228 |
| Sanofi SA | 65840 | 6370360 |
| Veolia Environnement SA | 150357 | 5232043 |
| Vinci SA | 44622 | 6277560 |
|  |  | **33837698** |
| **Germany–3.77%** | **Germany–3.77%** | **Germany–3.77%** |
| BASF SE | 31250 | 1644331 |
| Daimler Truck Holding AG | 126248 | 5468118 |
| Deutsche Bank AG | 40763 | 1570970 |
| Deutsche Telekom AG | 56897 | 1852057 |
| Fresenius Medical Care <br> AG<br>| 89585 | 4279076 |
| Fresenius SE & Co. KGaA | 22566 | 1292847 |
| Infineon Technologies AG | 188713 | 8233725 |
| SAP SE | 21396 | 5198555 |
| Siemens AG | 3508 | 982508 |
| †Siemens Energy AG | 32796 | 4600903 |
|  |  | **35123090** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong–0.87%** | **Hong Kong–0.87%** | **Hong Kong–0.87%** |
| AIA Group Ltd. | 620200 | $6383777 |
| Prudential PLC | 108686 | 1671925 |
|  |  | **8055702** |
| **India–0.92%** | **India–0.92%** | **India–0.92%** |
| HDFC Bank Ltd. ADR | 235004 | 8587046 |
|  |  | **8587046** |
| **Ireland–2.13%** | **Ireland–2.13%** | **Ireland–2.13%** |
| Accenture PLC Class A | 11562 | 3102085 |
| AerCap Holdings NV | 12790 | 1838690 |
| Medtronic PLC | 90366 | 8680558 |
| Smurfit WestRock PLC | 162357 | 6228289 |
|  |  | **19849622** |
| **Israel–0.02%** | **Israel–0.02%** | **Israel–0.02%** |
| Elbit Systems Ltd. | 262 | 151360 |
|  |  | **151360** |
| **Japan–4.26%** | **Japan–4.26%** | **Japan–4.26%** |
| Denso Corp. | 69207 | 955895 |
| Ebara Corp. | 332900 | 7846376 |
| Mitsubishi Electric Corp. | 301741 | 8797814 |
| Mizuho Financial Group, <br> Inc.<br>| 290800 | 10612617 |
| Pan Pacific International <br> Holdings Corp.<br>| 234548 | 1397179 |
| †Renesas Electronics Corp. | 104038 | 1424992 |
| Toyota Motor Corp. | 72243 | 1551570 |
| Toyota Motor Corp. ADR | 33100 | 7085386 |
|  |  | **39671829** |
| **Netherlands–4.13%** | **Netherlands–4.13%** | **Netherlands–4.13%** |
| Akzo Nobel NV | 90796 | 6317628 |
| †Argenx SE | 769 | 648596 |
| ASM International NV | 9155 | 5542389 |
| ASML Holding NV. | 342 | 365892 |
| Euronext NV | 45340 | 6810878 |
| Heineken NV | 133105 | 10982083 |
| ING Groep NV | 223468 | 6281289 |
| †Magnum Ice Cream Co. NV | 32868 | 521685 |
| Stellantis NV | 90702 | 993250 |
|  |  | **38463690** |
| **Norway–0.67%** | **Norway–0.67%** | **Norway–0.67%** |
| Norsk Hydro ASA | 810693 | 6257877 |
|  |  | **6257877** |
| **Portugal–0.51%** | **Portugal–0.51%** | **Portugal–0.51%** |
| Galp Energia SGPS SA | 276404 | 4759766 |
|  |  | **4759766** |
| **Republic of Korea–1.64%** | **Republic of Korea–1.64%** | **Republic of Korea–1.64%** |
| †Samsung Biologics Co. Ltd. | 54 | 64025 |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-1

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| Samsung Electronics Co. <br> Ltd.<br>| 181350 | $15199830 |
| †Samsung Episholdings Co. <br> Ltd.<br>| 24 | 12379 |
|  |  | **15276234** |
| **Singapore–0.16%** | **Singapore–0.16%** | **Singapore–0.16%** |
| DBS Group Holdings Ltd. | 33023 | 1446560 |
|  |  | **1446560** |
| **Sweden–0.71%** | **Sweden–0.71%** | **Sweden–0.71%** |
| Securitas AB Class B | 398538 | 6337996 |
| †Spotify Technology SA | 520 | 301969 |
|  |  | **6639965** |
| **Switzerland–1.86%** | **Switzerland–1.86%** | **Switzerland–1.86%** |
| Adecco Group AG | 164533 | 4738550 |
| Cie Financiere Richemont <br> SA Class A<br>| 8183 | 1764671 |
| Novartis AG ADR | 15388 | 2121544 |
| Roche Holding AG | 4866 | 2009513 |
| †UBS Group AG | 144353 | 6684988 |
|  |  | **17319266** |
| **Taiwan–1.83%** | **Taiwan–1.83%** | **Taiwan–1.83%** |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd. <br> ADR<br>| 55937 | 16998695 |
|  |  | **16998695** |
| **Thailand–0.07%** | **Thailand–0.07%** | **Thailand–0.07%** |
| †Sea Ltd. ADR | 4956 | 632237 |
|  |  | **632237** |
| **United Kingdom–8.31%** | **United Kingdom–8.31%** | **United Kingdom–8.31%** |
| †ARM Holdings PLC ADR | 841 | 91930 |
| AstraZeneca PLC | 81541 | 15089919 |
| Barratt Redrow PLC | 920165 | 4727060 |
| BP PLC | 270658 | 1578467 |
| BP PLC ADR | 105919 | 3678567 |
| British American Tobacco <br> PLC<br>| 32355 | 1834227 |
| CNH Industrial NV | 538562 | 4965542 |
| Haleon PLC | 374176 | 1890854 |
| National Grid PLC | 71527 | 1097115 |
| nVent Electric PLC | 38106 | 3885669 |
| Reckitt Benckiser Group <br> PLC<br>| 20583 | 1665563 |
| Rio Tinto PLC | 15501 | 1248621 |
| Shell PLC | 268934 | 9910825 |
| SSE PLC | 351888 | 10316622 |
| Standard Chartered PLC | 230735 | 5630035 |
| TechnipFMC PLC | 4186 | 186528 |
| Unilever PLC | 146083 | 9544656 |
|  |  | **77342200** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States–54.36%** | **United States–54.36%** | **United States–54.36%** |
| Abbott Laboratories | 41555 | $5206426 |
| AbbVie, Inc. | 19553 | 4467665 |
| †Adaptive Biotechnologies <br> Corp.<br>| 611 | 9923 |
| †Adobe, Inc. | 4717 | 1650903 |
| †Affirm Holdings, Inc. | 3452 | 256932 |
| Allstate Corp. | 37918 | 7892632 |
| †Alnylam Pharmaceuticals, <br> Inc.<br>| 769 | 305793 |
| Alphabet, Inc. Class A | 90574 | 28349662 |
| †Amazon.com, Inc. | 34193 | 7892428 |
| American Tower Corp. | 7889 | 1385072 |
| Amphenol Corp. Class A | 7695 | 1039902 |
| Analog Devices, Inc. | 21573 | 5850598 |
| Apple, Inc. | 49845 | 13550862 |
| Applied Materials, Inc. | 12533 | 3220856 |
| †AppLovin Corp. Class A | 3762 | 2534911 |
| †Arcutis Biotherapeutics, <br> Inc.<br>| 1266 | 36765 |
| ARES Management Corp. <br> Class A<br>| 24833 | 4013758 |
| †Arista Networks, Inc. | 5668 | 742678 |
| †Axon Enterprise, Inc. | 2386 | 1355081 |
| †Axsome Therapeutics, Inc. | 190 | 34702 |
| Baker Hughes Co. | 438 | 19947 |
| Bank of America Corp. | 33250 | 1828750 |
| Blackrock, Inc. | 1339 | 1433185 |
| †Bloom Energy Corp. <br> Class A<br>| 3121 | 271184 |
| Booking Holdings, Inc. | 171 | 915761 |
| †Bridgebio Pharma, Inc. | 1423 | 108845 |
| Broadcom, Inc. | 55780 | 19305458 |
| †Builders FirstSource, Inc. | 40058 | 4121568 |
| †Cadence Design Systems, <br> Inc.<br>| 2052 | 641414 |
| Capital One Financial <br> Corp.<br>| 6410 | 1553528 |
| †Caris Life Sciences, Inc. | 1001 | 27007 |
| Carlisle Cos., Inc. | 8388 | 2682986 |
| †Carvana Co. | 1193 | 503470 |
| Casey's General Stores, <br> Inc.<br>| 4633 | 2560705 |
| Charles Schwab Corp. | 151049 | 15091306 |
| †Charter Communications, <br> Inc. Class A<br>| 5595 | 1167956 |
| Chevron Corp. | 20364 | 3103677 |
| Cintas Corp. | 18823 | 3540042 |
| †Circle Internet Group, Inc. | 560 | 44408 |
| †Cloudflare, Inc. Class A | 8561 | 1687801 |
| †Corcept Therapeutics, Inc. | 705 | 24534 |
| CRH PLC | 75733 | 9410698 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 685 | 321101 |
| Crown Holdings, Inc. | 66061 | 6802301 |
| CVS Health Corp. | 17182 | 1363563 |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-2

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Danaher Corp. | 19241 | $4404650 |
| Delta Air Lines, Inc. | 120311 | 8349583 |
| †DoorDash, Inc. Class A | 4267 | 966390 |
| †Doximity, Inc. Class A | 451 | 19970 |
| DR Horton, Inc. | 15161 | 2183639 |
| Ecolab, Inc. | 12114 | 3180167 |
| Elevance Health, Inc. | 4464 | 1564855 |
| Eli Lilly & Co. | 7623 | 8192286 |
| EOG Resources, Inc. | 26011 | 2731415 |
| Erie Indemnity Co. Class A | 3991 | 1144020 |
| Exxon Mobil Corp. | 19508 | 2347593 |
| Ferguson Enterprises, Inc. | 37320 | 8308552 |
| Fidelity National <br> Information Services, <br> Inc.<br>| 110872 | 7368553 |
| †Figma, Inc. Class A | 283 | 10576 |
| †Figure Technology <br> Solutions, Inc. Class A<br>| 741 | 30262 |
| †First Solar, Inc. | 155 | 40491 |
| †Fiserv, Inc. | 13230 | 888659 |
| Freeport-McMoRan, Inc. | 116576 | 5920895 |
| GE Vernova, Inc. | 687 | 449003 |
| †GeneDx Holdings Corp. | 1737 | 225914 |
| General Dynamics Corp. | 10202 | 3434605 |
| Global Payments, Inc. | 11831 | 915719 |
| †Guardant Health, Inc. | 6027 | 615598 |
| †Guidewire Software, Inc. | 1012 | 203422 |
| HCA Healthcare, Inc. | 16855 | 7868925 |
| †HeartFlow, Inc. | 2155 | 62818 |
| Hewlett Packard <br> Enterprise Co.<br>| 198425 | 4766168 |
| †Hinge Health, Inc. Class A | 2036 | 94572 |
| Honeywell International, <br> Inc.<br>| 12920 | 2520563 |
| Humana, Inc. | 7252 | 1857455 |
| †ICON PLC | 31600 | 5758152 |
| †IDEXX Laboratories, Inc. | 338 | 228667 |
| †Insmed, Inc. | 3163 | 550488 |
| International Paper Co. | 40469 | 1594074 |
| Intuit, Inc. | 1821 | 1206267 |
| †Intuitive Surgical, Inc. | 2227 | 1261284 |
| †Ionis Pharmaceuticals, <br> Inc.<br>| 2406 | 190339 |
| †Jazz Pharmaceuticals PLC | 1213 | 206210 |
| Johnson & Johnson | 26099 | 5401188 |
| Johnson Controls <br> International PLC<br>| 42833 | 5129252 |
| JPMorgan Chase & Co. | 29726 | 9578312 |
| †Karman Holdings, Inc. | 3980 | 291217 |
| †Kestra Medical <br> Technologies Ltd.<br>| 1186 | 31453 |
| KeyCorp | 485596 | 10022701 |
| KLA Corp. | 854 | 1037678 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 8081 | 613429 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| †Krystal Biotech, Inc. | 339 | $83577 |
| Lam Research Corp. | 7011 | 1200143 |
| †Legence Corp. Class A | 2226 | 95807 |
| †Life360, Inc. | 1389 | 89090 |
| †Ligand Pharmaceuticals, <br> Inc.<br>| 1540 | 291168 |
| Linde PLC | 15654 | 6674709 |
| Lowe's Cos., Inc. | 18540 | 4471106 |
| Marsh & McLennan Cos., <br> Inc.<br>| 11189 | 2075783 |
| Mastercard, Inc. Class A | 3426 | 1955835 |
| McDonald's Corp. | 16738 | 5115635 |
| †Medpace Holdings, Inc. | 336 | 188714 |
| Merck & Co., Inc. | 18038 | 1898680 |
| Meta Platforms, Inc. <br> Class A<br>| 9484 | 6260294 |
| Micron Technology, Inc. | 25794 | 7361866 |
| Microsoft Corp. | 61517 | 29750852 |
| Mondelez International, <br> Inc. Class A<br>| 27283 | 1468644 |
| †MongoDB, Inc. | 342 | 143534 |
| Monolithic Power Systems, <br> Inc.<br>| 857 | 776750 |
| Morgan Stanley | 37533 | 6663233 |
| Motorola Solutions, Inc. | 4796 | 1838403 |
| Nasdaq, Inc. | 59580 | 5787005 |
| †Natera, Inc. | 4968 | 1138119 |
| †Netflix, Inc. | 14912 | 1398149 |
| NextEra Energy, Inc. | 33846 | 2717157 |
| †Nextpower, Inc. Class A | 337 | 29356 |
| NVIDIA Corp. | 64950 | 12113175 |
| †Oceaneering International, <br> Inc.<br>| 894 | 21483 |
| Old Dominion Freight Line, <br> Inc.<br>| 8211 | 1287485 |
| Oracle Corp. | 34216 | 6669041 |
| †Palantir Technologies, Inc. <br> Class A<br>| 5485 | 974959 |
| †Palo Alto Networks, Inc. | 3414 | 628859 |
| Parker-Hannifin Corp. | 4541 | 3991357 |
| PepsiCo, Inc. | 21784 | 3126440 |
| PNC Financial Services <br> Group, Inc.<br>| 32754 | 6836742 |
| PPG Industries, Inc. | 13381 | 1371017 |
| Procter & Gamble Co. | 27298 | 3912076 |
| †PTC Therapeutics, Inc. | 510 | 38740 |
| Quanta Services, Inc. | 753 | 317811 |
| †Reddit, Inc. Class A | 1548 | 355839 |
| †Revolution Medicines, Inc. | 685 | 54560 |
| †Rhythm Pharmaceuticals, <br> Inc.<br>| 388 | 41532 |
| †Robinhood Markets, Inc. <br> Class A<br>| 6148 | 695339 |
| †ROBLOX Corp. Class A | 6857 | 555623 |
| †Rocket Lab Corp. | 4460 | 311130 |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-3

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| †Roku, Inc. | 883 | $95797 |
| Roper Technologies, Inc. | 7172 | 3192472 |
| Ross Stores, Inc. | 18611 | 3352586 |
| RTX Corp. | 28694 | 5262480 |
| S&P Global, Inc. | 1497 | 782317 |
| †ServiceTitan, Inc. Class A | 2766 | 294579 |
| Sherwin-Williams Co. | 5967 | 1933487 |
| †SiTime Corp. | 74 | 26136 |
| SLB Ltd. | 32919 | 1263431 |
| †Snowflake, Inc. Class A | 1023 | 224405 |
| STERIS PLC | 9931 | 2517707 |
| Stryker Corp. | 18240 | 6410813 |
| †Symbotic, Inc. | 1349 | 80265 |
| †Synopsys, Inc. | 1029 | 483342 |
| †Tarsus Pharmaceuticals, <br> Inc.<br>| 744 | 60919 |
| †Tempus AI, Inc. | 2554 | 150814 |
| †Tesla, Inc. | 5982 | 2690225 |
| Texas Instruments, Inc. | 34133 | 5921734 |
| †Toast, Inc. Class A | 285 | 10120 |
| Tractor Supply Co. | 40650 | 2032906 |
| Tradeweb Markets, Inc. <br> Class A<br>| 2608 | 280464 |
| †Uber Technologies, Inc. | 4112 | 335991 |
| Union Pacific Corp. | 5857 | 1354841 |
| †United Therapeutics Corp. | 264 | 128634 |
| †Unity Software, Inc. | 709 | 31317 |
| †Veeva Systems, Inc. <br> Class A<br>| 354 | 79023 |
| Visa, Inc. Class A | 27716 | 9720278 |
| Walmart, Inc. | 68691 | 7652864 |
| Walt Disney Co. | 14194 | 1614851 |
| WEC Energy Group, Inc. | 15890 | 1675759 |
| Wells Fargo & Co. | 111410 | 10383412 |
| West Pharmaceutical <br> Services, Inc.<br>| 7278 | 2002469 |
| WW Grainger, Inc. | 3643 | 3675969 |
| Zimmer Biomet Holdings, <br> Inc.<br>| 60321 | 5424064 |
|  |  | **506020061** |
| **Uruguay–0.15%** | **Uruguay–0.15%** | **Uruguay–0.15%** |
| †MercadoLibre, Inc. | 685 | 1379768 |
|  |  | **1379768** |
| **Total Common Stock** <br>**(Cost $523,702,408)** | **Total Common Stock** <br>**(Cost $523,702,408)** | **866955153** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔWARRANT–0.00%** | **ΔWARRANT–0.00%** | **ΔWARRANT–0.00%** |
| **Canada–0.00%** | **Canada–0.00%** | **Canada–0.00%** |
| =†Constellation Software, Inc. <br> exp 3/31/40 exercise price <br> CAD 1.0000<br>| 236 | $0 |
| **Total Warrant** <br>**(Cost $0)** | **Total Warrant** <br>**(Cost $0)** | **0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>|  |
| **ΔCORPORATE BONDS–0.04%** | **ΔCORPORATE BONDS–0.04%** | **ΔCORPORATE BONDS–0.04%** |
| **United States–0.04%** | **United States–0.04%** | **United States–0.04%** |
| Michaels Cos., Inc. 7.88% <br> 5/1/29<br>| 266000 | 245543 |
| Neptune Bidco U.S., Inc. <br> 10.38% 5/15/31<br>| 196000 | 200967 |
| **Total Corporate Bonds** <br>**(Cost $375,387)** | **Total Corporate Bonds** <br>**(Cost $375,387)** | **446510** |
| **ΔLOAN AGREEMENTS–0.19%** | **ΔLOAN AGREEMENTS–0.19%** | **ΔLOAN AGREEMENTS–0.19%** |
| **United States–0.19%** | **United States–0.19%** | **United States–0.19%** |
| •CoreLogic, Inc. 7.33% (1 mo. <br> USD Term SOFR + 3.50%) <br> 6/2/28<br>| 415941 | 415792 |
| •Michaels Cos., Inc. 8.18% (3 <br> mo. USD Term SOFR + <br> 4.25%) 4/17/28<br>| 499371 | 481893 |
| •Neptune Bidco U.S., Inc.  |  |  |
| 8.76% (3 mo. USD Term <br> SOFR + 4.75%) 10/11/28<br>| 494520 | 487498 |
| 9.01% (3 mo. USD Term <br> SOFR + 5.00%) 4/11/29<br>| 373828 | 369248 |
| **Total Loan Agreements** <br>**(Cost $1,644,795)** | **Total Loan Agreements** <br>**(Cost $1,644,795)** | **1754431** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–6.30%** | **MONEY MARKET FUND–6.30%** | **MONEY MARKET FUND–6.30%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 58602418 | 58602418 |
| **Total Money Market Fund** <br>**(Cost $58,602,418)** | **Total Money Market Fund** <br>**(Cost $58,602,418)** | **58602418** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.66% (Cost $584,325,008)** | **927758512** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.34%** | **3181830** |
| **NET ASSETS APPLICABLE TO 20,897,834 SHARES OUTSTANDING–100.00%** | **$930940342** |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-4

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND** <br> **STANDARD CLASS** <br>**($96,959,407 / 2,175,736 Shares)** | **$44.564** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND** <br> **SERVICE CLASS** <br>**($833,980,935 / 18,722,098 Shares)** | **$44.545** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$511268754** |
| Distributable earnings/(accumulated loss) | **419671588** |
| **TOTAL NET ASSETS** | **$930940342** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,509,939 cash collateral held at broker for futures contracts, $613,081 payable for securities purchased, $923,378 payable for <br> fund shares redeemed, $46,475 other accrued expenses payable, $705,148 due to manager and affiliates, $398 due to custodian, $219,734 <br> variation margin due to broker on futures contracts, $19,686 payable for audit fee and $36,706 payable for fund accounting fee as of <br> December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 25 | CME British Pound Currency Futures | &nbsp;&nbsp; $2102812 | &nbsp;&nbsp; $2080847 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $21965 | &nbsp;&nbsp; $— |
| 24 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 3534000 | &nbsp;&nbsp; 3506079 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 27921 | &nbsp;&nbsp; — |
| 31 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 2487169 | &nbsp;&nbsp; 2512244 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25075)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 49886 | &nbsp;&nbsp; (25075)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 56 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 19299000 | &nbsp;&nbsp; 19295386 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 3614 | &nbsp;&nbsp; — |
| 17 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 5652840 | &nbsp;&nbsp; 5738695 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (85855)<br>|
| 54 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 3706746 | &nbsp;&nbsp; 3654230 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 52516 | &nbsp;&nbsp; — |
| 16 | FTSE 100 Index Futures | &nbsp;&nbsp; 2143996 | &nbsp;&nbsp; 2091936 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 52060 | &nbsp;&nbsp; — |
| 8 | OSE Nikkei 225 Index Futures | &nbsp;&nbsp; 2574055 | &nbsp;&nbsp; 2579965 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5910)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 108190 | &nbsp;&nbsp; (91765)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $158076 | &nbsp;&nbsp; $(116840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

LVIP Franklin Templeton Global Equity Managed Volatility Fund-5

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| CAD–Canadian Dollar |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| OSE–Osaka Securities Exchange |
| S&P–Standard & Poor's |
| SOFR–Secured Overnight Financing Rate |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** | **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $18067197 |
| Interest | 2601237 |
| Foreign taxes withheld | (949102)<br>|
|  | 19719332 |
| **EXPENSES:** |  |
| Management fees | 5978311 |
| Distribution fees-Service Class | 2074635 |
| Shareholder servicing fees | 267202 |
| Accounting and administration expenses | 193575 |
| Custodian fees | 89058 |
| Professional fees | 67645 |
| Reports and statements to shareholders | 27420 |
| Trustees' fees and expenses | 26869 |
| Consulting fees | 24394 |
| Pricing fees | 22212 |
| Other | 26670 |
|  | 8797991 |
| Less:  |  |
| Management fees waived | (92139)<br>|
| Total operating expenses | 8705852 |
| **NET INVESTMENT INCOME**  | 11013480 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain (loss) from: |  |
| Investments | 116253758 |
| Foreign currencies | (103689)<br>|
| Foreign currency exchange contracts | (388278)<br>|
| Futures contracts | (40161804)<br>|
| Net realized gain | 75599987 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 27358574 |
| Foreign currencies | 111152 |
| Foreign currency exchange contracts | (360706)<br>|
| Futures contracts | 1903152 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 29012172 |
| **NET REALIZED AND UNREALIZED GAIN** | 104612159 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $115625639 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** | **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** | **LVIP Franklin Templeton Global Equity Managed** <br> **Volatility Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $11013480 | $11921873 |
| Net realized gain | 75599987 | 101621606 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 29012172 | 699702 |
| Net increase in net assets resulting <br> from operations<br>| 115625639 | 114243181 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (10703824)<br>| (5141975)<br>|
| Service Class | (92812606)<br>| (46949065)<br>|
|  | (103516430)<br>| (52091040)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 8359591 | 6329622 |
| Service Class | 25288661 | 21765740 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 10703824 | 5141975 |
| Service Class | 92812606 | 46949065 |
|  | 137164682 | 80186402 |
| Cost of shares redeemed: |  |  |
| Standard Class | (13917455)<br>| (13429796)<br>|
| Service Class | (145132275)<br>| (159357378)<br>|
|  | (159049730)<br>| (172787174)<br>|
| Decrease in net assets derived <br> from capital share transactions<br>| (21885048)<br>| (92600772)<br>|
| **NET DECREASE IN NET** <br> **ASSETS**<br>| (9775839)<br>| (30448631)<br>|
| **NET ASSETS:** |  |  |
| Beginning of year | 940716181 | 971164812 |
| End of year | $930940342 | $940716181 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-7

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $44.219 | &nbsp;&nbsp; $41.594 | &nbsp;&nbsp; $37.707 | &nbsp;&nbsp; $45.868 | &nbsp;&nbsp; $39.545 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.637 | 0.648 | 0.628 | 0.501 | 0.385 |
| Net realized and unrealized gain (loss) | 5.119 | 4.570 | 5.769 | &nbsp;&nbsp; (6.164)<br>| 6.464 |
| Total from investment operations | 5.756 | 5.218 | 6.397 | &nbsp;&nbsp; (5.663)<br>| 6.849 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.583)<br>| &nbsp;&nbsp; (0.710)<br>| &nbsp;&nbsp; (0.657)<br>| &nbsp;&nbsp; (0.624)<br>| &nbsp;&nbsp; (0.526)<br>|
| Net realized gain | &nbsp;&nbsp; (4.828)<br>| &nbsp;&nbsp; (1.883)<br>| &nbsp;&nbsp; (1.853)<br>| &nbsp;&nbsp; (1.874)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (5.411)<br>| &nbsp;&nbsp; (2.593)<br>| &nbsp;&nbsp; (2.510)<br>| &nbsp;&nbsp; (2.498)<br>| &nbsp;&nbsp; (0.526)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $44.564 | &nbsp;&nbsp; $44.219 | &nbsp;&nbsp; $41.594 | &nbsp;&nbsp; $37.707 | &nbsp;&nbsp; $45.868 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.51% | &nbsp;&nbsp; 12.54% | &nbsp;&nbsp; 17.24% | &nbsp;&nbsp; (12.06%)<br>| &nbsp;&nbsp; 17.32% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $96959 | &nbsp;&nbsp; $90756 | &nbsp;&nbsp; $87204 | &nbsp;&nbsp; $78905 | &nbsp;&nbsp; $98213 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 0.88% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 0.87% |
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-8

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** | **LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $44.212 | &nbsp;&nbsp; $41.586 | &nbsp;&nbsp; $37.705 | &nbsp;&nbsp; $45.861 | &nbsp;&nbsp; $39.540 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.524 | 0.535 | 0.526 | 0.399 | 0.275 |
| Net realized and unrealized gain (loss) | 5.108 | 4.567 | 5.761 | &nbsp;&nbsp; (6.159)<br>| 6.457 |
| Total from investment operations | 5.632 | 5.102 | 6.287 | &nbsp;&nbsp; (5.760)<br>| 6.732 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.471)<br>| &nbsp;&nbsp; (0.593)<br>| &nbsp;&nbsp; (0.553)<br>| &nbsp;&nbsp; (0.522)<br>| &nbsp;&nbsp; (0.411)<br>|
| Net realized gain | &nbsp;&nbsp; (4.828)<br>| &nbsp;&nbsp; (1.883)<br>| &nbsp;&nbsp; (1.853)<br>| &nbsp;&nbsp; (1.874)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (5.299)<br>| &nbsp;&nbsp; (2.476)<br>| &nbsp;&nbsp; (2.406)<br>| &nbsp;&nbsp; (2.396)<br>| &nbsp;&nbsp; (0.411)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $44.545 | &nbsp;&nbsp; $44.212 | &nbsp;&nbsp; $41.586 | &nbsp;&nbsp; $37.705 | &nbsp;&nbsp; $45.861 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.22% | &nbsp;&nbsp; 12.26% | &nbsp;&nbsp; 16.95% | &nbsp;&nbsp; (12.28%)<br>| &nbsp;&nbsp; 17.03% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $833981 | &nbsp;&nbsp; $849960 | &nbsp;&nbsp; $883961 | &nbsp;&nbsp; $859170 | &nbsp;&nbsp; $1071692 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.63% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.62% |
| Portfolio turnover | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-9

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Franklin Templeton Global Equity Managed Volatility Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to provide long-term capital growth, which it seeks to achieve through a flexible policy of investing primarily in stocks of companies organized in the United States or in any foreign nation. A portion of the Fund may also be invested in debt obligations of companies and governments of any nation.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-10

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP Franklin Templeton Global Equity Managed Volatility Fund is $947 and $928 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. Commission rebates are included in "Net realized gain (loss) from investments" on the Statement of Operations and totaled $1,215 for the year ended December 31, 2025. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-advisers, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.75% of the first $200 million of the Fund's average daily net assets; 0.65% of the next $300 million; and 0.60% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.01% of the Fund's average daily net assets. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

Templeton Investment Counsel, LLC, Franklin Advisers, Inc., and Franklin Mutual Advisers, LLC (the "Sub-Advisers") are each responsible for the day-to-day management of a portion of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Advisers a fee based on their respective managed portion of the Fund's average daily net assets.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-11

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Schroder Investment Management North America Inc. ("Sub-Adviser") and Schroder Investment Management North America Limited ("Sub-Sub-Adviser") are responsible for managing the Fund's volatility management overlay. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets. The Sub-Adviser pays the Sub-Sub-Adviser directly for services performed.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $76454 |
| Legal | &nbsp;&nbsp; 12657 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $14,297 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $504803 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 177175 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 236 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 22934 |

---

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the year ended December 31, 2025, the Fund did not engage in any 17a-7 securities purchases or sales.

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $310055335 |
| Sales | &nbsp;&nbsp; 460354133 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $586325568 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $355119816 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (13633672)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $341486144 |

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-12

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-13

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $251283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $251283 |
| Canada | &nbsp;&nbsp; 20485148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20485148 |
| Cayman Islands | &nbsp;&nbsp; 3787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3787 |
| China | &nbsp;&nbsp; 47394 | &nbsp;&nbsp; 1616142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1663536 |
| Denmark | &nbsp;&nbsp; 733972 | &nbsp;&nbsp; 6004761 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6738733 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 33837698 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33837698 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 35123090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35123090 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 8055702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8055702 |
| India | &nbsp;&nbsp; 8587046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8587046 |
| Ireland | &nbsp;&nbsp; 13621333 | &nbsp;&nbsp; 6228289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19849622 |
| Israel | &nbsp;&nbsp; 151360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 151360 |
| Japan | &nbsp;&nbsp; 7085386 | &nbsp;&nbsp; 32586443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39671829 |
| Netherlands | &nbsp;&nbsp; 952441 | &nbsp;&nbsp; 37511249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38463690 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 6257877 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6257877 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 4759766 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4759766 |
| Republic of Korea | &nbsp;&nbsp; 12379 | &nbsp;&nbsp; 15263855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15276234 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 1446560 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1446560 |
| Sweden | &nbsp;&nbsp; 301969 | &nbsp;&nbsp; 6337996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6639965 |
| Switzerland | &nbsp;&nbsp; 8806532 | &nbsp;&nbsp; 8512734 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17319266 |
| Taiwan | &nbsp;&nbsp; 16998695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16998695 |
| Thailand | &nbsp;&nbsp; 632237 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 632237 |
| United Kingdom | &nbsp;&nbsp; 12808236 | &nbsp;&nbsp; 64533964 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77342200 |
| United States | &nbsp;&nbsp; 496609363 | &nbsp;&nbsp; 9410698 | &nbsp;&nbsp; — | &nbsp;&nbsp; 506020061 |
| Uruguay | &nbsp;&nbsp; 1379768 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1379768 |
| Warrant | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 446510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 446510 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 1754431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1754431 |
| Money Market Fund | &nbsp;&nbsp; 58602418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58602418 |
| **Total Investments** | &nbsp;&nbsp; $647819464 | &nbsp;&nbsp; $279939048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $927758512 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $158076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $158076 |
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(116840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(116840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's equity holdings was categorized as Level 2.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and mark-to-market adjustments on certain derivatives. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

LVIP Franklin Templeton Global Equity Managed Volatility Fund-14

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Dividend and Distribution Information (continued)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $10008884 | &nbsp;&nbsp; $13772462 |
| Long-term capital gains | &nbsp;&nbsp; 93507546 | &nbsp;&nbsp; 38318578 |
| Total | &nbsp;&nbsp; $103516430 | &nbsp;&nbsp; $52091040 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $170239 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 78015203 |
| Other temporary differences | &nbsp;&nbsp; 2 |
| Net unrealized appreciation | &nbsp;&nbsp; 341486144 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $419671588 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 185549 | &nbsp;&nbsp; 140643 |
| Service Class | &nbsp;&nbsp; 571302 | &nbsp;&nbsp; 482189 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 246855 | &nbsp;&nbsp; 114816 |
| Service Class | &nbsp;&nbsp; 2146597 | &nbsp;&nbsp; 1048808 |
|  | &nbsp;&nbsp; 3150303 | &nbsp;&nbsp; 1786456 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (309094)<br>| &nbsp;&nbsp; (299590)<br>|
| Service Class | &nbsp;&nbsp; (3220530)<br>| &nbsp;&nbsp; (3562624)<br>|
|  | &nbsp;&nbsp; (3529624)<br>| &nbsp;&nbsp; (3862214)<br>|
| Net decrease | &nbsp;&nbsp; (379321)<br>| &nbsp;&nbsp; (2075758)<br>|

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-15

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended December 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; to hedge currency risks associated with the Fund's investments and as a cash management tool.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $108190 | Receivables and other assets net of <br> liabilities<br>| $(91765)<br>|
| Futures contracts <br> (Currency <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| 49886 | Receivables and other assets net of <br> liabilities<br>| (25075)<br>|
| Total |  | $158076 |  | $(116840)<br>|

---

LVIP Franklin Templeton Global Equity Managed Volatility Fund-16

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(388278)<br>| &nbsp;&nbsp; $(360706)<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (38492020)<br>| &nbsp;&nbsp; 1617933 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (1669784)<br>| &nbsp;&nbsp; 285219 |
| Total |  | &nbsp;&nbsp; $(40550082)<br>| &nbsp;&nbsp; $1542446 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $1866343 | $4267410 |
| Futures contracts (average notional value) | 40894269 | 23827879 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At December 31, 2025, the Fund had no assets and liabilities subject to offsetting provisions.

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government

LVIP Franklin Templeton Global Equity Managed Volatility Fund-17

------

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

At a meeting of the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") on December 8-9, 2025, the Board approved the appointment of Loomis, Sayles & Company, L.P. ("Loomis") as a new sub-adviser to the Fund, effective on or about February 17, 2026 ("Effective Date"). Loomis will replace two of the Fund's current sub-advisers, Franklin Advisers, Inc. ("FAV") and Templeton Investment Counsel, LLC ("Templeton"). There are no changes to the portions of the Fund's assets that are sub-advised by Franklin Mutual Advisers, LLC ("FMA") and Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (collectively, "Schroders" or "overlay manager"). The Board also approved a change to the name of the Fund on the effective date. The Fund name will be LVIP Global Equity Managed Volatility Fund.

Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund-18

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Franklin Templeton Global Equity Managed Volatility Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Franklin Templeton Global Equity Managed Volatility Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img2f6a88cd3.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Franklin Templeton Global Equity Managed Volatility Fund–19

------

![](img54f240c61.jpg)

LVIP Franklin Templeton Multi-Factor Funds

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; LVIP Franklin Templeton Multi-Factor International Equity <br> Fund <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; LVIP Franklin Templeton Multi-Factor Emerging Markets <br> Equity Fund <br>|
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund  |
| &nbsp;&nbsp;&nbsp;&nbsp; LVIP Franklin Templeton Multi-Factor SMID Cap Equity <br> Fund <br>|

---

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Franklin Templeton Multi-Factor Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Statements of Net Assets](#xx_ad94da86-cc88-4e41-b45a-026ffc7c2a0b_SOI-continued-318_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Operations](#xx_ad94da86-cc88-4e41-b45a-026ffc7c2a0b_FS-continued-318_1)**  | &nbsp;&nbsp; **33** |
| **[Statements of Changes in Net Assets](#xx_ad94da86-cc88-4e41-b45a-026ffc7c2a0b_FS-continued-318_2)**  | &nbsp;&nbsp; **34** |
| **[Financial Highlights](#xx_ad94da86-cc88-4e41-b45a-026ffc7c2a0b_FIHI-continued-318_1)**  | &nbsp;&nbsp; **35** |
| **[Notes to Financial Statements](#xx_ad94da86-cc88-4e41-b45a-026ffc7c2a0b_NTF-continued-316_1)**  | &nbsp;&nbsp; **43** |
| **[Report of Independent Registered Public Accounting Firm](#xx_ad94da86-cc88-4e41-b45a-026ffc7c2a0b_AUDIT-continued-318_1)**  | &nbsp;&nbsp; **57** |

---

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–98.29%** | **ΔCOMMON STOCK–98.29%** | **ΔCOMMON STOCK–98.29%** |
| **Australia–4.85%** | **Australia–4.85%** | **Australia–4.85%** |
| Aristocrat Leisure Ltd. | 105639 | $4089748 |
| BHP Group Ltd. | 528053 | 15936179 |
| Brambles Ltd. | 215916 | 3297103 |
| Cochlear Ltd. | 4918 | 853859 |
| Coles Group Ltd. | 147682 | 2110857 |
| Commonwealth Bank of <br> Australia<br>| 20366 | 2173847 |
| Computershare Ltd. | 38813 | 879641 |
| Fortescue Ltd. | 535528 | 7830756 |
| Goodman Group | 117633 | 2420671 |
| Pro Medicus Ltd. | 15105 | 2218368 |
| Qantas Airways Ltd. | 192358 | 1328940 |
| REA Group Ltd. | 10352 | 1261960 |
| Stockland | 231041 | 880893 |
| Suncorp Group Ltd. | 74559 | 875254 |
| Wesfarmers Ltd. | 35577 | 1916641 |
|  |  | **48074717** |
| **Austria–0.29%** | **Austria–0.29%** | **Austria–0.29%** |
| Erste Group Bank AG | 10784 | 1293103 |
| OMV AG | 29075 | 1617948 |
|  |  | **2911051** |
| **Belgium–0.36%** | **Belgium–0.36%** | **Belgium–0.36%** |
| Ageas SA | 29429 | 2061821 |
| Anheuser-Busch InBev SA | 23099 | 1482517 |
|  |  | **3544338** |
| **China–0.33%** | **China–0.33%** | **China–0.33%** |
| Yangzijiang Shipbuilding <br> Holdings Ltd.<br>| 1200000 | 3241790 |
|  |  | **3241790** |
| **Denmark–2.08%** | **Denmark–2.08%** | **Denmark–2.08%** |
| AP Moller - Maersk AS <br> Class A<br>| 481 | 1103295 |
| †Genmab AS | 20675 | 6408916 |
| Novo Nordisk AS Class B | 163444 | 8289628 |
| Pandora AS | 30436 | 3365794 |
| Rockwool AS Class B | 41266 | 1449834 |
|  |  | **20617467** |
| **Finland–0.73%** | **Finland–0.73%** | **Finland–0.73%** |
| Kone OYJ Class B | 48475 | 3434112 |
| Nordea Bank Abp | 55111 | 1036872 |
| Orion OYJ Class B | 13911 | 1037866 |
| Wartsila OYJ Abp | 49968 | 1769098 |
|  |  | **7277948** |
| **France–10.98%** | **France–10.98%** | **France–10.98%** |
| Air Liquide SA | 25552 | 4802598 |
| Airbus SE | 4387 | 1018766 |
| AXA SA | 143732 | 6896405 |
| BNP Paribas SA | 154008 | 14570231 |
| Bouygues SA | 33631 | 1748319 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Capgemini SE | 9026 | $1498750 |
| Cie de Saint-Gobain SA | 39165 | 3982762 |
| Credit Agricole SA | 180950 | 3725374 |
| Eiffage SA | 7428 | 1064279 |
| EssilorLuxottica SA | 6133 | 1939241 |
| Hermes International SCA | 2096 | 5204052 |
| Ipsen SA | 6472 | 903034 |
| Klepierre SA | 83312 | 3296263 |
| L'Oreal SA | 26999 | 11591094 |
| LVMH Moet Hennessy Louis <br> Vuitton SE<br>| 12134 | 9145829 |
| Orange SA | 214429 | 3578081 |
| Publicis Groupe SA | 9018 | 936498 |
| Safran SA | 44117 | 15366695 |
| Sanofi SA | 39787 | 3849597 |
| Schneider Electric SE | 12951 | 3543073 |
| Societe Generale SA | 115650 | 9310285 |
| TotalEnergies SE | 14366 | 936634 |
|  |  | **108907860** |
| **Germany–8.85%** | **Germany–8.85%** | **Germany–8.85%** |
| Allianz SE | 28608 | 13227687 |
| Bayer AG | 94029 | 4078579 |
| Deutsche Bank AG | 312797 | 12054920 |
| Deutsche Lufthansa AG | 102736 | 1009272 |
| Deutsche Post AG | 114565 | 6246737 |
| Deutsche Telekom AG | 234434 | 7631074 |
| Fresenius Medical Care <br> AG<br>| 17726 | 846692 |
| GEA Group AG | 33862 | 2288470 |
| Heidelberg Materials AG | 3749 | 971954 |
| Mercedes-Benz Group AG | 85386 | 5919135 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen<br>| 2405 | 1582698 |
| Rheinmetall AG | 1560 | 2846054 |
| RWE AG | 172486 | 9139489 |
| SAP SE | 50734 | 12326765 |
| Siemens AG | 18541 | 5192896 |
| †Siemens Energy AG | 17137 | 2404125 |
|  |  | **87766547** |
| **Hong Kong–2.31%** | **Hong Kong–2.31%** | **Hong Kong–2.31%** |
| AIA Group Ltd. | 472400 | 4862457 |
| CK Asset Holdings Ltd. | 382500 | 1934258 |
| CK Hutchison Holdings <br> Ltd.<br>| 555014 | 3773238 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| 77800 | 4070601 |
| Jardine Matheson Holdings <br> Ltd.<br>| 14500 | 989556 |
| SITC International <br> Holdings Co. Ltd.<br>| 324000 | 1159399 |
| Sun Hung Kai Properties <br> Ltd.<br>| 75500 | 919310 |

---

LVIP Franklin Templeton Multi-Factor Funds-1

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Techtronic Industries Co. <br> Ltd.<br>| 76000 | $874238 |
| WH Group Ltd. | 3873365 | 4314981 |
|  |  | **22898038** |
| **Ireland–1.14%** | **Ireland–1.14%** | **Ireland–1.14%** |
| AerCap Holdings NV | 66387 | 9543795 |
| AIB Group PLC | 160236 | 1712978 |
|  |  | **11256773** |
| **Israel–1.41%** | **Israel–1.41%** | **Israel–1.41%** |
| Bank Hapoalim BM | 53986 | 1221004 |
| Bank Leumi Le-Israel BM | 298363 | 6575232 |
| †Check Point Software <br> Technologies Ltd.<br>| 15503 | 2876737 |
| †Nice Ltd. | 29275 | 3309156 |
|  |  | **13982129** |
| **Italy–3.25%** | **Italy–3.25%** | **Italy–3.25%** |
| Banco BPM SpA | 157866 | 2397183 |
| Enel SpA | 539459 | 5608935 |
| Generali | 98618 | 4121090 |
| Intesa Sanpaolo SpA | 782434 | 5406699 |
| Leonardo SpA | 15337 | 877284 |
| Poste Italiane SpA | 192545 | 4833626 |
| Prysmian SpA | 23841 | 2378313 |
| UniCredit SpA | 79540 | 6588035 |
|  |  | **32211165** |
| **Japan–21.85%** | **Japan–21.85%** | **Japan–21.85%** |
| Advantest Corp. | 60400 | 7637448 |
| Aisin Corp. | 53200 | 996768 |
| Asahi Kasei Corp. | 233300 | 2073745 |
| Asics Corp. | 122800 | 2947994 |
| Astellas Pharma, Inc. | 334600 | 4453362 |
| Bandai Namco Holdings, <br> Inc.<br>| 45900 | 1221678 |
| Central Japan Railway Co. | 106200 | 2941738 |
| Chubu Electric Power Co., <br> Inc.<br>| 204100 | 3144469 |
| Chugai Pharmaceutical Co. <br> Ltd.<br>| 20000 | 1049231 |
| Daifuku Co. Ltd. | 117300 | 3692097 |
| Dai-ichi Life Holdings, Inc. | 134800 | 1120264 |
| Daito Trust Construction <br> Co. Ltd.<br>| 50700 | 965428 |
| Daiwa House Industry Co. <br> Ltd.<br>| 146500 | 4866557 |
| Disco Corp. | 3100 | 944452 |
| Fuji Electric Co. Ltd. | 17700 | 1342280 |
| Fujikura Ltd. | 12200 | 1352924 |
| Hitachi Ltd. | 177400 | 5563542 |
| Hoya Corp. | 42000 | 6370123 |
| Hulic Co. Ltd. | 190700 | 2086481 |
| Inpex Corp. | 69200 | 1384036 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| ITOCHU Corp. | 78085 | $986745 |
| Japan Post Holdings Co. <br> Ltd.<br>| 104000 | 1097347 |
| Japan Post Insurance Co. <br> Ltd.<br>| 71700 | 2156272 |
| Kansai Electric Power Co., <br> Inc.<br>| 110900 | 1741649 |
| Kao Corp. | 46500 | 1855887 |
| KDDI Corp. | 268500 | 4647118 |
| †Kioxia Holdings Corp. | 15700 | 1044914 |
| Kirin Holdings Co. Ltd. | 60300 | 902631 |
| Komatsu Ltd. | 155200 | 4924875 |
| Konami Group Corp. | 15500 | 2105011 |
| Lasertec Corp. | 4700 | 895550 |
| LY Corp. | 483500 | 1286568 |
| Makita Corp. | 29600 | 897145 |
| Marubeni Corp. | 83600 | 2328258 |
| Mitsubishi Chemical Group <br> Corp.<br>| 365700 | 2140673 |
| Mitsubishi Electric Corp. | 198300 | 5781802 |
| Mitsubishi Heavy <br> Industries Ltd.<br>| 35700 | 871524 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 149600 | 2374312 |
| Mizuho Financial Group, <br> Inc.<br>| 65700 | 2397692 |
| MS&AD Insurance Group <br> Holdings, Inc.<br>| 82000 | 1925115 |
| Murata Manufacturing Co. <br> Ltd.<br>| 85900 | 1775377 |
| NEC Corp. | 114900 | 3887697 |
| Nexon Co. Ltd. | 40300 | 984388 |
| Nintendo Co. Ltd. | 25200 | 1701366 |
| Nippon Building Fund, Inc. | 905 | 824847 |
| Nitto Denko Corp. | 195700 | 4659559 |
| Nomura Holdings, Inc. | 318200 | 2650756 |
| Olympus Corp. | 70100 | 888815 |
| Oracle Corp. Japan | 9700 | 815276 |
| ORIX Corp. | 397800 | 11634563 |
| Osaka Gas Co. Ltd. | 77300 | 2685933 |
| Otsuka Holdings Co. Ltd. | 43400 | 2454669 |
| Panasonic Holdings Corp. | 212600 | 2756153 |
| Recruit Holdings Co. Ltd. | 147900 | 8310731 |
| Ryohin Keikaku Co. Ltd. | 41900 | 739848 |
| SBI Holdings, Inc. | 40600 | 874930 |
| SCREEN Holdings Co. Ltd. | 21000 | 2045490 |
| Sekisui Chemical Co. Ltd. | 49800 | 837499 |
| Shin-Etsu Chemical Co. <br> Ltd.<br>| 132300 | 4109389 |
| Shionogi & Co. Ltd. | 241300 | 4367487 |
| SoftBank Group Corp. | 64800 | 1817855 |
| Sony Group Corp. | 212400 | 5448266 |
| Subaru Corp. | 246500 | 5307446 |
| Sumitomo Corp. | 162700 | 5631450 |

---

LVIP Franklin Templeton Multi-Factor Funds-2

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 37300 | $1199621 |
| Sumitomo Realty & <br> Development Co. Ltd.<br>| 43800 | 1099640 |
| Suzuki Motor Corp. | 207500 | 3103259 |
| TDK Corp. | 118400 | 1675093 |
| Terumo Corp. | 53600 | 779085 |
| TIS, Inc. | 30400 | 1021305 |
| Tokio Marine Holdings, <br> Inc.<br>| 84900 | 3138422 |
| Tokyo Electron Ltd. | 25000 | 5568181 |
| Tokyo Gas Co. Ltd. | 26600 | 1054543 |
| Toyota Motor Corp. | 416900 | 8953800 |
| Toyota Tsusho Corp. | 266500 | 8986164 |
| Trend Micro, Inc. | 24700 | 1025847 |
| Yokogawa Electric Corp. | 104400 | 3348164 |
|  |  | **216678619** |
| **Luxembourg–0.27%** | **Luxembourg–0.27%** | **Luxembourg–0.27%** |
| Eurofins Scientific SE | 36407 | 2662385 |
|  |  | **2662385** |
| **Macau–0.11%** | **Macau–0.11%** | **Macau–0.11%** |
| Sands China Ltd. | 423600 | 1068498 |
|  |  | **1068498** |
| **Mexico–0.14%** | **Mexico–0.14%** | **Mexico–0.14%** |
| Fresnillo PLC | 31381 | 1399293 |
|  |  | **1399293** |
| **Netherlands–3.73%** | **Netherlands–3.73%** | **Netherlands–3.73%** |
| ABN AMRO Bank NV | 30378 | 1061373 |
| ASML Holding NV | 20895 | 22514784 |
| Heineken Holding NV | 13311 | 974722 |
| Koninklijke Ahold Delhaize <br> NV<br>| 196416 | 8054408 |
| Koninklijke KPN NV | 309103 | 1444351 |
| Prosus NV | 23856 | 1477138 |
| Wolters Kluwer NV | 14424 | 1493986 |
|  |  | **37020762** |
| **New Zealand–0.15%** | **New Zealand–0.15%** | **New Zealand–0.15%** |
| Fisher & Paykel Healthcare <br> Corp. Ltd.<br>| 70665 | 1535334 |
|  |  | **1535334** |
| **Norway–1.45%** | **Norway–1.45%** | **Norway–1.45%** |
| Aker BP ASA | 55568 | 1413992 |
| Equinor ASA | 256303 | 6044087 |
| Mowi ASA | 74545 | 1793174 |
| Norsk Hydro ASA | 129625 | 1000597 |
| Orkla ASA | 90654 | 1009499 |
| Yara International ASA | 76407 | 3126728 |
|  |  | **14388077** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Portugal–0.20%** | **Portugal–0.20%** | **Portugal–0.20%** |
| Galp Energia SGPS SA | 56638 | $975324 |
| Jeronimo Martins SGPS SA | 41167 | 979624 |
|  |  | **1954948** |
| **Singapore–0.81%** | **Singapore–0.81%** | **Singapore–0.81%** |
| DBS Group Holdings Ltd. | 53700 | 2352308 |
| Singapore Exchange Ltd. | 357700 | 4708735 |
| Singapore Technologies <br> Engineering Ltd.<br>| 150600 | 984035 |
|  |  | **8045078** |
| **Spain–5.34%** | **Spain–5.34%** | **Spain–5.34%** |
| Acciona SA | 10298 | 2241249 |
| Aena SME SA | 224481 | 6272192 |
| Banco Bilbao Vizcaya <br> Argentaria SA<br>| 351636 | 8248396 |
| Banco Santander SA | 380674 | 4480719 |
| CaixaBank SA | 452438 | 5531562 |
| Endesa SA | 144380 | 5197157 |
| Iberdrola SA | 496852 | 10758530 |
| Industria de Diseno Textil <br> SA<br>| 86637 | 5714980 |
| Repsol SA | 243435 | 4542110 |
|  |  | **52986895** |
| **Sweden–2.70%** | **Sweden–2.70%** | **Sweden–2.70%** |
| Atlas Copco AB Class A | 54720 | 974156 |
| Atlas Copco AB Class B | 61606 | 984877 |
| †Boliden AB | 33383 | 1849294 |
| Evolution AB | 25021 | 1698963 |
| H & M Hennes & Mauritz <br> AB Class B<br>| 50160 | 1005401 |
| Investor AB Class B | 162803 | 5801579 |
| Nordea Bank Abp | 61722 | 1161142 |
| Sandvik AB | 31057 | 1003175 |
| SKF AB Class B | 39192 | 1037366 |
| †Spotify Technology SA | 9961 | 5784452 |
| Swedbank AB Class A | 30465 | 1056984 |
| Tele2 AB Class B | 59113 | 990532 |
| Telefonaktiebolaget LM <br> Ericsson Class B<br>| 245826 | 2392387 |
| Volvo AB Class B | 33938 | 1080064 |
|  |  | **26820372** |
| **Switzerland–9.57%** | **Switzerland–9.57%** | **Switzerland–9.57%** |
| ABB Ltd. | 60111 | 4431232 |
| Avolta AG | 20179 | 1190154 |
| Cie Financiere Richemont <br> SA Class A<br>| 15846 | 3417204 |
| Coca-Cola HBC AG | 82703 | 4278521 |
| Geberit AG | 7144 | 5548189 |
| Holcim AG | 72239 | 7032488 |
| Logitech International SA | 9843 | 999241 |
| Nestle SA | 125023 | 12409673 |
| Novartis AG | 160576 | 22126712 |

---

LVIP Franklin Templeton Multi-Factor Funds-3

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Partners Group Holding <br> AG<br>| 802 | $984038 |
| Roche Holding AG | 49198 | 20341080 |
| Schindler Holding AG | 19742 | 7285403 |
| Sika AG | 4956 | 1006194 |
| Sonova Holding AG | 3078 | 796176 |
| UBS Group AG | 22367 | 1032787 |
| Zurich Insurance Group <br> AG<br>| 2649 | 2004504 |
|  |  | **94883596** |
| **Thailand–0.27%** | **Thailand–0.27%** | **Thailand–0.27%** |
| †Sea Ltd. ADR | 20700 | 2640699 |
|  |  | **2640699** |
| **United Kingdom–15.12%** | **United Kingdom–15.12%** | **United Kingdom–15.12%** |
| 3i Group PLC | 276510 | 12124636 |
| Admiral Group PLC | 19795 | 846788 |
| Associated British Foods <br> PLC<br>| 43264 | 1235764 |
| AstraZeneca PLC | 32364 | 5989259 |
| Auto Trader Group PLC | 327560 | 2584240 |
| BAE Systems PLC | 144159 | 3317828 |
| Barclays PLC | 2195544 | 14053959 |
| BT Group PLC | 1296158 | 3211155 |
| Centrica PLC | 424829 | 968635 |
| Compass Group PLC | 143757 | 4554950 |
| Endeavour Mining PLC | 47734 | 2493982 |
| GSK PLC | 383036 | 9390976 |
| Halma PLC | 24646 | 1169819 |
| HSBC Holdings PLC <br> (London Shares)<br>| 1291613 | 20324735 |
| Imperial Brands PLC | 122840 | 5158075 |
| InterContinental Hotels <br> Group PLC<br>| 11541 | 1621843 |
| Intertek Group PLC | 20764 | 1287713 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| JD Sports Fashion PLC | 1130552 | $1281467 |
| NatWest Group PLC | 951647 | 8348113 |
| Next PLC | 28129 | 5178553 |
| Reckitt Benckiser Group <br> PLC<br>| 11294 | 913903 |
| RELX PLC | 90938 | 3663602 |
| Rio Tinto PLC | 44858 | 3613357 |
| Rolls-Royce Holdings PLC | 360744 | 5579164 |
| Sage Group PLC | 97462 | 1417534 |
| Shell PLC | 220985 | 8143796 |
| Smith & Nephew PLC | 265828 | 4420971 |
| Standard Chartered PLC | 149235 | 3641399 |
| Unilever PLC | 181758 | 11875561 |
| Vodafone Group PLC | 1166878 | 1555458 |
|  |  | **149967235** |
| **Total Common Stock** <br>**(Cost $724,480,333)** | **Total Common Stock** <br>**(Cost $724,480,333)** | **974741614** |
| **ΔPREFERRED STOCK–0.09%** | **ΔPREFERRED STOCK–0.09%** | **ΔPREFERRED STOCK–0.09%** |
| **Germany–0.09%** | **Germany–0.09%** | **Germany–0.09%** |
| Henkel AG & Co. KGaA <br> 2.92%<br>| 10315 | 841547 |
| **Total Preferred Stock** <br>**(Cost $840,451)** | **Total Preferred Stock** <br>**(Cost $840,451)** | **841547** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.18%** | **MONEY MARKET FUND–1.18%** | **MONEY MARKET FUND–1.18%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 11724618 | 11724618 |
| **Total Money Market Fund** <br>**(Cost $11,724,618)** | **Total Money Market Fund** <br>**(Cost $11,724,618)** | **11724618** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.56% (Cost $737,045,402)** | **987307779** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.44%** | **4385693** |
| **NET ASSETS APPLICABLE TO 94,637,503 SHARES OUTSTANDING–100.00%** | **$991693472** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR INTERNATIONAL EQUITY FUND** <br> **STANDARD CLASS** <br>**($855,900,908 / 81,682,576 Shares)** | **$10.478** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR INTERNATIONAL EQUITY FUND** <br> **SERVICE CLASS** <br>**($135,792,564 / 12,954,927 Shares)** | **$10.482** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$745771054** |
| Distributable earnings/(accumulated loss) | **245922418** |
| **TOTAL NET ASSETS** | **$991693472** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LVIP Franklin Templeton Multi-Factor Funds-4

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Statement of Net Assets (continued)**

------

ΔSecurities have been classified by country of origin. <br> †Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $296,678 cash collateral held at broker for futures contracts, $965,375 payable for fund shares redeemed, $43,375 other accrued <br> expenses payable, $320,350 due to manager and affiliates, $53,388 variation margin due to broker on futures contracts, $19,687 payable for <br> audit fee and $25,872 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contract**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** |
| 68 | ICE U.S. mini MSCI EAFE Index Futures | &nbsp;&nbsp; $9867140 | &nbsp;&nbsp; $9798319 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $68821 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| EAFE–Europe Australasia Far East |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-5

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–96.48%** | **ΔCOMMON STOCK–96.48%** | **ΔCOMMON STOCK–96.48%** |
| **Australia–0.09%** | **Australia–0.09%** | **Australia–0.09%** |
| †MMG Ltd. | 464000 | $524259 |
|  |  | **524259** |
| **Brazil–2.54%** | **Brazil–2.54%** | **Brazil–2.54%** |
| Ambev SA | 142600 | 358946 |
| Banco Bradesco SA | 545800 | 1786868 |
| BB Seguridade <br> Participacoes SA<br>| 197600 | 1305275 |
| Caixa Seguridade <br> Participacoes SA<br>| 167500 | 507452 |
| CPFL Energia SA | 65600 | 637522 |
| †JBS NV Class A | 69169 | 997417 |
| MBRF Global Foods Co. SA | 30247 | 110284 |
| Petroleo Brasileiro SA - <br> Petrobras<br>| 137100 | 769605 |
| Porto Seguro SA | 55200 | 486188 |
| Rede D'Or Sao Luiz SA | 221300 | 1639059 |
| TIM SA | 136700 | 530528 |
| Vale SA | 277400 | 3622031 |
| WEG SA | 167782 | 1482178 |
|  |  | **14233353** |
| **Chile–0.56%** | **Chile–0.56%** | **Chile–0.56%** |
| Banco de Chile | 3240943 | 625998 |
| Banco Santander Chile | 3156788 | 249154 |
| Cencosud SA | 205569 | 660012 |
| Enel Chile SA | 7802444 | 640849 |
| Falabella SA | 31147 | 217273 |
| Plaza SA | 206980 | 732049 |
|  |  | **3125335** |
| **China–25.27%** | **China–25.27%** | **China–25.27%** |
| 3SBio, Inc. | 508500 | 1578911 |
| Agricultural Bank of China <br> Ltd. Class A<br>| 1426500 | 1567728 |
| Alibaba Group Holding <br> Ltd.<br>| 804400 | 14769554 |
| Aluminum Corp. of China <br> Ltd. Class H<br>| 1036000 | 1621807 |
| Anker Innovations <br> Technology Co. Ltd. <br> Class A<br>| 8900 | 145711 |
| ANTA Sports Products Ltd. | 53000 | 550382 |
| Avary Holding Shenzhen <br> Co. Ltd. Class A<br>| 23900 | 172409 |
| Bank of Beijing Co. Ltd. <br> Class A<br>| 372240 | 291905 |
| Bank of Jiangsu Co. Ltd. <br> Class A<br>| 314000 | 467305 |
| Bank of Shanghai Co. Ltd. <br> Class A<br>| 243100 | 351353 |
| Beijing Kingsoft Office <br> Software, Inc. Class A<br>| 3247 | 142707 |
| BOE Technology Group Co. <br> Ltd. Class A<br>| 628200 | 378555 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| BYD Co. Ltd. Class A | 33700 | $471229 |
| BYD Co. Ltd. Class H | 22200 | 271301 |
| China CITIC Bank Corp. <br> Ltd. Class H<br>| 1557000 | 1389403 |
| China Construction Bank <br> Corp. Class H<br>| 10317000 | 10211871 |
| China Everbright Bank Co. <br> Ltd. Class A<br>| 793900 | 396577 |
| China Merchants Shekou <br> Industrial Zone Holdings <br> Co. Ltd. Class A<br>| 101300 | 125301 |
| China Nonferrous Mining <br> Corp. Ltd.<br>| 370000 | 701970 |
| China Overseas Land & <br> Investment Ltd.<br>| 181500 | 286635 |
| China Resources Land Ltd. | 857000 | 2998043 |
| China Resources Mixc <br> Lifestyle Services Ltd.<br>| 163600 | 905406 |
| China Resources Power <br> Holdings Co. Ltd.<br>| 232000 | 516440 |
| China Yangtze Power Co. <br> Ltd. Class A<br>| 124700 | 485192 |
| China Zheshang Bank Co. <br> Ltd. Class A<br>| 378800 | 164821 |
| CITIC Securities Co. Ltd. <br> Class A<br>| 205375 | 844008 |
| CMOC Group Ltd. Class A | 284100 | 813265 |
| Contemporary Amperex <br> Technology Co. Ltd. <br> Class A<br>| 17740 | 932814 |
| CSPC Pharmaceutical <br> Group Ltd.<br>| 1282000 | 1391024 |
| Eastroc Beverage Group <br> Co. Ltd. Class A<br>| 5810 | 222393 |
| Eoptolink Technology, Inc. <br> Ltd. Class A<br>| 16700 | 1023231 |
| Focus Media Information <br> Technology Co. Ltd. <br> Class A<br>| 108900 | 114856 |
| Foxconn Industrial <br> Internet Co. Ltd. Class A<br>| 84700 | 750477 |
| Fuyao Glass Industry Group <br> Co. Ltd. Class A<br>| 34300 | 317989 |
| GF Securities Co. Ltd. <br> Class A<br>| 104900 | 330635 |
| Great Wall Motor Co. Ltd. <br> Class H<br>| 649500 | 1276851 |
| Gree Electric Appliances, <br> Inc. of Zhuhai Class A<br>| 47900 | 275677 |
| Guangdong Haid Group Co. <br> Ltd. Class A<br>| 28500 | 225858 |
| Guosen Securities Co. Ltd. <br> Class A<br>| 113500 | 213081 |
| Haidilao International <br> Holding Ltd.<br>| 453000 | 832565 |

---

LVIP Franklin Templeton Multi-Factor Funds-6

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hengan International <br> Group Co. Ltd.<br>| 175500 | $630603 |
| Hengtong Optic-electric Co. <br> Ltd. Class A<br>| 42200 | 149421 |
| Hithink RoyalFlush <br> Information Network Co. <br> Ltd. Class A<br>| 9200 | 424048 |
| Huaneng Power <br> International, Inc. <br> Class H<br>| 1192000 | 878454 |
| Huatai Securities Co. Ltd. <br> Class A<br>| 122500 | 413700 |
| Huaxia Bank Co. Ltd. <br> Class A<br>| 226900 | 223069 |
| Huayu Automotive Systems <br> Co. Ltd. Class A<br>| 55400 | 158536 |
| Hygon Information <br> Technology Co. Ltd. <br> Class A<br>| 38503 | 1237158 |
| Iflytek Co. Ltd. Class A | 38700 | 278790 |
| Industrial & Commercial <br> Bank of China Ltd. <br> Class A<br>| 1066800 | 1211047 |
| Industrial Bank Co. Ltd. <br> Class A<br>| 311200 | 938028 |
| Inner Mongolia Dian Tou <br> Energy Corp. Ltd. Class A<br>| 42100 | 168062 |
| †Innovent Biologics, Inc. | 116500 | 1140151 |
| †JD Health International, <br> Inc.<br>| 34700 | 248513 |
| †JD Logistics, Inc. | 563100 | 828491 |
| JD.com, Inc. Class A | 79400 | 1141711 |
| Jiangsu Hengrui <br> Pharmaceuticals Co. Ltd. <br> Class A<br>| 106900 | 911924 |
| Kanzhun Ltd. ADR | 19000 | 387220 |
| †Kingdee International <br> Software Group Co. Ltd.<br>| 775000 | 1328641 |
| Kuaishou Technology | 474600 | 3923238 |
| Kweichow Moutai Co. Ltd. <br> Class A<br>| 500 | 98592 |
| Lenovo Group Ltd. | 1910000 | 2271362 |
| Lens Technology Co. Ltd. <br> Class A<br>| 32000 | 138568 |
| Li Ning Co. Ltd. | 569500 | 1368405 |
| Longfor Group Holdings <br> Ltd.<br>| 390000 | 429923 |
| Luzhou Laojiao Co. Ltd. <br> Class A<br>| 25200 | 419513 |
| †Meituan Class B | 113200 | 1500148 |
| Muyuan Foods Co. Ltd. <br> Class A<br>| 93500 | 676940 |
| NetEase, Inc. | 217632 | 5990358 |
| New China Life Insurance <br> Co. Ltd. Class H<br>| 260600 | 1825966 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Nongfu Spring Co. Ltd. <br> Class H<br>| 533400 | $3220092 |
| People's Insurance Co. <br> Group of China Ltd. <br> Class H<br>| 1912000 | 1660947 |
| PetroChina Co. Ltd. <br> Class H<br>| 5570000 | 6003893 |
| Poly Developments & <br> Holdings Group Co. Ltd. <br> Class A<br>| 136900 | 119533 |
| Pop Mart International <br> Group Ltd.<br>| 88800 | 2142452 |
| Qfin Holdings, Inc. ADR | 5600 | 107912 |
| Rockchip Electronics Co. <br> Ltd. Class A<br>| 7200 | 183896 |
| SAIC Motor Corp. Ltd. <br> Class A<br>| 132000 | 287732 |
| Sany Heavy Industry Co. <br> Ltd. Class A<br>| 145000 | 438524 |
| Seres Group Co. Ltd. <br> Class A<br>| 27400 | 473731 |
| Shaanxi Coal Industry Co. <br> Ltd. Class A<br>| 59300 | 180974 |
| Shengyi Technology Co. <br> Ltd. Class A<br>| 42800 | 435778 |
| Shenzhen Transsion <br> Holdings Co. Ltd. Class A<br>| 9328 | 88387 |
| Sinotruk Hong Kong Ltd. | 172500 | 612193 |
| Sungrow Power Supply Co. <br> Ltd. Class A<br>| 33900 | 829736 |
| Suzhou TFC Optical <br> Communication Co. Ltd. <br> Class A<br>| 13200 | 381151 |
| Tencent Holdings Ltd. | 328500 | 25210250 |
| Tingyi Cayman Islands <br> Holding Corp.<br>| 552000 | 836913 |
| Tongcheng Travel Holdings <br> Ltd.<br>| 37200 | 107381 |
| Trip.com Group Ltd. | 31250 | 2240668 |
| Tsingtao Brewery Co. Ltd. <br> Class H<br>| 86000 | 539109 |
| Victory Giant Technology <br> Huizhou Co. Ltd. Class A<br>| 4100 | 167530 |
| Vipshop Holdings Ltd. ADR | 92663 | 1639208 |
| Weichai Power Co. Ltd. <br> Class A<br>| 115900 | 285229 |
| Wuliangye Yibin Co. Ltd. <br> Class A<br>| 64300 | 975100 |
| WuXi AppTec Co. Ltd. <br> Class H<br>| 90500 | 1147591 |
| XCMG Construction <br> Machinery Co. Ltd. <br> Class A<br>| 201100 | 333351 |
| †Xiaomi Corp. Class B | 503600 | 2541583 |
| Xinyi Solar Holdings Ltd. | 1272000 | 486541 |
| Yadea Group Holdings Ltd. | 354000 | 518517 |

---

LVIP Franklin Templeton Multi-Factor Funds-7

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Yum China Holdings, Inc. | 31995 | $1527441 |
| Yunnan Yuntianhua Co. <br> Ltd. Class A<br>| 32500 | 155360 |
| Yutong Bus Co. Ltd. <br> Class A<br>| 37100 | 173604 |
| Zhejiang Chint Electrics <br> Co. Ltd. Class A<br>| 40400 | 161169 |
| †Zhejiang Leapmotor <br> Technology Co. Ltd. <br> Class H<br>| 100400 | 628920 |
| Zhejiang NHU Co. Ltd. <br> Class A<br>| 52600 | 189566 |
| Zijin Mining Group Co. Ltd. <br> Class H<br>| 600000 | 2747060 |
| ZTE Corp. Class A | 26000 | 140792 |
|  |  | **141787634** |
| **Colombia–0.16%** | **Colombia–0.16%** | **Colombia–0.16%** |
| Grupo Cibest SA | 48860 | 895038 |
|  |  | **895038** |
| **Czech Republic–0.14%** | **Czech Republic–0.14%** | **Czech Republic–0.14%** |
| CEZ AS | 12844 | 808364 |
|  |  | **808364** |
| **Egypt–0.27%** | **Egypt–0.27%** | **Egypt–0.27%** |
| Commercial International <br> Bank - Egypt (CIB)<br>| 709172 | 1531336 |
|  |  | **1531336** |
| **Greece–0.52%** | **Greece–0.52%** | **Greece–0.52%** |
| Hellenic <br> Telecommunications <br> Organization SA<br>| 23444 | 464516 |
| Jumbo SA | 31990 | 1048891 |
| National Bank of Greece <br> SA<br>| 14825 | 226118 |
| OPAP SA | 52312 | 1174212 |
|  |  | **2913737** |
| **Hong Kong–0.92%** | **Hong Kong–0.92%** | **Hong Kong–0.92%** |
| Bosideng International <br> Holdings Ltd.<br>| 1302000 | 747058 |
| Geely Automobile Holdings <br> Ltd.<br>| 1589000 | 3675160 |
| Guangdong Investment <br> Ltd.<br>| 838000 | 731070 |
|  |  | **5153288** |
| **Hungary–0.55%** | **Hungary–0.55%** | **Hungary–0.55%** |
| MOL Hungarian Oil & Gas <br> PLC<br>| 113216 | 1014604 |
| OTP Bank Nyrt | 8426 | 903471 |
| Richter Gedeon Nyrt | 38626 | 1167661 |
|  |  | **3085736** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **India–14.91%** | **India–14.91%** | **India–14.91%** |
| †Adani Power Ltd. | 806162 | $1281604 |
| Asian Paints Ltd. | 23469 | 724050 |
| Astral Ltd. | 34271 | 530109 |
| Bajaj Holdings & <br> Investment Ltd.<br>| 5749 | 724731 |
| Bharat Electronics Ltd. | 273753 | 1218529 |
| Bharat Petroleum Corp. <br> Ltd.<br>| 193102 | 826037 |
| Bharti Airtel Ltd. | 33403 | 784018 |
| Britannia Industries Ltd. | 4095 | 274779 |
| BSE Ltd. | 4445 | 130360 |
| Canara Bank | 515875 | 889698 |
| Cipla Ltd. | 113157 | 1901919 |
| Colgate-Palmolive India <br> Ltd.<br>| 38335 | 885950 |
| Coromandel International <br> Ltd.<br>| 33244 | 838886 |
| Divi's Laboratories Ltd. | 14024 | 996779 |
| Dr. Reddy's Laboratories <br> Ltd.<br>| 84131 | 1189738 |
| Eicher Motors Ltd. | 11026 | 897545 |
| GAIL India Ltd. | 635737 | 1219305 |
| Havells India Ltd. | 23206 | 367896 |
| HCL Technologies Ltd. | 192032 | 3470668 |
| HDFC Asset Management <br> Co. Ltd.<br>| 53162 | 1581306 |
| HDFC Bank Ltd. | 533959 | 5898587 |
| Hero MotoCorp Ltd. | 26534 | 1705000 |
| Hindalco Industries Ltd. | 324804 | 3205578 |
| Hindustan Unilever Ltd. | 52608 | 1355720 |
| ICICI Bank Ltd. | 56548 | 846330 |
| Indian Hotels Co. Ltd. | 106293 | 874883 |
| †Indus Towers Ltd. | 225048 | 1049564 |
| Infosys Ltd. | 304983 | 5492403 |
| ITC Ltd. | 158134 | 709722 |
| =†Kwality Wall's India Ltd. | 52608 | 22359 |
| Larsen & Toubro Ltd. | 78761 | 3579541 |
| Lupin Ltd. | 63085 | 1481817 |
| Marico Ltd. | 19005 | 158639 |
| Muthoot Finance Ltd. | 33950 | 1440022 |
| NMDC Ltd. | 867386 | 802946 |
| NTPC Ltd. | 1093564 | 4014187 |
| Oracle Financial Services <br> Software Ltd.<br>| 4985 | 427103 |
| Page Industries Ltd. | 1729 | 694337 |
| Pidilite Industries Ltd. | 84682 | 1397043 |
| Polycab India Ltd. | 14944 | 1268352 |
| Power Finance Corp. Ltd. | 401492 | 1589699 |
| Reliance Industries Ltd. | 357075 | 6248318 |
| Shriram Finance Ltd. | 333226 | 3698022 |
| †Siemens Energy India Ltd. | 24379 | 692914 |
| Solar Industries India Ltd. | 7499 | 1022534 |
| SRF Ltd. | 36849 | 1262584 |
| †Suzlon Energy Ltd. | 1605576 | 942335 |

---

LVIP Franklin Templeton Multi-Factor Funds-8

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Tata Consultancy Services <br> Ltd.<br>| 104205 | $3723159 |
| Tata Motors Passenger <br> Vehicles Ltd.<br>| 225211 | 921668 |
| Tech Mahindra Ltd. | 147527 | 2613094 |
| UPL Ltd. | 124415 | 1101737 |
| Vedanta Ltd. | 343869 | 2313672 |
| Wipro Ltd. | 115995 | 340072 |
|  |  | **83627848** |
| **Indonesia–1.10%** | **Indonesia–1.10%** | **Indonesia–1.10%** |
| Astra International Tbk. <br> PT<br>| 5611400 | 2252173 |
| Indofood Sukses Makmur <br> Tbk. PT<br>| 1251200 | 507395 |
| Sumber Alfaria Trijaya Tbk. <br> PT<br>| 4069700 | 481100 |
| Telkom Indonesia Persero <br> Tbk. PT<br>| 10499200 | 2196804 |
| United Tractors Tbk. PT | 425200 | 751762 |
|  |  | **6189234** |
| **Ireland–0.90%** | **Ireland–0.90%** | **Ireland–0.90%** |
| †PDD Holdings, Inc. ADR | 44600 | 5057194 |
|  |  | **5057194** |
| **Malaysia–0.27%** | **Malaysia–0.27%** | **Malaysia–0.27%** |
| Nestle Malaysia Bhd. | 10200 | 286545 |
| Petronas Dagangan Bhd. | 83300 | 409496 |
| Petronas Gas Bhd. | 184500 | 824749 |
|  |  | **1520790** |
| **Mexico–2.02%** | **Mexico–2.02%** | **Mexico–2.02%** |
| America Movil SAB de CV | 1802000 | 1860290 |
| Cemex SAB de CV | 3854767 | 4426855 |
| Grupo Aeroportuario del <br> Centro Norte SAB de CV<br>| 79300 | 1076357 |
| Grupo Comercial Chedraui <br> SA de CV<br>| 21000 | 143767 |
| Grupo Financiero Banorte <br> SAB de CV Class O<br>| 178400 | 1652881 |
| Grupo Mexico SAB de CV | 55100 | 520784 |
| †Industrias Penoles SAB de <br> CV<br>| 26600 | 1397366 |
| Prologis Property Mexico <br> SA de CV<br>| 65301 | 272772 |
|  |  | **11351072** |
| **Netherlands–0.26%** | **Netherlands–0.26%** | **Netherlands–0.26%** |
| NEPI Rockcastle NV | 166832 | 1469351 |
|  |  | **1469351** |
| **Peru–0.72%** | **Peru–0.72%** | **Peru–0.72%** |
| Credicorp Ltd. | 14013 | 4021731 |
|  |  | **4021731** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Philippines–0.43%** | **Philippines–0.43%** | **Philippines–0.43%** |
| International Container <br> Terminal Services, Inc.<br>| 253680 | $2434380 |
|  |  | **2434380** |
| **Poland–1.44%** | **Poland–1.44%** | **Poland–1.44%** |
| LPP SA | 79 | 456481 |
| ORLEN SA | 145962 | 3896709 |
| †PGE Polska Grupa <br> Energetyczna SA<br>| 253692 | 620014 |
| Powszechny Zaklad <br> Ubezpieczen SA<br>| 168744 | 3123356 |
|  |  | **8096560** |
| **Qatar–0.67%** | **Qatar–0.67%** | **Qatar–0.67%** |
| Qatar Islamic Bank QPSC | 39618 | 260725 |
| Qatar National Bank QPSC | 676577 | 3467434 |
|  |  | **3728159** |
| **Republic of Korea–14.65%** | **Republic of Korea–14.65%** | **Republic of Korea–14.65%** |
| APR Corp. | 3963 | 635435 |
| DB Insurance Co. Ltd. | 13021 | 1182360 |
| Hana Financial Group, Inc. | 71346 | 4655081 |
| Hankook Tire & Technology <br> Co. Ltd.<br>| 20306 | 822950 |
| HD Hyundai Electric Co. <br> Ltd.<br>| 4522 | 2428532 |
| HD Korea Shipbuilding & <br> Offshore Engineering Co. <br> Ltd.<br>| 8923 | 2517817 |
| Hyosung Heavy Industries <br> Corp.<br>| 197 | 243362 |
| Hyundai Mobis Co. Ltd. | 13991 | 3630401 |
| Industrial Bank of Korea | 78965 | 1147797 |
| KB Financial Group, Inc. | 42551 | 3662989 |
| Kia Corp. | 40282 | 3414846 |
| †Korea Electric Power <br> Corp.<br>| 60805 | 1995599 |
| Korea Investment Holdings <br> Co. Ltd.<br>| 11598 | 1305879 |
| LG Uplus Corp. | 61063 | 623961 |
| Meritz Financial Group, <br> Inc.<br>| 22479 | 1764864 |
| Posco International Corp. | 8270 | 285109 |
| Samsung Electronics Co. <br> Ltd.<br>| 262995 | 22042897 |
| Samsung Life Insurance <br> Co. Ltd.<br>| 3401 | 371781 |
| Shinhan Financial Group <br> Co. Ltd.<br>| 100396 | 5346060 |
| SK Hynix, Inc. | 36044 | 16323528 |
| †SK Square Co. Ltd. | 16307 | 4152711 |
| Woori Financial Group, <br> Inc.<br>| 187332 | 3636002 |
|  |  | **82189961** |

---

LVIP Franklin Templeton Multi-Factor Funds-9

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Russia–0.00%** | **Russia–0.00%** | **Russia–0.00%** |
| =†πSeverstal PAO | 283840 | $0 |
| =†πSurgutneftegas PAO | 11590970 | 0 |
|  |  | **0** |
| **Saudi Arabia–2.80%** | **Saudi Arabia–2.80%** | **Saudi Arabia–2.80%** |
| Ades Holding Co. | 42051 | 195369 |
| Al Rajhi Bank | 19312 | 501631 |
| Arab National Bank | 120279 | 693403 |
| Arabian Internet & <br> Communications Services <br> Co.<br>| 2165 | 129946 |
| Etihad Etisalat Co. | 104515 | 1836361 |
| Jarir Marketing Co. | 167716 | 571439 |
| Mouwasat Medical Services <br> Co.<br>| 25712 | 456950 |
| Riyad Bank | 407198 | 2947174 |
| SABIC Agri-Nutrients Co. | 65308 | 1925615 |
| SAL Saudi Logistics <br> Services<br>| 10268 | 438957 |
| Saudi Arabian Oil Co. | 112913 | 717015 |
| Saudi Electricity Co. | 235609 | 882466 |
| Saudi National Bank | 433923 | 4382266 |
|  |  | **15678592** |
| **South Africa–3.00%** | **South Africa–3.00%** | **South Africa–3.00%** |
| Bid Corp. Ltd. | 10197 | 259771 |
| Capitec Bank Holdings <br> Ltd.<br>| 6795 | 1705687 |
| Clicks Group Ltd. | 58646 | 1194997 |
| FirstRand Ltd. | 118179 | 647620 |
| Gold Fields Ltd. | 72281 | 3151623 |
| Harmony Gold Mining Co. <br> Ltd.<br>| 149986 | 3009034 |
| MTN Group Ltd. | 131094 | 1342101 |
| OUTsurance Group Ltd. | 234464 | 1014595 |
| Sanlam Ltd. | 221975 | 1320188 |
| Shoprite Holdings Ltd. | 22820 | 372323 |
| Standard Bank Group Ltd. | 75705 | 1327902 |
| Vodacom Group Ltd. | 171751 | 1465588 |
|  |  | **16811429** |
| **Taiwan–18.23%** | **Taiwan–18.23%** | **Taiwan–18.23%** |
| Accton Technology Corp. | 44000 | 1660427 |
| Asustek Computer, Inc. | 64000 | 1112493 |
| Bizlink Holding, Inc. | 26000 | 1256095 |
| Cathay Financial Holding <br> Co. Ltd.<br>| 598000 | 1442486 |
| Compal Electronics, Inc. | 1105000 | 1067384 |
| Delta Electronics, Inc. | 64000 | 1952252 |
| Elite Material Co. Ltd. | 5000 | 261959 |
| Evergreen Marine Corp. <br> Taiwan Ltd.<br>| 174000 | 1049647 |
| Feng TAY Enterprise Co. <br> Ltd.<br>| 138000 | 511072 |
| Fortune Electric Co. Ltd. | 44000 | 1067392 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Hon Hai Precision Industry <br> Co. Ltd.<br>| 943000 | $6912491 |
| International Games <br> System Co. Ltd.<br>| 63000 | 1445449 |
| Largan Precision Co. Ltd. | 20000 | 1582686 |
| MediaTek, Inc. | 120000 | 5448623 |
| Nien Made Enterprise Co. <br> Ltd.<br>| 19000 | 218228 |
| Novatek Microelectronics <br> Corp.<br>| 154000 | 1830994 |
| Realtek Semiconductor <br> Corp.<br>| 113000 | 1754514 |
| Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 1404322 | 69032615 |
| United Microelectronics <br> Corp.<br>| 614000 | 958814 |
| Yang Ming Marine <br> Transport Corp.<br>| 492000 | 869955 |
| Zhen Ding Technology <br> Holding Ltd.<br>| 190000 | 856234 |
|  |  | **102291810** |
| **Thailand–1.06%** | **Thailand–1.06%** | **Thailand–1.06%** |
| Advanced Info Service PCL | 285800 | 2838026 |
| Bumrungrad Hospital PCL | 136800 | 683616 |
| Central Pattana PCL | 262100 | 458932 |
| Charoen Pokphand Foods <br> PCL<br>| 1070700 | 741139 |
| Kasikornbank PCL | 81200 | 500820 |
| Krung Thai Bank PCL | 832100 | 745582 |
|  |  | **5968115** |
| **Turkey–0.46%** | **Turkey–0.46%** | **Turkey–0.46%** |
| Aselsan Elektronik Sanayi <br> Ve Ticaret AS<br>| 386659 | 2083329 |
| Turk Hava Yollari AO | 79392 | 496000 |
|  |  | **2579329** |
| **United Arab Emirates–1.89%** | **United Arab Emirates–1.89%** | **United Arab Emirates–1.89%** |
| Abu Dhabi Islamic Bank <br> PJSC<br>| 402325 | 2272194 |
| ADNOC Drilling Co. PJSC | 138934 | 202003 |
| Americana Restaurants <br> International PLC - <br> Foreign Co.<br>| 839499 | 370292 |
| Dubai Islamic Bank PJSC | 810914 | 2046229 |
| Emaar Development PJSC | 276929 | 1141918 |
| Emirates NBD Bank PJSC | 385269 | 2921446 |
| First Abu Dhabi Bank <br> PJSC<br>| 287464 | 1365019 |
| Salik Co. PJSC | 170938 | 295543 |
|  |  | **10614644** |

---

LVIP Franklin Templeton Multi-Factor Funds-10

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** | **ΔCOMMON STOCK (continued)** |
| **United Kingdom–0.18%** | **United Kingdom–0.18%** | **United Kingdom–0.18%** |
| Anglogold Ashanti PLC | 11996 | $1033093 |
|  |  | **1033093** |
| **United States–0.47%** | **United States–0.47%** | **United States–0.47%** |
| †BeOne Medicines Ltd. <br> Class H<br>| 113400 | 2610046 |
|  |  | **2610046** |
| **Total Common Stock** <br>**(Cost $385,743,737)** | **Total Common Stock** <br>**(Cost $385,743,737)** | **541331418** |
| **ΔPREFERRED STOCKS–1.86%** | **ΔPREFERRED STOCKS–1.86%** | **ΔPREFERRED STOCKS–1.86%** |
| **Brazil–1.86%** | **Brazil–1.86%** | **Brazil–1.86%** |
| Gerdau SA 3.04% | 201262 | 742789 |
| Itau Unibanco Holding SA <br> 11.34%<br>| 877024 | 6267972 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** | **ΔPREFERRED STOCKS (continued)** |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Itausa SA 14.73% | 1625826 | $3462972 |
| **Total Preferred Stocks** <br>**(Cost $8,072,383)** | **Total Preferred Stocks** <br>**(Cost $8,072,383)** | **10473733** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.98%** | **MONEY MARKET FUND–1.98%** | **MONEY MARKET FUND–1.98%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 11089516 | 11089516 |
| **Total Money Market Fund** <br>**(Cost $11,089,516)** | **Total Money Market Fund** <br>**(Cost $11,089,516)** | **11089516** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–100.32% (Cost $404,905,636)** | **562894667** |
| **★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.32%)** | **(1801134)**<br>|
| **NET ASSETS APPLICABLE TO 55,709,798 SHARES OUTSTANDING–100.00%** | **$561093533** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR EMERGING MARKETS EQUITY FUND** <br> **STANDARD CLASS** <br>**($420,030,863 / 41,709,811 Shares)** | **$10.070** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR EMERGING MARKETS EQUITY FUND** <br> **SERVICE CLASS** <br>**($141,062,670 / 13,999,987 Shares)** | **$10.076** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$588483122** |
| Distributable earnings/(accumulated loss) | **(27389589)**<br>|
| **TOTAL NET ASSETS** | **$561093533** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| πRestricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, or have certain <br> restrictions on resale which may limit their liquidity. At December 31, 2025, the aggregate value of restricted securities was $0, which <br> represented 0.00% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with <br> respect to these securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Restricted Securities** | **Restricted Securities** | **Restricted Securities** |
| **Investment** | **Date of Acquisition** | **Cost** | **Value** |
| Severstal PAO | 2/4/2022 | &nbsp;&nbsp; $3161310 | &nbsp;&nbsp; $0 |
| Surgutneftegas PAO | 2/4/2022 | &nbsp;&nbsp; 5050556 | &nbsp;&nbsp; 0 |
| **Total** |  | &nbsp;&nbsp; $8211866 | &nbsp;&nbsp; $0 |

---

LVIP Franklin Templeton Multi-Factor Funds-11

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $385,347 cash collateral held at broker for futures contracts, $768,955 payable for fund shares redeemed, $115,732 other accrued <br> expenses payable, $197,760 due to manager and affiliates, $42,206 variation margin due to broker on futures contracts, $2,927,643 foreign <br> capital gain taxes payable, $19,687 payable for audit fee and $18,677 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contract**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** |
| 188 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; $13267160 | &nbsp;&nbsp; $12899465 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $367695 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ADR–American Depositary Receipt |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| PJSC–Public Joint Stock Company |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-12

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–98.78%** | **COMMON STOCK–98.78%** | **COMMON STOCK–98.78%** |
| **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** | **Aerospace & Defense–2.05%** |
| Curtiss-Wright Corp. | 2263 | $1247524 |
| General Dynamics Corp. | 35125 | 11825183 |
| General Electric Co. | 17357 | 5346477 |
| Howmet Aerospace, Inc. | 17075 | 3500717 |
| Huntington Ingalls <br> Industries, Inc.<br>| 11590 | 3941411 |
| L3Harris Technologies, Inc. | 6369 | 1869747 |
| Lockheed Martin Corp. | 1971 | 953314 |
| Northrop Grumman Corp. | 3362 | 1917046 |
| RTX Corp. | 16233 | 2977132 |
| Textron, Inc. | 55226 | 4814050 |
|  |  | **38392601** |
| **Air Freight & Logistics–0.17%** | **Air Freight & Logistics–0.17%** | **Air Freight & Logistics–0.17%** |
| FedEx Corp. | 7955 | 2297881 |
| United Parcel Service, Inc. <br> Class B<br>| 9255 | 918004 |
|  |  | **3215885** |
| **Automobiles–2.81%** | **Automobiles–2.81%** | **Automobiles–2.81%** |
| Ford Motor Co. | 248120 | 3255334 |
| General Motors Co. | 170046 | 13828141 |
| †Tesla, Inc. | 78797 | 35436587 |
|  |  | **52520062** |
| **Banks–2.92%** | **Banks–2.92%** | **Banks–2.92%** |
| Bank of America Corp. | 182179 | 10019845 |
| Citigroup, Inc. | 68048 | 7940521 |
| JPMorgan Chase & Co. | 90886 | 29285287 |
| Regions Financial Corp. | 33685 | 912863 |
| Wells Fargo & Co. | 69978 | 6521950 |
|  |  | **54680466** |
| **Beverages–0.93%** | **Beverages–0.93%** | **Beverages–0.93%** |
| Coca-Cola Consolidated, Inc. | 5683 | 871204 |
| †Monster Beverage Corp. | 147517 | 11310128 |
| PepsiCo, Inc. | 36060 | 5175331 |
|  |  | **17356663** |
| **Biotechnology–3.35%** | **Biotechnology–3.35%** | **Biotechnology–3.35%** |
| AbbVie, Inc. | 79297 | 18118572 |
| Amgen, Inc. | 29099 | 9524394 |
| †Biogen, Inc. | 14939 | 2629115 |
| †Exelixis, Inc. | 77898 | 3414269 |
| Gilead Sciences, Inc. | 118310 | 14521369 |
| †Halozyme Therapeutics, Inc. | 35390 | 2381747 |
| †Incyte Corp. | 21596 | 2133037 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 4767 | 3679504 |
| †United Therapeutics Corp. | 12805 | 6239236 |
|  |  | **62641243** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Broadline Retail–3.73%** | **Broadline Retail–3.73%** | **Broadline Retail–3.73%** |
| †Amazon.com, Inc. | 294834 | $68053584 |
| Macy's, Inc. | 79840 | 1760472 |
|  |  | **69814056** |
| **Building Products–0.37%** | **Building Products–0.37%** | **Building Products–0.37%** |
| A.O. Smith Corp. | 13579 | 908164 |
| †Builders FirstSource, Inc. | 8417 | 866025 |
| Johnson Controls <br> International PLC<br>| 7954 | 952491 |
| Masco Corp. | 24441 | 1551026 |
| Owens Corning | 12268 | 1372912 |
| Trane Technologies PLC | 3211 | 1249721 |
|  |  | **6900339** |
| **Capital Markets–4.49%** | **Capital Markets–4.49%** | **Capital Markets–4.49%** |
| Affiliated Managers Group, <br> Inc.<br>| 7644 | 2203612 |
| Bank of New York Mellon <br> Corp.<br>| 158590 | 18410713 |
| Blackrock, Inc. | 1610 | 1723248 |
| Charles Schwab Corp. | 34941 | 3490955 |
| Goldman Sachs Group, Inc. | 12152 | 10681608 |
| Invesco Ltd. | 141759 | 3724009 |
| Janus Henderson Group PLC | 36730 | 1747246 |
| Moody's Corp. | 18572 | 9487506 |
| Morgan Stanley | 50393 | 8946269 |
| Nasdaq, Inc. | 10034 | 974603 |
| Northern Trust Corp. | 6704 | 915700 |
| †Robinhood Markets, Inc. <br> Class A<br>| 7510 | 849381 |
| S&P Global, Inc. | 3300 | 1724547 |
| SEI Investments Co. | 30056 | 2465193 |
| State Street Corp. | 68327 | 8814866 |
| T. Rowe Price Group, Inc. | 68092 | 6971259 |
| XP, Inc. Class A | 51641 | 845363 |
|  |  | **83976078** |
| **Chemicals–0.56%** | **Chemicals–0.56%** | **Chemicals–0.56%** |
| CF Industries Holdings, Inc. | 51487 | 3982005 |
| Corteva, Inc. | 22916 | 1536059 |
| Linde PLC | 3050 | 1300489 |
| Mosaic Co. | 38834 | 935511 |
| NewMarket Corp. | 1749 | 1202018 |
| Sherwin-Williams Co. | 4799 | 1555020 |
|  |  | **10511102** |
| **Commercial Services & Supplies–0.86%** | **Commercial Services & Supplies–0.86%** | **Commercial Services & Supplies–0.86%** |
| Cintas Corp. | 52585 | 9889661 |
| Rollins, Inc. | 76288 | 4578806 |
| Veralto Corp. | 16655 | 1661836 |
|  |  | **16130303** |

---

LVIP Franklin Templeton Multi-Factor Funds-13

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Communications Equipment–0.73%** | **Communications Equipment–0.73%** | **Communications Equipment–0.73%** |
| †Arista Networks, Inc. | 18095 | $2370988 |
| Cisco Systems, Inc. | 146524 | 11286744 |
|  |  | **13657732** |
| **Construction & Engineering–0.20%** | **Construction & Engineering–0.20%** | **Construction & Engineering–0.20%** |
| EMCOR Group, Inc. | 2855 | 1746661 |
| Valmont Industries, Inc. | 4751 | 1911422 |
|  |  | **3658083** |
| **Construction Materials–0.15%** | **Construction Materials–0.15%** | **Construction Materials–0.15%** |
| CRH PLC | 23119 | 2885251 |
|  |  | **2885251** |
| **Consumer Finance–0.44%** | **Consumer Finance–0.44%** | **Consumer Finance–0.44%** |
| Synchrony Financial | 98545 | 8221609 |
|  |  | **8221609** |
| **Consumer Staples Distribution & Retail–1.78%** | **Consumer Staples Distribution & Retail–1.78%** | **Consumer Staples Distribution & Retail–1.78%** |
| Albertsons Cos., Inc. Class A | 119047 | 2044037 |
| Dollar General Corp. | 7327 | 972806 |
| †Dollar Tree, Inc. | 18460 | 2270765 |
| Kroger Co. | 165533 | 10342502 |
| Target Corp. | 20274 | 1981783 |
| Walmart, Inc. | 140046 | 15602525 |
|  |  | **33214418** |
| **Containers & Packaging–0.11%** | **Containers & Packaging–0.11%** | **Containers & Packaging–0.11%** |
| Crown Holdings, Inc. | 10503 | 1081494 |
| Smurfit WestRock PLC | 24800 | 959016 |
|  |  | **2040510** |
| **Diversified Telecommunication Services–1.04%** | **Diversified Telecommunication Services–1.04%** | **Diversified Telecommunication Services–1.04%** |
| AT&T, Inc. | 419118 | 10410891 |
| Verizon Communications, <br> Inc.<br>| 224174 | 9130607 |
|  |  | **19541498** |
| **Electric Utilities–1.73%** | **Electric Utilities–1.73%** | **Electric Utilities–1.73%** |
| American Electric Power Co., <br> Inc.<br>| 26658 | 3073934 |
| Edison International | 109347 | 6563007 |
| Entergy Corp. | 20523 | 1896941 |
| Evergy, Inc. | 12546 | 909459 |
| Exelon Corp. | 41342 | 1802098 |
| FirstEnergy Corp. | 153974 | 6893416 |
| NRG Energy, Inc. | 59947 | 9545960 |
| PG&E Corp. | 98930 | 1589805 |
|  |  | **32274620** |
| **Electrical Equipment–0.18%** | **Electrical Equipment–0.18%** | **Electrical Equipment–0.18%** |
| Acuity, Inc. | 2477 | 891819 |
| GE Vernova, Inc. | 1515 | 990158 |
| Sensata Technologies Holding <br> PLC<br>| 42878 | 1427409 |
|  |  | **3309386** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electronic Equipment, Instruments & Components–0.20%** | **Electronic Equipment, Instruments & Components–0.20%** | **Electronic Equipment, Instruments & Components–0.20%** |
| Amphenol Corp. Class A | 15057 | $2034803 |
| TD SYNNEX Corp. | 5904 | 886958 |
| TE Connectivity PLC | 3800 | 864538 |
|  |  | **3786299** |
| **Energy Equipment & Services–0.11%** | **Energy Equipment & Services–0.11%** | **Energy Equipment & Services–0.11%** |
| TechnipFMC PLC | 46014 | 2050384 |
|  |  | **2050384** |
| **Entertainment–1.63%** | **Entertainment–1.63%** | **Entertainment–1.63%** |
| Electronic Arts, Inc. | 9306 | 1901495 |
| †Netflix, Inc. | 144708 | 13567822 |
| Walt Disney Co. | 122064 | 13887221 |
| †Warner Bros Discovery, Inc. | 39769 | 1146143 |
|  |  | **30502681** |
| **Financial Services–4.86%** | **Financial Services–4.86%** | **Financial Services–4.86%** |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 48857 | 24557971 |
| Global Payments, Inc. | 38089 | 2948089 |
| Mastercard, Inc. Class A | 51054 | 29145707 |
| MGIC Investment Corp. | 68963 | 2015099 |
| PayPal Holdings, Inc. | 15080 | 880370 |
| Visa, Inc. Class A | 89545 | 31404327 |
|  |  | **90951563** |
| **Food Products–0.06%** | **Food Products–0.06%** | **Food Products–0.06%** |
| Archer-Daniels-Midland Co. | 20068 | 1153709 |
|  |  | **1153709** |
| **Gas Utilities–0.20%** | **Gas Utilities–0.20%** | **Gas Utilities–0.20%** |
| National Fuel Gas Co. | 21300 | 1705278 |
| UGI Corp. | 52731 | 1973721 |
|  |  | **3678999** |
| **Ground Transportation–0.64%** | **Ground Transportation–0.64%** | **Ground Transportation–0.64%** |
| JB Hunt Transport Services, <br> Inc.<br>| 5642 | 1096466 |
| Ryder System, Inc. | 11731 | 2245196 |
| †Uber Technologies, Inc. | 73614 | 6015000 |
| Union Pacific Corp. | 11628 | 2689789 |
|  |  | **12046451** |
| **Health Care Equipment & Supplies–1.73%** | **Health Care Equipment & Supplies–1.73%** | **Health Care Equipment & Supplies–1.73%** |
| Abbott Laboratories | 44984 | 5636046 |
| †Boston Scientific Corp. | 46080 | 4393728 |
| †Globus Medical, Inc. Class A | 21928 | 1914534 |
| †IDEXX Laboratories, Inc. | 17970 | 12157244 |
| †Intuitive Surgical, Inc. | 4137 | 2343031 |
| Medtronic PLC | 19317 | 1855591 |
| ResMed, Inc. | 12931 | 3114690 |
| Stryker Corp. | 2607 | 916282 |
|  |  | **32331146** |

---

LVIP Franklin Templeton Multi-Factor Funds-14

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services–1.14%** | **Health Care Providers & Services–1.14%** | **Health Care Providers & Services–1.14%** |
| Cardinal Health, Inc. | 4654 | $956397 |
| Cencora, Inc. | 2706 | 913952 |
| Cigna Group | 5282 | 1453765 |
| CVS Health Corp. | 48375 | 3839040 |
| HCA Healthcare, Inc. | 6443 | 3007979 |
| Humana, Inc. | 3594 | 920531 |
| McKesson Corp. | 2339 | 1918658 |
| UnitedHealth Group, Inc. | 18814 | 6210690 |
| Universal Health Services, <br> Inc. Class B<br>| 9470 | 2064649 |
|  |  | **21285661** |
| **Health Care REITs–0.20%** | **Health Care REITs–0.20%** | **Health Care REITs–0.20%** |
| Omega Healthcare Investors, <br> Inc.<br>| 83709 | 3711657 |
|  |  | **3711657** |
| **Health Care Technology–0.07%** | **Health Care Technology–0.07%** | **Health Care Technology–0.07%** |
| †Veeva Systems, Inc. Class A | 5713 | 1275313 |
|  |  | **1275313** |
| **Hotels, Restaurants & Leisure–1.48%** | **Hotels, Restaurants & Leisure–1.48%** | **Hotels, Restaurants & Leisure–1.48%** |
| Booking Holdings, Inc. | 3098 | 16590812 |
| Boyd Gaming Corp. | 16689 | 1422570 |
| †Carnival Corp. | 69433 | 2120484 |
| †Chipotle Mexican Grill, Inc. | 27173 | 1005401 |
| Domino's Pizza, Inc. | 3612 | 1505554 |
| Expedia Group, Inc. | 14694 | 4162957 |
| Las Vegas Sands Corp. | 13875 | 903124 |
|  |  | **27710902** |
| **Household Durables–0.05%** | **Household Durables–0.05%** | **Household Durables–0.05%** |
| DR Horton, Inc. | 6565 | 945557 |
|  |  | **945557** |
| **Household Products–0.94%** | **Household Products–0.94%** | **Household Products–0.94%** |
| Colgate-Palmolive Co. | 108375 | 8563793 |
| Kimberly-Clark Corp. | 39829 | 4018348 |
| Procter & Gamble Co. | 34349 | 4922555 |
|  |  | **17504696** |
| **Independent Power and Renewable Electricity Producers–0.26%** | **Independent Power and Renewable Electricity Producers–0.26%** | **Independent Power and Renewable Electricity Producers–0.26%** |
| AES Corp. | 226340 | 3245716 |
| Vistra Corp. | 10171 | 1640887 |
|  |  | **4886603** |
| **Industrial Conglomerates–0.05%** | **Industrial Conglomerates–0.05%** | **Industrial Conglomerates–0.05%** |
| Honeywell International, Inc. | 4803 | 937017 |
|  |  | **937017** |
| **Industrial REITs–0.45%** | **Industrial REITs–0.45%** | **Industrial REITs–0.45%** |
| Prologis, Inc. | 66320 | 8466411 |
|  |  | **8466411** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Insurance–1.42%** | **Insurance–1.42%** | **Insurance–1.42%** |
| Allstate Corp. | 36964 | $7694057 |
| Axis Capital Holdings Ltd. | 22110 | 2367760 |
| Chubb Ltd. | 6984 | 2179846 |
| Globe Life, Inc. | 12606 | 1763075 |
| Hartford Insurance Group, <br> Inc.<br>| 10186 | 1403631 |
| RenaissanceRe Holdings Ltd. | 3495 | 982654 |
| Travelers Cos., Inc. | 35104 | 10182266 |
|  |  | **26573289** |
| **Interactive Media & Services–7.63%** | **Interactive Media & Services–7.63%** | **Interactive Media & Services–7.63%** |
| Alphabet, Inc. Class A | 279093 | 87454950 |
| Match Group, Inc. | 29027 | 937282 |
| Meta Platforms, Inc. Class A | 82374 | 54374254 |
|  |  | **142766486** |
| **IT Services–0.61%** | **IT Services–0.61%** | **IT Services–0.61%** |
| Accenture PLC Class A | 6901 | 1851539 |
| Cognizant Technology <br> Solutions Corp. Class A<br>| 54140 | 4493620 |
| International Business <br> Machines Corp.<br>| 13329 | 3948183 |
| VeriSign, Inc. | 4216 | 1024277 |
|  |  | **11317619** |
| **Life Sciences Tools & Services–1.03%** | **Life Sciences Tools & Services–1.03%** | **Life Sciences Tools & Services–1.03%** |
| Agilent Technologies, Inc. | 6429 | 874794 |
| Danaher Corp. | 6373 | 1458907 |
| †Illumina, Inc. | 19841 | 2602346 |
| †Medpace Holdings, Inc. | 6599 | 3706328 |
| †Mettler-Toledo International, <br> Inc.<br>| 2544 | 3546819 |
| Thermo Fisher Scientific, <br> Inc.<br>| 12215 | 7077982 |
|  |  | **19267176** |
| **Machinery–1.26%** | **Machinery–1.26%** | **Machinery–1.26%** |
| Caterpillar, Inc. | 11363 | 6509522 |
| Cummins, Inc. | 5024 | 2564501 |
| Donaldson Co., Inc. | 22152 | 1963996 |
| Illinois Tool Works, Inc. | 6755 | 1663756 |
| Lincoln Electric Holdings, <br> Inc.<br>| 7595 | 1820066 |
| Mueller Industries, Inc. | 31930 | 3665564 |
| Oshkosh Corp. | 18904 | 2374910 |
| Snap-on, Inc. | 2647 | 912156 |
| Toro Co. | 27024 | 2127329 |
|  |  | **23601800** |
| **Media–0.44%** | **Media–0.44%** | **Media–0.44%** |
| †Charter Communications, <br> Inc. Class A<br>| 4324 | 902635 |
| Comcast Corp. Class A | 248140 | 7416905 |
|  |  | **8319540** |

---

LVIP Franklin Templeton Multi-Factor Funds-15

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Metals & Mining–0.89%** | **Metals & Mining–0.89%** | **Metals & Mining–0.89%** |
| Alcoa Corp. | 53437 | $2839642 |
| Anglogold Ashanti PLC | 34912 | 2977295 |
| Newmont Corp. | 80812 | 8069078 |
| Nucor Corp. | 5613 | 915537 |
| Southern Copper Corp. | 12884 | 1848468 |
|  |  | **16650020** |
| **Multi-Utilities–0.28%** | **Multi-Utilities–0.28%** | **Multi-Utilities–0.28%** |
| Ameren Corp. | 17591 | 1756637 |
| Consolidated Edison, Inc. | 17051 | 1693505 |
| Dominion Energy, Inc. | 29638 | 1736491 |
|  |  | **5186633** |
| **Oil, Gas & Consumable Fuels–2.09%** | **Oil, Gas & Consumable Fuels–2.09%** | **Oil, Gas & Consumable Fuels–2.09%** |
| APA Corp. | 113730 | 2781836 |
| Chevron Corp. | 6091 | 928329 |
| ConocoPhillips | 10972 | 1027089 |
| Devon Energy Corp. | 196731 | 7206256 |
| EOG Resources, Inc. | 94758 | 9950538 |
| Exxon Mobil Corp. | 108336 | 13037154 |
| HF Sinclair Corp. | 47220 | 2175898 |
| Marathon Petroleum Corp. | 6428 | 1045386 |
| Valero Energy Corp. | 5241 | 853182 |
|  |  | **39005668** |
| **Passenger Airlines–0.21%** | **Passenger Airlines–0.21%** | **Passenger Airlines–0.21%** |
| †United Airlines Holdings, <br> Inc.<br>| 35372 | 3955297 |
|  |  | **3955297** |
| **Pharmaceuticals–2.46%** | **Pharmaceuticals–2.46%** | **Pharmaceuticals–2.46%** |
| Bristol-Myers Squibb Co. | 76986 | 4152625 |
| Eli Lilly & Co. | 20518 | 22050284 |
| Johnson & Johnson | 42997 | 8898229 |
| Merck & Co., Inc. | 58643 | 6172762 |
| Pfizer, Inc. | 189825 | 4726643 |
|  |  | **46000543** |
| **Professional Services–0.18%** | **Professional Services–0.18%** | **Professional Services–0.18%** |
| Genpact Ltd. | 46914 | 2194637 |
| Leidos Holdings, Inc. | 6778 | 1222751 |
|  |  | **3417388** |
| **Real Estate Management & Development–0.29%** | **Real Estate Management & Development–0.29%** | **Real Estate Management & Development–0.29%** |
| †CBRE Group, Inc. Class A | 12613 | 2028044 |
| †Jones Lang LaSalle, Inc. | 10097 | 3397338 |
|  |  | **5425382** |
| **Residential REITs–0.14%** | **Residential REITs–0.14%** | **Residential REITs–0.14%** |
| Equity Residential | 15202 | 958334 |
| Sun Communities, Inc. | 13955 | 1729164 |
|  |  | **2687498** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Retail REITs–0.35%** | **Retail REITs–0.35%** | **Retail REITs–0.35%** |
| Simon Property Group, Inc. | 35611 | $6591952 |
|  |  | **6591952** |
| **Semiconductors & Semiconductor Equipment–14.32%** | **Semiconductors & Semiconductor Equipment–14.32%** | **Semiconductors & Semiconductor Equipment–14.32%** |
| †Advanced Micro Devices, Inc. | 42140 | 9024702 |
| Applied Materials, Inc. | 16493 | 4238536 |
| Broadcom, Inc. | 139613 | 48320059 |
| KLA Corp. | 4761 | 5784996 |
| Lam Research Corp. | 89228 | 15274049 |
| Micron Technology, Inc. | 60659 | 17312685 |
| NVIDIA Corp. | 809103 | 150897710 |
| QUALCOMM, Inc. | 93218 | 15944939 |
| Skyworks Solutions, Inc. | 15726 | 997186 |
|  |  | **267794862** |
| **Software–11.53%** | **Software–11.53%** | **Software–11.53%** |
| †Adobe, Inc. | 60297 | 21103347 |
| †AppLovin Corp. Class A | 12933 | 8714514 |
| †Autodesk, Inc. | 5430 | 1607334 |
| †Cadence Design Systems, <br> Inc.<br>| 5340 | 1669177 |
| †Docusign, Inc. | 20817 | 1423883 |
| †Dropbox, Inc. Class A | 54859 | 1525080 |
| †Fair Isaac Corp. | 766 | 1295015 |
| †Fortinet, Inc. | 53306 | 4233029 |
| Intuit, Inc. | 11715 | 7760250 |
| †Manhattan Associates, Inc. | 5275 | 914210 |
| Microsoft Corp. | 254452 | 123058076 |
| Oracle Corp. | 49242 | 9597758 |
| †Palantir Technologies, Inc. <br> Class A<br>| 64406 | 11448167 |
| Pegasystems, Inc. | 25701 | 1534864 |
| Salesforce, Inc. | 38065 | 10083799 |
| †ServiceNow, Inc. | 16430 | 2516912 |
| †Strategy, Inc. Class A | 5808 | 882526 |
| †Zoom Communications, Inc. <br> Class A<br>| 72023 | 6214865 |
|  |  | **215582806** |
| **Specialized REITs–0.75%** | **Specialized REITs–0.75%** | **Specialized REITs–0.75%** |
| Gaming & Leisure Properties, <br> Inc.<br>| 80262 | 3586909 |
| Millrose Properties, Inc. | 35412 | 1057756 |
| VICI Properties, Inc. | 330479 | 9293070 |
|  |  | **13937735** |
| **Specialty Retail–1.44%** | **Specialty Retail–1.44%** | **Specialty Retail–1.44%** |
| Best Buy Co., Inc. | 35531 | 2378090 |
| Home Depot, Inc. | 24212 | 8331349 |
| Lowe's Cos., Inc. | 3746 | 903385 |
| †O'Reilly Automotive, Inc. | 9851 | 898510 |
| TJX Cos., Inc. | 70447 | 10821364 |
| †Ulta Beauty, Inc. | 3968 | 2400680 |
| Williams-Sonoma, Inc. | 6257 | 1117437 |
|  |  | **26850815** |

---

LVIP Franklin Templeton Multi-Factor Funds-16

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Technology Hardware, Storage & Peripherals–6.83%** | **Technology Hardware, Storage & Peripherals–6.83%** | **Technology Hardware, Storage & Peripherals–6.83%** |
| Apple, Inc. | 459296 | $124864211 |
| Western Digital Corp. | 17197 | 2962527 |
|  |  | **127826738** |
| **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** | **Textiles, Apparel & Luxury Goods–0.42%** |
| †Crocs, Inc. | 16069 | 1374221 |
| †Deckers Outdoor Corp. | 14487 | 1501867 |
| †Lululemon Athletica, Inc. | 11223 | 2332252 |
| Tapestry, Inc. | 19962 | 2550545 |
|  |  | **7758885** |
| **Tobacco–0.89%** | **Tobacco–0.89%** | **Tobacco–0.89%** |
| Altria Group, Inc. | 270239 | 15581981 |
| Philip Morris International, <br> Inc.<br>| 6158 | 987743 |
|  |  | **16569724** |
| **Trading Companies & Distributors–0.58%** | **Trading Companies & Distributors–0.58%** | **Trading Companies & Distributors–0.58%** |
| Fastenal Co. | 74317 | 2982341 |
| Ferguson Enterprises, Inc. | 15673 | 3489280 |
| MSC Industrial Direct Co., <br> Inc. Class A<br>| 12992 | 1092627 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| United Rentals, Inc. | 1894 | $1532852 |
| WW Grainger, Inc. | 1773 | 1789046 |
|  |  | **10886146** |
| **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** | **Wireless Telecommunication Services–0.07%** |
| Millicom International <br> Cellular SA<br>| 25013 | 1386721 |
|  |  | **1386721** |
| **Total Common Stock** <br>**(Cost $1,175,295,502)** | **Total Common Stock** <br>**(Cost $1,175,295,502)** | **1847527677** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.15%** | **MONEY MARKET FUND–1.15%** | **MONEY MARKET FUND–1.15%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 21578200 | 21578200 |
| **Total Money Market Fund** <br>**(Cost $21,578,200)** | **Total Money Market Fund** <br>**(Cost $21,578,200)** | **21578200** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.93% (Cost $1,196,873,702)** | **1869105877** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.07%** | **1290389** |
| **NET ASSETS APPLICABLE TO 112,185,925 SHARES OUTSTANDING–100.00%** | **$1870396266** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR LARGE CAP EQUITY FUND STANDARD** <br> **CLASS** <br>**($1,510,007,273 / 90,500,554 Shares)** | **$16.685** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR LARGE CAP EQUITY FUND SERVICE** <br> **CLASS** <br>**($360,388,993 / 21,685,371 Shares)** | **$16.619** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1093261974** |
| Distributable earnings/(accumulated loss) | **777134292** |
| **TOTAL NET ASSETS** | **$1870396266** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,210,727 cash collateral held at broker for futures contracts, $2,254,764 payable for fund shares redeemed, $19,788 other <br> accrued expenses payable, $602,521 due to manager and affiliates, $140,766 variation margin due to broker on futures contracts, $19,687 <br> payable for audit fee and $42,998 payable for fund accounting fee as of December 31, 2025.<br>

LVIP Franklin Templeton Multi-Factor Funds-17

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Statement of Net Assets (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contract**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** |
| 54 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; $18609750 | &nbsp;&nbsp; $18577908 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $31842 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |
| S&P–Standard & Poor's |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-18

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–97.85%** | **COMMON STOCK–97.85%** | **COMMON STOCK–97.85%** |
| **Aerospace & Defense–2.10%** | **Aerospace & Defense–2.10%** | **Aerospace & Defense–2.10%** |
| †AAR Corp. | 12574 | $1041002 |
| †AeroVironment, Inc. | 2045 | 494665 |
| †Astronics Corp. | 18725 | 1015644 |
| †Byrna Technologies, Inc. | 11544 | 193824 |
| Cadre Holdings, Inc. | 4550 | 185822 |
| Carpenter Technology Corp. | 7235 | 2277867 |
| Curtiss-Wright Corp. | 10174 | 5608621 |
| †Ducommun, Inc. | 8162 | 776451 |
| †Kratos Defense & Security <br> Solutions, Inc.<br>| 61320 | 4654801 |
| †Mercury Systems, Inc. | 14178 | 1035136 |
| †Rocket Lab Corp. | 24199 | 1688122 |
| †V2X, Inc. | 12999 | 709095 |
|  |  | **19681050** |
| **Air Freight & Logistics–0.14%** | **Air Freight & Logistics–0.14%** | **Air Freight & Logistics–0.14%** |
| †Forward Air Corp. | 11607 | 290175 |
| †GXO Logistics, Inc. | 3882 | 204348 |
| Hub Group, Inc. Class A | 18998 | 809505 |
|  |  | **1304028** |
| **Automobile Components–0.93%** | **Automobile Components–0.93%** | **Automobile Components–0.93%** |
| †Adient PLC | 57394 | 1100243 |
| †American Axle & <br> Manufacturing Holdings, <br> Inc.<br>| 77487 | 496692 |
| BorgWarner, Inc. | 44369 | 1999267 |
| Dana, Inc. | 76981 | 1829069 |
| †Goodyear Tire & Rubber Co. | 96858 | 848476 |
| Lear Corp. | 2599 | 297845 |
| Patrick Industries, Inc. | 14470 | 1568982 |
| Standard Motor Products, <br> Inc.<br>| 12186 | 449054 |
| †Strattec Security Corp. | 2311 | 175960 |
|  |  | **8765588** |
| **Automobiles–0.08%** | **Automobiles–0.08%** | **Automobiles–0.08%** |
| Winnebago Industries, Inc. | 18712 | 758210 |
|  |  | **758210** |
| **Banks–8.85%** | **Banks–8.85%** | **Banks–8.85%** |
| 1st Source Corp. | 12342 | 771252 |
| Amalgamated Financial <br> Corp.<br>| 6944 | 222416 |
| Arrow Financial Corp. | 10699 | 335949 |
| Associated Banc-Corp. | 27774 | 715458 |
| †Axos Financial, Inc. | 34117 | 2939521 |
| Banc of California, Inc. | 25292 | 487883 |
| Bank First Corp. | 5942 | 723854 |
| Bank of Marin Bancorp | 8045 | 209250 |
| Bank of NT Butterfield & Son <br> Ltd.<br>| 27502 | 1370150 |
| Bank OZK | 67604 | 3111136 |
| Bankwell Financial Group, <br> Inc.<br>| 4783 | 219157 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bar Harbor Bankshares | 9212 | $286033 |
| BayCom Corp. | 6494 | 190924 |
| †Bridgewater Bancshares, <br> Inc.<br>| 12257 | 214865 |
| Business First Bancshares, <br> Inc.<br>| 18400 | 480976 |
| Byline Bancorp, Inc. | 20926 | 609993 |
| Cadence Bank | 29361 | 1257825 |
| California BanCorp | 14584 | 272283 |
| Camden National Corp. | 11153 | 483817 |
| Capital City Bank Group, Inc. | 9049 | 385216 |
| Capitol Federal Financial, <br> Inc.<br>| 84573 | 575942 |
| †Carter Bankshares, Inc. | 14664 | 288294 |
| Cathay General Bancorp | 25426 | 1230364 |
| Central Pacific Financial <br> Corp.<br>| 16669 | 519406 |
| Citizens & Northern Corp. | 9596 | 193551 |
| City Holding Co. | 8404 | 1001757 |
| CNB Financial Corp. | 13261 | 347040 |
| Community Trust Bancorp, <br> Inc.<br>| 9624 | 543756 |
| Community West Bancshares | 11224 | 252540 |
| †Customers Bancorp, Inc. | 19039 | 1392132 |
| CVB Financial Corp. | 25087 | 466618 |
| Dime Community <br> Bancshares, Inc.<br>| 23821 | 716774 |
| Enterprise Financial Services <br> Corp.<br>| 22605 | 1220670 |
| Farmers & Merchants <br> Bancorp, Inc.<br>| 8308 | 205374 |
| Farmers National Banc Corp. | 24457 | 325767 |
| First Bancorp/Southern Pines <br> NC<br>| 27049 | 1373819 |
| First Bank | 13617 | 224136 |
| First Business Financial <br> Services, Inc.<br>| 5111 | 277527 |
| First Commonwealth <br> Financial Corp.<br>| 68577 | 1156208 |
| First Community Bankshares, <br> Inc.<br>| 10150 | 342359 |
| First Financial Bancorp | 62997 | 1576185 |
| First Financial Corp. | 7507 | 453573 |
| First Hawaiian, Inc. | 82107 | 2077307 |
| First Horizon Corp. | 95456 | 2281398 |
| First Merchants Corp. | 37862 | 1419068 |
| First Mid Bancshares, Inc. | 12944 | 504816 |
| Five Star Bancorp | 7996 | 286097 |
| FNB Corp. | 122507 | 2094870 |
| Fulton Financial Corp. | 112290 | 2170566 |
| Great Southern Bancorp, Inc. | 5606 | 345105 |
| Hanmi Financial Corp. | 19583 | 529328 |
| HBT Financial, Inc. | 7428 | 192014 |
| Heritage Commerce Corp. | 38656 | 464259 |

---

LVIP Franklin Templeton Multi-Factor Funds-19

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Hingham Institution For <br> Savings<br>| 1023 | $290491 |
| HomeTrust Bancshares, Inc. | 9231 | 396379 |
| Independent Bank Corp. | 12469 | 405617 |
| Kearny Financial Corp. | 30748 | 227843 |
| Mercantile Bank Corp. | 9993 | 480663 |
| Metropolitan Bank Holding <br> Corp.<br>| 6139 | 468774 |
| Mid Penn Bancorp, Inc. | 9418 | 292146 |
| MidWestOne Financial Group, <br> Inc.<br>| 10646 | 409871 |
| MVB Financial Corp. | 7476 | 193105 |
| National Bank Holdings Corp. <br> Class A<br>| 4597 | 174732 |
| Nicolet Bankshares, Inc. | 5704 | 691895 |
| Northeast Community <br> Bancorp, Inc.<br>| 8019 | 181310 |
| Northfield Bancorp, Inc. | 24309 | 277852 |
| Northrim BanCorp, Inc. | 12416 | 330390 |
| OceanFirst Financial Corp. | 37099 | 665927 |
| Origin Bancorp, Inc. | 18973 | 713574 |
| Orrstown Financial Services, <br> Inc.<br>| 11298 | 400175 |
| Pathward Financial, Inc. | 15466 | 1098086 |
| Peoples Financial Services <br> Corp.<br>| 5554 | 270535 |
| Pinnacle Financial Partners, <br> Inc.<br>| 21651 | 2065722 |
| Popular, Inc. | 16419 | 2044494 |
| Preferred Bank | 7643 | 721728 |
| Provident Financial Services, <br> Inc.<br>| 86145 | 1701364 |
| QCR Holdings, Inc. | 11078 | 922797 |
| RBB Bancorp | 10656 | 219940 |
| Red River Bancshares, Inc. | 3099 | 221362 |
| Republic Bancorp, Inc. <br> Class A<br>| 5494 | 379031 |
| S&T Bancorp, Inc. | 10760 | 423406 |
| Shore Bancshares, Inc. | 20674 | 365516 |
| Sierra Bancorp | 8324 | 272028 |
| Simmons First National Corp. <br> Class A<br>| 52557 | 990699 |
| SmartFinancial, Inc. | 9900 | 366201 |
| South Plains Financial, Inc. | 7787 | 302136 |
| †Southern First Bancshares, <br> Inc.<br>| 4990 | 257085 |
| Southern Missouri Bancorp, <br> Inc.<br>| 5811 | 343546 |
| Stellar Bancorp, Inc. | 31519 | 975198 |
| Stock Yards Bancorp, Inc. | 16405 | 1065505 |
| Synovus Financial Corp. | 20165 | 1009258 |
| †Third Coast Bancshares, Inc. | 7068 | 268655 |
| Tompkins Financial Corp. | 7858 | 569862 |
| TriCo Bancshares | 19832 | 939442 |
| TrustCo Bank Corp. | 11941 | 493522 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| United Bankshares, Inc. | 58847 | $2259725 |
| Unity Bancorp, Inc. | 4904 | 253635 |
| Univest Financial Corp. | 19505 | 638594 |
| Valley National Bancorp | 314817 | 3677063 |
| WaFd, Inc. | 11571 | 370619 |
| Webster Financial Corp. | 48251 | 3036918 |
| Western Alliance Bancorp | 19376 | 1628940 |
| WSFS Financial Corp. | 12065 | 666471 |
| Zions Bancorp NA | 54828 | 3209631 |
|  |  | **82966036** |
| **Beverages–0.12%** | **Beverages–0.12%** | **Beverages–0.12%** |
| †Celsius Holdings, Inc. | 15269 | 698404 |
| MGP Ingredients, Inc. | 7783 | 189127 |
| †National Beverage Corp. | 6931 | 221030 |
|  |  | **1108561** |
| **Biotechnology–9.17%** | **Biotechnology–9.17%** | **Biotechnology–9.17%** |
| †ACADIA Pharmaceuticals, <br> Inc.<br>| 28219 | 753729 |
| †ADMA Biologics, Inc. | 106721 | 1946591 |
| †Akebia Therapeutics, Inc. | 129007 | 207701 |
| †Alkermes PLC | 46162 | 1291613 |
| †Anavex Life Sciences Corp. | 51928 | 184864 |
| †Apellis Pharmaceuticals, Inc. | 9536 | 239544 |
| †Apogee Therapeutics, Inc. | 20804 | 1570286 |
| †Arcellx, Inc. | 8852 | 577150 |
| †Arcutis Biotherapeutics, Inc. | 63777 | 1852084 |
| †Ardelyx, Inc. | 120213 | 700842 |
| †Arrowhead Pharmaceuticals, <br> Inc.<br>| 70066 | 4651682 |
| †Aurinia Pharmaceuticals, <br> Inc.<br>| 74510 | 1188435 |
| †Avidity Biosciences, Inc. | 26118 | 1883891 |
| †Beam Therapeutics, Inc. | 13160 | 364795 |
| †Bicara Therapeutics, Inc. | 18993 | 319652 |
| †BioCryst Pharmaceuticals, <br> Inc.<br>| 129448 | 1009694 |
| †Biohaven Ltd. | 19130 | 215978 |
| †Bridgebio Pharma, Inc. | 33223 | 2541227 |
| †CareDx, Inc. | 33788 | 636566 |
| †Catalyst Pharmaceuticals, <br> Inc.<br>| 71238 | 1662695 |
| †Celcuity, Inc. | 13492 | 1345692 |
| †CG oncology, Inc. | 18669 | 775137 |
| †Cidara Therapeutics, Inc. | 10223 | 2258158 |
| †Compass Therapeutics, Inc. | 66607 | 357680 |
| †CRISPR Therapeutics AG | 12731 | 667614 |
| †Cytokinetics, Inc. | 20083 | 1276074 |
| †Day One Biopharmaceuticals, <br> Inc.<br>| 48211 | 449327 |
| †Denali Therapeutics, Inc. | 55453 | 915529 |
| †Dynavax Technologies Corp. | 68858 | 1059036 |
| †Dyne Therapeutics, Inc. | 51899 | 1015144 |
| †Emergent BioSolutions, Inc. | 36150 | 446814 |

---

LVIP Franklin Templeton Multi-Factor Funds-20

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Exact Sciences Corp. | 18762 | $1905469 |
| †Exelixis, Inc. | 74018 | 3244209 |
| †GRAIL, Inc. | 12644 | 1082200 |
| †Halozyme Therapeutics, Inc. | 38273 | 2575773 |
| †ImmunityBio, Inc. | 87073 | 172405 |
| †Insmed, Inc. | 14084 | 2451179 |
| †Ironwood Pharmaceuticals, <br> Inc.<br>| 107168 | 361156 |
| †Janux Therapeutics, Inc. | 21017 | 290035 |
| †Keros Therapeutics, Inc. | 22779 | 463780 |
| †Krystal Biotech, Inc. | 9562 | 2357415 |
| †Kura Oncology, Inc. | 45280 | 470459 |
| †Kymera Therapeutics, Inc. | 27681 | 2153859 |
| †Madrigal Pharmaceuticals, <br> Inc.<br>| 6194 | 3607014 |
| †MannKind Corp. | 121122 | 686762 |
| †MiMedx Group, Inc. | 71523 | 484211 |
| †Mineralys Therapeutics, Inc. | 21631 | 784989 |
| †Mirum Pharmaceuticals, Inc. | 24740 | 1954213 |
| †Monte Rosa Therapeutics, <br> Inc.<br>| 31785 | 498389 |
| †Myriad Genetics, Inc. | 62082 | 381804 |
| †Nuvalent, Inc. Class A | 3415 | 343515 |
| †Olema Pharmaceuticals, Inc. | 5954 | 148850 |
| †Organogenesis Holdings, Inc. | 44303 | 229490 |
| †ORIC Pharmaceuticals, Inc. | 30496 | 249457 |
| †Oruka Therapeutics, Inc. | 13261 | 401941 |
| †Palvella Therapeutics, Inc. | 4643 | 485983 |
| †Protagonist Therapeutics, <br> Inc.<br>| 26173 | 2285950 |
| †PTC Therapeutics, Inc. | 27653 | 2100522 |
| †REGENXBIO, Inc. | 18506 | 266486 |
| †Relay Therapeutics, Inc. | 48553 | 410758 |
| †Rigel Pharmaceuticals, Inc. | 11030 | 472415 |
| †Sana Biotechnology, Inc. | 68958 | 280659 |
| †Scholar Rock Holding Corp. | 24277 | 1069402 |
| †Sionna Therapeutics, Inc. | 8261 | 339858 |
| †Soleno Therapeutics, Inc. | 22363 | 1035407 |
| †Stoke Therapeutics, Inc. | 30693 | 974196 |
| †Syndax Pharmaceuticals, <br> Inc.<br>| 13436 | 282290 |
| †Taysha Gene Therapies, Inc. | 107968 | 593824 |
| †TG Therapeutics, Inc. | 64061 | 1909658 |
| †Twist Bioscience Corp. | 38528 | 1222108 |
| †Tyra Biosciences, Inc. | 12970 | 340981 |
| †United Therapeutics Corp. | 4872 | 2373882 |
| †UroGen Pharma Ltd. | 16669 | 390388 |
| †Vaxcyte, Inc. | 50794 | 2343635 |
| †Vera Therapeutics, Inc. | 6108 | 309309 |
| †Veracyte, Inc. | 48286 | 2032841 |
| †Vericel Corp. | 26131 | 940977 |
| †Viking Therapeutics, Inc. | 16765 | 589793 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| †Xencor, Inc. | 40024 | $612767 |
| †Zymeworks, Inc. | 23495 | 618623 |
|  |  | **85946510** |
| **Broadline Retail–0.12%** | **Broadline Retail–0.12%** | **Broadline Retail–0.12%** |
| Kohl's Corp. | 52951 | 1080730 |
|  |  | **1080730** |
| **Building Products–1.20%** | **Building Products–1.20%** | **Building Products–1.20%** |
| Apogee Enterprises, Inc. | 13775 | 501548 |
| Armstrong World Industries, <br> Inc.<br>| 1172 | 223969 |
| AZZ, Inc. | 7909 | 847687 |
| †Gibraltar Industries, Inc. | 16621 | 821742 |
| Griffon Corp. | 18232 | 1342787 |
| Insteel Industries, Inc. | 11960 | 378773 |
| †Janus International Group, <br> Inc.<br>| 89502 | 585343 |
| †Modine Manufacturing Co. | 7057 | 942180 |
| Owens Corning | 1581 | 176930 |
| Quanex Building Products <br> Corp.<br>| 30380 | 467244 |
| †Resideo Technologies, Inc. | 87288 | 3065555 |
| Tecnoglass, Inc. | 12646 | 636347 |
| UFP Industries, Inc. | 13406 | 1220616 |
|  |  | **11210721** |
| **Capital Markets–2.00%** | **Capital Markets–2.00%** | **Capital Markets–2.00%** |
| Acadian Asset Management, <br> Inc.<br>| 17953 | 843791 |
| Affiliated Managers Group, <br> Inc.<br>| 11289 | 3254393 |
| Artisan Partners Asset <br> Management, Inc. Class A<br>| 41949 | 1709002 |
| †Donnelley Financial <br> Solutions, Inc.<br>| 8645 | 403635 |
| Invesco Ltd. | 15994 | 420162 |
| Janus Henderson Group PLC | 56849 | 2704307 |
| Marex Group PLC | 35931 | 1378313 |
| PJT Partners, Inc. Class A | 1819 | 304137 |
| SEI Investments Co. | 16867 | 1383431 |
| Stifel Financial Corp. | 12756 | 1597306 |
| †StoneX Group, Inc. | 24951 | 2373589 |
| Victory Capital Holdings, Inc. <br> Class A<br>| 4117 | 259742 |
| Virtus Investment Partners, <br> Inc.<br>| 4459 | 727486 |
| XP, Inc. Class A | 86799 | 1420900 |
|  |  | **18780194** |
| **Chemicals–1.48%** | **Chemicals–1.48%** | **Chemicals–1.48%** |
| AdvanSix, Inc. | 17435 | 301625 |
| Albemarle Corp. | 6684 | 945385 |
| Avient Corp. | 15981 | 499246 |
| †Ecovyst, Inc. | 71025 | 691073 |

---

LVIP Franklin Templeton Multi-Factor Funds-21

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Hawkins, Inc. | 10709 | $1521321 |
| Huntsman Corp. | 70455 | 704550 |
| †Ingevity Corp. | 22565 | 1335397 |
| Innospec, Inc. | 13361 | 1022651 |
| Koppers Holdings, Inc. | 11799 | 319517 |
| †LSB Industries, Inc. | 22359 | 190052 |
| Mativ Holdings, Inc. | 34314 | 416915 |
| Minerals Technologies, Inc. | 17496 | 1066381 |
| †Perimeter Solutions, Inc. | 76905 | 2117195 |
| Quaker Chemical Corp. | 4389 | 602654 |
| Scotts Miracle-Gro Co. | 15398 | 898473 |
| Sensient Technologies Corp. | 10139 | 952559 |
| Tronox Holdings PLC | 81285 | 338958 |
|  |  | **13923952** |
| **Commercial Services & Supplies–1.44%** | **Commercial Services & Supplies–1.44%** | **Commercial Services & Supplies–1.44%** |
| ACCO Brands Corp. | 59067 | 220320 |
| †BrightView Holdings, Inc. | 48146 | 610010 |
| Brink's Co. | 4267 | 498087 |
| †Cimpress PLC | 10166 | 676954 |
| †Clean Harbors, Inc. | 3965 | 929713 |
| †CoreCivic, Inc. | 72288 | 1381424 |
| Deluxe Corp. | 29855 | 666662 |
| Ennis, Inc. | 16690 | 300587 |
| †GEO Group, Inc. | 32241 | 519725 |
| †Healthcare Services Group, <br> Inc.<br>| 48904 | 935044 |
| HNI Corp. | 22347 | 939468 |
| Interface, Inc. | 37913 | 1058531 |
| †Liquidity Services, Inc. | 14853 | 450194 |
| MillerKnoll, Inc. | 16279 | 297580 |
| †Montrose Environmental <br> Group, Inc.<br>| 21126 | 524559 |
| †OPENLANE, Inc. | 43712 | 1301743 |
| Pitney Bowes, Inc. | 101680 | 1074758 |
| Tetra Tech, Inc. | 31898 | 1069859 |
|  |  | **13455218** |
| **Communications Equipment–0.84%** | **Communications Equipment–0.84%** | **Communications Equipment–0.84%** |
| †ADTRAN Holdings, Inc. | 51058 | 443694 |
| †CommScope Holding Co., <br> Inc.<br>| 112460 | 2038900 |
| †Digi International, Inc. | 12529 | 542380 |
| †Extreme Networks, Inc. | 51453 | 856693 |
| †NetScout Systems, Inc. | 45383 | 1228064 |
| †Viasat, Inc. | 49056 | 1690470 |
| †Viavi Solutions, Inc. | 59781 | 1065297 |
|  |  | **7865498** |
| **Construction & Engineering–1.94%** | **Construction & Engineering–1.94%** | **Construction & Engineering–1.94%** |
| †Ameresco, Inc. Class A | 14851 | 434986 |
| Arcosa, Inc. | 3446 | 366379 |
| Argan, Inc. | 6794 | 2128696 |
| †Bowman Consulting Group <br> Ltd.<br>| 9137 | 301704 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Comfort Systems USA, Inc. | 4077 | $3805023 |
| Granite Construction, Inc. | 13981 | 1612708 |
| †IES Holdings, Inc. | 4305 | 1674731 |
| †Matrix Service Co. | 16804 | 196607 |
| †NWPX Infrastructure, Inc. | 6156 | 384688 |
| Primoris Services Corp. | 14907 | 1850555 |
| †Sterling Infrastructure, Inc. | 11163 | 3418446 |
| Tutor Perini Corp. | 29839 | 1999810 |
|  |  | **18174333** |
| **Construction Materials–0.22%** | **Construction Materials–0.22%** | **Construction Materials–0.22%** |
| †James Hardie Industries PLC | 39300 | 815475 |
| †Knife River Corp. | 6191 | 435537 |
| U.S. Lime & Minerals, Inc. | 6907 | 827044 |
|  |  | **2078056** |
| **Consumer Finance–0.89%** | **Consumer Finance–0.89%** | **Consumer Finance–0.89%** |
| †Atlanticus Holdings Corp. | 3443 | 230509 |
| Bread Financial Holdings, <br> Inc.<br>| 29601 | 2191362 |
| †Dave, Inc. | 5980 | 1324032 |
| †Encore Capital Group, Inc. | 15283 | 830631 |
| †Enova International, Inc. | 14521 | 2282701 |
| FirstCash Holdings, Inc. | 1824 | 290709 |
| †Green Dot Corp. Class A | 29088 | 372617 |
| †LendingClub Corp. | 30373 | 575265 |
| OneMain Holdings, Inc. | 3432 | 231832 |
|  |  | **8329658** |
| **Consumer Staples Distribution & Retail–0.49%** | **Consumer Staples Distribution & Retail–0.49%** | **Consumer Staples Distribution & Retail–0.49%** |
| Albertsons Cos., Inc. Class A | 49096 | 842978 |
| Andersons, Inc. | 20049 | 1066005 |
| †Grocery Outlet Holding Corp. | 18489 | 186739 |
| Ingles Markets, Inc. Class A | 3352 | 229780 |
| PriceSmart, Inc. | 6350 | 778955 |
| †United Natural Foods, Inc. | 39136 | 1317709 |
| Village Super Market, Inc. <br> Class A<br>| 5754 | 203663 |
|  |  | **4625829** |
| **Containers & Packaging–0.20%** | **Containers & Packaging–0.20%** | **Containers & Packaging–0.20%** |
| Ardagh Metal Packaging SA | 62908 | 257923 |
| Myers Industries, Inc. | 25006 | 468112 |
| †O-I Glass, Inc. | 75913 | 1120476 |
|  |  | **1846511** |
| **Distributors–0.06%** | **Distributors–0.06%** | **Distributors–0.06%** |
| †GigaCloud Technology, Inc. <br> Class A<br>| 14079 | 553023 |
|  |  | **553023** |
| **Diversified Consumer Services–0.98%** | **Diversified Consumer Services–0.98%** | **Diversified Consumer Services–0.98%** |
| ADT, Inc. | 45681 | 368646 |
| †Adtalem Global Education, <br> Inc.<br>| 9759 | 1009764 |

---

LVIP Franklin Templeton Multi-Factor Funds-22

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| †American Public Education, <br> Inc.<br>| 10068 | $380570 |
| †Frontdoor, Inc. | 36950 | 2131645 |
| †Grand Canyon Education, <br> Inc.<br>| 11113 | 1848203 |
| †Lincoln Educational Services <br> Corp.<br>| 16705 | 403426 |
| †McGraw Hill, Inc. | 15142 | 249843 |
| †Mister Car Wash, Inc. | 63200 | 351392 |
| Perdoceo Education Corp. | 39927 | 1171059 |
| †Stride, Inc. | 19508 | 1266654 |
|  |  | **9181202** |
| **Diversified REITs–0.45%** | **Diversified REITs–0.45%** | **Diversified REITs–0.45%** |
| Alexander & Baldwin, Inc. | 49785 | 1027562 |
| American Assets Trust, Inc. | 34129 | 646062 |
| Armada Hoffler Properties, <br> Inc.<br>| 53601 | 354839 |
| Broadstone Net Lease, Inc. | 127677 | 2217749 |
|  |  | **4246212** |
| **Diversified Telecommunication Services–0.65%** | **Diversified Telecommunication Services–0.65%** | **Diversified Telecommunication Services–0.65%** |
| †Bandwidth, Inc. Class A | 16043 | 247864 |
| †Frontier Communications <br> Parent, Inc.<br>| 7462 | 284078 |
| †GCI Liberty, Inc. Class C | 5668 | 210906 |
| †Globalstar, Inc. | 21011 | 1282512 |
| IDT Corp. Class B | 10326 | 528795 |
| †Lumen Technologies, Inc. | 456509 | 3547075 |
|  |  | **6101230** |
| **Electric Utilities–0.86%** | **Electric Utilities–0.86%** | **Electric Utilities–0.86%** |
| Genie Energy Ltd. Class B | 13941 | 192107 |
| †Hawaiian Electric Industries, <br> Inc.<br>| 33832 | 416133 |
| †Oklo, Inc. | 25242 | 1811366 |
| Otter Tail Corp. | 25212 | 2037382 |
| Portland General Electric <br> Co.<br>| 74212 | 3561434 |
|  |  | **8018422** |
| **Electrical Equipment–2.78%** | **Electrical Equipment–2.78%** | **Electrical Equipment–2.78%** |
| Allient, Inc. | 9503 | 510786 |
| †American Superconductor <br> Corp.<br>| 22687 | 652932 |
| †Amprius Technologies, Inc. | 57750 | 455648 |
| †Array Technologies, Inc. | 101743 | 938070 |
| Atkore, Inc. | 18592 | 1175944 |
| †Bloom Energy Corp. Class A | 85505 | 7429529 |
| EnerSys | 21088 | 3094664 |
| †Enovix Corp. | 24672 | 180352 |
| †Fluence Energy, Inc. | 12185 | 241019 |
| LSI Industries, Inc. | 18018 | 330090 |
| †NANO Nuclear Energy, Inc. | 5733 | 137649 |
| †Nextpower, Inc. Class A | 51557 | 4491130 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| †NuScale Power Corp. | 12350 | $175000 |
| nVent Electric PLC | 6905 | 704103 |
| Powell Industries, Inc. | 4214 | 1343339 |
| †Power Solutions <br> International, Inc.<br>| 3189 | 182219 |
| Preformed Line Products Co. | 1622 | 335284 |
| Sensata Technologies Holding <br> PLC<br>| 73451 | 2445184 |
| †Shoals Technologies Group, <br> Inc. Class A<br>| 109123 | 927546 |
| †Sunrun, Inc. | 15748 | 289763 |
|  |  | **26040251** |
| **Electronic Equipment, Instruments & Components–3.15%** | **Electronic Equipment, Instruments & Components–3.15%** | **Electronic Equipment, Instruments & Components–3.15%** |
| Advanced Energy Industries, <br> Inc.<br>| 15436 | 3231835 |
| †Arlo Technologies, Inc. | 50781 | 710426 |
| †Arrow Electronics, Inc. | 3428 | 377697 |
| Bel Fuse, Inc. Class B | 6607 | 1120745 |
| Belden, Inc. | 8277 | 964684 |
| Benchmark Electronics, Inc. | 22781 | 974116 |
| †Coherent Corp. | 6793 | 1253784 |
| †Daktronics, Inc. | 25298 | 500142 |
| †Evolv Technologies Holdings, <br> Inc.<br>| 71414 | 511324 |
| †Fabrinet | 6154 | 2801793 |
| Ingram Micro Holding Corp. | 11483 | 245047 |
| †Insight Enterprises, Inc. | 6737 | 548863 |
| †Itron, Inc. | 14732 | 1368014 |
| †Kimball Electronics, Inc. | 12959 | 360519 |
| †Knowles Corp. | 49677 | 1064578 |
| Napco Security Technologies, <br> Inc.<br>| 17801 | 742302 |
| †nLight, Inc. | 27057 | 1014908 |
| †OSI Systems, Inc. | 7566 | 1929784 |
| †Ouster, Inc. | 17983 | 389152 |
| PC Connection, Inc. | 3529 | 203835 |
| †Rogers Corp. | 1991 | 182316 |
| †Sanmina Corp. | 24583 | 3689171 |
| †ScanSource, Inc. | 14392 | 562152 |
| TD SYNNEX Corp. | 5144 | 772783 |
| †TTM Technologies, Inc. | 51237 | 3535353 |
| Vishay Intertechnology, Inc. | 14650 | 212279 |
| †Vishay Precision Group, Inc. | 7755 | 298568 |
|  |  | **29566170** |
| **Energy Equipment & Services–1.52%** | **Energy Equipment & Services–1.52%** | **Energy Equipment & Services–1.52%** |
| Archrock, Inc. | 68625 | 1785623 |
| Cactus, Inc. Class A | 17224 | 786792 |
| †Expro Group Holdings NV | 67426 | 900137 |
| Helmerich & Payne, Inc. | 53026 | 1520786 |
| †Innovex International, Inc. | 11924 | 260778 |
| Liberty Energy, Inc. | 86210 | 1591437 |
| †Nabors Industries Ltd. | 5020 | 272586 |
| Noble Corp. PLC | 20259 | 572114 |

---

LVIP Franklin Templeton Multi-Factor Funds-23

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
| †Oceaneering International, <br> Inc.<br>| 16890 | $405867 |
| †Oil States International, Inc. | 39011 | 264104 |
| Patterson-UTI Energy, Inc. | 221394 | 1352717 |
| RPC, Inc. | 56125 | 305320 |
| TechnipFMC PLC | 24021 | 1070376 |
| †TETRA Technologies, Inc. | 85108 | 797462 |
| †Transocean Ltd. | 55217 | 228046 |
| †Valaris Ltd. | 19026 | 958910 |
| Weatherford International <br> PLC<br>| 15076 | 1179848 |
|  |  | **14252903** |
| **Entertainment–0.52%** | **Entertainment–0.52%** | **Entertainment–0.52%** |
| Cinemark Holdings, Inc. | 51590 | 1198952 |
| †IMAX Corp. | 25223 | 932242 |
| †Madison Square Garden <br> Entertainment Corp.<br>| 10023 | 540139 |
| Marcus Corp. | 14466 | 224368 |
| †Roku, Inc. | 2453 | 266126 |
| †Sphere Entertainment Co. | 18367 | 1746334 |
|  |  | **4908161** |
| **Financial Services–2.44%** | **Financial Services–2.44%** | **Financial Services–2.44%** |
| Banco Latinoamericano de <br> Comercio Exterior SA<br>| 18453 | 823004 |
| Burford Capital Ltd. | 21525 | 192003 |
| †Cantaloupe, Inc. | 35980 | 382108 |
| Cass Information Systems, <br> Inc.<br>| 8197 | 340339 |
| Compass Diversified <br> Holdings<br>| 39884 | 191443 |
| Enact Holdings, Inc. | 19397 | 768897 |
| Essent Group Ltd. | 24068 | 1564661 |
| EVERTEC, Inc. | 6370 | 185303 |
| Federal Agricultural <br> Mortgage Corp. Class C<br>| 2283 | 400826 |
| HA Sustainable <br> Infrastructure Capital, Inc.<br>| 24744 | 777704 |
| †International Money Express, <br> Inc.<br>| 18989 | 291671 |
| Jackson Financial, Inc. <br> Class A<br>| 45355 | 4837111 |
| MGIC Investment Corp. | 137690 | 4023302 |
| †NCR Atleos Corp. | 12903 | 491733 |
| †NMI Holdings, Inc. Class A | 45700 | 1864103 |
| Pagseguro Digital Ltd. <br> Class A<br>| 120070 | 1157475 |
| Radian Group, Inc. | 52037 | 1872812 |
| †Sezzle, Inc. | 10883 | 690798 |
| Western Union Co. | 217362 | 2023640 |
|  |  | **22878933** |
| **Food Products–0.62%** | **Food Products–0.62%** | **Food Products–0.62%** |
| Calavo Growers, Inc. | 10917 | 237445 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Cal-Maine Foods, Inc. | 29054 | $2311827 |
| Flowers Foods, Inc. | 102773 | 1118170 |
| Fresh Del Monte Produce, <br> Inc.<br>| 17267 | 615223 |
| †Mission Produce, Inc. | 28152 | 326563 |
| †Seneca Foods Corp. Class A | 3113 | 344391 |
| †Simply Good Foods Co. | 32706 | 656737 |
| †SunOpta, Inc. | 51111 | 194222 |
|  |  | **5804578** |
| **Gas Utilities–1.10%** | **Gas Utilities–1.10%** | **Gas Utilities–1.10%** |
| Brookfield Infrastructure <br> Corp. Class A<br>| 60600 | 2751240 |
| National Fuel Gas Co. | 49899 | 3994914 |
| UGI Corp. | 94131 | 3523323 |
|  |  | **10269477** |
| **Ground Transportation–0.34%** | **Ground Transportation–0.34%** | **Ground Transportation–0.34%** |
| ArcBest Corp. | 3485 | 258552 |
| Covenant Logistics Group, <br> Inc.<br>| 9286 | 204663 |
| †Lyft, Inc. Class A | 13289 | 257408 |
| Marten Transport Ltd. | 21161 | 240812 |
| Ryder System, Inc. | 11509 | 2202708 |
|  |  | **3164143** |
| **Health Care Equipment & Supplies–3.23%** | **Health Care Equipment & Supplies–3.23%** | **Health Care Equipment & Supplies–3.23%** |
| †Alphatec Holdings, Inc. | 58874 | 1238709 |
| †AngioDynamics, Inc. | 25261 | 324351 |
| †Artivion, Inc. | 24839 | 1132907 |
| †AtriCure, Inc. | 30492 | 1206263 |
| †Avanos Medical, Inc. | 30014 | 337057 |
| †Axogen, Inc. | 26438 | 865316 |
| †Bioventus, Inc. Class A | 27511 | 204682 |
| †Butterfly Network, Inc. | 126911 | 482262 |
| †Ceribell, Inc. | 15092 | 330968 |
| †Cerus Corp. | 119804 | 246796 |
| Dentsply Sirona, Inc. | 61206 | 699585 |
| Embecta Corp. | 34877 | 414339 |
| †Enovis Corp. | 9128 | 243170 |
| †Envista Holdings Corp. | 78669 | 1707904 |
| †Glaukos Corp. | 7845 | 885779 |
| †Haemonetics Corp. | 20373 | 1632896 |
| †ICU Medical, Inc. | 12570 | 1793362 |
| †Inspire Medical Systems, Inc. | 6335 | 584277 |
| †Integer Holdings Corp. | 6611 | 518501 |
| †Integra LifeSciences Holdings <br> Corp.<br>| 18134 | 225224 |
| iRadimed Corp. | 5512 | 536207 |
| †iRhythm Technologies, Inc. | 10010 | 1776174 |
| †Lantheus Holdings, Inc. | 13647 | 908208 |
| LeMaitre Vascular, Inc. | 11287 | 915376 |
| †LivaNova PLC | 5107 | 314234 |
| †Masimo Corp. | 2193 | 285222 |
| †Merit Medical Systems, Inc. | 5535 | 487855 |

---

LVIP Franklin Templeton Multi-Factor Funds-24

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| †Neogen Corp. | 140373 | $981207 |
| †Novocure Ltd. | 68203 | 881865 |
| =†OmniAb, Inc. Earnout Shares | 8030 | 0 |
| =†OmniAb, Inc. Earnout <br> Shares.<br>| 8030 | 0 |
| †Omnicell, Inc. | 28789 | 1304142 |
| †Penumbra, Inc. | 2270 | 705766 |
| †PROCEPT BioRobotics Corp. | 12369 | 389129 |
| †QuidelOrtho Corp. | 45892 | 1310675 |
| †SI-BONE, Inc. | 20316 | 400631 |
| †STAAR Surgical Co. | 32158 | 742528 |
| †Tactile Systems Technology, <br> Inc.<br>| 11810 | 342490 |
| †Tandem Diabetes Care, Inc. | 8514 | 187138 |
| †TransMedics Group, Inc. | 12907 | 1570136 |
| †UFP Technologies, Inc. | 3942 | 875242 |
| †Varex Imaging Corp. | 25567 | 297855 |
|  |  | **30286428** |
| **Health Care Providers & Services–2.81%** | **Health Care Providers & Services–2.81%** | **Health Care Providers & Services–2.81%** |
| †Acadia Healthcare Co., Inc. | 23256 | 330003 |
| †AdaptHealth Corp. | 60493 | 602510 |
| †Addus HomeCare Corp. | 7444 | 799411 |
| †Alignment Healthcare, Inc. | 65053 | 1284797 |
| †AMN Healthcare Services, <br> Inc.<br>| 26120 | 411651 |
| †Astrana Health, Inc. | 27811 | 689991 |
| †Aveanna Healthcare Holdings, <br> Inc.<br>| 31280 | 255558 |
| †BrightSpring Health Services, <br> Inc.<br>| 34747 | 1301275 |
| †Castle Biosciences, Inc. | 16535 | 643212 |
| †Clover Health Investments <br> Corp.<br>| 247854 | 582457 |
| Encompass Health Corp. | 15967 | 1694737 |
| †Enhabit, Inc. | 32360 | 298359 |
| Ensign Group, Inc. | 9804 | 1707857 |
| †Fulgent Genetics, Inc. | 13415 | 352412 |
| †GeneDx Holdings Corp. | 8520 | 1108111 |
| †Guardant Health, Inc. | 30728 | 3138558 |
| †HealthEquity, Inc. | 9632 | 882388 |
| †Hims & Hers Health, Inc. | 53481 | 1736528 |
| †LifeStance Health Group, <br> Inc.<br>| 72468 | 510175 |
| National HealthCare Corp. | 5454 | 747689 |
| †NeoGenomics, Inc. | 81400 | 957264 |
| †Nutex Health, Inc. | 2251 | 370560 |
| †PACS Group, Inc. | 5868 | 225273 |
| †Pediatrix Medical Group, <br> Inc.<br>| 57285 | 1225326 |
| †Privia Health Group, Inc. | 10290 | 243976 |
| †Progyny, Inc. | 40074 | 1029100 |
| †RadNet, Inc. | 18178 | 1297000 |
| †Strata Critical Medical, Inc. | 42145 | 202717 |
| †Surgery Partners, Inc. | 19481 | 300981 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| †Talkspace, Inc. | 95674 | $347297 |
| Universal Health Services, <br> Inc. Class B<br>| 5124 | 1117134 |
|  |  | **26394307** |
| **Health Care REITs–0.79%** | **Health Care REITs–0.79%** | **Health Care REITs–0.79%** |
| CareTrust REIT, Inc. | 6265 | 226542 |
| Community Healthcare Trust, <br> Inc.<br>| 16295 | 267564 |
| Global Medical REIT, Inc. | 6948 | 234426 |
| LTC Properties, Inc. | 16791 | 577275 |
| National Health Investors, <br> Inc.<br>| 15420 | 1177625 |
| Omega Healthcare Investors, <br> Inc.<br>| 53164 | 2357292 |
| Sabra Health Care REIT, Inc. | 137494 | 2604136 |
|  |  | **7444860** |
| **Health Care Technology–0.36%** | **Health Care Technology–0.36%** | **Health Care Technology–0.36%** |
| †Certara, Inc. | 47882 | 421840 |
| †Doximity, Inc. Class A | 23453 | 1038499 |
| HealthStream, Inc. | 16196 | 373642 |
| †Phreesia, Inc. | 32587 | 551372 |
| †Simulations Plus, Inc. | 10832 | 197467 |
| †Teladoc Health, Inc. | 117804 | 824628 |
|  |  | **3407448** |
| **Hotel & Resort REITs–0.72%** | **Hotel & Resort REITs–0.72%** | **Hotel & Resort REITs–0.72%** |
| Apple Hospitality REIT, Inc. | 150095 | 1778626 |
| Chatham Lodging Trust | 31436 | 214079 |
| DiamondRock Hospitality Co. | 138176 | 1238057 |
| Pebblebrook Hotel Trust | 58185 | 658654 |
| RLJ Lodging Trust | 82413 | 613977 |
| Ryman Hospitality Properties, <br> Inc.<br>| 10962 | 1037225 |
| Summit Hotel Properties, <br> Inc.<br>| 54252 | 264207 |
| Xenia Hotels & Resorts, Inc. | 67752 | 958013 |
|  |  | **6762838** |
| **Hotels, Restaurants & Leisure–1.70%** | **Hotels, Restaurants & Leisure–1.70%** | **Hotels, Restaurants & Leisure–1.70%** |
| †Accel Entertainment, Inc. | 33313 | 380101 |
| †BJ's Restaurants, Inc. | 11358 | 447505 |
| Bloomin' Brands, Inc. | 51307 | 316564 |
| Boyd Gaming Corp. | 17012 | 1450103 |
| Brightstar Lottery PLC | 55106 | 853041 |
| †Brinker International, Inc. | 12428 | 1783667 |
| Cheesecake Factory, Inc. | 12123 | 611969 |
| Cracker Barrel Old Country <br> Store, Inc.<br>| 13871 | 352323 |
| †El Pollo Loco Holdings, Inc. | 17171 | 179609 |
| Krispy Kreme, Inc. | 50038 | 201153 |
| †Kura Sushi USA, Inc. Class A | 3856 | 201785 |
| †Lindblad Expeditions <br> Holdings, Inc.<br>| 20823 | 300268 |

---

LVIP Franklin Templeton Multi-Factor Funds-25

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Marriott Vacations Worldwide <br> Corp.<br>| 3781 | $218126 |
| Monarch Casino & Resort, <br> Inc.<br>| 8532 | 816512 |
| Papa John's International, <br> Inc.<br>| 5460 | 210155 |
| †Planet Fitness, Inc. Class A | 4934 | 535191 |
| Red Rock Resorts, Inc. <br> Class A<br>| 26673 | 1652392 |
| †Rush Street Interactive, Inc. | 29209 | 567531 |
| †Sabre Corp. | 235326 | 320043 |
| †Shake Shack, Inc. Class A | 2368 | 192211 |
| Super Group SGHC Ltd. | 95635 | 1142838 |
| Travel & Leisure Co. | 17273 | 1218265 |
| †United Parks & Resorts, Inc. | 5043 | 183061 |
| Vail Resorts, Inc. | 9069 | 1204363 |
| Wendy's Co. | 75834 | 631697 |
|  |  | **15970473** |
| **Household Durables–1.41%** | **Household Durables–1.41%** | **Household Durables–1.41%** |
| †Beazer Homes USA, Inc. | 16515 | 334759 |
| †Cavco Industries, Inc. | 2591 | 1530607 |
| Century Communities, Inc. | 16766 | 995062 |
| †Champion Homes, Inc. | 12394 | 1047293 |
| Ethan Allen Interiors, Inc. | 14714 | 336068 |
| †Helen of Troy Ltd. | 13631 | 289659 |
| †Hovnanian Enterprises, Inc. <br> Class A<br>| 3211 | 313201 |
| Installed Building Products, <br> Inc.<br>| 10304 | 2672755 |
| Leggett & Platt, Inc. | 89794 | 987734 |
| †M/I Homes, Inc. | 7614 | 974211 |
| †Sonos, Inc. | 46036 | 808392 |
| †Taylor Morrison Home Corp. | 15367 | 904655 |
| †TopBuild Corp. | 2004 | 836049 |
| †Tri Pointe Homes, Inc. | 38070 | 1198063 |
|  |  | **13228508** |
| **Household Products–0.21%** | **Household Products–0.21%** | **Household Products–0.21%** |
| †Central Garden & Pet Co. <br> Class A<br>| 22948 | 669852 |
| Energizer Holdings, Inc. | 12100 | 240669 |
| Oil-Dri Corp. of America | 6352 | 310867 |
| Spectrum Brands Holdings, <br> Inc.<br>| 12280 | 725502 |
|  |  | **1946890** |
| **Independent Power and Renewable Electricity Producers–0.32%** | **Independent Power and Renewable Electricity Producers–0.32%** | **Independent Power and Renewable Electricity Producers–0.32%** |
| AES Corp. | 91896 | 1317789 |
| Clearway Energy, Inc. Class A | 29987 | 955583 |
| Ormat Technologies, Inc. | 6173 | 681931 |
|  |  | **2955303** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Industrial Conglomerates–0.02%** | **Industrial Conglomerates–0.02%** | **Industrial Conglomerates–0.02%** |
| Brookfield Business Corp. <br> Class A<br>| 5863 | $210364 |
|  |  | **210364** |
| **Industrial REITs–0.44%** | **Industrial REITs–0.44%** | **Industrial REITs–0.44%** |
| First Industrial Realty Trust, <br> Inc.<br>| 6983 | 399916 |
| Innovative Industrial <br> Properties, Inc.<br>| 17771 | 841635 |
| LXP Industrial Trust | 7662 | 379882 |
| Plymouth Industrial REIT, <br> Inc.<br>| 27973 | 612049 |
| Rexford Industrial Realty, <br> Inc.<br>| 29180 | 1129850 |
| STAG Industrial, Inc. | 8119 | 298454 |
| Terreno Realty Corp. | 8208 | 481892 |
|  |  | **4143678** |
| **Insurance–1.66%** | **Insurance–1.66%** | **Insurance–1.66%** |
| Axis Capital Holdings Ltd. | 40915 | 4381587 |
| †Brighthouse Financial, Inc. | 33865 | 2194113 |
| Fidelis Insurance Holdings <br> Ltd.<br>| 37771 | 739179 |
| †Genworth Financial, Inc. <br> Class A<br>| 96555 | 871892 |
| Globe Life, Inc. | 9339 | 1306153 |
| †Hamilton Insurance Group <br> Ltd. Class B<br>| 31106 | 867857 |
| HCI Group, Inc. | 3889 | 745483 |
| †Heritage Insurance Holdings, <br> Inc.<br>| 15190 | 444459 |
| Horace Mann Educators <br> Corp.<br>| 11212 | 517770 |
| Investors Title Co. | 905 | 225924 |
| †Palomar Holdings, Inc. | 4729 | 637280 |
| †SiriusPoint Ltd. | 47780 | 1045904 |
| †Slide Insurance Holdings, <br> Inc.<br>| 18105 | 352685 |
| Tiptree, Inc. | 12936 | 236341 |
| United Fire Group, Inc. | 14103 | 512644 |
| Universal Insurance Holdings, <br> Inc.<br>| 15186 | 513287 |
|  |  | **15592558** |
| **Interactive Media & Services–0.67%** | **Interactive Media & Services–0.67%** | **Interactive Media & Services–0.67%** |
| †Angi, Inc. | 15574 | 201372 |
| †Cargurus, Inc. | 35170 | 1348769 |
| †Cars.com, Inc. | 38458 | 469188 |
| †EverQuote, Inc. Class A | 18486 | 499122 |
| †fuboTV, Inc. Class A | 206828 | 521207 |
| †Grindr, Inc. | 15650 | 211901 |
| †MediaAlpha, Inc. Class A | 20047 | 259609 |
| †QuinStreet, Inc. | 32177 | 462383 |
| Shutterstock, Inc. | 12667 | 241940 |

---

LVIP Franklin Templeton Multi-Factor Funds-26

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| †Yelp, Inc. | 33547 | $1019493 |
| †Ziff Davis, Inc. | 28521 | 1002513 |
|  |  | **6237497** |
| **IT Services–0.71%** | **IT Services–0.71%** | **IT Services–0.71%** |
| †Applied Digital Corp. | 40795 | 1000293 |
| †Commerce.com, Inc. | 43539 | 179381 |
| †DigitalOcean Holdings, Inc. | 42105 | 2026093 |
| †DXC Technology Co. | 119749 | 1754323 |
| †Fastly, Inc. Class A | 17328 | 176399 |
| †Globant SA | 3138 | 205131 |
| †Kyndryl Holdings, Inc. | 49043 | 1302582 |
|  |  | **6644202** |
| **Leisure Products–0.44%** | **Leisure Products–0.44%** | **Leisure Products–0.44%** |
| Acushnet Holdings Corp. | 15170 | 1210870 |
| †Malibu Boats, Inc. Class A | 12316 | 347434 |
| †Peloton Interactive, Inc. <br> Class A<br>| 77452 | 477104 |
| Polaris, Inc. | 14964 | 946473 |
| †Topgolf Callaway Brands <br> Corp.<br>| 82333 | 960826 |
| †YETI Holdings, Inc. | 4379 | 193421 |
|  |  | **4136128** |
| **Life Sciences Tools & Services–0.55%** | **Life Sciences Tools & Services–0.55%** | **Life Sciences Tools & Services–0.55%** |
| †10X Genomics, Inc. Class A | 39014 | 636318 |
| †Adaptive Biotechnologies <br> Corp.<br>| 78355 | 1272485 |
| †Azenta, Inc. | 26480 | 880725 |
| †Charles River Laboratories <br> International, Inc.<br>| 5620 | 1121078 |
| †CryoPort, Inc. | 28905 | 277488 |
| †Maravai LifeSciences <br> Holdings, Inc. Class A<br>| 55547 | 180528 |
| †Medpace Holdings, Inc. | 530 | 297674 |
| Mesa Laboratories, Inc. | 3515 | 275927 |
| †Niagen Bioscience, Inc. | 31463 | 200105 |
|  |  | **5142328** |
| **Machinery–2.97%** | **Machinery–2.97%** | **Machinery–2.97%** |
| Allison Transmission <br> Holdings, Inc.<br>| 5439 | 532478 |
| Astec Industries, Inc. | 14615 | 633122 |
| †Blue Bird Corp. | 20560 | 966320 |
| †CECO Environmental Corp. | 19889 | 1190357 |
| †Chart Industries, Inc. | 4529 | 934016 |
| Columbus McKinnon Corp. | 18923 | 326422 |
| †Energy Recovery, Inc. | 35943 | 484871 |
| ESCO Technologies, Inc. | 15017 | 2934172 |
| Greenbrier Cos., Inc. | 20040 | 936670 |
| Helios Technologies, Inc. | 22226 | 1188869 |
| †Hillman Solutions Corp. | 116752 | 1011072 |
| Hyster-Yale, Inc. | 6143 | 182508 |
| Kadant, Inc. | 2973 | 847364 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Lincoln Electric Holdings, <br> Inc.<br>| 9025 | $2162751 |
| Lindsay Corp. | 6619 | 780181 |
| Luxfer Holdings PLC | 17475 | 236437 |
| †Manitowoc Co., Inc. | 22132 | 265363 |
| †Microvast Holdings, Inc. | 125138 | 350386 |
| Mueller Industries, Inc. | 37749 | 4333585 |
| †Proto Labs, Inc. | 15785 | 798563 |
| REV Group, Inc. | 25836 | 1571087 |
| Snap-on, Inc. | 8310 | 2863626 |
| Terex Corp. | 26637 | 1421883 |
| †Titan International, Inc. | 23517 | 184138 |
| Wabash National Corp. | 27206 | 235332 |
| Worthington Enterprises, <br> Inc.<br>| 8505 | 438603 |
|  |  | **27810176** |
| **Marine Transportation–0.17%** | **Marine Transportation–0.17%** | **Marine Transportation–0.17%** |
| Costamare, Inc. | 29663 | 468379 |
| Matson, Inc. | 9301 | 1149138 |
|  |  | **1617517** |
| **Media–0.95%** | **Media–0.95%** | **Media–0.95%** |
| †AMC Networks, Inc. Class A | 20952 | 199463 |
| Cable One, Inc. | 3430 | 387076 |
| †DoubleVerify Holdings, Inc. | 16336 | 186884 |
| †EchoStar Corp. Class A | 20384 | 2215741 |
| †EW Scripps Co. Class A | 40777 | 162700 |
| Gray Media, Inc. | 52837 | 255731 |
| †iHeartMedia, Inc. Class A | 38735 | 161138 |
| John Wiley & Sons, Inc. <br> Class A<br>| 24837 | 760757 |
| †Magnite, Inc. | 95783 | 1554558 |
| Nexstar Media Group, Inc. | 2376 | 482447 |
| †PubMatic, Inc. Class A | 27045 | 239889 |
| Sinclair, Inc. | 11213 | 171559 |
| Sirius XM Holdings, Inc. | 63551 | 1270702 |
| †Stagwell, Inc. | 38161 | 186607 |
| TEGNA, Inc. | 16084 | 312190 |
| †USA TODAY Co., Inc. | 75487 | 388758 |
|  |  | **8936200** |
| **Metals & Mining–2.37%** | **Metals & Mining–2.37%** | **Metals & Mining–2.37%** |
| Alcoa Corp. | 7406 | 393555 |
| †Alpha Metallurgical <br> Resources, Inc.<br>| 6795 | 1358185 |
| Caledonia Mining Corp. PLC | 10943 | 286378 |
| †Century Aluminum Co. | 33281 | 1303950 |
| †Coeur Mining, Inc. | 142478 | 2540383 |
| Commercial Metals Co. | 20006 | 1384815 |
| †Compass Minerals <br> International, Inc.<br>| 22129 | 434614 |
| †Constellium SE | 59440 | 1120444 |
| Ferroglobe PLC | 58121 | 269681 |
| Hecla Mining Co. | 158646 | 3044417 |

---

LVIP Franklin Templeton Multi-Factor Funds-27

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Materion Corp. | 2772 | $344615 |
| †Metallus, Inc. | 12027 | 206383 |
| †MP Materials Corp. | 17399 | 878997 |
| Olympic Steel, Inc. | 5681 | 243062 |
| Ramaco Resources, Inc. <br> Class B<br>| 17724 | 208262 |
| Reliance, Inc. | 4974 | 1436839 |
| Royal Gold, Inc. | 6692 | 1487565 |
| Ryerson Holding Corp. | 17690 | 445080 |
| †SSR Mining, Inc. | 124508 | 2729215 |
| SunCoke Energy, Inc. | 55218 | 397570 |
| Warrior Met Coal, Inc. | 11228 | 989973 |
| Worthington Steel, Inc. | 21552 | 746130 |
|  |  | **22250113** |
| **Mortgage Real Estate Investment Trusts (REITs)–0.75%** | **Mortgage Real Estate Investment Trusts (REITs)–0.75%** | **Mortgage Real Estate Investment Trusts (REITs)–0.75%** |
| AGNC Investment Corp. | 33229 | 356215 |
| Chimera Investment Corp. | 52060 | 647106 |
| Ellington Financial, Inc. | 50262 | 682558 |
| Invesco Mortgage Capital, <br> Inc.<br>| 44946 | 377996 |
| MFA Financial, Inc. | 64229 | 597972 |
| Redwood Trust, Inc. | 67416 | 372810 |
| Rithm Capital Corp. | 338153 | 3685868 |
| TPG RE Finance Trust, Inc. | 37847 | 325862 |
|  |  | **7046387** |
| **Multi-Utilities–0.36%** | **Multi-Utilities–0.36%** | **Multi-Utilities–0.36%** |
| Avista Corp. | 11430 | 440512 |
| Black Hills Corp. | 18428 | 1279272 |
| NiSource, Inc. | 40614 | 1696041 |
|  |  | **3415825** |
| **Office REITs–0.57%** | **Office REITs–0.57%** | **Office REITs–0.57%** |
| COPT Defense Properties | 66510 | 1848978 |
| Highwoods Properties, Inc. | 56246 | 1452271 |
| Kilroy Realty Corp. | 31802 | 1188441 |
| Postal Realty Trust, Inc. <br> Class A<br>| 14313 | 231012 |
| Vornado Realty Trust | 19886 | 661806 |
|  |  | **5382508** |
| **Oil, Gas & Consumable Fuels–2.57%** | **Oil, Gas & Consumable Fuels–2.57%** | **Oil, Gas & Consumable Fuels–2.57%** |
| APA Corp. | 54848 | 1341582 |
| Ardmore Shipping Corp. | 23482 | 248674 |
| †Centrus Energy Corp. Class A | 10180 | 2471297 |
| Civitas Resources, Inc. | 62476 | 1692475 |
| †Clean Energy Fuels Corp. | 105671 | 221909 |
| †CNX Resources Corp. | 23200 | 853064 |
| Crescent Energy Co. Class A | 38063 | 319348 |
| Dorian LPG Ltd. | 18000 | 438120 |
| DT Midstream, Inc. | 14844 | 1776530 |
| †Energy Fuels, Inc. | 12290 | 178697 |
| †FLEX LNG Ltd. | 20284 | 506086 |
| †Green Plains, Inc. | 43032 | 421713 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| †Gulfport Energy Corp. | 1031 | $214438 |
| HF Sinclair Corp. | 21087 | 971689 |
| International Seaways, Inc. | 17321 | 840934 |
| Matador Resources Co. | 41724 | 1770766 |
| Northern Oil & Gas, Inc. | 64417 | 1383033 |
| †Par Pacific Holdings, Inc. | 33948 | 1192933 |
| Peabody Energy Corp. | 79410 | 2358477 |
| †REX American Resources <br> Corp.<br>| 20168 | 651830 |
| SandRidge Energy, Inc. | 21037 | 303564 |
| Scorpio Tankers, Inc. | 13454 | 683867 |
| SM Energy Co. | 76561 | 1431691 |
| †Talos Energy, Inc. | 32790 | 361346 |
| Teekay Corp. Ltd. | 24689 | 222942 |
| Teekay Tankers Ltd. Class A | 12565 | 671222 |
| †Uranium Energy Corp. | 32032 | 374134 |
| VAALCO Energy, Inc. | 60048 | 218575 |
|  |  | **24120936** |
| **Paper & Forest Products–0.09%** | **Paper & Forest Products–0.09%** | **Paper & Forest Products–0.09%** |
| †Magnera Corp. | 18241 | 276169 |
| Sylvamo Corp. | 10942 | 526857 |
|  |  | **803026** |
| **Passenger Airlines–0.52%** | **Passenger Airlines–0.52%** | **Passenger Airlines–0.52%** |
| †Alaska Air Group, Inc. | 18905 | 950921 |
| †Allegiant Travel Co. | 8884 | 757539 |
| †Joby Aviation, Inc. | 16568 | 218698 |
| †SkyWest, Inc. | 24144 | 2424299 |
| †Sun Country Airlines <br> Holdings, Inc.<br>| 33497 | 482022 |
|  |  | **4833479** |
| **Personal Care Products–0.23%** | **Personal Care Products–0.23%** | **Personal Care Products–0.23%** |
| †Herbalife Ltd. | 64383 | 829897 |
| Interparfums, Inc. | 8755 | 742687 |
| †Nature's Sunshine Products, <br> Inc.<br>| 11657 | 251558 |
| Nu Skin Enterprises, Inc. <br> Class A<br>| 31768 | 305608 |
|  |  | **2129750** |
| **Pharmaceuticals–2.73%** | **Pharmaceuticals–2.73%** | **Pharmaceuticals–2.73%** |
| †Amneal Pharmaceuticals, <br> Inc.<br>| 65944 | 830894 |
| †Amphastar Pharmaceuticals, <br> Inc.<br>| 23766 | 636454 |
| †ANI Pharmaceuticals, Inc. | 12018 | 948701 |
| †Avadel Pharmaceuticals PLC | 49184 | 1059915 |
| †Collegium Pharmaceutical, <br> Inc.<br>| 20171 | 933917 |
| †Corcept Therapeutics, Inc. | 37526 | 1305905 |
| †CorMedix, Inc. | 40280 | 468456 |
| †Crinetics Pharmaceuticals, <br> Inc.<br>| 15885 | 739447 |

---

LVIP Franklin Templeton Multi-Factor Funds-28

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| †Edgewise Therapeutics, Inc. | 40670 | $1009226 |
| †Elanco Animal Health, Inc. | 56429 | 1276988 |
| †Enliven Therapeutics, Inc. | 20151 | 310325 |
| †EyePoint, Inc. | 33171 | 606034 |
| †Fulcrum Therapeutics, Inc. | 19428 | 219731 |
| †Harmony Biosciences <br> Holdings, Inc.<br>| 20175 | 754949 |
| †Harrow, Inc. | 19569 | 958881 |
| †Indivior PLC | 76704 | 2752140 |
| †Innoviva, Inc. | 31607 | 631824 |
| †LENZ Therapeutics, Inc. | 10478 | 167648 |
| †Ligand Pharmaceuticals, Inc. | 9617 | 1818286 |
| Organon & Co. | 25438 | 182391 |
| †Pacira BioSciences, Inc. | 25047 | 648216 |
| Perrigo Co. PLC | 45100 | 627792 |
| Phibro Animal Health Corp. <br> Class A<br>| 12683 | 473837 |
| †Septerna, Inc. | 14316 | 399130 |
| †Supernus Pharmaceuticals, <br> Inc.<br>| 30286 | 1505214 |
| †Tarsus Pharmaceuticals, Inc. | 2648 | 216818 |
| †Terns Pharmaceuticals, Inc. | 28955 | 1169782 |
| †Theravance Biopharma, Inc. | 24325 | 455121 |
| †Trevi Therapeutics, Inc. | 49512 | 619890 |
| Viatris, Inc. | 58262 | 725362 |
| †Xeris Biopharma Holdings, <br> Inc.<br>| 105421 | 827555 |
| †Zevra Therapeutics, Inc. | 36729 | 329092 |
|  |  | **25609921** |
| **Professional Services–1.64%** | **Professional Services–1.64%** | **Professional Services–1.64%** |
| Barrett Business Services, <br> Inc.<br>| 15102 | 546843 |
| †Clarivate PLC | 234196 | 782215 |
| Concentrix Corp. | 27058 | 1125072 |
| CRA International, Inc. | 4009 | 804586 |
| CSG Systems International, <br> Inc.<br>| 17856 | 1369377 |
| †ExlService Holdings, Inc. | 10124 | 429663 |
| Genpact Ltd. | 30869 | 1444052 |
| †Huron Consulting Group, Inc. | 10579 | 1829215 |
| ICF International, Inc. | 10631 | 906824 |
| †Innodata, Inc. | 18404 | 937684 |
| Kforce, Inc. | 10801 | 333967 |
| †Legalzoom.com, Inc. | 79478 | 789216 |
| ManpowerGroup, Inc. | 14126 | 419966 |
| †Paylocity Holding Corp. | 1788 | 272670 |
| †Resolute Holdings <br> Management, Inc.<br>| 2537 | 523713 |
| TriNet Group, Inc. | 4339 | 256565 |
| †Upwork, Inc. | 84215 | 1669141 |
| †Willdan Group, Inc. | 9406 | 975026 |
|  |  | **15415795** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Real Estate Management & Development–0.83%** | **Real Estate Management & Development–0.83%** | **Real Estate Management & Development–0.83%** |
| †Anywhere Real Estate, Inc. | 59062 | $836318 |
| †Cushman & Wakefield Ltd. | 99066 | 1603878 |
| †Forestar Group, Inc. | 12951 | 318983 |
| †Jones Lang LaSalle, Inc. | 7443 | 2504346 |
| Kennedy-Wilson Holdings, <br> Inc.<br>| 48895 | 472815 |
| Newmark Group, Inc. Class A | 80079 | 1388570 |
| St. Joe Co. | 11816 | 701516 |
|  |  | **7826426** |
| **Residential REITs–0.31%** | **Residential REITs–0.31%** | **Residential REITs–0.31%** |
| American Homes 4 Rent <br> Class A<br>| 6592 | 211603 |
| Apartment Investment & <br> Management Co. Class A<br>| 88469 | 525506 |
| Elme Communities | 10606 | 184544 |
| Equity LifeStyle Properties, <br> Inc.<br>| 4236 | 256744 |
| Independence Realty Trust, <br> Inc.<br>| 57286 | 1001359 |
| Veris Residential, Inc. | 50262 | 747899 |
|  |  | **2927655** |
| **Retail REITs–1.16%** | **Retail REITs–1.16%** | **Retail REITs–1.16%** |
| Agree Realty Corp. | 26388 | 1900728 |
| Alexander's, Inc. | 1184 | 258041 |
| Brixmor Property Group, Inc. | 9504 | 249195 |
| CBL & Associates Properties, <br> Inc.<br>| 11937 | 441669 |
| Getty Realty Corp. | 35491 | 971389 |
| Macerich Co. | 27814 | 513447 |
| NETSTREIT Corp. | 56059 | 988881 |
| NNN REIT, Inc. | 17686 | 700896 |
| Regency Centers Corp. | 38713 | 2672358 |
| Saul Centers, Inc. | 6510 | 205260 |
| Tanger, Inc. | 46238 | 1542962 |
| Whitestone REIT | 29279 | 406685 |
|  |  | **10851511** |
| **Semiconductors & Semiconductor Equipment–3.71%** | **Semiconductors & Semiconductor Equipment–3.71%** | **Semiconductors & Semiconductor Equipment–3.71%** |
| †Aehr Test Systems | 13251 | 267538 |
| †Alpha & Omega <br> Semiconductor Ltd.<br>| 13252 | 262522 |
| †Ambarella, Inc. | 12654 | 896409 |
| Amkor Technology, Inc. | 51803 | 2045182 |
| †Astera Labs, Inc. | 2334 | 388284 |
| †Axcelis Technologies, Inc. | 20191 | 1622145 |
| †Cirrus Logic, Inc. | 17997 | 2132645 |
| †Credo Technology Group <br> Holding Ltd.<br>| 47740 | 6869309 |
| †Diodes, Inc. | 29391 | 1450152 |
| †FormFactor, Inc. | 5766 | 321627 |
| †Impinj, Inc. | 7796 | 1356582 |
| Kulicke & Soffa Industries, <br> Inc.<br>| 19566 | 891427 |

---

LVIP Franklin Templeton Multi-Factor Funds-29

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| MKS, Inc. | 3788 | $605322 |
| †Navitas Semiconductor Corp. | 64300 | 459102 |
| NVE Corp. | 3098 | 183804 |
| †Onto Innovation, Inc. | 2638 | 416435 |
| †Penguin Solutions, Inc. | 32196 | 629754 |
| †Photronics, Inc. | 35443 | 1134176 |
| †Qorvo, Inc. | 9954 | 841213 |
| †Rambus, Inc. | 34949 | 3211464 |
| †Rigetti Computing, Inc. | 83221 | 1843345 |
| †Semtech Corp. | 15326 | 1129373 |
| †Silicon Laboratories, Inc. | 7666 | 1001946 |
| †SiTime Corp. | 5838 | 2061923 |
| †SkyWater Technology, Inc. | 11295 | 205117 |
| Skyworks Solutions, Inc. | 25389 | 1609917 |
| †Ultra Clean Holdings, Inc. | 9574 | 242509 |
| †Veeco Instruments, Inc. | 26112 | 746281 |
|  |  | **34825503** |
| **Software–6.27%** | **Software–6.27%** | **Software–6.27%** |
| †8x8, Inc. | 86778 | 170953 |
| A10 Networks, Inc. | 45376 | 802701 |
| †ACI Worldwide, Inc. | 52408 | 2505627 |
| Adeia, Inc. | 70302 | 1212710 |
| †Agilysys, Inc. | 7615 | 904967 |
| †Alkami Technology, Inc. | 27987 | 645660 |
| †Appfolio, Inc. Class A | 5292 | 1231184 |
| †Asana, Inc. Class A | 53257 | 730153 |
| †AvePoint, Inc. | 69666 | 967661 |
| †Bill Holdings, Inc. | 10311 | 562362 |
| †Bit Digital, Inc. | 108033 | 204182 |
| †Cerence, Inc. | 26018 | 278132 |
| †Cipher Mining, Inc. | 54939 | 810900 |
| †Cleanspark, Inc. | 101887 | 1031096 |
| Clear Secure, Inc. Class A | 40477 | 1419933 |
| †Commvault Systems, Inc. | 18650 | 2337964 |
| †Consensus Cloud Solutions, <br> Inc.<br>| 9676 | 211130 |
| †Digital Turbine, Inc. | 50266 | 251330 |
| Dolby Laboratories, Inc. <br> Class A<br>| 3977 | 255403 |
| †Dropbox, Inc. Class A | 80677 | 2242821 |
| †D-Wave Quantum, Inc. | 84903 | 2220213 |
| †Dynatrace, Inc. | 14373 | 622926 |
| †Five9, Inc. | 51735 | 1037287 |
| †Freshworks, Inc. Class A | 64621 | 791607 |
| †Gitlab, Inc. Class A | 4997 | 187537 |
| †Hut 8 Corp. | 46498 | 2136118 |
| †I3 Verticals, Inc. Class A | 7446 | 187565 |
| †Intapp, Inc. | 18074 | 828151 |
| InterDigital, Inc. | 11680 | 3718678 |
| †Jamf Holding Corp. | 44091 | 573624 |
| †Life360, Inc. | 6629 | 425184 |
| †LiveRamp Holdings, Inc. | 44072 | 1294395 |
| †Manhattan Associates, Inc. | 5114 | 886307 |
| †MARA Holdings, Inc. | 69014 | 619746 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| †Mitek Systems, Inc. | 28262 | $298164 |
| †NCR Voyix Corp. | 85480 | 871896 |
| OneSpan, Inc. | 24239 | 311229 |
| †Pagaya Technologies Ltd. <br> Class A<br>| 29964 | 626248 |
| †PagerDuty, Inc. | 57804 | 757810 |
| †PAR Technology Corp. | 17228 | 625032 |
| Pegasystems, Inc. | 12564 | 750322 |
| †Porch Group, Inc. | 43498 | 397137 |
| †Progress Software Corp. | 23842 | 1024252 |
| †Q2 Holdings, Inc. | 29403 | 2121720 |
| †Qualys, Inc. | 12453 | 1655004 |
| †Rapid7, Inc. | 36791 | 559223 |
| Red Violet, Inc. | 7025 | 400074 |
| †RingCentral, Inc. Class A | 54776 | 1581931 |
| †Riot Platforms, Inc. | 81536 | 1033061 |
| †SEMrush Holdings, Inc. <br> Class A<br>| 23179 | 275598 |
| †SoundHound AI, Inc. Class A | 70084 | 698737 |
| †Sprinklr, Inc. Class A | 75074 | 584076 |
| †Sprout Social, Inc. Class A | 33986 | 383022 |
| †SPS Commerce, Inc. | 24723 | 2203561 |
| †Teradata Corp. | 64327 | 1958114 |
| †Terawulf, Inc. | 44146 | 507238 |
| †UiPath, Inc. Class A | 76063 | 1246673 |
| †Varonis Systems, Inc. | 16954 | 556091 |
| †Weave Communications, Inc. | 37697 | 286120 |
| †Workiva, Inc. | 2064 | 178020 |
| †Yext, Inc. | 55642 | 448475 |
| †Zeta Global Holdings Corp. <br> Class A<br>| 106997 | 2177389 |
|  |  | **58822424** |
| **Specialized REITs–0.40%** | **Specialized REITs–0.40%** | **Specialized REITs–0.40%** |
| CubeSmart | 6901 | 248781 |
| EPR Properties | 43215 | 2156429 |
| PotlatchDeltic Corp. | 6312 | 251091 |
| Rayonier, Inc. | 26539 | 574569 |
| Safehold, Inc. | 37077 | 507584 |
|  |  | **3738454** |
| **Specialty Retail–2.57%** | **Specialty Retail–2.57%** | **Specialty Retail–2.57%** |
| †Abercrombie & Fitch Co. <br> Class A<br>| 18097 | 2277869 |
| Academy Sports & Outdoors, <br> Inc.<br>| 7037 | 351569 |
| Advance Auto Parts, Inc. | 16767 | 658943 |
| American Eagle Outfitters, <br> Inc.<br>| 101501 | 2676581 |
| Arko Corp. | 47878 | 217366 |
| †Asbury Automotive Group, <br> Inc.<br>| 3621 | 841991 |
| †Boot Barn Holdings, Inc. | 3517 | 620645 |
| Buckle, Inc. | 21410 | 1143722 |
| Build-A-Bear Workshop, Inc. | 8328 | 510257 |

---

LVIP Franklin Templeton Multi-Factor Funds-30

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Caleres, Inc. | 21430 | $260803 |
| Gap, Inc. | 9176 | 234906 |
| Group 1 Automotive, Inc. | 4740 | 1864242 |
| †MarineMax, Inc. | 11108 | 269147 |
| Monro, Inc. | 19273 | 386231 |
| †National Vision Holdings, <br> Inc.<br>| 44716 | 1154567 |
| †RealReal, Inc. | 40080 | 632462 |
| †Revolve Group, Inc. | 23328 | 704272 |
| †Sally Beauty Holdings, Inc. | 68791 | 980960 |
| Shoe Carnival, Inc. | 11016 | 185950 |
| Signet Jewelers Ltd. | 21295 | 1764930 |
| Sonic Automotive, Inc. <br> Class A<br>| 9298 | 575174 |
| †Stitch Fix, Inc. Class A | 55652 | 292173 |
| Upbound Group, Inc. | 35203 | 618165 |
| †Urban Outfitters, Inc. | 26520 | 1995895 |
| †Victoria's Secret & Co. | 21938 | 1188382 |
| †Wayfair, Inc. Class A | 7332 | 736206 |
| Winmark Corp. | 1865 | 755213 |
| †Zumiez, Inc. | 9081 | 236560 |
|  |  | **24135181** |
| **Technology Hardware, Storage & Peripherals–0.49%** | **Technology Hardware, Storage & Peripherals–0.49%** | **Technology Hardware, Storage & Peripherals–0.49%** |
| †Diebold Nixdorf, Inc. | 8230 | 558735 |
| †Eastman Kodak Co. | 28049 | 237294 |
| †IonQ, Inc. | 54616 | 2450620 |
| †Pure Storage, Inc. Class A | 12495 | 837290 |
| †Quantum Computing, Inc. | 45118 | 462911 |
|  |  | **4546850** |
| **Textiles, Apparel & Luxury Goods–0.61%** | **Textiles, Apparel & Luxury Goods–0.61%** | **Textiles, Apparel & Luxury Goods–0.61%** |
| †Capri Holdings Ltd. | 25632 | 625421 |
| †Crocs, Inc. | 11647 | 996051 |
| †Figs, Inc. Class A | 58598 | 665673 |
| G-III Apparel Group Ltd. | 25376 | 734889 |
| Kontoor Brands, Inc. | 7246 | 442658 |
| Oxford Industries, Inc. | 9738 | 333040 |
| Tapestry, Inc. | 13745 | 1756199 |
| Wolverine World Wide, Inc. | 9862 | 178995 |
|  |  | **5732926** |
| **Tobacco–0.09%** | **Tobacco–0.09%** | **Tobacco–0.09%** |
| Turning Point Brands, Inc. | 7457 | 808339 |
|  |  | **808339** |
| **Trading Companies & Distributors–1.25%** | **Trading Companies & Distributors–1.25%** | **Trading Companies & Distributors–1.25%** |
| Air Lease Corp. | 16538 | 1062236 |
| Applied Industrial <br> Technologies, Inc.<br>| 10832 | 2781332 |
| †BlueLinx Holdings, Inc. | 5168 | 317470 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| †DNOW, Inc. | 115839 | $1534867 |
| †DXP Enterprises, Inc. | 7847 | 861522 |
| GATX Corp. | 2800 | 474880 |
| Global Industrial Co. | 9613 | 280892 |
| Herc Holdings, Inc. | 7910 | 1173686 |
| †NPK International, Inc. | 42744 | 509508 |
| Rush Enterprises, Inc. <br> Class A<br>| 8777 | 486553 |
| †Titan Machinery, Inc. | 13373 | 201130 |
| †Transcat, Inc. | 5951 | 337600 |
| Willis Lease Finance Corp. | 1848 | 250663 |
| †Xometry, Inc. Class A | 24212 | 1439888 |
|  |  | **11712227** |
| **Water Utilities–0.39%** | **Water Utilities–0.39%** | **Water Utilities–0.39%** |
| American States Water Co. | 11459 | 830548 |
| California Water Service <br> Group<br>| 21798 | 944507 |
| Consolidated Water Co. Ltd. | 9452 | 333561 |
| H2O America | 20254 | 992244 |
| Middlesex Water Co. | 11737 | 591780 |
|  |  | **3692640** |
| **Wireless Telecommunication Services–0.13%** | **Wireless Telecommunication Services–0.13%** | **Wireless Telecommunication Services–0.13%** |
| Millicom International <br> Cellular SA<br>| 21992 | 1219236 |
|  |  | **1219236** |
| **Total Common Stock** <br>**(Cost $718,446,021)** | **Total Common Stock** <br>**(Cost $718,446,021)** | **917600203** |
| **RIGHTS–0.01%** | **RIGHTS–0.01%** | **RIGHTS–0.01%** |
| =†89bio, Inc. | 40558 | 13790 |
| =†Akero Therapeutics, Inc. | 45523 | 29590 |
| =†Blueprint Medicines Corp. | 26273 | 12085 |
| =†Chinook Therapeutics, Inc. | 24718 | 0 |
| =†Mirati Therapeutics, Inc. | 21713 | 64705 |
| **Total Rights** <br>**(Cost $70,664)** | **Total Rights** <br>**(Cost $70,664)** | **120170** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–1.93%** | **MONEY MARKET FUND–1.93%** | **MONEY MARKET FUND–1.93%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 18121117 | 18121117 |
| **Total Money Market Fund** <br>**(Cost $18,121,117)** | **Total Money Market Fund** <br>**(Cost $18,121,117)** | **18121117** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.79% (Cost $736,637,802)** | **935841490** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%** | **1944181** |
| **NET ASSETS APPLICABLE TO 64,755,869 SHARES OUTSTANDING–100.00%** | **$937785671** |

---

LVIP Franklin Templeton Multi-Factor Funds-31

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR SMID CAP EQUITY FUND STANDARD** <br> **CLASS** <br>**($732,471,345 / 50,544,677 Shares)** | **$14.492** |
| **NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-FACTOR SMID CAP EQUITY FUND SERVICE** <br> **CLASS** <br>**($205,314,326 / 14,211,192 Shares)** | **$14.447** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$730935578** |
| Distributable earnings/(accumulated loss) | **206850093** |
| **TOTAL NET ASSETS** | **$937785671** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

†Non-income producing. <br> =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to Financial Statements".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $1,497,768 cash collateral held at broker for futures contracts, $1,161,756 payable for fund shares redeemed, $16,250 other <br> accrued expenses payable, $317,760 due to manager and affiliates, $772,075 due to custodian, $155,712 variation margin due to broker on <br> futures contracts, $19,687 payable for audit fee and $25,707 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contract**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** | **Equity Contract:** |
| 157 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; $19609300 | &nbsp;&nbsp; $20051140 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(441840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| CME–Chicago Mercantile Exchange |
| IT–Information Technology |
| LNG–Liquefied Natural Gas |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-32

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **International**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **Emerging Markets**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **Large Cap**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin Templeton**<br> **Multi-Factor**<br> **SMID Cap**<br> **Equity Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends from unaffiliated investments | $28560774 | $17034324 | $23368949 | $12053473 |
| Foreign taxes withheld | (2623622)<br>| (1970089)<br>| (1307)<br>| (15595)<br>|
|  | 25937152 | 15064235 | 23367642 | 12037878 |
| **EXPENSES:** |  |  |  |  |
| Management fees | 2996808 | 1822421 | 5397690 | 2679323 |
| Distribution fees-Service Class | 315722 | 337738 | 845644 | 481963 |
| Shareholder servicing fees | 264336 | 154001 | 512110 | 249335 |
| Accounting and administration expenses | 164639 | 105849 | 303795 | 160419 |
| Professional fees | 112281 | 80420 | 81896 | 63359 |
| Custodian fees | 87066 | 275874 | 12597 | 13746 |
| Trustees' fees and expenses | 26066 | 15279 | 50743 | 24538 |
| Pricing fees | 21951 | 19122 | 8477 | 10975 |
| Reports and statements to shareholders | 17328 | 17638 | 29564 | 19932 |
| Consulting fees | 10121 | 20269 | 14113 | 10648 |
| Other | 22361 | 15936 | 42809 | 22616 |
|  | 4038679 | 2864547 | 7299438 | 3736854 |
| Less:  |  |  |  |  |
| Management fees waived | (80001)<br>| (64946)<br>| (107500)<br>| (32500)<br>|
| Total operating expenses | 3958678 | 2799601 | 7191938 | 3704354 |
| **NET INVESTMENT INCOME**  | 21978474 | 12264634 | 16175704 | 8333524 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | 63189823 | 29492347 <br><sup>\*</sup><br>| 106979040 | 30475978 |
| Foreign currencies | (88110)<br>| (491076)<br>|  |  |
| Futures contracts | 2796655 | 2242559 | 2109185 | 486749 |
| Net realized gain | 65898368 | 31243830 | 109088225 | 30962727 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| Investments | 187294993 | 111673950 <br><sup>\*\*</sup><br>| 176890280 | 76468717 |
| Foreign currencies | 437237 | 33498 |  |  |
| Futures contracts | 260857 | 669838 | 798341 | 319103 |
| Net change in unrealized appreciation (depreciation) | 187993087 | 112377286 | 177688621 | 76787820 |
| **NET REALIZED AND UNREALIZED GAIN** | 253891455 | 143621116 | 286776846 | 107750547 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| $275869929 | $155885750 | $302952550 | $116084071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes $909,106 foreign capital gains taxes paid.

\*\* Includes $58,072 change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-33

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** | **LVIP Franklin Templeton Multi-Factor Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET** <br> **ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |  |  |
| Net investment income | $21978474 | $20746924 | $12264634 | $12161727 | $16175704 | $16382107 | $8333524 | $6400520 |
| Net realized gain | 65898368 | 32378808 | 31243830 | 6237615 | 109088225 | 136724736 | 30962727 | 37612548 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 187993087 | (22728661)<br>| 112377286 | 24691583 | 177688621 | 255940101 | 76787820 | 38933240 |
| Net increase in net assets resulting from <br> operations<br>| 275869929 | 30397071 | 155885750 | 43090925 | 302952550 | 409046944 | 116084071 | 82946308 |
| **DIVIDENDS AND DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |  |  |
| Standard Class | (32460799)<br>| (28008785)<br>| (11812339)<br>| (12383924)<br>| (76664298)<br>| (91227208)<br>| (7579640)<br>| (5842044)<br>|
| Service Class | (4856258)<br>| (4172859)<br>| (3667601)<br>| (3817260)<br>| (17549026)<br>| (20389972)<br>| (1666630)<br>| (1249405)<br>|
| Return of capital: |  |  |  |  |  |  |  |  |
| Standard Class |  | (135851)<br>|  | (652308)<br>|  |  |  | (1046237)<br>|
| Service Class |  | (23942)<br>|  | (235901)<br>|  |  |  | (381971)<br>|
|  | (37317057)<br>| (32341437)<br>| (15479940)<br>| (17089393)<br>| (94213324)<br>| (111617180)<br>| (9246270)<br>| (8519657)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |  |  |
| Standard Class | 85858101 | 168650466 | 44371741 | 60539961 | 149211169 | 323768748 | 164721012 | 247881153 |
| Service Class | 21529718 | 13958275 | 10052987 | 10278150 | 44051410 | 28328450 | 33912074 | 20817008 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |  |  |
| Standard Class | 32460799 | 28144636 | 11812339 | 13036232 | 76664298 | 91227208 | 7579640 | 6888281 |
| Service Class | 4856258 | 4196801 | 3667601 | 4053161 | 17549026 | 20389972 | 1666630 | 1631376 |
|  | 144704876 | 214950178 | 69904668 | 87907504 | 287475903 | 463714378 | 207879356 | 277217818 |
| Cost of shares redeemed: |  |  |  |  |  |  |  |  |
| Standard Class | (220996694)<br>| (131852660)<br>| (127727153)<br>| (67581581)<br>| (293463005)<br>| (364396191)<br>| (130384247)<br>| (85661151)<br>|
| Service Class | (38809859)<br>| (26266759)<br>| (36428859)<br>| (28722195)<br>| (75325103)<br>| (89470538)<br>| (40793165)<br>| (44384371)<br>|
|  | (259806553)<br>| (158119419)<br>| (164156012)<br>| (96303776)<br>| (368788108)<br>| (453866729)<br>| (171177412)<br>| (130045522)<br>|
| Increase (decrease) in net assets derived <br> from capital share transactions<br>| (115101677)<br>| 56830759 | (94251344)<br>| (8396272)<br>| (81312205)<br>| 9847649 | 36701944 | 147172296 |
| **NET INCREASE IN NET ASSETS** | 123451195 | 54886393 | 46154466 | 17605260 | 127427021 | 307277413 | 143539745 | 221598947 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of year | 868242277 | 813355884 | 514939067 | 497333807 | 1742969245 | 1435691832 | 794245926 | 572646979 |
| End of year | $991693472 | $868242277 | $561093533 | $514939067 | $1870396266 | $1742969245 | $937785671 | $794245926 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-34

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.038 | &nbsp;&nbsp; $8.047 | &nbsp;&nbsp; $7.056 | &nbsp;&nbsp; $8.247 | &nbsp;&nbsp; $7.630 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.233 | 0.221 | 0.230 | 0.333 | 0.363 |
| Net realized and unrealized gain (loss) | 2.616 | 0.096 | 1.094 | &nbsp;&nbsp; (0.941)<br>| 0.634 |
| Total from investment operations | 2.849 | 0.317 | 1.324 | &nbsp;&nbsp; (0.608)<br>| 0.997 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.350)<br>| &nbsp;&nbsp; (0.324)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.583)<br>| &nbsp;&nbsp; (0.380)<br>|
| Net realized gain | &nbsp;&nbsp; (0.059)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.409)<br>| &nbsp;&nbsp; (0.326)<br>| &nbsp;&nbsp; (0.333)<br>| &nbsp;&nbsp; (0.583)<br>| &nbsp;&nbsp; (0.380)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.478 | &nbsp;&nbsp; $8.038 | &nbsp;&nbsp; $8.047 | &nbsp;&nbsp; $7.056 | &nbsp;&nbsp; $8.247 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 35.59% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 18.92% | &nbsp;&nbsp; (7.02%)<br>| &nbsp;&nbsp; 13.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $855901 | &nbsp;&nbsp; $752932 | &nbsp;&nbsp; $690197 | &nbsp;&nbsp; $629275 | &nbsp;&nbsp; $786917 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.40% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 4.24% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 3.02% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.23% |
| Portfolio turnover | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-35

------

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor International Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.042 | &nbsp;&nbsp; $8.050 | &nbsp;&nbsp; $7.059 | &nbsp;&nbsp; $8.250 | &nbsp;&nbsp; $7.632 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.209 | 0.200 | 0.211 | 0.313 | 0.342 |
| Net realized and unrealized gain (loss) | 2.616 | 0.096 | 1.093 | &nbsp;&nbsp; (0.940)<br>| 0.634 |
| Total from investment operations | 2.825 | 0.296 | 1.304 | &nbsp;&nbsp; (0.627)<br>| 0.976 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.326)<br>| &nbsp;&nbsp; (0.302)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.564)<br>| &nbsp;&nbsp; (0.358)<br>|
| Net realized gain | &nbsp;&nbsp; (0.059)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.002)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.385)<br>| &nbsp;&nbsp; (0.304)<br>| &nbsp;&nbsp; (0.313)<br>| &nbsp;&nbsp; (0.564)<br>| &nbsp;&nbsp; (0.358)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.482 | &nbsp;&nbsp; $8.042 | &nbsp;&nbsp; $8.050 | &nbsp;&nbsp; $7.059 | &nbsp;&nbsp; $8.250 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 35.26% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 18.62% | &nbsp;&nbsp; (7.24%)<br>| &nbsp;&nbsp; 12.87% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $135793 | &nbsp;&nbsp; $115310 | &nbsp;&nbsp; $123159 | &nbsp;&nbsp; $123499 | &nbsp;&nbsp; $143998 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 3.99% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 3.98% |
| Portfolio turnover | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 55% | &nbsp;&nbsp; 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-36

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.721 | &nbsp;&nbsp; $7.331 | &nbsp;&nbsp; $6.889 | &nbsp;&nbsp; $8.755 | &nbsp;&nbsp; $8.528 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.210 | 0.193 | 0.167 | 0.420 | 0.437 |
| Net realized and unrealized gain (loss) | 2.431 | 0.467 | 0.516 | &nbsp;&nbsp; (1.488)<br>| 0.309 |
| Total from investment operations | 2.641 | 0.660 | 0.683 | &nbsp;&nbsp; (1.068)<br>| 0.746 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.256)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.798)<br>| &nbsp;&nbsp; (0.519)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.014)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.270)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.798)<br>| &nbsp;&nbsp; (0.519)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.070 | &nbsp;&nbsp; $7.721 | &nbsp;&nbsp; $7.331 | &nbsp;&nbsp; $6.889 | &nbsp;&nbsp; $8.755 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 34.31% | &nbsp;&nbsp; 8.90% | &nbsp;&nbsp; 10.04% | &nbsp;&nbsp; (11.83%)<br>| &nbsp;&nbsp; 8.79% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $420031 | &nbsp;&nbsp; $387244 | &nbsp;&nbsp; $362665 | &nbsp;&nbsp; $315155 | &nbsp;&nbsp; $408291 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.48% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 4.71% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 5.37% | &nbsp;&nbsp; 4.70% |
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 126% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-37

------

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.725 | &nbsp;&nbsp; $7.335 | &nbsp;&nbsp; $6.892 | &nbsp;&nbsp; $8.758 | &nbsp;&nbsp; $8.530 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.188 | 0.173 | 0.149 | 0.401 | 0.414 |
| Net realized and unrealized gain (loss) | 2.431 | 0.467 | 0.516 | &nbsp;&nbsp; (1.488)<br>| 0.309 |
| Total from investment operations | 2.619 | 0.640 | 0.665 | &nbsp;&nbsp; (1.087)<br>| 0.723 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.268)<br>| &nbsp;&nbsp; (0.236)<br>| &nbsp;&nbsp; (0.222)<br>| &nbsp;&nbsp; (0.779)<br>| &nbsp;&nbsp; (0.495)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.014)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.268)<br>| &nbsp;&nbsp; (0.250)<br>| &nbsp;&nbsp; (0.222)<br>| &nbsp;&nbsp; (0.779)<br>| &nbsp;&nbsp; (0.495)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.076 | &nbsp;&nbsp; $7.725 | &nbsp;&nbsp; $7.335 | &nbsp;&nbsp; $6.892 | &nbsp;&nbsp; $8.758 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 33.98% | &nbsp;&nbsp; 8.64% | &nbsp;&nbsp; 9.76% | &nbsp;&nbsp; (12.05%)<br>| &nbsp;&nbsp; 8.51% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $141063 | &nbsp;&nbsp; $127695 | &nbsp;&nbsp; $134669 | &nbsp;&nbsp; $139661 | &nbsp;&nbsp; $173501 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.72% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.21% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 5.13% | &nbsp;&nbsp; 4.46% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 5.12% | &nbsp;&nbsp; 4.45% |
| Portfolio turnover | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 126% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-38

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.816 | &nbsp;&nbsp; $12.329 | &nbsp;&nbsp; $11.945 | &nbsp;&nbsp; $14.648 | &nbsp;&nbsp; $12.917 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.150 | 0.145 | 0.198 | 0.315 | 0.289 |
| Net realized and unrealized gain (loss) | 2.589 | 3.302 | 1.760 | &nbsp;&nbsp; (1.762)<br>| 3.746 |
| Total from investment operations | 2.739 | 3.447 | 1.958 | &nbsp;&nbsp; (1.447)<br>| 4.035 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.155)<br>| &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.192)<br>| &nbsp;&nbsp; (0.387)<br>| &nbsp;&nbsp; (0.357)<br>|
| Net realized gain | &nbsp;&nbsp; (0.715)<br>| &nbsp;&nbsp; (0.809)<br>| &nbsp;&nbsp; (1.382)<br>| &nbsp;&nbsp; (0.869)<br>| &nbsp;&nbsp; (1.947)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.870)<br>| &nbsp;&nbsp; (0.960)<br>| &nbsp;&nbsp; (1.574)<br>| &nbsp;&nbsp; (1.256)<br>| &nbsp;&nbsp; (2.304)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.685 | &nbsp;&nbsp; $14.816 | &nbsp;&nbsp; $12.329 | &nbsp;&nbsp; $11.945 | &nbsp;&nbsp; $14.648 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 18.69% | &nbsp;&nbsp; 27.99% | &nbsp;&nbsp; 17.39% | &nbsp;&nbsp; (9.97%)<br>| &nbsp;&nbsp; 31.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1510007 | &nbsp;&nbsp; $1409834 | &nbsp;&nbsp; $1122286 | &nbsp;&nbsp; $967304 | &nbsp;&nbsp; $1315104 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.36% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 1.88% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 1.87% |
| Portfolio turnover | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 132% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-39

------

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.764 | &nbsp;&nbsp; $12.289 | &nbsp;&nbsp; $11.914 | &nbsp;&nbsp; $14.612 | &nbsp;&nbsp; $12.890 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.110 | 0.109 | 0.166 | 0.280 | 0.250 |
| Net realized and unrealized gain (loss) | 2.576 | 3.288 | 1.752 | &nbsp;&nbsp; (1.757)<br>| 3.736 |
| Total from investment operations | 2.686 | 3.397 | 1.918 | &nbsp;&nbsp; (1.477)<br>| 3.986 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.116)<br>| &nbsp;&nbsp; (0.113)<br>| &nbsp;&nbsp; (0.161)<br>| &nbsp;&nbsp; (0.352)<br>| &nbsp;&nbsp; (0.317)<br>|
| Net realized gain | &nbsp;&nbsp; (0.715)<br>| &nbsp;&nbsp; (0.809)<br>| &nbsp;&nbsp; (1.382)<br>| &nbsp;&nbsp; (0.869)<br>| &nbsp;&nbsp; (1.947)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.831)<br>| &nbsp;&nbsp; (0.922)<br>| &nbsp;&nbsp; (1.543)<br>| &nbsp;&nbsp; (1.221)<br>| &nbsp;&nbsp; (2.264)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $16.619 | &nbsp;&nbsp; $14.764 | &nbsp;&nbsp; $12.289 | &nbsp;&nbsp; $11.914 | &nbsp;&nbsp; $14.612 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 18.39% | &nbsp;&nbsp; 27.68% | &nbsp;&nbsp; 17.09% | &nbsp;&nbsp; (10.20%)<br>| &nbsp;&nbsp; 31.54% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $360389 | &nbsp;&nbsp; $333136 | &nbsp;&nbsp; $313406 | &nbsp;&nbsp; $309442 | &nbsp;&nbsp; $392417 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 1.63% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.62% |
| Portfolio turnover | &nbsp;&nbsp; 57% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 132% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-40

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.889 | &nbsp;&nbsp; $11.508 | &nbsp;&nbsp; $10.696 | &nbsp;&nbsp; $13.179 | &nbsp;&nbsp; $13.190 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.135 | 0.123 | 0.169 | 0.307 | 0.254 |
| Net realized and unrealized gain (loss) | 1.619 | 1.404 | 1.411 | &nbsp;&nbsp; (1.919)<br>| 4.003 |
| Total from investment operations | 1.754 | 1.527 | 1.580 | &nbsp;&nbsp; (1.612)<br>| 4.257 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.120)<br>| &nbsp;&nbsp; (0.174)<br>| &nbsp;&nbsp; (0.429)<br>| &nbsp;&nbsp; (0.316)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.588)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (3.864)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.026)<br>| &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.088)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.151)<br>| &nbsp;&nbsp; (0.146)<br>| &nbsp;&nbsp; (0.768)<br>| &nbsp;&nbsp; (0.871)<br>| &nbsp;&nbsp; (4.268)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.492 | &nbsp;&nbsp; $12.889 | &nbsp;&nbsp; $11.508 | &nbsp;&nbsp; $10.696 | &nbsp;&nbsp; $13.179 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 13.59% | &nbsp;&nbsp; 13.19% | &nbsp;&nbsp; 15.54% | &nbsp;&nbsp; (12.45%)<br>| &nbsp;&nbsp; 33.66% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $732472 | &nbsp;&nbsp; $608114 | &nbsp;&nbsp; $385531 | &nbsp;&nbsp; $250501 | &nbsp;&nbsp; $299487 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.38% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.39% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 1.54% |
| Ratio of net investment income to average net assets prior to <br> expenses waived/reimbursed<br>| &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.53% |
| Portfolio turnover | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-41

------

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** | **LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.853 | &nbsp;&nbsp; $11.478 | &nbsp;&nbsp; $10.672 | &nbsp;&nbsp; $13.149 | &nbsp;&nbsp; $13.168 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.101 | 0.091 | 0.142 | 0.276 | 0.212 |
| Net realized and unrealized gain (loss) | 1.610 | 1.397 | 1.405 | &nbsp;&nbsp; (1.914)<br>| 3.996 |
| Total from investment operations | 1.711 | 1.488 | 1.547 | &nbsp;&nbsp; (1.638)<br>| 4.208 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.117)<br>| &nbsp;&nbsp; (0.088)<br>| &nbsp;&nbsp; (0.147)<br>| &nbsp;&nbsp; (0.397)<br>| &nbsp;&nbsp; (0.276)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.588)<br>| &nbsp;&nbsp; (0.442)<br>| &nbsp;&nbsp; (3.864)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; (0.006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.087)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.117)<br>| &nbsp;&nbsp; (0.113)<br>| &nbsp;&nbsp; (0.741)<br>| &nbsp;&nbsp; (0.839)<br>| &nbsp;&nbsp; (4.227)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.447 | &nbsp;&nbsp; $12.853 | &nbsp;&nbsp; $11.478 | &nbsp;&nbsp; $10.672 | &nbsp;&nbsp; $13.149 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 13.30% | &nbsp;&nbsp; 12.91% | &nbsp;&nbsp; 15.25% | &nbsp;&nbsp; (12.67%)<br>| &nbsp;&nbsp; 33.32% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $205314 | &nbsp;&nbsp; $186132 | &nbsp;&nbsp; $187116 | &nbsp;&nbsp; $173979 | &nbsp;&nbsp; $224286 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.63% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 1.29% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.28% |
| Portfolio turnover | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 121% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Effective April 11, 2023, Franklin Advisers, Inc. replaced SSGA Funds Management, Inc. as a sub-adviser to the Fund.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Franklin Templeton Multi-Factor Funds-42

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Franklin Templeton Multi-Factor International Equity Fund, LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund, and LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY") or may also sell its shares to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The investment objective of each Fund is to seek to maximize long-term capital appreciation.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments including restricted securities, for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in

LVIP Franklin Templeton Multi-Factor Funds-43

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes. As of December 31, 2025, the value and cost of foreign currency held by the LVIP Franklin Templeton Multi-Factor International Equity Fund is $66,393 and $66,314 and for LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund is $235,289 and $232,538 respectively.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Funds' understanding of the applicable country's tax rules and rates. In addition, the Funds may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Funds accrue such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Funds' investment portfolios, including monitoring of the Funds' investment sub-adviser, and providing certain administrative services to each Fund. The management fees, net of waivers, are calculated daily and paid monthly. For its services, LFI receives a management fee at an annual rate of each Fund's average daily net assets as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **International**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **Emerging** <br> **Markets**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **Large Cap**<br> **Equity Fund**<br>| **LVIP**<br> **Franklin** <br> **Templeton**<br> **Multi-Factor**<br> **SMID Cap**<br> **Equity Fund**<br>|
| On the first $100 million | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% |
| In excess of $100 million | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |

---

LVIP Franklin Templeton Multi-Factor Funds-44

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

LFI has contractually agreed to waive a portion of its advisory fee. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The waiver amount of each Fund's average daily net assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **International**<br> **Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Emerging**<br> **Markets Equity** <br> **Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| On the first <br> $50 million<br>| 0.070% | 0.065% | 0.080% | 0.065% |
| On the next <br> $50 million<br>| 0.010% | 0.025% | 0.015% | —% |
| On the next <br> $400 million.<br>| 0.010% | 0.005% | 0.015% | —% |

---

Franklin Advisers, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Administrative | &nbsp;&nbsp; $74604 | &nbsp;&nbsp; $43710 | &nbsp;&nbsp; $145362 | &nbsp;&nbsp; $70122 |
| Legal | &nbsp;&nbsp; 12413 | &nbsp;&nbsp; 7272 | &nbsp;&nbsp; 24200 | &nbsp;&nbsp; 11703 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2025, these fees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $3907 | &nbsp;&nbsp; $8677 | &nbsp;&nbsp; $6177 | &nbsp;&nbsp; $6942 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

LVIP Franklin Templeton Multi-Factor Funds-45

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At December 31, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Management fees payable to <br> LFI<br>| &nbsp;&nbsp; $267449 | &nbsp;&nbsp; $154574 | &nbsp;&nbsp; $479207 | &nbsp;&nbsp; $249559 |
| Distribution fees payable to <br> LFD<br>| &nbsp;&nbsp; 28663 | &nbsp;&nbsp; 29494 | &nbsp;&nbsp; 76929 | &nbsp;&nbsp; 44631 |
| Printing and mailing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder servicing fees <br> payable to Lincoln Life<br>| &nbsp;&nbsp; 24238 | &nbsp;&nbsp; 13546 | &nbsp;&nbsp; 46385 | &nbsp;&nbsp; 23570 |

---

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Purchases | &nbsp;&nbsp; $468711499 | &nbsp;&nbsp; $253590936 | &nbsp;&nbsp; $998775976 | &nbsp;&nbsp; $482970617 |
| Sales | &nbsp;&nbsp; 586942257 | &nbsp;&nbsp; 350919471 | &nbsp;&nbsp; 1153343219 | &nbsp;&nbsp; 439779641 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund**<br>|
| Cost of investments and <br> derivatives<br>| &nbsp;&nbsp; $755788799 | &nbsp;&nbsp; $416827165 | &nbsp;&nbsp; $1202100472 | &nbsp;&nbsp; $739280819 |
| Aggregate unrealized <br> appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $246527653 | &nbsp;&nbsp; $166194425 | &nbsp;&nbsp; $688248781 | &nbsp;&nbsp; $257083805 |
| Aggregate unrealized <br> depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (14731884)<br>| &nbsp;&nbsp; (23047186)<br>| &nbsp;&nbsp; (21243376)<br>| &nbsp;&nbsp; (60523133)<br>|
| Net unrealized appreciation of <br> investments and derivatives<br>| &nbsp;&nbsp; $231795769 | &nbsp;&nbsp; $143147239 | &nbsp;&nbsp; $667005405 | &nbsp;&nbsp; $196560672 |

---

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP Franklin Templeton Multi-Factor Funds-46

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of December 31, 2025:

**LVIP Franklin Templeton Multi-Factor International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48074717 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48074717 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 2911051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2911051 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 3544338 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3544338 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp; 3241790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3241790 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp; 20617467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20617467 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 7277948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7277948 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 108907860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108907860 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 87766547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87766547 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 22898038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22898038 |
| Ireland | &nbsp;&nbsp; 9543795 | &nbsp;&nbsp; 1712978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11256773 |
| Israel | &nbsp;&nbsp; 2876737 | &nbsp;&nbsp; 11105392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13982129 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 32211165 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32211165 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 216678619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216678619 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 2662385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2662385 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 1068498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1068498 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 1399293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1399293 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 37020762 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37020762 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1535334 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp; 14388077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14388077 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 1954948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1954948 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 8045078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8045078 |
| Spain | &nbsp;&nbsp; 5197157 | &nbsp;&nbsp; 47789738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52986895 |
| Sweden | &nbsp;&nbsp; 5784452 | &nbsp;&nbsp; 21035920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26820372 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp; 94883596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94883596 |
| Thailand | &nbsp;&nbsp; 2640699 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2640699 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 149967235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149967235 |
| Preferred Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 841547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 841547 |
| Money Market Fund | &nbsp;&nbsp; 11724618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11724618 |
| **Total Investments** | &nbsp;&nbsp; $37767458 | &nbsp;&nbsp; $949540321 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $987307779 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $68821 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68821 |

---

There were no Level 3 investments at the beginning or end of the year.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP Franklin Templeton Multi-Factor Funds-47

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

**LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $524259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $524259 |
| Brazil | &nbsp;&nbsp; 1107701 | &nbsp;&nbsp; 13125652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14233353 |
| Chile | &nbsp;&nbsp; 2465323 | &nbsp;&nbsp; 660012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3125335 |
| China | &nbsp;&nbsp; 8501577 | &nbsp;&nbsp; 133286057 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141787634 |
| Colombia | &nbsp;&nbsp; 895038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 895038 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 808364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 808364 |
| Egypt | &nbsp;&nbsp; 1531336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1531336 |
| Greece | &nbsp;&nbsp; 2687619 | &nbsp;&nbsp; 226118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2913737 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 5153288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5153288 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 3085736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3085736 |
| India | &nbsp;&nbsp; 642675 | &nbsp;&nbsp; 82962814 | &nbsp;&nbsp; 22359 | &nbsp;&nbsp; 83627848 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 6189234 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6189234 |
| Ireland | &nbsp;&nbsp; 5057194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5057194 |
| Malaysia | &nbsp;&nbsp; 1111294 | &nbsp;&nbsp; 409496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1520790 |
| Mexico | &nbsp;&nbsp; 11351072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11351072 |
| Netherlands | &nbsp;&nbsp; 1469351 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1469351 |
| Peru | &nbsp;&nbsp; 4021731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4021731 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 2434380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2434380 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 8096560 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8096560 |
| Qatar | &nbsp;&nbsp; 3467434 | &nbsp;&nbsp; 260725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3728159 |
| Republic of Korea | &nbsp;&nbsp; 2388825 | &nbsp;&nbsp; 79801136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82189961 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Saudi Arabia | &nbsp;&nbsp; 4382266 | &nbsp;&nbsp; 11296326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15678592 |
| South Africa | &nbsp;&nbsp; 4060142 | &nbsp;&nbsp; 12751287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16811429 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 102291810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102291810 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp; 5968115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5968115 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 2579329 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2579329 |
| United Arab Emirates | &nbsp;&nbsp; 5154303 | &nbsp;&nbsp; 5460341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10614644 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 1033093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1033093 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp; 2610046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2610046 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 10473733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10473733 |
| Money Market Fund | &nbsp;&nbsp; 11089516 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11089516 |
| **Total Investments** | &nbsp;&nbsp; $71384397 | &nbsp;&nbsp; $491487911 | &nbsp;&nbsp; $22359 | &nbsp;&nbsp; $562894667 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $367695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $367695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statements of Net Assets" that are considered to be Level 3 investments in this table.

During the year ended December 31, 2025, there were no material transfers to or from Level 3 investments.

As a result of utilizing International fair value pricing at December 31, 2025, a portion of the Fund's portfolio investments was categorized as Level 2.

LVIP Franklin Templeton Multi-Factor Funds-48

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $1847527677 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1847527677 |
| Money Market Fund | &nbsp;&nbsp; 21578200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21578200 |
| **Total Investments** | &nbsp;&nbsp; $1869105877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1869105877 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $31842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31842 |

---

There were no Level 3 investments at the beginning or end of the year.

**LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $19681050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19681050 |
| Air Freight & Logistics | &nbsp;&nbsp; 1304028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1304028 |
| Automobile Components | &nbsp;&nbsp; 8765588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8765588 |
| Automobiles | &nbsp;&nbsp; 758210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 758210 |
| Banks | &nbsp;&nbsp; 82966036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82966036 |
| Beverages | &nbsp;&nbsp; 1108561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1108561 |
| Biotechnology | &nbsp;&nbsp; 85946510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 85946510 |
| Broadline Retail | &nbsp;&nbsp; 1080730 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080730 |
| Building Products | &nbsp;&nbsp; 11210721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11210721 |
| Capital Markets | &nbsp;&nbsp; 18780194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18780194 |
| Chemicals | &nbsp;&nbsp; 13923952 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13923952 |
| Commercial Services & Supplies | &nbsp;&nbsp; 13455218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13455218 |
| Communications Equipment | &nbsp;&nbsp; 7865498 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7865498 |
| Construction & Engineering | &nbsp;&nbsp; 18174333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18174333 |
| Construction Materials | &nbsp;&nbsp; 2078056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2078056 |
| Consumer Finance | &nbsp;&nbsp; 8329658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8329658 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 4625829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4625829 |
| Containers & Packaging | &nbsp;&nbsp; 1846511 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1846511 |
| Distributors | &nbsp;&nbsp; 553023 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 553023 |
| Diversified Consumer Services | &nbsp;&nbsp; 9181202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9181202 |
| Diversified REITs | &nbsp;&nbsp; 4246212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4246212 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 6101230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6101230 |
| Electric Utilities | &nbsp;&nbsp; 8018422 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8018422 |
| Electrical Equipment | &nbsp;&nbsp; 26040251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26040251 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 29566170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29566170 |
| Energy Equipment & Services | &nbsp;&nbsp; 14252903 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14252903 |
| Entertainment | &nbsp;&nbsp; 4908161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4908161 |
| Financial Services | &nbsp;&nbsp; 22878933 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22878933 |
| Food Products | &nbsp;&nbsp; 5804578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5804578 |
| Gas Utilities | &nbsp;&nbsp; 10269477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10269477 |
| Ground Transportation | &nbsp;&nbsp; 3164143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3164143 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 30286428 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 30286428 |
| Health Care Providers & Services | &nbsp;&nbsp; 26394307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26394307 |
| Health Care REITs | &nbsp;&nbsp; 7444860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7444860 |
| Health Care Technology | &nbsp;&nbsp; 3407448 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3407448 |
| Hotel & Resort REITs | &nbsp;&nbsp; 6762838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6762838 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 15970473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15970473 |
| Household Durables | &nbsp;&nbsp; 13228508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13228508 |
| Household Products | &nbsp;&nbsp; 1946890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1946890 |

---

LVIP Franklin Templeton Multi-Factor Funds-49

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Independent Power and Renewable Electricity <br> Producers<br>| &nbsp;&nbsp; $2955303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2955303 |
| Industrial Conglomerates | &nbsp;&nbsp; 210364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210364 |
| Industrial REITs | &nbsp;&nbsp; 4143678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4143678 |
| Insurance | &nbsp;&nbsp; 15592558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15592558 |
| Interactive Media & Services | &nbsp;&nbsp; 6237497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6237497 |
| IT Services | &nbsp;&nbsp; 6644202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6644202 |
| Leisure Products | &nbsp;&nbsp; 4136128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4136128 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 5142328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5142328 |
| Machinery | &nbsp;&nbsp; 27810176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27810176 |
| Marine Transportation | &nbsp;&nbsp; 1617517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1617517 |
| Media | &nbsp;&nbsp; 8936200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8936200 |
| Metals & Mining | &nbsp;&nbsp; 22250113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22250113 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 7046387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7046387 |
| Multi-Utilities | &nbsp;&nbsp; 3415825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3415825 |
| Office REITs | &nbsp;&nbsp; 5382508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5382508 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 24120936 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24120936 |
| Paper & Forest Products | &nbsp;&nbsp; 803026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 803026 |
| Passenger Airlines | &nbsp;&nbsp; 4833479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4833479 |
| Personal Care Products | &nbsp;&nbsp; 2129750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2129750 |
| Pharmaceuticals | &nbsp;&nbsp; 25609921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25609921 |
| Professional Services | &nbsp;&nbsp; 15415795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15415795 |
| Real Estate Management & Development | &nbsp;&nbsp; 7826426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7826426 |
| Residential REITs | &nbsp;&nbsp; 2927655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2927655 |
| Retail REITs | &nbsp;&nbsp; 10851511 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10851511 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 34825503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34825503 |
| Software | &nbsp;&nbsp; 58822424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58822424 |
| Specialized REITs | &nbsp;&nbsp; 3738454 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3738454 |
| Specialty Retail | &nbsp;&nbsp; 24135181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24135181 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 4546850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4546850 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 5732926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5732926 |
| Tobacco | &nbsp;&nbsp; 808339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 808339 |
| Trading Companies & Distributors | &nbsp;&nbsp; 11712227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11712227 |
| Water Utilities | &nbsp;&nbsp; 3692640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3692640 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 1219236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1219236 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 120170 | &nbsp;&nbsp; 120170 |
| Money Market Fund | &nbsp;&nbsp; 18121117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18121117 |
| **Total Investments** | &nbsp;&nbsp; $935721320 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120170 | &nbsp;&nbsp; $935841490 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contract | &nbsp;&nbsp; $(441840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(441840)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statements of Net Assets" that are considered to be Level 3 investments in this table.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and Passive Foreign Investment Companies ("PFICs"). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

LVIP Franklin Templeton Multi-Factor Funds-50

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **4. Dividend and Distribution Information (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **International**<br> **Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Emerging**<br> **Markets Equity** <br> **Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Large**<br> **Cap Equity** <br> **Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **SMID**<br> **Cap Equity** <br> **Fund**<br>|
| **Year ended December 31, 2025** |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $37317057 | &nbsp;&nbsp; $15479940 | &nbsp;&nbsp; $24867958 | &nbsp;&nbsp; $8166502 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69345366 | &nbsp;&nbsp; 1079768 |
| Total | &nbsp;&nbsp; $37317057 | &nbsp;&nbsp; $15479940 | &nbsp;&nbsp; $94213324 | &nbsp;&nbsp; $9246270 |
| **Year ended December 31, 2024** |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $32181644 | &nbsp;&nbsp; $16201184 | &nbsp;&nbsp; $82634990 | &nbsp;&nbsp; $7091449 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28982190 | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; 159793 | &nbsp;&nbsp; 888209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1428208 |
| Total | &nbsp;&nbsp; $32341437 | &nbsp;&nbsp; $17089393 | &nbsp;&nbsp; $111617180 | &nbsp;&nbsp; $8519657 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **International**<br> **Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Emerging**<br> **Markets Equity** <br> **Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Large**<br> **Cap Equity** <br> **Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **SMID**<br> **Cap Equity** <br> **Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $4944181 | &nbsp;&nbsp; $4850653 | &nbsp;&nbsp; $2367973 | &nbsp;&nbsp; $— |
| Undistributed long-term capital gains | &nbsp;&nbsp; 9182466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107760915 | &nbsp;&nbsp; 10289421 |
| Capital loss carryforward | &nbsp;&nbsp; — | &nbsp;&nbsp; (175387480)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other temporary differences | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — |
| Net unrealized appreciation | &nbsp;&nbsp; 231795769 | &nbsp;&nbsp; 143147239 | &nbsp;&nbsp; 667005405 | &nbsp;&nbsp; 196560672 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $245922418 | &nbsp;&nbsp; $(27389589)<br>| &nbsp;&nbsp; $777134292 | &nbsp;&nbsp; $206850093 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassifications primarily related to true-up adjustment from prior year financial statement to tax return:

---

| | |
|:---|:---|
|  | **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **SMID**<br> **Cap Equity** <br> **Fund**<br>|
| Distributable Earnings/(Accumulated Loss) | &nbsp;&nbsp; $1124 |
| Paid-in capital | &nbsp;&nbsp; (1124)<br>|

---

As of December 31, 2025, the below Funds had the following capital loss carryforwards for federal income tax purposes:

---

| | |
|:---|:---|
|  | **Post-Enactment** <br> **Losses (No** <br> **Expiration)**<br>|
|  | **LVIP Franklin** <br> **Templeton** <br> **Multi-Factor** <br> **Emerging Markets** <br> **Equity Fund**<br>|
| Short-Term | $13984545 |
| Long-Term | 161402935 |
| Total | $175387480 |

---

LVIP Franklin Templeton Multi-Factor Funds-51

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **5. Components of Distributable Earnings on a Tax Basis (continued)**

In 2025, the Funds utilized the following capital loss carryforwards:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **International**<br> **Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Emerging**<br> **Markets Equity** <br> **Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **Large**<br> **Cap Equity Fund**<br>| **LVIP Franklin** <br> **Templeton**<br> **Multi-Factor** <br> **SMID**<br> **Cap Equity Fund**<br>|
| Capital loss carryforward utilized | &nbsp;&nbsp; $45420998 | &nbsp;&nbsp; $30546184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20726020 |

---

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor International**<br> **Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Emerging**<br> **Markets Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor Large**<br> **Cap Equity Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 8511898 | &nbsp;&nbsp; 20185369 | &nbsp;&nbsp; 4819828 | &nbsp;&nbsp; 7680254 | &nbsp;&nbsp; 9660081 | &nbsp;&nbsp; 23359441 |
| Service Class | &nbsp;&nbsp; 2232900 | &nbsp;&nbsp; 1643030 | &nbsp;&nbsp; 1136749 | &nbsp;&nbsp; 1327144 | &nbsp;&nbsp; 2853930 | &nbsp;&nbsp; 2000081 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 3182119 | &nbsp;&nbsp; 3341219 | &nbsp;&nbsp; 1199831 | &nbsp;&nbsp; 1635431 | &nbsp;&nbsp; 4711192 | &nbsp;&nbsp; 6092723 |
| Service Class | &nbsp;&nbsp; 475824 | &nbsp;&nbsp; 497137 | &nbsp;&nbsp; 372270 | &nbsp;&nbsp; 508253 | &nbsp;&nbsp; 1085192 | &nbsp;&nbsp; 1367777 |
|  | &nbsp;&nbsp; 14402741 | &nbsp;&nbsp; 25666755 | &nbsp;&nbsp; 7528678 | &nbsp;&nbsp; 11151082 | &nbsp;&nbsp; 18310395 | &nbsp;&nbsp; 32820022 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (23686017)<br>| &nbsp;&nbsp; (15621351)<br>| &nbsp;&nbsp; (14467486)<br>| &nbsp;&nbsp; (8631272)<br>| &nbsp;&nbsp; (19024143)<br>| &nbsp;&nbsp; (25329814)<br>|
| Service Class | &nbsp;&nbsp; (4093200)<br>| &nbsp;&nbsp; (3099124)<br>| &nbsp;&nbsp; (4038802)<br>| &nbsp;&nbsp; (3666635)<br>| &nbsp;&nbsp; (4817460)<br>| &nbsp;&nbsp; (6306301)<br>|
|  | &nbsp;&nbsp; (27779217)<br>| &nbsp;&nbsp; (18720475)<br>| &nbsp;&nbsp; (18506288)<br>| &nbsp;&nbsp; (12297907)<br>| &nbsp;&nbsp; (23841603)<br>| &nbsp;&nbsp; (31636115)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (13376476)<br>| &nbsp;&nbsp; 6946280 | &nbsp;&nbsp; (10977610)<br>| &nbsp;&nbsp; (1146825)<br>| &nbsp;&nbsp; (5531208)<br>| &nbsp;&nbsp; 1183907 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** | **LVIP Franklin Templeton**<br> **Multi-Factor SMID**<br> **Cap Equity Fund** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 12708841 | &nbsp;&nbsp; 19986726 |
| Service Class | &nbsp;&nbsp; 2648821 | &nbsp;&nbsp; 1658554 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 516219 | &nbsp;&nbsp; 500820 |
| Service Class | &nbsp;&nbsp; 113833 | &nbsp;&nbsp; 118931 |
|  | &nbsp;&nbsp; 15987714 | &nbsp;&nbsp; 22265031 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (9861843)<br>| &nbsp;&nbsp; (6807151)<br>|
| Service Class | &nbsp;&nbsp; (3033362)<br>| &nbsp;&nbsp; (3598060)<br>|
|  | &nbsp;&nbsp; (12895205)<br>| &nbsp;&nbsp; (10405211)<br>|
| Net increase | &nbsp;&nbsp; 3092509 | &nbsp;&nbsp; 11859820 |

---

**7. Line of Credit**

The Funds, along with other funds in the Trust ("Participants"), are participants in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Funds had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

LVIP Franklin Templeton Multi-Factor Funds-52

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, each Fund used futures contracts as a cash management tool.

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP Franklin Templeton Multi-Factor International Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $68821 | Receivables and other assets net of <br> liabilities<br>| $— |

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $2796655 | &nbsp;&nbsp; $260857 |

---

**<u>LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Liabilities net of receivables and other <br> assets<br>| $367695 | Liabilities net of receivables and other <br> assets<br>| $— |

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $2242559 | &nbsp;&nbsp; $669838 |

---

LVIP Franklin Templeton Multi-Factor Funds-53

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

**<u>LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $31842 | Receivables and other assets net of <br> liabilities<br>| $— |

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $2109185 | &nbsp;&nbsp; $798341 |

---

**<u>LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $— | Receivables and other assets net of <br> liabilities<br>| $(441840)<br>|

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $486749 | &nbsp;&nbsp; $319103 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the year ended December 31, 2025.

---

| | |
|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP Franklin Templeton Multi-Factor International Equity Fund | &nbsp;&nbsp; $13352043 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund | &nbsp;&nbsp; 8219248 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund | &nbsp;&nbsp; 24927253 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund | &nbsp;&nbsp; 15116195 |

---

**9. Risk Factors**

Some countries in which the LVIP Franklin Templeton Multi-Factor International Equity Fund and the LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

LVIP Franklin Templeton Multi-Factor Funds-54

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **9. Risk Factors (continued)**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments in which the LVIP Franklin Templeton Multi-Factor International Equity Fund and the LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund invest to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statues to terrorism, governmental collapse, regional conflicts and war. Investing in Foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

The LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund currently invests a significant portion of its assets in companies located in China, and therefore the Fund has more exposure to the risks specific to China. China is a developing market and may be subject to considerable degrees of economic, political and social instability. In the past couple of decades, the Chinese government has reformed economic and market practices and expanded the sphere of private ownership in China. Nevertheless, in general the Chinese markets continue to experience, among other things, inefficiency, volatility and pricing anomalies that result from government influence, unavailability of consistently reliable economic data, a lack of publicly available information, and/or political and social instability. Internal social unrest or confrontations with neighboring countries could also disrupt economic developments in China. Reduction in spending on Chinese products and services, institutions of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may adversely impact the Chinese economy. In addition, from time to time, China has experienced outbreaks of infectious illnesses, diseases or public health emergencies, and could again in the future. Any of these events could reduce consumer demand and/or economic output, result in closure of markets, impose restrictions on travel or quarantines, and could generally significantly impact the Chinese economy, which would adversely affect the Fund's investments in securities of issuers located in China.

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly amplifying already existing geo-political tensions. The United States and many other countries have instituted various sanctions against Russian individuals and entities (including corporate and banking). The extent and duration of the military action, sanctions and other punitive actions taken, and resulting future market disruptions -both in Europe and globally - cannot easily be predicted but could be significant and have a severe adverse effect on Russia and Europe in general. In addition, there are significant risks due to the relatively recent formation of the Russian securities markets as well as the underdeveloped state of Russia's banking system, settlement, clearing and registration of securities transactions.

The LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund may invest a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources, greater sensitivity to rising interest rates, or a dependence on narrow product lines.

The Funds may invest in REITs and are subject to the risks associated with that industry. If the Funds acquire a direct interest in real estate as a result of defaults or receive rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Funds had no direct real estate holdings during the year ended December 31, 2025. The Funds' REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

The Funds may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds' Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Funds' limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities. Restricted securities are valued pursuant to the security valuation procedures noted in Note 1. Restricted securities have been identified on the Statement of Net Assets.

LVIP Franklin Templeton Multi-Factor Funds-55

------

**LVIP Franklin Templeton Multi-Factor Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Contractual Obligations**

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. Management of the Funds has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP Franklin Templeton Multi-Factor Funds-56

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP Franklin Templeton Multi-Factor International Equity Fund, LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund and LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund and the Board of Trustees of Lincoln Variable Insurance Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets of LVIP Franklin Templeton Multi-Factor International Equity Fund, LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund and LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund (collectively referred to as the "Funds") (four of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgd98d269d2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Franklin Templeton Multi-Factor Funds–57

------

![](img90a71c541.jpg)

![](imgbea0b1fc2.jpg)

LVIP Global Allocation Managed Risk Funds

LVIP Global Conservative Allocation Managed Risk Fund <br> LVIP Global Moderate Allocation Managed Risk Fund <br> LVIP Global Growth Allocation Managed Risk Fund

each a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Global Allocation Managed Risk Funds** 

**Index** 

---

| | |
|:---|:---|
| **[Schedules of Investments](#xx_a0d8158d-5675-4049-8916-3e68609ea985_SOI-continued-320_1)**  | &nbsp;&nbsp; **1** |
| **[Statements of Assets and Liabilities](#xx_a0d8158d-5675-4049-8916-3e68609ea985_FS-continued-320_1)**  | &nbsp;&nbsp; **7** |
| **[Statements of Operations](#xx_a0d8158d-5675-4049-8916-3e68609ea985_FS-continued-320_2)**  | &nbsp;&nbsp; **8** |
| **[Statements of Changes in Net Assets](#xx_a0d8158d-5675-4049-8916-3e68609ea985_FS-continued-320_3)**  | &nbsp;&nbsp; **9** |
| **[Financial Highlights](#xx_a0d8158d-5675-4049-8916-3e68609ea985_FIHI-continued-320_1)**  | &nbsp;&nbsp; **10** |
| **[Notes to Financial Statements](#xx_a0d8158d-5675-4049-8916-3e68609ea985_NTF-continued-321_1)**  | &nbsp;&nbsp; **16** |
| **[Report of Independent Registered Public Accounting Firm](#xx_a0d8158d-5675-4049-8916-3e68609ea985_AUDIT-continued-320_1)**  | &nbsp;&nbsp; **30** |

---

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–97.41%** | **AFFILIATED INVESTMENTS–97.41%** | **AFFILIATED INVESTMENTS–97.41%** |
| **INVESTMENT COMPANIES–97.41%** | **INVESTMENT COMPANIES–97.41%** | **INVESTMENT COMPANIES–97.41%** |
| **Equity Funds–30.83%** | **Equity Funds–30.83%** | **Equity Funds–30.83%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 625113 | $30400502 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 1401363 | 36124340 |
| LVIP Channing Small Cap <br> Value Fund<br>| 228391 | 2956748 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 2184973 | 36456270 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 957602 | 13877570 |
| LVIP Nomura Mid-Cap Index <br> Fund<br>| 348691 | 15262199 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 1093921 | 14099546 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 98659 | 1690028 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 1346633 | 45386923 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 163329 | 5685804 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 481085 | 14896790 |
|  |  | **216836720** |
| **Fixed Income Funds–56.65%** | **Fixed Income Funds–56.65%** | **Fixed Income Funds–56.65%** |
| \*Lincoln Bain Capital Total <br> Credit Fund<br>| 820223 | 8341671 |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 1442179 | 13637246 |
| LVIP Franklin Templeton <br> Core Bond Fund<br>| 6874898 | 80168180 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 26926621 | 268081440 |
| LVIP JPMorgan High Yield <br> Fund<br>| 1112952 | 11155115 |
| LVIP SSGA Bond Index <br> Fund<br>| 1692855 | 17087681 |
|  |  | **398471333** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–0.14%** | **Global Equity Fund–0.14%** | **Global Equity Fund–0.14%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 130065 | $1015939 |
|  |  | **1015939** |
| **International Equity Funds–9.79%** | **International Equity Funds–9.79%** | **International Equity Funds–9.79%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 1292459 | 13542384 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 351517 | 6757912 |
| LVIP MFS International <br> Growth Fund<br>| 750318 | 15930766 |
| LVIP Mondrian <br> International Value Fund<br>| 899160 | 19111640 |
| LVIP SSGA International <br> Index Fund<br>| 1016503 | 13493063 |
|  |  | **68835765** |
| **Total Affiliated Investments** <br>**(Cost $572,535,136)**<br>|  | **685159757** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.47%** | **UNAFFILIATED INVESTMENT–2.47%** |
| **INVESTMENT COMPANY–2.47%** | **INVESTMENT COMPANY–2.47%** |
| **Money Market Fund–2.47%** | **Money Market Fund–2.47%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 17384045 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $17,384,045)**<br>| **17384045** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.88% (Cost $589,919,181)** | **702543802** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.12%** | **856775** |
| **NET ASSETS APPLICABLE TO 54,473,702 SHARES OUTSTANDING–100.00%** | **$703400577** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*Class I shares.

LVIP Global Allocation Managed Risk Funds-1

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 4 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $266920 | &nbsp;&nbsp; $265655 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $1265 | &nbsp;&nbsp; $— |
| 7 | CME British Pound Currency Futures | &nbsp;&nbsp; 588788 | &nbsp;&nbsp; 582494 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 6294 | &nbsp;&nbsp; — |
| 11 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 1619750 | &nbsp;&nbsp; 1608250 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 11500 | &nbsp;&nbsp; — |
| 9 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 722081 | &nbsp;&nbsp; 723628 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1547)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 19059 | &nbsp;&nbsp; (1547)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 17 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 2123300 | &nbsp;&nbsp; 2187375 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (64075)<br>|
| 25 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 8615625 | &nbsp;&nbsp; 8611021 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 4604 | &nbsp;&nbsp; — |
| 12 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 3990240 | &nbsp;&nbsp; 4052219 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (61979)<br>|
| 24 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 1647442 | &nbsp;&nbsp; 1625036 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 22406 | &nbsp;&nbsp; — |
| 5 | FTSE 100 Index Futures | &nbsp;&nbsp; 669999 | &nbsp;&nbsp; 656860 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 13139 | &nbsp;&nbsp; — |
| 2 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 141140 | &nbsp;&nbsp; 138297 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 2843 | &nbsp;&nbsp; — |
| 4 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 125792 | &nbsp;&nbsp; 122836 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 2956 | &nbsp;&nbsp; — |
| 2 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 289496 | &nbsp;&nbsp; 288263 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; — |
| 4 | TSE TOPIX Futures | &nbsp;&nbsp; 871680 | &nbsp;&nbsp; 865172 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 6508 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 53689 | &nbsp;&nbsp; (126054)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $72748 | &nbsp;&nbsp; $(127601)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-2

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–96.92%** | **AFFILIATED INVESTMENTS–96.92%** | **AFFILIATED INVESTMENTS–96.92%** |
| **INVESTMENT COMPANIES–96.92%** | **INVESTMENT COMPANIES–96.92%** | **INVESTMENT COMPANIES–96.92%** |
| **Equity Funds–40.84%** | **Equity Funds–40.84%** | **Equity Funds–40.84%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 3703441 | $180105734 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 9245936 | 238341735 |
| LVIP Channing Small Cap <br> Value Fund<br>| 1911750 | 24749513 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 19278950 | 321669291 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 6572099 | 95242857 |
| LVIP Nomura Mid-Cap Index <br> Fund<br>| 3100147 | 135693441 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 6706180 | 86435956 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 963049 | 16497025 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 13956073 | 470375472 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 1713310 | 59643741 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 4277526 | 132453611 |
|  |  | **1761208376** |
| **Fixed Income Funds–37.01%** | **Fixed Income Funds–37.01%** | **Fixed Income Funds–37.01%** |
| \*Lincoln Bain Capital Total <br> Credit Fund<br>| 4983704 | 50684269 |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 10996847 | 103986183 |
| LVIP Franklin Templeton <br> Core Bond Fund<br>| 23737709 | 276805429 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 100035705 | 995955476 |
| LVIP JPMorgan High Yield <br> Fund<br>| 5188087 | 52000193 |
| LVIP SSGA Bond Index <br> Fund<br>| 11565759 | 116744774 |
|  |  | **1596176324** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–0.57%** | **Global Equity Fund–0.57%** | **Global Equity Fund–0.57%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 3173771 | $24790329 |
|  |  | **24790329** |
| **International Equity Funds–18.50%** | **International Equity Funds–18.50%** | **International Equity Funds–18.50%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 6408689 | 64535497 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 8494435 | 89004690 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 4289121 | 82458343 |
| LVIP MFS International <br> Growth Fund<br>| 7888837 | 167495788 |
| LVIP Mondrian <br> International Value Fund<br>| 9639089 | 204878838 |
| LVIP SSGA Emerging <br> Markets Equity Index <br> Fund<br>| 5545378 | 74906961 |
| LVIP SSGA International <br> Index Fund<br>| 8618265 | 114398855 |
|  |  | **797678972** |
| **Total Affiliated Investments** <br>**(Cost $3,113,744,753)**<br>|  | **4179854001** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.92%** | **UNAFFILIATED INVESTMENT–2.92%** |
| **INVESTMENT COMPANY–2.92%** | **INVESTMENT COMPANY–2.92%** |
| **Money Market Fund–2.92%** | **Money Market Fund–2.92%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 126212079 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $126,212,079)**<br>| **126212079** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $3,239,956,832)** | **4306066080** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **6736536** |
| **NET ASSETS APPLICABLE TO 299,998,349 SHARES OUTSTANDING–100.00%** | **$4312802616** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*Class I shares.

LVIP Global Allocation Managed Risk Funds-3

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 36 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $2402280 | &nbsp;&nbsp; $2390717 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $11563 | &nbsp;&nbsp; $— |
| 58 | CME British Pound Currency Futures | &nbsp;&nbsp; 4878525 | &nbsp;&nbsp; 4826371 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 52154 | &nbsp;&nbsp; — |
| 92 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 13547000 | &nbsp;&nbsp; 13450819 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 96181 | &nbsp;&nbsp; — |
| 75 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 6017344 | &nbsp;&nbsp; 6030529 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13185)<br>|
| 4 | CME Swedish Krona Currency Futures | &nbsp;&nbsp; 871400 | &nbsp;&nbsp; 862213 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 9187 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 169085 | &nbsp;&nbsp; (13185)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 109 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 13614100 | &nbsp;&nbsp; 14024924 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (410824)<br>|
| 169 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 58241625 | &nbsp;&nbsp; 58210327 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 31298 | &nbsp;&nbsp; — |
| 81 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 26934120 | &nbsp;&nbsp; 27352591 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (418471)<br>|
| 213 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 14621050 | &nbsp;&nbsp; 14422198 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 198852 | &nbsp;&nbsp; — |
| 38 | FTSE 100 Index Futures | &nbsp;&nbsp; 5091991 | &nbsp;&nbsp; 4992133 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 99858 | &nbsp;&nbsp; — |
| 59 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 4163630 | &nbsp;&nbsp; 4079654 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 83976 | &nbsp;&nbsp; — |
| 33 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 1037781 | &nbsp;&nbsp; 1013395 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 24386 | &nbsp;&nbsp; — |
| 16 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 2315972 | &nbsp;&nbsp; 2306906 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 9066 | &nbsp;&nbsp; — |
| 28 | TSE TOPIX Futures | &nbsp;&nbsp; 6101760 | &nbsp;&nbsp; 6056203 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 45557 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 492993 | &nbsp;&nbsp; (829295)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $662078 | &nbsp;&nbsp; $(842480)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-4

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Schedule of Investments**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS–96.95%** | **AFFILIATED INVESTMENTS–96.95%** | **AFFILIATED INVESTMENTS–96.95%** |
| **INVESTMENT COMPANIES–96.95%** | **INVESTMENT COMPANIES–96.95%** | **INVESTMENT COMPANIES–96.95%** |
| **Equity Funds–45.59%** | **Equity Funds–45.59%** | **Equity Funds–45.59%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP AllianceBernstein <br> Large Cap Growth Fund<br>| 4158907 | $202255980 |
| LVIP BlackRock Equity <br> Dividend Fund<br>| 11231429 | 289523779 |
| LVIP Channing Small Cap <br> Value Fund<br>| 2971366 | 38467297 |
| LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 26784219 | 446894698 |
| LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 8144233 | 118026225 |
| LVIP Nomura Mid-Cap Index <br> Fund<br>| 3250735 | 142284684 |
| LVIP SSGA Mid-Cap Index <br> Fund<br>| 16418104 | 211612940 |
| LVIP SSGA Nasdaq-100 <br> Index Fund<br>| 2088552 | 35776896 |
| LVIP SSGA S&P 500 Index <br> Fund<br>| 20652697 | 696078509 |
| LVIP SSGA Small-Cap Index <br> Fund<br>| 3403084 | 118468154 |
| LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 4485415 | 138890861 |
|  |  | **2438280023** |
| **Fixed Income Funds–27.33%** | **Fixed Income Funds–27.33%** | **Fixed Income Funds–27.33%** |
| \*Lincoln Bain Capital Total <br> Credit Fund<br>| 6166009 | 62708313 |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 8176617 | 77318085 |
| LVIP Franklin Templeton <br> Core Bond Fund<br>| 20955163 | 244358154 |
| LVIP JPMorgan Core Bond <br> Fund<br>| 97388404 | 969598954 |
| LVIP JPMorgan High Yield <br> Fund<br>| 8152274 | 81710244 |
| LVIP SSGA Bond Index <br> Fund<br>| 2559411 | 25834694 |
|  |  | **1461528444** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** | **AFFILIATED INVESTMENTS (continued)** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **Global Equity Fund–0.67%** | **Global Equity Fund–0.67%** | **Global Equity Fund–0.67%** |
| ✧✧Lincoln Variable Insurance <br> Products Trust–<br> LVIP BlackRock Real Estate <br> Fund<br>| 4588596 | $35841526 |
|  |  | **35841526** |
| **International Equity Funds–23.36%** | **International Equity Funds–23.36%** | **International Equity Funds–23.36%** |
| ✧✧Lincoln Variable Insurance Products Trust- | ✧✧Lincoln Variable Insurance Products Trust- |  |
| LVIP Franklin Templeton <br> Multi-Factor Emerging <br> Markets Equity Fund<br>| 5123897 | 51597643 |
| LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 15109807 | 158320562 |
| LVIP Loomis Sayles Global <br> Growth Fund<br>| 5315299 | 102186619 |
| LVIP MFS International <br> Growth Fund<br>| 12117640 | 257281725 |
| LVIP Mondrian <br> International Value Fund<br>| 14333964 | 304668408 |
| LVIP SSGA Emerging <br> Markets Equity Index <br> Fund<br>| 8971988 | 121193610 |
| LVIP SSGA International <br> Index Fund<br>| 19153113 | 254238430 |
|  |  | **1249486997** |
| **Total Affiliated Investments** <br>**(Cost $3,718,006,966)**<br>|  | **5185136990** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **UNAFFILIATED INVESTMENT–2.89%** | **UNAFFILIATED INVESTMENT–2.89%** |
| **INVESTMENT COMPANY–2.89%** | **INVESTMENT COMPANY–2.89%** |
| **Money Market Fund–2.89%** | **Money Market Fund–2.89%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 154210653 |
| **Total Unaffiliated** <br> **Investment** <br>**(Cost $154,210,653)**<br>| **154210653** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.84% (Cost $3,872,217,619)** | **5339347643** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%** | **8721099** |
| **NET ASSETS APPLICABLE TO 377,419,716 SHARES OUTSTANDING–100.00%** | **$5348068742** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

✧✧Standard Class shares. <br> \*Class I shares.

LVIP Global Allocation Managed Risk Funds-5

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Schedule of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** | **Currency Contracts:** |
| 45 | CME Australian Dollar Currency Futures | &nbsp;&nbsp; $3002850 | &nbsp;&nbsp; $2988486 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; $14364 | &nbsp;&nbsp; $— |
| 86 | CME British Pound Currency Futures | &nbsp;&nbsp; 7233675 | &nbsp;&nbsp; 7156344 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 77331 | &nbsp;&nbsp; — |
| 133 | CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 19584250 | &nbsp;&nbsp; 19445205 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 139045 | &nbsp;&nbsp; — |
| 116 | CME Japanese Yen Currency Futures | &nbsp;&nbsp; 9306825 | &nbsp;&nbsp; 9329973 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (23148)<br>|
| 6 | CME Swedish Krona Currency Futures | &nbsp;&nbsp; 1307100 | &nbsp;&nbsp; 1293365 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 13735 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 244475 | &nbsp;&nbsp; (23148)<br>|
| **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** | **Equity Contracts:** |
| 152 | CME E-mini Russell 2000 Index Futures | &nbsp;&nbsp; 18984800 | &nbsp;&nbsp; 19557699 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (572899)<br>|
| 198 | CME E-mini S&P 500 Index Futures | &nbsp;&nbsp; 68235750 | &nbsp;&nbsp; 68199033 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 36717 | &nbsp;&nbsp; — |
| 91 | CME E-mini S&P MidCap 400 Index Futures | &nbsp;&nbsp; 30259320 | &nbsp;&nbsp; 30729458 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (470138)<br>|
| 324 | Eurex EURO STOXX 50 Futures | &nbsp;&nbsp; 22240472 | &nbsp;&nbsp; 21937992 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 302480 | &nbsp;&nbsp; — |
| 63 | FTSE 100 Index Futures | &nbsp;&nbsp; 8441985 | &nbsp;&nbsp; 8276432 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 165553 | &nbsp;&nbsp; — |
| 50 | ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 3528500 | &nbsp;&nbsp; 3457263 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 71237 | &nbsp;&nbsp; — |
| 49 | OML Stockholm OMXS30 Index Futures | &nbsp;&nbsp; 1540947 | &nbsp;&nbsp; 1504738 | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 36209 | &nbsp;&nbsp; — |
| 24 | SFE S&P ASX Share Price Index 200 Futures | &nbsp;&nbsp; 3473957 | &nbsp;&nbsp; 3459557 | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 14400 | &nbsp;&nbsp; — |
| 43 | TSE TOPIX Futures | &nbsp;&nbsp; 9370563 | &nbsp;&nbsp; 9299228 | &nbsp;&nbsp; 3/12/26 | &nbsp;&nbsp; 71335 | &nbsp;&nbsp; — |
|  |  |  |  |  | &nbsp;&nbsp; 697931 | &nbsp;&nbsp; (1043037)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $942406 | &nbsp;&nbsp; $(1066185)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. <br> Only current day variation margin is reported on the Statements of Assets and Liabilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ASX–Australian Securities Exchange |
| CME–Chicago Mercantile Exchange |
| FTSE–Financial Times Stock Exchange |
| ICE–Intercontinental Exchange |
| MSCI–Morgan Stanley Capital International |
| OML–London Securities & Derivatives Exchange |
| OMXS–Stockholm Stock Exchange |
| S&P–Standard & Poor's |
| SFE–Sydney Futures Exchange |
| TOPIX–Tokyo Stock Price Index |
| TSE–Tokyo Stock Exchange |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-6

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** |
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| **ASSETS:** |  |  |  |
| Affiliated investments, at value | &nbsp;&nbsp; $685159757 | &nbsp;&nbsp; $4179854001 | &nbsp;&nbsp; $5185136990 |
| Unaffiliated investments, at value | &nbsp;&nbsp; 17384045 | &nbsp;&nbsp; 126212079 | &nbsp;&nbsp; 154210653 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 1287057 | &nbsp;&nbsp; 9199808 | &nbsp;&nbsp; 11750392 |
| Receivable for securities sold | &nbsp;&nbsp; 709210 | &nbsp;&nbsp; 1395803 | &nbsp;&nbsp; 1549167 |
| Receivable for fund shares sold | &nbsp;&nbsp; 166627 | &nbsp;&nbsp; 1091951 | &nbsp;&nbsp; 796976 |
| Dividends and interest receivable  | &nbsp;&nbsp; 55885 | &nbsp;&nbsp; 405427 | &nbsp;&nbsp; 494940 |
| Prepaid expenses | &nbsp;&nbsp; 2607 | &nbsp;&nbsp; 15872 | &nbsp;&nbsp; 19611 |
| Foreign currencies, at value | &nbsp;&nbsp; 668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL ASSETS** | &nbsp;&nbsp; 704765856 | &nbsp;&nbsp; 4318174941 | &nbsp;&nbsp; 5353958729 |
| **LIABILITIES:** |  |  |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 894022 | &nbsp;&nbsp; 2530923 | &nbsp;&nbsp; 2394055 |
| Due to manager and affiliates | &nbsp;&nbsp; 293181 | &nbsp;&nbsp; 1850101 | &nbsp;&nbsp; 2314206 |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 135586 | &nbsp;&nbsp; 927712 | &nbsp;&nbsp; 1112342 |
| Payable for audit fee | &nbsp;&nbsp; 17071 | &nbsp;&nbsp; 17071 | &nbsp;&nbsp; 17071 |
| Payable for fund accounting fee | &nbsp;&nbsp; 14843 | &nbsp;&nbsp; 15241 | &nbsp;&nbsp; 15353 |
| Other accrued expenses payable | &nbsp;&nbsp; 10576 | &nbsp;&nbsp; 31277 | &nbsp;&nbsp; 36960 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 1365279 | &nbsp;&nbsp; 5372325 | &nbsp;&nbsp; 5889987 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $703400577 | &nbsp;&nbsp; $4312802616 | &nbsp;&nbsp; $5348068742 |
| Affiliated investments, at cost | &nbsp;&nbsp; $572535136 | &nbsp;&nbsp; $3113744753 | &nbsp;&nbsp; $3718006966 |
| Unaffiliated investments, at cost | &nbsp;&nbsp; 17384045 | &nbsp;&nbsp; 126212079 | &nbsp;&nbsp; 154210653 |
| **Standard Class:** |  |  |  |
| Net Assets | &nbsp;&nbsp; $90445227 | &nbsp;&nbsp; $212195034 | &nbsp;&nbsp; $270659411 |
| Shares Outstanding | &nbsp;&nbsp; 7003495 | &nbsp;&nbsp; 14756539 | &nbsp;&nbsp; 19102386 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.914 | &nbsp;&nbsp; $14.380 | &nbsp;&nbsp; $14.169 |
| **Service Class:** |  |  |  |
| Net Assets | &nbsp;&nbsp; $612955350 | &nbsp;&nbsp; $4100607582 | &nbsp;&nbsp; $5077409331 |
| Shares Outstanding | &nbsp;&nbsp; 47470207 | &nbsp;&nbsp; 285241810 | &nbsp;&nbsp; 358317330 |
| Net Asset Value Per Share | &nbsp;&nbsp; $12.912 | &nbsp;&nbsp; $14.376 | &nbsp;&nbsp; $14.170 |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |  |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $629232675 | &nbsp;&nbsp; $3574963794 | &nbsp;&nbsp; $4342640625 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 74167902 | &nbsp;&nbsp; 737838822 | &nbsp;&nbsp; 1005428117 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $703400577 | &nbsp;&nbsp; $4312802616 | &nbsp;&nbsp; $5348068742 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-7

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** |
| **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| **INVESTMENT INCOME:** |  |  |  |
| Dividends from affiliated investments | $18510543 | $94706638 | $110992670 |
| Dividends from unaffiliated investments | 825367 | 5860486 | 7151258 |
|  | 19335910 | 100567124 | 118143928 |
| **EXPENSES:** |  |  |  |
| Management fees | 1811676 | 10919881 | 13418565 |
| Distribution fees-Service Class | 1590907 | 10410377 | 12779107 |
| Shareholder servicing fees | 210155 | 1266706 | 1556554 |
| Accounting and administration expenses | 112992 | 472481 | 570356 |
| Professional fees | 52423 | 134423 | 157150 |
| Trustees' fees and expenses | 21251 | 127718 | 156574 |
| Reports and statements to shareholders | 16706 | 76668 | 89346 |
| Custodian fees | 14565 | 27851 | 29559 |
| Consulting fees | 7987 | 10424 | 11046 |
| Pricing fees | 3410 | 16163 | 19672 |
| Other | 21867 | 119937 | 145272 |
|  | 3863939 | 23582629 | 28933201 |
| Less:  |  |  |  |
| Management fees waived | (72467)<br>| (655193)<br>| (536743)<br>|
| Total operating expenses | 3791472 | 22927436 | 28396458 |
| **NET INVESTMENT INCOME**  | 15544438 | 77639688 | 89747470 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Sale of affiliated investments | 12467996 | 101811349 | 154994121 |
| Distributions from affiliated investment companies | 25528414 | 192554902 | 246568216 |
| Foreign currencies | (6166)<br>| (46489)<br>| (32944)<br>|
| Futures contracts | (7911327)<br>| (84952450)<br>| (77109162)<br>|
| Net realized gain | 30078917 | 209367312 | 324420231 |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |
| Affiliated investments | 19283248 | 171664911 | 246863890 |
| Foreign currencies | 8575 | 65268 | 95442 |
| Futures contracts | 683153 | 5129421 | 6341177 |
| Net change in unrealized appreciation (depreciation) | 19974976 | 176859600 | 253300509 |
| **NET REALIZED AND UNREALIZED GAIN** | 50053893 | 386226912 | 577720740 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $65598331 | $463866600 | $667468210 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** | **LVIP Global Allocation Managed Risk Funds** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |  |  |
| Net investment income | $15544438 | $21770558 | $77639688 | $103963554 | $89747470 | $115796949 |
| Net realized gain | 30078917 | 37463468 | 209367312 | 280695191 | 324420231 | 377836011 |
| Net change in unrealized appreciation (depreciation) | 19974976 | (1452033)<br>| 176859600 | 62257314 | 253300509 | 103543996 |
| Net increase in net assets resulting from operations | 65598331 | 57781993 | 463866600 | 446916059 | 667468210 | 597176956 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings: |  |  |  |  |  |  |
| Standard Class | (2358175)<br>| (3206789)<br>| (10059565)<br>| (7460229)<br>| (17211146)<br>| (9062410)<br>|
| Service Class | (14464800)<br>| (22915360)<br>| (187254317)<br>| (151276312)<br>| (317991534)<br>| (178120117)<br>|
| Return of capital: |  |  |  |  |  |  |
| Standard Class |  | (367413)<br>|  |  |  |  |
| Service Class |  | (2928757)<br>|  |  |  |  |
|  | (16822975)<br>| (29418319)<br>| (197313882)<br>| (158736541)<br>| (335202680)<br>| (187182527)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |  |
| Proceeds from shares sold: |  |  |  |  |  |  |
| Standard Class | 10120881 | 12557548 | 27689818 | 28913702 | 32797460 | 46270478 |
| Service Class | 12148840 | 18596048 | 27103870 | 36374015 | 24047374 | 33460338 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |  |  |  |  |
| Standard Class | 2358175 | 3574202 | 10059565 | 7460229 | 17211146 | 9062410 |
| Service Class | 14464800 | 25844117 | 187254317 | 151276312 | 317991534 | 178120117 |
|  | 39092696 | 60571915 | 252107570 | 224024258 | 392047514 | 266913343 |
| Cost of shares redeemed: |  |  |  |  |  |  |
| Standard Class | (15026830)<br>| (18084720)<br>| (37690438)<br>| (38413121)<br>| (44704368)<br>| (58205581)<br>|
| Service Class | (125171820)<br>| (134019298)<br>| (683304007)<br>| (702216797)<br>| (833131076)<br>| (922020817)<br>|
|  | (140198650)<br>| (152104018)<br>| (720994445)<br>| (740629918)<br>| (877835444)<br>| (980226398)<br>|
| Decrease in net assets derived from capital share transactions | (101105954)<br>| (91532103)<br>| (468886875)<br>| (516605660)<br>| (485787930)<br>| (713313055)<br>|
| **NET DECREASE IN NET ASSETS** | (52330598)<br>| (63168429)<br>| (202334157)<br>| (228426142)<br>| (153522400)<br>| (303318626)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of year | 755731175 | 818899604 | 4515136773 | 4743562915 | 5501591142 | 5804909768 |
| End of year | $703400577 | $755731175 | $4312802616 | $4515136773 | $5348068742 | $5501591142 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-9

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** | **LVIP Global Conservative Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.076 | &nbsp;&nbsp; $11.691 | &nbsp;&nbsp; $11.184 | &nbsp;&nbsp; $14.716 | &nbsp;&nbsp; $14.510 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.297 | 0.361 | 0.219 | 0.270 | 0.251 |
| Net realized and unrealized gain (loss) | 0.886 | 0.539 | 0.849 | &nbsp;&nbsp; (2.543)<br>| 0.854 |
| Total from investment operations | 1.183 | 0.900 | 1.068 | &nbsp;&nbsp; (2.273)<br>| 1.105 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.381)<br>| &nbsp;&nbsp; (0.231)<br>| &nbsp;&nbsp; (0.324)<br>| &nbsp;&nbsp; (0.527)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.083)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.935)<br>| &nbsp;&nbsp; (0.372)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.345)<br>| &nbsp;&nbsp; (0.515)<br>| &nbsp;&nbsp; (0.561)<br>| &nbsp;&nbsp; (1.259)<br>| &nbsp;&nbsp; (0.899)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.914 | &nbsp;&nbsp; $12.076 | &nbsp;&nbsp; $11.691 | &nbsp;&nbsp; $11.184 | &nbsp;&nbsp; $14.716 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 9.79% | &nbsp;&nbsp; 7.71% | &nbsp;&nbsp; 9.72% | &nbsp;&nbsp; (15.40%)<br>| &nbsp;&nbsp; 7.63% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $90445 | &nbsp;&nbsp; $87170 | &nbsp;&nbsp; $86047 | &nbsp;&nbsp; $80570 | &nbsp;&nbsp; $97521 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 2.96% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.67% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.95% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 1.66% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-10

------

**LVIP Global Conservative Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** | **LVIP Global Conservative Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.073 | &nbsp;&nbsp; $11.687 | &nbsp;&nbsp; $11.180 | &nbsp;&nbsp; $14.710 | &nbsp;&nbsp; $14.504 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.265 | 0.330 | 0.190 | 0.239 | 0.213 |
| Net realized and unrealized gain (loss) | 0.885 | 0.538 | 0.848 | &nbsp;&nbsp; (2.542)<br>| 0.853 |
| Total from investment operations | 1.150 | 0.868 | 1.038 | &nbsp;&nbsp; (2.303)<br>| 1.066 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.311)<br>| &nbsp;&nbsp; (0.348)<br>| &nbsp;&nbsp; (0.201)<br>| &nbsp;&nbsp; (0.292)<br>| &nbsp;&nbsp; (0.488)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.083)<br>| &nbsp;&nbsp; (0.330)<br>| &nbsp;&nbsp; (0.935)<br>| &nbsp;&nbsp; (0.372)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.051)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.311)<br>| &nbsp;&nbsp; (0.482)<br>| &nbsp;&nbsp; (0.531)<br>| &nbsp;&nbsp; (1.227)<br>| &nbsp;&nbsp; (0.860)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.912 | &nbsp;&nbsp; $12.073 | &nbsp;&nbsp; $11.687 | &nbsp;&nbsp; $11.180 | &nbsp;&nbsp; $14.710 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 9.51% | &nbsp;&nbsp; 7.43% | &nbsp;&nbsp; 9.45% | &nbsp;&nbsp; (15.61%)<br>| &nbsp;&nbsp; 7.37% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $612956 | &nbsp;&nbsp; $668561 | &nbsp;&nbsp; $732852 | &nbsp;&nbsp; $777402 | &nbsp;&nbsp; $1047392 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.71% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.42% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.41% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-11

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** | **LVIP Global Moderate Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.528 | &nbsp;&nbsp; $12.754 | &nbsp;&nbsp; $11.619 | &nbsp;&nbsp; $15.824 | &nbsp;&nbsp; $15.264 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.283 | 0.332 | 0.225 | 0.272 | 0.266 |
| Net realized and unrealized gain (loss) | 1.269 | 0.966 | 1.151 | &nbsp;&nbsp; (3.026)<br>| 1.377 |
| Total from investment operations | 1.552 | 1.298 | 1.376 | &nbsp;&nbsp; (2.754)<br>| 1.643 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.338)<br>| &nbsp;&nbsp; (0.422)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (0.310)<br>| &nbsp;&nbsp; (0.491)<br>|
| Net realized gain | &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.111)<br>| &nbsp;&nbsp; (0.592)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.030)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.700)<br>| &nbsp;&nbsp; (0.524)<br>| &nbsp;&nbsp; (0.241)<br>| &nbsp;&nbsp; (1.451)<br>| &nbsp;&nbsp; (1.083)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.380 | &nbsp;&nbsp; $13.528 | &nbsp;&nbsp; $12.754 | &nbsp;&nbsp; $11.619 | &nbsp;&nbsp; $15.824 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 11.52% | &nbsp;&nbsp; 10.19% | &nbsp;&nbsp; 11.84% | &nbsp;&nbsp; (17.38%)<br>| &nbsp;&nbsp; 10.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $212195 | &nbsp;&nbsp; $199821 | &nbsp;&nbsp; $190217 | &nbsp;&nbsp; $181278 | &nbsp;&nbsp; $239240 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.28% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 1.66% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.64% |
| Portfolio turnover | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-12

------

**LVIP Global Moderate Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** | **LVIP Global Moderate Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.525 | &nbsp;&nbsp; $12.750 | &nbsp;&nbsp; $11.616 | &nbsp;&nbsp; $15.818 | &nbsp;&nbsp; $15.259 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.247 | 0.298 | 0.195 | 0.238 | 0.226 |
| Net realized and unrealized gain (loss) | 1.266 | 0.965 | 1.148 | &nbsp;&nbsp; (3.022)<br>| 1.375 |
| Total from investment operations | 1.513 | 1.263 | 1.343 | &nbsp;&nbsp; (2.784)<br>| 1.601 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.300)<br>| &nbsp;&nbsp; (0.386)<br>| &nbsp;&nbsp; (0.209)<br>| &nbsp;&nbsp; (0.277)<br>| &nbsp;&nbsp; (0.450)<br>|
| Net realized gain | &nbsp;&nbsp; (0.362)<br>| &nbsp;&nbsp; (0.102)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.111)<br>| &nbsp;&nbsp; (0.592)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.030)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.662)<br>| &nbsp;&nbsp; (0.488)<br>| &nbsp;&nbsp; (0.209)<br>| &nbsp;&nbsp; (1.418)<br>| &nbsp;&nbsp; (1.042)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.376 | &nbsp;&nbsp; $13.525 | &nbsp;&nbsp; $12.750 | &nbsp;&nbsp; $11.616 | &nbsp;&nbsp; $15.818 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 11.24% | &nbsp;&nbsp; 9.91% | &nbsp;&nbsp; 11.56% | &nbsp;&nbsp; (17.58%)<br>| &nbsp;&nbsp; 10.54% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $4100608 | &nbsp;&nbsp; $4315316 | &nbsp;&nbsp; $4553346 | &nbsp;&nbsp; $4639542 | &nbsp;&nbsp; $6282579 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.41% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 2.18% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.39% |
| Portfolio turnover | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-13

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** | **LVIP Global Growth Allocation Managed Risk Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.321 | &nbsp;&nbsp; $12.437 | &nbsp;&nbsp; $11.178 | &nbsp;&nbsp; $15.603 | &nbsp;&nbsp; $14.964 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.265 | 0.300 | 0.216 | 0.248 | 0.250 |
| Net realized and unrealized gain (loss) | 1.524 | 1.085 | 1.275 | &nbsp;&nbsp; (3.169)<br>| 1.648 |
| Total from investment operations | 1.789 | 1.385 | 1.491 | &nbsp;&nbsp; (2.921)<br>| 1.898 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.316)<br>| &nbsp;&nbsp; (0.400)<br>| &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (0.284)<br>| &nbsp;&nbsp; (0.491)<br>|
| Net realized gain | &nbsp;&nbsp; (0.625)<br>| &nbsp;&nbsp; (0.101)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.195)<br>| &nbsp;&nbsp; (0.768)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.941)<br>| &nbsp;&nbsp; (0.501)<br>| &nbsp;&nbsp; (0.232)<br>| &nbsp;&nbsp; (1.504)<br>| &nbsp;&nbsp; (1.259)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.169 | &nbsp;&nbsp; $13.321 | &nbsp;&nbsp; $12.437 | &nbsp;&nbsp; $11.178 | &nbsp;&nbsp; $15.603 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.54% | &nbsp;&nbsp; 11.15% | &nbsp;&nbsp; 13.33% | &nbsp;&nbsp; (18.68%)<br>| &nbsp;&nbsp; 12.77% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $270659 | &nbsp;&nbsp; $249844 | &nbsp;&nbsp; $236078 | &nbsp;&nbsp; $217367 | &nbsp;&nbsp; $274559 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.28% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed<sup>3</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 1.58% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.57% |
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-14

------

**LVIP Global Growth Allocation Managed Risk Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** | **LVIP Global Growth Allocation Managed Risk Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.323 | &nbsp;&nbsp; $12.438 | &nbsp;&nbsp; $11.179 | &nbsp;&nbsp; $15.602 | &nbsp;&nbsp; $14.964 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.230 | 0.266 | 0.186 | 0.215 | 0.210 |
| Net realized and unrealized gain (loss) | 1.522 | 1.084 | 1.273 | &nbsp;&nbsp; (3.168)<br>| 1.646 |
| Total from investment operations | 1.752 | 1.350 | 1.459 | &nbsp;&nbsp; (2.953)<br>| 1.856 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.280)<br>| &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (0.250)<br>| &nbsp;&nbsp; (0.450)<br>|
| Net realized gain | &nbsp;&nbsp; (0.625)<br>| &nbsp;&nbsp; (0.101)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.195)<br>| &nbsp;&nbsp; (0.768)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.025)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions | &nbsp;&nbsp; (0.905)<br>| &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.200)<br>| &nbsp;&nbsp; (1.470)<br>| &nbsp;&nbsp; (1.218)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $14.170 | &nbsp;&nbsp; $13.323 | &nbsp;&nbsp; $12.438 | &nbsp;&nbsp; $11.179 | &nbsp;&nbsp; $15.602 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 13.26% | &nbsp;&nbsp; 10.86% | &nbsp;&nbsp; 13.05% | &nbsp;&nbsp; (18.88%)<br>| &nbsp;&nbsp; 12.49% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $5077410 | &nbsp;&nbsp; $5251747 | &nbsp;&nbsp; $5568832 | &nbsp;&nbsp; $5633951 | &nbsp;&nbsp; $7753483 |
| Ratio of expenses to average net assets<sup>3</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<sup>3</sup><br>| &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.33% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.32% |
| Portfolio turnover | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager and/or distributor. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>3</sup> Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

LVIP Global Allocation Managed Risk Funds-15

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Global Conservative Allocation Managed Risk Fund, LVIP Global Moderate Allocation Managed Risk Fund and LVIP Global Growth Allocation Managed Risk Fund (each, a "Fund", and collectively, the "Funds"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in investment companies, that are advised by Lincoln Financial Investments Corporation ("LFI") or unaffiliated managers (collectively, the "Underlying Funds"). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP Global Conservative Allocation Managed Risk Fund is to seek a high level of current income with some consideration given to growth of capital.

The investment objective of the LVIP Global Moderate Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of the LVIP Global Growth Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

**1. Significant Accounting Policies**

Each Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by each Fund in the preparation of their financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation – The Funds value Underlying Funds at their closing net asset value ("NAV"). Securities of each Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds' NAVs, see the Underlying Funds' prospectuses and statements of additional information. Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds' federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP Global Allocation Managed Risk Funds-16

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Funds' Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of each Fund's investment portfolio, including monitoring of each Fund's investment sub-adviser, and providing certain administrative services to each Fund. For its services, LFI receives a management fee at an annual rate of 0.25% of each Fund's average daily net assets.

LFI has contractually agreed to waive a portion of its advisory fee for each Fund. This agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Trust's Board of Trustees (the "Board") and LFI. The management fee, net of waivers, is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LFI).

The waiver amount of each Fund's average daily net assets are as follows:

---

| | | |
|:---|:---|:---|
| **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| 0.01<br> %<br>| 0.015<br> %<br>| 0.01<br> %<br>|

---

Milliman Financial Risk Management LLC (the "Sub-Adviser") is responsible for managing the Funds' managed risk strategy. For these services, LFI, not the Funds, pays the Sub-Adviser a fee based on each Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statements of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Administrative | &nbsp;&nbsp; $60419 | &nbsp;&nbsp; $363313 | &nbsp;&nbsp; $445777 |
| Legal | &nbsp;&nbsp; 9989 | &nbsp;&nbsp; 60132 | &nbsp;&nbsp; 73822 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Funds. Each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statements of Operations.

LVIP Global Allocation Managed Risk Funds-17

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in "Reports and statements to shareholders" on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the year ended December 31, 2025, these fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Printing and mailing | &nbsp;&nbsp; $5768 | &nbsp;&nbsp; $24410 | &nbsp;&nbsp; $25616 |

---

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At December 31, 2025, each Fund had liabilities payable to affiliates as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Management fees payable to LFI | &nbsp;&nbsp; $144405 | &nbsp;&nbsp; $866308 | &nbsp;&nbsp; $1096533 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 131171 | &nbsp;&nbsp; 876530 | &nbsp;&nbsp; 1084726 |
| Printing and mailing fees payable to Lincoln Life | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 449 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 17449 | &nbsp;&nbsp; 106906 | &nbsp;&nbsp; 132498 |

---

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

Affiliated investments, for purposes of the 1940 Act, are investments that have a common investment adviser, LFI (LVIP and Lincoln Funds), or investments in issuers whereby the Fund held 5% or more of the issuers' outstanding securities (non-LVIP Funds). Affiliated investments of each Fund and the corresponding investment activity for the year ended December 31, 2025, were as follows:

**<u>LVIP Global Conservative Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANIES-97.41%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity Funds-30.83%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP AllianceBernstein Large <br> Cap Growth Fund<br>| $33943749 | $11775771 | $8747324 | $2865224 | $(9436918)<br>| $— | $30400502 | 625113 | $— | $10463717 |
| ✧✧LVIP BlackRock Equity <br> Dividend Fund<br>| 36779367 | 6409733 | 7397802 | 8283 | 324759 |  | 36124340 | 1401363 | 578360 | 3512591 |
| ✧✧LVIP Channing Small Cap <br> Value Fund<br>| 3008348 | 645960 | 796865 | 36024 | 63281 |  | 2956748 | 228391 | 22865 | 96489 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor Large Cap <br> Equity Fund<br>| 37808966 | 3506989 | 9115027 | 454388 | 3800954 |  | 36456270 | 2184973 | 338973 | 1556782 |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor SMID Cap <br> Equity Fund<br>| 12228048 | 2967514 | 2832173 | (89619)<br>| 1627113 | (23313)<br>| 13877570 | 957602 | 121112 |  |
| ✧✧LVIP Nomura Mid-Cap Index <br> Fund<br>| 14042976 | 4119927 | 2810184 | 65410 | (155930)<br>|  | 15262199 | 348691 | 198422 | 1697004 |
| ✧✧LVIP SSGA Mid-Cap Index <br> Fund<br>| 14595462 | 2565117 | 2850409 | 141744 | (352368)<br>|  | 14099546 | 1093921 | 160642 | 951897 |
| ✧✧LVIP SSGA Nasdaq-100 Index <br> Fund<br>| 1863037 | 138944 | 571875 | 157898 | 102024 |  | 1690028 | 98659 | 2816 | 61864 |

---

LVIP Global Allocation Managed Risk Funds-18

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Conservative Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP SSGA S&P 500 Index <br> Fund<br>| $53715826 | $3276181 | $16489100 | $9629906 | $(4745890)<br>| $— | $45386923 | 1346633 | $440353 | $2164581 |
| ✧✧LVIP SSGA Small-Cap Index <br> Fund<br>| 7519881 | 1451853 | 3725968 | 1164822 | (732257)<br>| 7473 | 5685804 | 163329 | 37935 | 275832 |
| ✧✧LVIP T. Rowe Price <br> Structured Mid-Cap Growth <br> Fund<br>| 14192265 | 4805445 | 3310701 | (11630)<br>| (778589)<br>|  | 14896790 | 481085 |  | 2146985 |
| **Fixed Income** <br> **Funds-56.65%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧×LVIP SSGA Short-Term Bond <br> Index Fund<br>| 3746765 | 568 | 3761660 | (18783)<br>| 33459 | (349)<br>|  |  |  |  |
| \*‡Lincoln Bain Capital Total <br> Credit Fund<br>|  | 8568938 |  |  | (227267)<br>|  | 8341671 | 820223 | 261582 | 3033 |
| ✧✧LVIP BlackRock Inflation <br> Protected Bond Fund<br>| 14910145 | 1019581 | 2974045 | (80221)<br>| 761786 |  | 13637246 | 1442179 | 112115 |  |
| ✧✧LVIP Franklin Templeton <br> Core Bond Fund<br>| 182339088 | 11934823 | 119560158 | (5946788)<br>| 11401215 |  | 80168180 | 6874898 | 3351679 |  |
| ✧✧LVIP JPMorgan Core Bond <br> Fund<br>| 182096702 | 98858204 | 19651533 | 130061 | 6648006 |  | 268081440 | 26926621 | 9553287 |  |
| ✧✧LVIP JPMorgan High Yield <br> Fund<br>| 20946053 | 1916198 | 12322289 | 111032 | 504121 |  | 11155115 | 1112952 | 937624 |  |
| ✧✧LVIP SSGA Bond Index Fund | 29762260 | 1021015 | 14731958 | (1202347)<br>| 2239702 | (991)<br>| 17087681 | 1692855 | 565348 |  |
| **Global Equity Fund-0.14%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real Estate <br> Fund<br>| 2150441 | 101982 | 1311417 | 128278 | (49506)<br>| (3839)<br>| 1015939 | 130065 | 31404 |  |
| **International Equity** <br> **Funds-9.79%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin Templeton <br> Multi-Factor International <br> Equity Fund<br>| 11742467 | 2186966 | 3514123 | 265964 | 2863263 | (2153)<br>| 13542384 | 1292459 | 437887 | 74365 |
| ✧✧LVIP Loomis Sayles Global <br> Growth Fund<br>| 7402493 | 908642 | 1991960 | 582779 | (144042)<br>|  | 6757912 | 351517 | (145)<br>| 697561 |
| ✧✧LVIP MFS International <br> Growth Fund<br>| 15835897 | 2629529 | 3803954 | 603415 | 665879 |  | 15930766 | 750318 | 228948 | 1297258 |
| ✧✧LVIP Mondrian International <br> Value Fund<br>| 19037599 | 1505716 | 6177317 | 1088612 | 3657030 |  | 19111640 | 899160 | 706569 | 528455 |
| ✧✧LVIP SSGA International <br> Index Fund<br>| 17037735 | 617164 | 7758803 | 2383544 | 1213423 |  | 13493063 | 1016503 | 422767 |  |
| Total | $736705570 | $172932760 | $256206645 | $12467996 | $19283248 | $(23172)<br>| $685159757 |  | $18510543 | $25528414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |
| <sup>×</sup> Issuer is no longer an investment of the Fund at December 31, 2025. |
| <sup>\*</sup> Class I shares. |
| <sup>‡</sup> Issuer was not an investment of the Fund at December 31, 2024. |

---

**<u>LVIP Global Moderate Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANIES-96.92%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity** <br> **Funds-40.84%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP <br> AllianceBernstein <br> Large Cap Growth <br> Fund<br>| $199477129 | $70633232 | $50934334 | $16853601 | $(55923894)<br>| $— | $180105734 | 3703441 | $— | $61401697 |
| ✧✧LVIP BlackRock <br> Equity Dividend <br> Fund<br>| 237879615 | 44213294 | 45675602 | (257876)<br>| 2182304 |  | 238341735 | 9245936 | 3815094 | 22984569 |

---

LVIP Global Allocation Managed Risk Funds-19

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Moderate Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP Channing Small <br> Cap Value Fund<br>| $24634840 | $5590621 | $6244725 | $173345 | $595432 | $— | $24749513 | 1911750 | $192144 | $799950 |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor Large <br> Cap Equity Fund<br>| 318931626 | 39036504 | 72804954 | 1936942 | 34569173 |  | 321669291 | 19278950 | 2988778 | 13727002 |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor SMID <br> Cap Equity Fund<br>| 72975962 | 30335663 | 18144891 | (973543)<br>| 11188269 | (138603)<br>| 95242857 | 6572099 | 851907 |  |
| ✧✧LVIP Nomura Mid-Cap <br> Index Fund<br>| 126137541 | 35212166 | 24739048 | (649860)<br>| (267358)<br>|  | 135693441 | 3100147 | 1762009 | 15052254 |
| ✧✧LVIP SSGA Mid-Cap <br> Index Fund<br>| 87101580 | 17129631 | 16387567 | 293656 | (1701344)<br>|  | 86435956 | 6706180 | 984109 | 5779809 |
| ✧✧LVIP SSGA <br> Nasdaq-100 Index <br> Fund<br>| 17785825 | 1300941 | 5052696 | 1328287 | 1134668 |  | 16497025 | 963049 | 27919 | 598267 |
| ✧✧LVIP SSGA S&P 500 <br> Index Fund<br>| 511024887 | 31836153 | 121456195 | 63814441 | (14843814)<br>|  | 470375472 | 13956073 | 4565890 | 22221051 |
| ✧✧LVIP SSGA Small-Cap <br> Index Fund<br>| 80108363 | 10070270 | 34745106 | 12328897 | (8118683)<br>|  | 59643741 | 1713310 | 395620 | 2868494 |
| ✧✧LVIP T. Rowe Price <br> Structured Mid-Cap <br> Growth Fund<br>| 127678963 | 38245933 | 26448092 | 701041 | (7724234)<br>|  | 132453611 | 4277526 |  | 19049335 |
| **Fixed Income** <br> **Funds-37.01%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧×LVIP SSGA Short-Term <br> Bond Index Fund<br>| 22358844 |  | 22446381 | (123511)<br>| 213122 | (2074)<br>|  |  |  |  |
| \*‡Lincoln Bain Capital <br> Total Credit Fund<br>|  | 52065574 |  |  | (1381305)<br>|  | 50684269 | 4983704 | 1589379 | 18428 |
| ✧✧LVIP BlackRock <br> Inflation Protected <br> Bond Fund<br>| 111221065 | 9204706 | 21520179 | (846254)<br>| 5926845 |  | 103986183 | 10996847 | 849765 |  |
| ✧✧LVIP Franklin <br> Templeton Core <br> Bond Fund<br>| 647867873 | 41480641 | 431155181 | (32995866)<br>| 51607962 |  | 276805429 | 23737709 | 11564916 |  |
| ✧✧LVIP JPMorgan Core <br> Bond Fund<br>| 619498434 | 420546303 | 68375855 | 160138 | 24057894 | 68562 | 995955476 | 100035705 | 35465117 |  |
| ✧✧LVIP JPMorgan High <br> Yield Fund<br>| 108091518 | 11167806 | 70474305 | 450977 | 2764197 |  | 52000193 | 5188087 | 4733066 |  |
| ✧✧LVIP SSGA Bond <br> Index Fund<br>| 190927976 | 7190321 | 87958674 | (8708774)<br>| 15300255 | (6330)<br>| 116744774 | 11565759 | 3860239 |  |
| **Global Equity** <br> **Fund-0.57%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock Real <br> Estate Fund<br>| 32085128 | 2595482 | 11254252 | 680534 | 740233 | (56796)<br>| 24790329 | 3173771 | 802577 |  |
| **International Equity** <br> **Funds-18.50%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor <br> Emerging Markets <br> Equity Fund<br>| 56924240 | 11054504 | 19099467 | 594763 | 15160235 | (98778)<br>| 64535497 | 6408689 | 1739438 |  |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor <br> International Equity <br> Fund<br>| 78445607 | 13840026 | 23918908 | 2313737 | 18339048 | (14820)<br>| 89004690 | 8494435 | 2875250 | 488413 |
| ✧✧LVIP Loomis Sayles <br> Global Growth Fund<br>| 88336764 | 11456038 | 22355784 | 6382375 | (1361050)<br>|  | 82458343 | 4289121 | (1720)<br>| 8429508 |
| ✧✧LVIP MFS <br> International Growth <br> Fund<br>| 170098705 | 22598006 | 38704932 | 6915422 | 6588587 |  | 167495788 | 7888837 | 2403090 | 13511116 |
| ✧✧LVIP Mondrian <br> International Value <br> Fund<br>| 214786782 | 15338140 | 77500162 | 10785700 | 41468378 |  | 204878838 | 9639089 | 7567563 | 5625009 |
| ✧✧LVIP SSGA Emerging <br> Markets Equity <br> Index Fund<br>| 100588861 | 2999844 | 51180705 | 7251835 | 15247126 |  | 74906961 | 5545378 | 2092954 |  |

---

LVIP Global Allocation Managed Risk Funds-20

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Moderate Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP SSGA <br> International Index <br> Fund<br>| $135265971 | $4780399 | $54951722 | $13401342 | $15902865 | $— | $114398855 | 8618265 | $3581534 | $— |
| Total | $4380234099 | $949922198 | $1423529717 | $101811349 | $171664911 | $(248839)<br>| $4179854001 |  | $94706638 | $192554902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |
| <sup>×</sup> Issuer is no longer an investment of the Fund at December 31, 2025. |
| <sup>\*</sup> Class I shares. |
| <sup>‡</sup> Issuer was not an investment of the Fund at December 31, 2024. |

---

**<u>LVIP Global Growth Allocation Managed Risk Fund</u>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| **INVESTMENT** <br> **COMPANIES-96.95%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| **Equity** <br> **Funds-45.59%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP <br> AllianceBernstein <br> Large Cap Growth <br> Fund<br>| $222113489 | $82883826 | $58924789 | $17763290 | $(61579836)<br>| $— | $202255980 | 4158907 | $— | $68716109 |
| ✧✧LVIP BlackRock <br> Equity Dividend <br> Fund<br>| 285318161 | 54587917 | 52758159 | (302245)<br>| 2678105 |  | 289523779 | 11231429 | 4634014 | 27836839 |
| ✧✧LVIP Channing <br> Small Cap Value <br> Fund<br>| 37722151 | 8769707 | 9249349 | 230012 | 994776 |  | 38467297 | 2971366 | 299150 | 1239067 |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor Large <br> Cap Equity Fund<br>| 439094816 | 52943538 | 95853469 | 2451994 | 48257819 |  | 446894698 | 26784219 | 4148516 | 19046155 |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor SMID <br> Cap Equity Fund<br>| 89093635 | 37837881 | 21423907 | (1128447)<br>| 13816227 | (169164)<br>| 118026225 | 8144233 | 1057204 |  |
| ✧✧LVIP Nomura <br> Mid-Cap Index <br> Fund<br>| 128156216 | 39921040 | 24806629 | (1270668)<br>| 284725 |  | 142284684 | 3250735 | 1849876 | 15686577 |
| ✧✧LVIP SSGA Mid-Cap <br> Index Fund<br>| 210084580 | 43566235 | 38722449 | 541079 | (3856505)<br>|  | 211612940 | 16418104 | 2407148 | 14101686 |
| ✧✧LVIP SSGA <br> Nasdaq-100 Index <br> Fund<br>| 37997604 | 2803777 | 10346560 | 2669636 | 2652439 |  | 35776896 | 2088552 | 61008 | 1293085 |
| ✧✧LVIP SSGA S&P 500 <br> Index Fund<br>| 739871749 | 51161037 | 167174427 | 82883885 | (10663735)<br>|  | 696078509 | 20652697 | 6752420 | 32771025 |
| ✧✧LVIP SSGA <br> Small-Cap Index <br> Fund<br>| 141326106 | 19110189 | 49898249 | 12517248 | (4685023)<br>| 97883 | 118468154 | 3403084 | 834223 | 5679515 |
| ✧✧LVIP T. Rowe Price <br> Structured <br> Mid-Cap Growth <br> Fund<br>| 129635797 | 45260127 | 28420016 | (914332)<br>| (6670715)<br>|  | 138890861 | 4485415 |  | 19872048 |
| **Fixed Income** <br> **Funds-27.33%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| \*‡Lincoln Bain <br> Capital Total <br> Credit Fund<br>|  | 64417580 |  |  | (1709267)<br>|  | 62708313 | 6166009 | 1966435 | 22800 |

---

LVIP Global Allocation Managed Risk Funds-21

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

**<u>LVIP Global Growth Allocation Managed Risk Fund</u>** <u>(continued)</u>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **12/31/24**<br>| **Purchases** | **Sales** | **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change**<br> **in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Return**<br> **of**<br> **Capital**<br>| **Value**<br> **12/31/25**<br>| **Number of**<br> **Shares**<br> **12/31/25**<br>| **Dividends** | **Capital**<br> **Gain**<br> **Distributions**<br>|
| ✧✧LVIP BlackRock <br> Inflation <br> Protected Bond <br> Fund<br>| $81467562 | $7472541 | $15359331 | $(642904)<br>| $4380217 | $— | $77318085 | 8176617 | $630297 | $— |
| ✧✧LVIP Franklin <br> Templeton Core <br> Bond Fund<br>| 592553344 | 32853435 | 397590616 | (37153702)<br>| 53695693 |  | 244358154 | 20955163 | 10201335 |  |
| ✧✧LVIP JPMorgan <br> Core Bond Fund<br>| 614504524 | 397341777 | 66161974 | 68542 | 23846085 |  | 969598954 | 97388404 | 34494352 |  |
| ✧✧LVIP JPMorgan <br> High Yield Fund<br>| 149878776 | 17005158 | 89487327 | (1081747)<br>| 5395384 |  | 81710244 | 8152274 | 6916450 |  |
| ✧✧LVIP SSGA Bond <br> Index Fund<br>| 94319224 | 2622016 | 75023811 | (1812614)<br>| 5733004 | (3125)<br>| 25834694 | 2559411 | 851728 |  |
| **Global Equity** <br> **Fund-0.67%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP BlackRock <br> Real Estate Fund<br>| 44394290 | 4044080 | 14531957 | 1073511 | 940081 | (78479)<br>| 35841526 | 4588596 | 1162837 |  |
| **International** <br> **Equity** <br> **Funds-23.36%**<sup>@</sup> <br>|  |  |  |  |  |  |  |  |  |  |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor <br> Emerging Markets <br> Equity Fund<br>| 66821504 | 2156288 | 34007599 | 4602732 | 12140467 | (115749)<br>| 51597643 | 5123897 | 1352575 |  |
| ✧✧LVIP Franklin <br> Templeton <br> Multi-Factor <br> International <br> Equity Fund<br>| 144731287 | 19301450 | 43945638 | 4638301 | 33622745 | (27583)<br>| 158320562 | 15109807 | 5108601 | 867999 |
| ✧✧LVIP Loomis Sayles <br> Global Growth <br> Fund<br>| 107844843 | 14449307 | 26276168 | 7348136 | (1179499)<br>|  | 102186619 | 5315299 | (2099)<br>| 10410132 |
| ✧✧LVIP MFS <br> International <br> Growth Fund<br>| 259714246 | 34457653 | 57562184 | 10005476 | 10666534 |  | 257281725 | 12117640 | 3688969 | 20683266 |
| ✧✧LVIP Mondrian <br> International <br> Value Fund<br>| 314775400 | 22787617 | 109838764 | 14713813 | 62230342 |  | 304668408 | 14333964 | 11242548 | 8341913 |
| ✧✧LVIP SSGA <br> Emerging Markets <br> Equity Index <br> Fund<br>| 125470607 | 14897650 | 49510619 | 4251405 | 26084567 |  | 121193610 | 8971988 | 3382977 |  |
| ✧✧LVIP SSGA <br> International <br> Index Fund<br>| 281169190 | 10626905 | 100888645 | 33541720 | 29789260 |  | 254238430 | 19153113 | 7952106 |  |
| Total | $5338059101 | $1083278731 | $1637762636 | $154994121 | $246863890 | $(296217)<br>| $5185136990 |  | $110992670 | $246568216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| <sup>@</sup> As a percentage of Net Assets as of December 31, 2025. |
| <sup>✧✧</sup> Standard Class shares. |
| <sup>\*</sup> Class I shares. |
| <sup>‡</sup> Issuer was not an investment of the Fund at December 31, 2024. |

---

**3. Investments**

For the year ended December 31, 2025, each Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Purchases | &nbsp;&nbsp; $172932760 | &nbsp;&nbsp; $949922198 | &nbsp;&nbsp; $1083278731 |
| Sales | &nbsp;&nbsp; 256206645 | &nbsp;&nbsp; 1423529717 | &nbsp;&nbsp; 1637762636 |

---

LVIP Global Allocation Managed Risk Funds-22

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund**<br>|
| Cost of investments and derivatives | &nbsp;&nbsp; $606962567 | &nbsp;&nbsp; $3333547322 | &nbsp;&nbsp; $3982220190 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $96339292 | &nbsp;&nbsp; $978260881 | &nbsp;&nbsp; $1362063396 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp; (746692)<br>| &nbsp;&nbsp; (5655845)<br>| &nbsp;&nbsp; (4862342)<br>|
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp; $95592600 | &nbsp;&nbsp; $972605036 | &nbsp;&nbsp; $1357201054 |

---

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including each Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following tables summarize the valuation of each Fund's investments by fair value hierarchy levels as of December 31, 2025:

**LVIP Global Conservative Allocation Managed Risk Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $676818086 | &nbsp;&nbsp; $8341671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $685159757 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 17384045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17384045 |
| **Total Investments** | &nbsp;&nbsp; $694202131 | &nbsp;&nbsp; $8341671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $702543802 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $72748 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72748 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(127601)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(127601)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

LVIP Global Allocation Managed Risk Funds-23

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

**LVIP Global Moderate Allocation Managed Risk Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $4129169732 | &nbsp;&nbsp; $50684269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4179854001 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 126212079 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 126212079 |
| **Total Investments** | &nbsp;&nbsp; $4255381811 | &nbsp;&nbsp; $50684269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4306066080 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $662078 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $662078 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(842480)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(842480)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**LVIP Global Growth Allocation Managed Risk Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $5122428677 | &nbsp;&nbsp; $62708313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5185136990 |
| Unaffiliated Investment Company | &nbsp;&nbsp; 154210653 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154210653 |
| **Total Investments** | &nbsp;&nbsp; $5276639330 | &nbsp;&nbsp; $62708313 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5339347643 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $942406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $942406 |
| **Liabilities:** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1066185)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1066185)<br>|

---

There were no Level 3 investments at the beginning or end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related wash sales, mark-to-market adjustments on certain derivatives, adjustments related to distributions from underlying regulated investment companies ("RICS") and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global** <br> **Conservative**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global** <br> **Moderate**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>|
| **Year ended December 31, 2025** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $16822975 | &nbsp;&nbsp; $197313882 | &nbsp;&nbsp; $228889015 |
| Long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106313665 |
| Total | &nbsp;&nbsp; $16822975 | &nbsp;&nbsp; $197313882 | &nbsp;&nbsp; $335202680 |
| **Year ended December 31, 2024** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $26122149 | &nbsp;&nbsp; $158736541 | &nbsp;&nbsp; $187182527 |
| Return of capital | &nbsp;&nbsp; 3296170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $29418319 | &nbsp;&nbsp; $158736541 | &nbsp;&nbsp; $187182527 |

---

LVIP Global Allocation Managed Risk Funds-24

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP**<br> **Global** <br> **Conservative**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global** <br> **Moderate**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>| **LVIP**<br> **Global Growth**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>|
| Undistributed ordinary income | &nbsp;&nbsp; $6291862 | &nbsp;&nbsp; $49018498 | &nbsp;&nbsp; $78432350 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 13352491 | &nbsp;&nbsp; 130203024 | &nbsp;&nbsp; 210405439 |
| Other temporary differences | &nbsp;&nbsp; (41069051)<br>| &nbsp;&nbsp; (413987736)<br>| &nbsp;&nbsp; (640610726)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 95592600 | &nbsp;&nbsp; 972605036 | &nbsp;&nbsp; 1357201054 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $74167902 | &nbsp;&nbsp; $737838822 | &nbsp;&nbsp; $1005428117 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, the Fund recorded the following permanent reclassification primarily adjustments related to distributions from underlying regulated investment companies ("RICS"):

---

| | |
|:---|:---|
|  | **LVIP**<br> **Global** <br> **Conservative**<br> **Allocation** <br> **Managed**<br> **Risk Fund**<br>|
| Distributable Earnings/(Accumulated Loss) | &nbsp;&nbsp; $30646 |
| Paid-in capital | &nbsp;&nbsp; (30646)<br>|

---

At December 31, 2025, the Funds had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Conservative**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Moderate**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** | **LVIP**<br> **Global Growth**<br> **Allocation Managed**<br> **Risk Fund** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 808465 | &nbsp;&nbsp; 1019922 | &nbsp;&nbsp; 1991232 | &nbsp;&nbsp; 2144190 | &nbsp;&nbsp; 2349164 | &nbsp;&nbsp; 3460973 |
| Service Class | &nbsp;&nbsp; 974748 | &nbsp;&nbsp; 1540741 | &nbsp;&nbsp; 1936482 | &nbsp;&nbsp; 2676902 | &nbsp;&nbsp; 1731569 | &nbsp;&nbsp; 2504521 |
| Shares reinvested: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; 181930 | &nbsp;&nbsp; 296496 | &nbsp;&nbsp; 698096 | &nbsp;&nbsp; 552385 | &nbsp;&nbsp; 1216124 | &nbsp;&nbsp; 681633 |
| Service Class | &nbsp;&nbsp; 1116111 | &nbsp;&nbsp; 2144201 | &nbsp;&nbsp; 13013462 | &nbsp;&nbsp; 11202512 | &nbsp;&nbsp; 22503738 | &nbsp;&nbsp; 13393997 |
|  | &nbsp;&nbsp; 3081254 | &nbsp;&nbsp; 5001360 | &nbsp;&nbsp; 17639272 | &nbsp;&nbsp; 16575989 | &nbsp;&nbsp; 27800595 | &nbsp;&nbsp; 20041124 |
| Shares redeemed: |  |  |  |  |  |  |
| Standard Class | &nbsp;&nbsp; (1205626)<br>| &nbsp;&nbsp; (1457850)<br>| &nbsp;&nbsp; (2703928)<br>| &nbsp;&nbsp; (2839465)<br>| &nbsp;&nbsp; (3219179)<br>| &nbsp;&nbsp; (4367989)<br>|
| Service Class | &nbsp;&nbsp; (9997650)<br>| &nbsp;&nbsp; (11014573)<br>| &nbsp;&nbsp; (48776362)<br>| &nbsp;&nbsp; (51929927)<br>| &nbsp;&nbsp; (60109268)<br>| &nbsp;&nbsp; (69440790)<br>|
|  | &nbsp;&nbsp; (11203276)<br>| &nbsp;&nbsp; (12472423)<br>| &nbsp;&nbsp; (51480290)<br>| &nbsp;&nbsp; (54769392)<br>| &nbsp;&nbsp; (63328447)<br>| &nbsp;&nbsp; (73808779)<br>|
| Net decrease | &nbsp;&nbsp; (8122022)<br>| &nbsp;&nbsp; (7471063)<br>| &nbsp;&nbsp; (33841018)<br>| &nbsp;&nbsp; (38193403)<br>| &nbsp;&nbsp; (35527852)<br>| &nbsp;&nbsp; (53767655)<br>|

---

**7. Line of Credit**

The Funds, along with other funds in the Trust ("Participants"), are participants in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Funds had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

LVIP Global Allocation Managed Risk Funds-25

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–Each Fund may use futures contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds' existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds' investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, each Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool and to hedge currency risks associated with the Fund's investments.

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP Global Conservative Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $53689 | Variation margin due to broker on futures <br> contracts<br>| $(126054)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 19059 | Variation margin due to broker on futures <br> contracts<br>| (1547)<br>|
| Total |  | $72748 |  | $(127601)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(7165242)<br>| &nbsp;&nbsp; $590406 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (746085)<br>| &nbsp;&nbsp; 92747 |
| Total |  | &nbsp;&nbsp; $(7911327)<br>| &nbsp;&nbsp; $683153 |

---

LVIP Global Allocation Managed Risk Funds-26

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP Global Moderate Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $492993 | Variation margin due to broker on futures <br> contracts<br>| $(829295)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 169085 | Variation margin due to broker on futures <br> contracts<br>| (13185)<br>|
| Total |  | $662078 |  | $(842480)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(77337909)<br>| &nbsp;&nbsp; $4380944 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (7614541)<br>| &nbsp;&nbsp; 748477 |
| Total |  | &nbsp;&nbsp; $(84952450)<br>| &nbsp;&nbsp; $5129421 |

---

Fair values of derivative instruments as of December 31, 2025 were as follows:

**<u>LVIP Global Growth Allocation Managed Risk Fund</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Futures contracts <br> (Equity contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| $697931 | Variation margin due to broker on futures <br> contracts<br>| $(1043037)<br>|
| Futures contracts <br> (Currency <br> contracts)<sup>\*</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 244475 | Variation margin due to broker on futures <br> contracts<br>| (23148)<br>|
| Total |  | $942406 |  | $(1066185)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025. Only current day variation margin is reported on the Statements of Assets and Liabilities.

LVIP Global Allocation Managed Risk Funds-27

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $(67945928)<br>| &nbsp;&nbsp; $5291480 |
| Futures contracts (Currency <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (9163234)<br>| &nbsp;&nbsp; 1049697 |
| Total |  | &nbsp;&nbsp; $(77109162)<br>| &nbsp;&nbsp; $6341177 |

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by each Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative** <br> **Volume**<br>| **Short Derivative** <br> **Volume**<br>|
|  | **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>| **Futures**<br> **Contracts**<br> **(Average** <br> **Notional Value)** <br>|
| LVIP Global Conservative Allocation Managed Risk Fund | &nbsp;&nbsp; $20232658 | &nbsp;&nbsp; $89497 |
| LVIP Global Moderate Allocation Managed Risk Fund | &nbsp;&nbsp; 145280363 | &nbsp;&nbsp; 1252524 |
| LVIP Global Growth Allocation Managed Risk Fund | &nbsp;&nbsp; 196567114 | &nbsp;&nbsp; — |

---

**9. Risk Factors**

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. Natural disaster/epidemic risk could have a significant adverse impact on the Funds' portfolio investments.

**10. Contractual Obligations**

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is unknown; however, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds' existing contracts and expects the risk of material loss to be remote.

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. The Funds invest primarily in other regulated investment

LVIP Global Allocation Managed Risk Funds-28

------

**LVIP Global Allocation Managed Risk Funds**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **11. Recent Accounting Pronouncements (continued)**

companies and management of the Funds has evaluated the impact of the adoption of ASU 2023-09. For the current reporting period, the Funds did not incur material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in these financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Funds' financial statements.

LVIP Global Allocation Managed Risk Funds-29

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of LVIP Global Conservative Allocation Managed Risk Fund, LVIP Global Moderate Allocation Managed Risk Fund and LVIP Global Growth Allocation Managed Risk Fund and the Board of Trustees of Lincoln Variable Insurance Products Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of LVIP Global Conservative Allocation Managed Risk Fund, LVIP Global Moderate Allocation Managed Risk Fund and LVIP Global Growth Allocation Managed Risk Fund (collectively referred to as the "Funds") (three of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")), including the schedules of investments, as of December 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img59c384093.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Global Allocation Managed Risk Funds–30

------

![](imge8008b7b1.jpg)

LVIP Government Money Market Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP Government Money Market Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_6be9ea00-93ac-48f8-8db1-354e411fe056_SOI-continued-256_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_6be9ea00-93ac-48f8-8db1-354e411fe056_FS-continued-256_1)**  | &nbsp;&nbsp; **5** |
| **[Statements of Changes in Net Assets](#xx_6be9ea00-93ac-48f8-8db1-354e411fe056_FS-continued-256_1)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_6be9ea00-93ac-48f8-8db1-354e411fe056_FIHI-continued-256_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_6be9ea00-93ac-48f8-8db1-354e411fe056_NTF-continued-256_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_6be9ea00-93ac-48f8-8db1-354e411fe056_AUDIT-continued-256_1)**  | &nbsp;&nbsp; **13** |

---

------

**LVIP Government Money Market Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY OBLIGATIONS–17.71%** | **AGENCY OBLIGATIONS–17.71%** | **AGENCY OBLIGATIONS–17.71%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| •3.72% (1 day USD SOFR + <br> 0.01%) 6/05/26<br>| 1105000 | $1105000 |
| •3.75% (1 day USD SOFR + <br> 0.04%) 10/20/26<br>| 11590000 | 11590000 |
| •3.75% (1 day USD SOFR + <br> 0.04%) 11/19/26<br>| 694000 | 694000 |
| •3.75% (1 day USD SOFR + <br> 0.04%) 1/20/27<br>| 5110000 | 5110000 |
| •3.75% (1 day USD SOFR + <br> 0.04%) 2/16/27<br>| 15410000 | 15410000 |
| •3.76% (1 day USD SOFR + <br> 0.05%) 11/06/26<br>| 3410000 | 3410000 |
| •3.76% (1 day USD SOFR + <br> 0.05%) 3/15/27<br>| 2665000 | 2665000 |
| •3.76% (1 day USD SOFR + <br> 0.05%) 4/19/27<br>| 780000 | 780000 |
| •3.76% (1 day USD SOFR + <br> 0.05%) 5/24/27<br>| 2375000 | 2375000 |
| •3.78% (1 day USD SOFR + <br> 0.07%) 3/05/27<br>| 18430000 | 18430000 |
| •3.78% (1 day USD SOFR + <br> 0.07%) 3/26/27<br>| 1710000 | 1710000 |
| •3.79% (1 day USD SOFR + <br> 0.08%) 2/01/27<br>| 4300000 | 4300000 |
| •3.79% (1 day USD SOFR + <br> 0.08%) 11/23/27<br>| 560000 | 560000 |
| •3.80% (1 day USD SOFR + <br> 0.09%) 1/27/27<br>| 1653000 | 1653000 |
| •3.81% (1 day USD SOFR + <br> 0.10%) 6/24/26<br>| 1000000 | 1000000 |
| •3.81% (1 day USD SOFR + <br> 0.10%) 6/26/26<br>| 2340000 | 2340000 |
| •3.82% (1 day USD SOFR + <br> 0.11%) 11/19/27<br>| 1840000 | 1840000 |
| •3.84% (1 day USD SOFR + <br> 0.13%) 10/22/27<br>| 963000 | 963000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 10/15/26<br>| 13600000 | 13599410 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 12/23/26<br>| 1200000 | 1200000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 12/30/26<br>| 1100000 | 1100000 |
| •3.87% (3 mo. Treasury <br> money market yield + <br> 0.27%) 10/16/26<br>| 7400000 | 7400000 |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| ≠3.64% 4/17/26 | 16520000 | 16347320 |
| ≠3.65% 3/03/26 | 8660000 | 8607468 |
| ≠3.65% 3/12/26 | 13280000 | 13187815 |
| ≠3.89% 2/13/26 | 2199000 | 2189019 |
| ≠4.07% 2/03/26 | 3506000 | 3493305 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 3.50% 1/11/27 | 12685000 | 12663978 |
| •3.71% (1 day USD SOFR + <br> 0.00%) 1/13/26<br>| 8725000 | 8725000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Banks (continued) | Federal Home Loan Banks (continued) | Federal Home Loan Banks (continued) |
| •3.71% (1 day USD SOFR + <br> 0.00%) 3/20/26<br>| 2000000 | $2000000 |
| •3.71% (1 day USD SOFR + <br> 0.00%) 4/17/26<br>| 2170000 | 2170000 |
| •3.71% (1 day USD SOFR + <br> 0.00%) 6/22/26<br>| 6545000 | 6545000 |
| •3.71% (1 day USD SOFR + <br> 0.00%) 6/23/26<br>| 4805000 | 4805000 |
| •3.71% (1 day USD SOFR + <br> 0.00%) 6/25/26<br>| 2175000 | 2175000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 2/17/26<br>| 2240000 | 2240000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 4/07/26<br>| 4400000 | 4400000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 4/20/26<br>| 900000 | 900000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 5/05/26<br>| 4270000 | 4270000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 5/20/26<br>| 2000000 | 2000000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 6/02/26<br>| 4270000 | 4270000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 7/21/26<br>| 2200000 | 2200000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 7/21/26<br>| 4360000 | 4360000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 7/22/26<br>| 2200000 | 2200000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 7/24/26<br>| 4350000 | 4350000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 8/19/26<br>| 2185000 | 2185000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 8/21/26<br>| 15265000 | 15265000 |
| •3.72% (1 day USD SOFR + <br> 0.01%) 8/24/26<br>| 2175000 | 2175000 |
| •3.73% (1 day USD SOFR + <br> 0.02%) 6/18/26<br>| 4360000 | 4360000 |
| •3.73% (1 day USD SOFR + <br> 0.02%) 7/17/26<br>| 4360000 | 4360000 |
| •3.74% (1 day USD SOFR + <br> 0.03%) 4/17/26<br>| 4500000 | 4500000 |
| •3.74% (1 day USD SOFR + <br> 0.03%) 5/28/26<br>| 2200000 | 2200000 |
| •3.74% (1 day USD SOFR + <br> 0.03%) 6/04/26<br>| 4400000 | 4400000 |
| •3.74% (1 day USD SOFR + <br> 0.03%) 6/30/26<br>| 2225000 | 2225000 |
| •3.74% (1 day USD SOFR + <br> 0.03%) 7/02/26<br>| 4890000 | 4890000 |
| •3.74% (1 day USD SOFR + <br> 0.03%) 1/04/27<br>| 2000000 | 2000000 |
| •3.78% (1 day USD SOFR + <br> 0.07%) 3/25/27<br>| 3760000 | 3760000 |
| •3.80% (1 day USD SOFR + <br> 0.09%) 5/17/27<br>| 2775000 | 2775000 |

---

LVIP Government Money Market Fund-1

------

**LVIP Government Money Market Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Banks (continued) | Federal Home Loan Banks (continued) | Federal Home Loan Banks (continued) |
| •3.81% (1 day USD SOFR + <br> 0.10%) 6/26/26<br>| 6545000 | $6545000 |
| •3.81% (1 day USD SOFR + <br> 0.10%) 2/25/27<br>| 4470000 | 4470000 |
| •3.81% (1 day USD SOFR + <br> 0.10%) 3/18/27<br>| 4885000 | 4885000 |
| •3.86% (1 day USD SOFR + <br> 0.15%) 4/02/27<br>| 3310000 | 3310000 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| •3.83% (1 day USD SOFR + <br> 0.12%) 5/05/27<br>| 3000000 | 3000000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 9/23/26<br>| 4300000 | 4300000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 10/16/26<br>| 3400000 | 3400000 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| •3.83% (1 day USD SOFR + <br> 0.12%) 7/29/26<br>| 13110000 | 13110000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 8/21/26<br>| 4300000 | 4300000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 10/23/26<br>| 5410000 | 5410000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 11/20/26<br>| 6500000 | 6500000 |
| •3.85% (1 day USD SOFR + <br> 0.14%) 12/11/26<br>| 5700000 | 5700000 |
| **Total Agency Obligations** <br>**(Cost $333,358,315)** | **Total Agency Obligations** <br>**(Cost $333,358,315)** | **333358315** |
| **U.S. TREASURY OBLIGATIONS–41.56%** | **U.S. TREASURY OBLIGATIONS–41.56%** | **U.S. TREASURY OBLIGATIONS–41.56%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| ≠3.55% 12/24/26 | 1240400 | 1198855 |
| ≠3.55% 12/24/26 | 12997500 | 12561845 |
| ≠3.59% 6/25/26 | 1442000 | 1417589 |
| ≠3.60% 3/17/26 | 669000 | 663746 |
| ≠3.60% 6/25/26 | 32067300 | 31524049 |
| ≠3.61% 3/19/26 | 3070000 | 3046656 |
| ≠3.61% 7/02/26 | 1555000 | 1527636 |
| ≠3.63% 4/21/26 | 8395000 | 8304194 |
| ≠3.64% 2/12/26 | 2200000 | 2191043 |
| ≠3.64% 2/12/26 | 3300000 | 3286526 |
| ≠3.64% 3/19/26 | 19045000 | 18893669 |
| ≠3.65% 2/12/26 | 2018000 | 2009101 |
| ≠3.65% 3/03/26 | 700000 | 696107 |
| ≠3.66% 2/17/26 | 17400000 | 17318561 |
| ≠3.66% 3/12/26 | 4541000 | 4508832 |
| ≠3.67% 2/10/26 | 6483000 | 6457068 |
| ≠3.67% 2/10/26 | 1667000 | 1660012 |
| ≠3.69% 3/05/26 | 1480000 | 1470585 |
| ≠3.69% 6/11/26 | 1532000 | 1507513 |
| ≠3.70% 2/03/26 | 822000 | 819269 |
| ≠3.70% 6/11/26 | 1475000 | 1451384 |
| ≠3.71% 1/22/26 | 1382000 | 1379066 |
| ≠3.72% 3/05/26 | 24958000 | 24790937 |
| ≠3.72% 4/07/26 | 9935000 | 9839094 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Bills (continued) | U.S. Treasury Bills (continued) | U.S. Treasury Bills (continued) |
| ≠3.75% 6/04/26 | 39596000 | $38980293 |
| ≠3.76% 4/30/26 | 34058000 | 33648207 |
| ≠3.77% 5/28/26 | 6704000 | 6604041 |
| ≠3.78% 4/23/26 | 19080000 | 18862742 |
| ≠3.78% 5/28/26 | 1676000 | 1650986 |
| ≠3.79% 5/28/26 | 21040000 | 20724698 |
| ≠3.80% 4/16/26 | 2836000 | 2805560 |
| ≠3.81% 2/24/26 | 7342000 | 7300866 |
| ≠3.81% 4/16/26 | 18000000 | 17806538 |
| ≠3.82% 4/09/26 | 7200000 | 7127578 |
| ≠3.82% 4/09/26 | 3829000 | 3790433 |
| ≠3.83% 2/26/26 | 863000 | 857973 |
| ≠3.83% 3/24/26 | 2048000 | 2030577 |
| ≠3.83% 4/02/26 | 4351000 | 4310196 |
| ≠3.84% 3/10/26 | 1666000 | 1654231 |
| ≠3.84% 3/31/26 | 19130000 | 18953122 |
| ≠3.84% 4/02/26 | 1535000 | 1520585 |
| ≠3.84% 4/02/26 | 1706000 | 1689973 |
| ≠3.85% 2/26/26 | 355000 | 352924 |
| ≠3.85% 3/24/26 | 1697000 | 1682524 |
| ≠3.85% 3/24/26 | 1701000 | 1686471 |
| ≠3.85% 9/03/26 | 33339000 | 32508581 |
| ≠3.86% 2/19/26 | 3019000 | 3003508 |
| ≠3.87% 2/05/26 | 23749000 | 23657105 |
| ≠3.87% 3/10/26 | 18750000 | 18616479 |
| ≠3.87% 3/10/26 | 1330000 | 1320523 |
| ≠3.88% 2/10/26 | 9945100 | 9902809 |
| ≠3.89% 2/03/26 | 28287000 | 28188856 |
| ≠3.89% 2/12/26 | 21962000 | 21860279 |
| ≠3.91% 2/17/26 | 3149000 | 3133336 |
| ≠3.93% 2/10/26 | 3138000 | 3124663 |
| ≠3.96% 8/06/26 | 1019000 | 995930 |
| ≠3.96% 8/06/26 | 680000 | 664588 |
| ≠3.99% 3/05/26 | 833000 | 827380 |
| ≠4.01% 3/05/26 | 28630000 | 28435602 |
| ≠4.04% 2/26/26 | 6800000 | 6758641 |
| ≠4.05% 2/26/26 | 1700000 | 1689654 |
| ≠4.05% 2/26/26 | 2646000 | 2629886 |
| ≠4.15% 5/14/26 | 15647300 | 15420114 |
| ≠4.16% 6/11/26 | 315000 | 309453 |
| ≠4.16% 6/11/26 | 12917000 | 12689395 |
| ≠4.16% 6/11/26 | 260000 | 255418 |
| ≠4.16% 6/11/26 | 424400 | 416920 |
| ≠4.26% 1/02/26 | 17685000 | 17682981 |
| ≠4.26% 1/22/26 | 1700000 | 1695919 |
| ≠4.27% 1/29/26 | 3600000 | 3588464 |
| U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
| •3.70% (3 mo. Treasury <br> money market yield + <br> 0.10%) 1/31/27<br>| 46035000 | 46034337 |
| •3.75% (3 mo. Treasury <br> money market yield + <br> 0.15%) 4/30/26<br>| 22500000 | 22500423 |

---

LVIP Government Money Market Fund-2

------

**LVIP Government Money Market Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Floating Rate Notes (continued) | U.S. Treasury Floating Rate Notes (continued) | U.S. Treasury Floating Rate Notes (continued) |
| •3.78% (3 mo. Treasury <br> money market yield + <br> 0.18%) 7/31/26<br>| 14490000 | $14485579 |
| •3.79% (3 mo. Treasury <br> money market yield + <br> 0.19%) 10/31/27<br>| 32823000 | 32844819 |
| •3.81% (3 mo. Treasury <br> money market yield + <br> 0.21%) 10/31/26<br>| 28930000 | 28930000 |
| •3.85% (3 mo. Treasury <br> money market yield + <br> 0.25%) 1/31/26<br>| 11380000 | 11380000 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.38% 1/31/26 | 345000 | 343940 |
| 0.50% 2/28/26 | 1200000 | 1193317 |
| 0.75% 3/31/26 | 18300000 | 18157459 |
| 0.88% 6/30/26 | 910000 | 895738 |
| 1.63% 5/15/26 | 2870000 | 2845285 |
| 2.38% 4/30/26 | 1020000 | 1014480 |
| 4.13% 10/31/26 | 865000 | 867767 |
| 4.25% 11/30/26 | 668000 | 671434 |
| 4.63% 2/28/26 | 1400000 | 1401088 |
| 4.63% 6/30/26 | 6600000 | 6614840 |
| **Total U.S. Treasury Obligations** <br>**(Cost $782,120,845)** | **Total U.S. Treasury Obligations** <br>**(Cost $782,120,845)** | **782120845** |
| **REPURCHASE AGREEMENTS–39.75%** | **REPURCHASE AGREEMENTS–39.75%** | **REPURCHASE AGREEMENTS–39.75%** |
| Bank of Montreal 3.84%, <br> dated 12/31/25, to be <br> repurchased on 1/02/26, <br> repurchase price <br> $85,008,942 (collateralized <br> by U.S. agency obligations <br> 3.75% 11/30/32 market value <br> $86,700,045).<br>| 85000000 | 85000000 |
| ≠Bank of Nova Scotia 3.82%, <br> dated 12/31/25, to be <br> repurchased on 1/02/26, <br> repurchase price <br> $85,008,896 (collateralized <br> by U.S. agency obligations <br> 0.125%-4.375% <br> 4/15/26-2/15/50 market <br> value $86,718,486).<br>| 85000000 | 85000000 |
| ≠BNP Paribas SA 3.83%, dated <br> 12/31/25, to be repurchased <br> on 1/02/26, repurchase price <br> $85,008,919 (collateralized <br> by U.S. agency obligations <br> 0.00%-7.50% 1/20/32-4/20/65 <br> market value $86,700,035).<br>| 85000000 | 85000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| Citigroup Global Markets <br> 3.82%, dated 12/31/25, to be <br> repurchased on 1/02/26, <br> repurchase price <br> $95,009,942 (collateralized <br> by U.S. agency obligations <br> 1.125%-2.25% <br> 2/15/27-2/28/27 market <br> value $96,900,069).<br>| 95000000 | $95000000 |
| Goldman Sachs & Co. 3.84%, <br> dated 12/31/25, to be <br> repurchased on 1/02/26, <br> repurchase price <br> $110,011,573 (collateralized <br> by U.S. agency obligations <br> 0.00%-6.50% <br> 8/15/28-12/20/55 market <br> value $112,200,000).<br>| 110000000 | 110000000 |
| Mizuho Securities USA 3.84%, <br> dated 12/31/25, to be <br> repurchased on 1/02/26, <br> repurchase price <br> $77,008,101 (collateralized <br> by U.S. agency obligations <br> 4.625% 5/31/31 market value <br> $78,540,063).<br>| 77000000 | 77000000 |
| Natixis 3.84%, dated 12/31/25, <br> to be repurchased on <br> 1/02/26, repurchase price <br> $100,010,521 (collateralized <br> by U.S. agency obligations <br> 0.00%-4.25% 4/16/26-8/15/53 <br> market value $102,000,026).<br>| 100000000 | 100000000 |
| TD Securities USA 3.83%, <br> dated 12/31/25, to be <br> repurchased on 1/02/26, <br> repurchase price <br> $111,011,647 (collateralized <br> by U.S. agency obligations <br> 0.00%-6.50% 6/16/41-3/20/64 <br> market value $116,550,000).<br>| 111000000 | 111000000 |
| **Total Repurchase Agreements** <br>**(Cost $748,000,000)** | **Total Repurchase Agreements** <br>**(Cost $748,000,000)** | **748000000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–0.02%** | **MONEY MARKET FUND–0.02%** | **MONEY MARKET FUND–0.02%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund (seven-day <br> effective yield 3.74%)<br>| 255404 | 255404 |
| **Total Money Market Fund** <br>**(Cost $255,404)** | **Total Money Market Fund** <br>**(Cost $255,404)** | **255404** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.04% (Cost $1,863,734,564)** | **1863734564** |
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.96%** | **18124351** |
| **NET ASSETS APPLICABLE TO 188,185,781 SHARES OUTSTANDING–100.00%** | **$1881858915** |

---

LVIP Government Money Market Fund-3

------

**LVIP Government Money Market Fund**

**Statement of Net Assets (continued)**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND STANDARD CLASS** <br>**($732,030,098 / 73,202,943 Shares)** | **$10.000** |
| **NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND SERVICE CLASS** <br>**($1,149,828,817 / 114,982,838 Shares)** | **$10.000** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$1881853814** |
| Distributable earnings/(accumulated loss) | **5101** |
| **TOTAL NET ASSETS** | **$1881858915** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $9,703,582 payable for securities purchased, $13,237,219 payable for fund shares redeemed, $23,065 other accrued expenses <br> payable, $804,332 due to manager and affiliates, $17,070 payable for audit fee and $53,630 payable for fund accounting fee as of December <br> 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| BNP–BNP Paribas |
| SOFR–Secured Overnight Financing Rate |
| TD–Toronto Dominion |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Government Money Market Fund-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP Government Money Market Fund** | **LVIP Government Money Market Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $79326019 |
| **EXPENSES:** |  |
| Management fees | 6130348 |
| Distribution fees-Service Class | 2849695 |
| Shareholder servicing fees | 538467 |
| Accounting and administration expenses | 361003 |
| Professional fees | 79124 |
| Trustees' fees and expenses | 52939 |
| Reports and statements to shareholders | 37316 |
| Custodian fees | 20507 |
| Consulting fees | 16620 |
| Pricing fees | 13188 |
| Other | 33119 |
|  | 10132326 |
| Less:  |  |
| Management fees waived | (221357)<br>|
| Total operating expenses | 9910969 |
| **NET INVESTMENT INCOME**  | 69415050 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| NET REALIZED GAIN FROM INVESTMENTS | 85502 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $69500552 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP Government Money Market Fund** | **LVIP Government Money Market Fund** | **LVIP Government Money Market Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE IN NET ASSETS** <br> **FROM OPERATIONS:**<br>|  |  |
| Net investment income | $69415050 | $72934211 |
| Net realized gain | 85502 | 53965 |
| Net increase in net assets <br> resulting from operations<br>| 69500552 | 72988176 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (27949478)<br>| (31000675)<br>|
| Service Class | (41554200)<br>| (41989981)<br>|
|  | (69503678)<br>| (72990656)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 461908906 | 433417697 |
| Service Class | 1447190494 | 1462975657 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 27949478 | 31000675 |
| Service Class | 41554200 | 41989981 |
|  | 1978603078 | 1969384010 |
| Cost of shares redeemed: |  |  |
| Standard Class | (452897892)<br>| (381517270)<br>|
| Service Class | (1398654569)<br>| (1196904319)<br>|
|  | (1851552461)<br>| (1578421589)<br>|
| Increase in net assets derived <br> from capital share <br> transactions<br>| 127050617 | 390962421 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 127047491 | 390959941 |
| **NET ASSETS:** |  |  |
| Beginning of year | 1754811424 | 1363851483 |
| End of year | $1881858915 | $1754811424 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP Government Money Market Fund-5

------

**LVIP Government Money Market Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** | **LVIP Government Money Market Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | 0.389 | 0.482 | 0.465 | 0.129 | 0.001 |
| Total from investment operations | 0.389 | 0.482 | 0.465 | 0.129 | 0.001 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.389)<br>| &nbsp;&nbsp; (0.482)<br>| &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.389)<br>| &nbsp;&nbsp; (0.482)<br>| &nbsp;&nbsp; (0.465)<br>| &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; (0.001)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| Total return<sup>1</sup> | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 4.94% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 0.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $732030 | &nbsp;&nbsp; $695076 | &nbsp;&nbsp; $612175 | &nbsp;&nbsp; $595507 | &nbsp;&nbsp; $595455 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.07% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.42% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 0.01% |
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; 4.79% | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; (0.34%)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Government Money Market Fund-6

------

**LVIP Government Money Market Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** | **LVIP Government Money Market Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | 0.364 | 0.457 | 0.440 | 0.114 | 0.001 |
| Total from investment operations | 0.364 | 0.457 | 0.440 | 0.114 | 0.001 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.457)<br>| &nbsp;&nbsp; (0.440)<br>| &nbsp;&nbsp; (0.114)<br>| &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.457)<br>| &nbsp;&nbsp; (0.440)<br>| &nbsp;&nbsp; (0.114)<br>| &nbsp;&nbsp; (0.001)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| Total return<sup>1</sup> | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 4.68% | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.02% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $1149829 | &nbsp;&nbsp; $1059736 | &nbsp;&nbsp; $751676 | &nbsp;&nbsp; $671258 | &nbsp;&nbsp; $478959 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.07% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 3.64% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.01% |
| Ratio of net investment income (loss) to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 3.63% | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; (0.59%)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP Government Money Market Fund-7

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP Government Money Market Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life") and Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek current income while (i) maintaining a stable value of your shares (providing stability of net asset value "NAV") and (ii) preserving the value of your initial investment (preservation of capital).

The Fund pursues its objective by investing at least 99.5% of its total assets in cash, government securities (which include U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government or its agencies or instrumentalities), and/or repurchase agreements secured by such obligations or cash. The yield of the Fund is not directly tied to the federal funds rate. The Fund invests in a portfolio of securities maturing in 397 days or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable or floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. As a government money market fund, the Fund is (i) permitted to use the amortized cost method of valuation to seek to maintain a $10.00 share price and (ii) is not subject to a liquidity fee and/or a redemption gate on Fund redemptions. The Fund's Board of Trustees (the "Board") has reserved its ability to change this policy with respect to liquidity fees and/or redemption gates, but such change would become effective only after shareholders are provided with specific advance notice of the change.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Securities are valued at amortized cost, which approximates fair value and is permitted under Rule 2a-7 under the 1940 Act. This method involves valuing a portfolio security initially at its cost and thereafter adjusting for amortization of premium or accretion of discount to maturity. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income and common expenses are allocated to the classes of the Fund on the basis of "settled shares" of each class in relation to the net assets of the Fund. Realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements–The Fund may purchase certain U.S. government securities subject to the counterparty's agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund's custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on December 31, 2025, and matured on the next business day.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

LVIP Government Money Market Fund-8

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares dividends daily from net investment income and pays such dividends daily. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

Lincoln Financial Investments Corporation ("LFI") is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.48% of the first $200 million of the Fund's average daily net assets; 0.40% of the next $200 million; and 0.30% of the Fund's average daily net assets in excess of $400 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.000% of the first $500 million of the Fund's average daily net assets; 0.010% of the next $500 million; and 0.020% of the Fund's average daily net assets in excess of $1 billion. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

BlackRock Advisors, LLC (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these

administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $152657 |
| Legal | &nbsp;&nbsp; 25340 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $13,361 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP Government Money Market Fund-9

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

LFI may waive or reimburse its management fee, and LFD may waive or reimburse any 12b-1 Fee, in order to maintain a positive net yield for the Fund. These voluntary waivers and reimbursements may be modified or terminated at any time, without notice. Amounts waived or reimbursed may be recouped for a period of up to 36 months from the date of the waiver or reimbursement, provided that the amount of such recoupment may not exceed the amounts waived or reimbursed and may not cause any Class of the Fund to have a negative net yield. Recoupment is further limited to no more than 50% of the Fund's excess return above a minimum yield of 0.10%.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $508247 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 249691 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 46394 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $1863734564 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $— |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; — |
| Net unrealized appreciation of investments | &nbsp;&nbsp; $— |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $333358315 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $333358315 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 782120845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 782120845 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 748000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 748000000 |
| Money Market Fund | &nbsp;&nbsp; 255404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 255404 |
| **Total Investments** | &nbsp;&nbsp; $255404 | &nbsp;&nbsp; $1863479160 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1863734564 |

---

There were no Level 3 investments at the beginning or end of the year.

LVIP Government Money Market Fund-10

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $69503678 | &nbsp;&nbsp; $72990656 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $5102 |
| Other temporary differences | &nbsp;&nbsp; (1)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $5101 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

At December 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 46190890 | &nbsp;&nbsp; 43341770 |
| Service Class | &nbsp;&nbsp; 144719050 | &nbsp;&nbsp; 146297565 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 2794948 | &nbsp;&nbsp; 3100061 |
| Service Class | &nbsp;&nbsp; 4155420 | &nbsp;&nbsp; 4198986 |
|  | &nbsp;&nbsp; 197860308 | &nbsp;&nbsp; 196938382 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (45289789)<br>| &nbsp;&nbsp; (38151727)<br>|
| Service Class | &nbsp;&nbsp; (139865457)<br>| &nbsp;&nbsp; (119690432)<br>|
|  | &nbsp;&nbsp; (185155246)<br>| &nbsp;&nbsp; (157842159)<br>|
| Net increase | &nbsp;&nbsp; 12705062 | &nbsp;&nbsp; 39096223 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but may not be backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

LVIP Government Money Market Fund-11

------

**LVIP Government Money Market Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Risk Factors (continued)**

Credit risk refers to the possibility that the issuer of a security will not be able to make payments of principal and interest when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $10.00 per share, it is possible to lose money investing in the Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP Government Money Market Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP Government Money Market Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP Government Money Market Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img06bc9dcc2.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP Government Money Market Fund–13

------

![](imgbf46b0b91.jpg)

LVIP JPMorgan Core Bond Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP JPMorgan Core Bond Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_f0935fa7-bd80-4bfa-b87d-77d9589a092e_SOI-continued-632_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_f0935fa7-bd80-4bfa-b87d-77d9589a092e_FS-continued-632_1)**  | &nbsp;&nbsp; **45** |
| **[Statements of Changes in Net Assets](#xx_f0935fa7-bd80-4bfa-b87d-77d9589a092e_FS-continued-632_1)**  | &nbsp;&nbsp; **45** |
| **[Financial Highlights](#xx_f0935fa7-bd80-4bfa-b87d-77d9589a092e_FIHI-continued-632_1)**  | &nbsp;&nbsp; **46** |
| **[Notes to Financial Statements](#xx_f0935fa7-bd80-4bfa-b87d-77d9589a092e_NTF-continued-632_1)**  | &nbsp;&nbsp; **48** |
| **[Report of Independent Registered Public Accounting Firm](#xx_f0935fa7-bd80-4bfa-b87d-77d9589a092e_AUDIT-continued-632_1)**  | &nbsp;&nbsp; **55** |

---

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.64%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.64%** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.64%** |
| Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  | Federal Home Loan Mortgage Corp. REMICS  |
| Series 1981 Class Z 6.00% <br> 5/15/27<br>| 63 | $63 |
| Series 1987 Class PE 7.50% <br> 9/15/27<br>| 905 | 921 |
| Series 1999 Class PU 7.00% <br> 10/15/27<br>| 352 | 354 |
| Series 2031 Class PG 7.00% <br> 2/15/28<br>| 5458 | 5575 |
| Series 2035 Class PC 6.95% <br> 3/15/28<br>| 4889 | 4993 |
| \*Series 2038 Class PN 7.00% <br> 3/15/28<br>| 342 | 18 |
| Series 2054 Class PV 7.50% <br> 5/15/28<br>| 630 | 643 |
| Series 2057 Class PE 6.75% <br> 5/15/28<br>| 10673 | 10915 |
| Series 2064 Class TE 7.00% <br> 6/15/28<br>| 552 | 568 |
| Series 2075 Class PH 6.50% <br> 8/15/28<br>| 1360 | 1392 |
| Series 2095 Class PE 6.00% <br> 11/15/28<br>| 4537 | 4630 |
| •Series 2132 Class SB 12.61% <br> (30.05% minus 30 day USD <br> SOFR Average) 3/15/29<br>| 290 | 318 |
| Series 2178 Class PB 7.00% <br> 8/15/29<br>| 2412 | 2499 |
| Series 2182 Class ZB 8.00% <br> 9/15/29<br>| 3013 | 3102 |
| •Series 2204 Class GB 8.00% <br> 12/20/29<br>| 100 | 11 |
| Series 2247 Class Z 7.50% <br> 8/15/30<br>| 1805 | 1896 |
| Series 2259 Class ZC 7.35% <br> 10/15/30<br>| 39546 | 41532 |
| Series 2325 Class PM 7.00% <br> 6/15/31<br>| 887 | 928 |
| Series 2344 Class ZD 6.50% <br> 8/15/31<br>| 8794 | 9031 |
| Series 2344 Class ZJ 6.50% <br> 8/15/31<br>| 2363 | 2454 |
| Series 2345 Class NE 6.50% <br> 8/15/31<br>| 1212 | 1263 |
| Series 2359 Class ZB 8.50% <br> 6/15/31<br>| 4871 | 5199 |
| Series 2367 Class ME 6.50% <br> 10/15/31<br>| 18722 | 19516 |
| ~^Series 2390 Class DO 0.00% <br> 12/15/31<br>| 736 | 711 |
| •Series 2410 Class QS 8.84% <br> (19.20% minus 30 day USD <br> SOFR Average) 2/15/32<br>| 2751 | 3047 |
| \*•Series 2410 Class QX 4.55% <br> (8.54% minus 30 day USD <br> SOFR Average) 2/15/32<br>| 2175 | 186 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. REMICS (continued)  | Federal Home Loan Mortgage Corp. REMICS (continued)  | Federal Home Loan Mortgage Corp. REMICS (continued)  |
| •Series 2412 Class SP 7.90% <br> (15.87% minus 30 day USD <br> SOFR Average) 2/15/32<br>| 3194 | $3376 |
| Series 2423 Class MC 7.00% <br> 3/15/32<br>| 5482 | 5762 |
| Series 2423 Class MT 7.00% <br> 3/15/32<br>| 8155 | 8579 |
| Series 2435 Class CJ 6.50% <br> 4/15/32<br>| 17198 | 17944 |
| \*•Series 2444 Class ES 3.85% <br> (7.84% minus 30 day USD <br> SOFR Average) 3/15/32<br>| 3578 | 325 |
| \*•Series 2450 Class SW 3.90% <br> (7.89% minus 30 day USD <br> SOFR Average) 3/15/32<br>| 2385 | 219 |
| Series 2455 Class GK 6.50% <br> 5/15/32<br>| 6665 | 6969 |
| Series 2484 Class LZ 6.50% <br> 7/15/32<br>| 4842 | 4994 |
| Series 2500 Class MC 6.00% <br> 9/15/32<br>| 10522 | 10879 |
| Series 2543 Class YX 6.00% <br> 12/15/32<br>| 216473 | 224416 |
| Series 2544 Class HC 6.00% <br> 12/15/32<br>| 8789 | 9191 |
| Series 2574 Class PE 5.50% <br> 2/15/33<br>| 63969 | 65609 |
| Series 2575 Class ME 6.00% <br> 2/15/33<br>| 34995 | 36262 |
| \*Series 2586 Class WI 6.50% <br> 3/15/33<br>| 2005 | 271 |
| Series 2647 Class A 3.25% <br> 4/15/32<br>| 8652 | 8513 |
| Series 2764 Class UG 5.00% <br> 3/15/34<br>| 55742 | 56612 |
| Series 2949 Class GE 5.50% <br> 3/15/35<br>| 76914 | 79103 |
| Series 3047 Class OD 5.50% <br> 10/15/35<br>| 47281 | 48342 |
| •Series 3085 Class VS 12.33% <br> (28.26% minus 30 day USD <br> SOFR Average) 12/15/35<br>| 19561 | 23856 |
| Series 3098 Class KG 5.50% <br> 1/15/36<br>| 69616 | 71406 |
| ~^Series 3117 Class EO 0.00% <br> 2/15/36<br>| 5857 | 5026 |
| \*•Series 3260 Class CS 2.04% <br> (6.03% minus 30 day USD <br> SOFR Average) 1/15/37<br>| 6887 | 569 |
| \*•Series 3380 Class SI 2.27% <br> (6.26% minus 30 day USD <br> SOFR Average) 10/15/37<br>| 371664 | 33271 |
| \*•Series 3385 Class SN 1.90% <br> (5.89% minus 30 day USD <br> SOFR Average) 11/15/37<br>| 5842 | 352 |

---

LVIP JPMorgan Core Bond Fund-1

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. REMICS (continued)  | Federal Home Loan Mortgage Corp. REMICS (continued)  | Federal Home Loan Mortgage Corp. REMICS (continued)  |
| \*•Series 3387 Class SA 2.32% <br> (6.31% minus 30 day USD <br> SOFR Average) 11/15/37<br>| 17938 | $1611 |
| Series 3423 Class PB 5.50% <br> 3/15/38<br>| 80305 | 83047 |
| \*•Series 3451 Class SA 1.95% <br> (5.94% minus 30 day USD <br> SOFR Average) 5/15/38<br>| 1812 | 154 |
| \*•Series 3455 Class SE 2.10% <br> (6.09% minus 30 day USD <br> SOFR Average) 6/15/38<br>| 62920 | 5586 |
| Series 3786 Class PD 4.50% <br> 1/15/41<br>| 407000 | 398019 |
| \*•Series 3973 Class SA 2.39% <br> (6.38% minus 30 day USD <br> SOFR Average) 12/15/41<br>| 278646 | 29704 |
| Series 4664 Class UZ 4.00% <br> 3/15/47<br>| 1418242 | 1333424 |
| Series 4676 Class KZ 2.50% <br> 7/15/45<br>| 167541 | 148499 |
| Series 4793 Class CB 3.00% <br> 5/15/48<br>| 387433 | 342026 |
| Series 4793 Class CD 3.00% <br> 6/15/48<br>| 252602 | 223728 |
| Series 4813 Class CJ 3.00% <br> 8/15/48<br>| 231348 | 205086 |
| Series 4991 Class QV 2.00% <br> 9/25/45<br>| 353528 | 310140 |
| \*Series 5010 Class IK 2.50% <br> 9/25/50<br>| 285545 | 44100 |
| \*Series 5010 Class JI 2.50% <br> 9/25/50<br>| 766735 | 127057 |
| \*Series 5013 Class IN 2.50% <br> 9/25/50<br>| 349648 | 58404 |
| \*Series 5018 Class MI 2.00% <br> 10/25/50<br>| 718739 | 97564 |
| \*Series 5059 Class IB 2.50% <br> 1/25/51<br>| 1105444 | 186245 |
| Series 5092 Class AP 2.00% <br> 4/25/41<br>| 447498 | 399876 |
| \*Series 5140 Class NI 2.50% <br> 5/25/49<br>| 1229699 | 173870 |
| \*Series 5148 Class BI 2.50% <br> 1/25/49<br>| 2478966 | 358112 |
| \*Series 5148 Class CI 2.00% <br> 6/25/49<br>| 1213325 | 151594 |
| \*Series 5202 Class IN 3.00% <br> 1/25/47<br>| 945552 | 119054 |
| Series 5224 Class HL 4.00% <br> 4/25/52<br>| 1300000 | 1199738 |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust |
| φSeries 2017-4 Class HT 3.25% <br> 6/25/57<br>| 8852987 | 8017754 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust (continued) | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust (continued) | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer <br> Trust (continued) |
| Series 2019-1 Class MT <br> 3.50% 7/25/58<br>| 2427456 | $2177188 |
| Series 2019-3 Class MB <br> 3.50% 10/25/58<br>| 293928 | 248146 |
| Series 2022-1 Class MTU <br> 3.25% 11/25/61<br>| 681157 | 588505 |
| Series 2022-2 Class M5TU <br> 4.00% 4/25/62<br>| 4039462 | 3753955 |
| Series 2023-1 Class MT <br> 3.00% 10/25/62<br>| 1106968 | 930755 |
| Series 2024-2 Class MT <br> 3.50% 5/25/64<br>| 5215875 | 4536137 |
| •Federal Home Loan Mortgage Corp. STACR REMICS Trust  | •Federal Home Loan Mortgage Corp. STACR REMICS Trust  | •Federal Home Loan Mortgage Corp. STACR REMICS Trust  |
| Series 2021-DNA5 Class M2 <br> 5.52% (30 day USD SOFR <br> Average + 1.65%) 1/25/34<br>| 349692 | 350881 |
| Series 2021-DNA6 Class M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 10/25/41<br>| 1975964 | 1982052 |
| Series 2022-DNA1 Class M2 <br> 6.37% (30 day USD SOFR <br> Average + 2.50%) 1/25/42<br>| 1001000 | 1015053 |
| Series 2022-DNA2 Class M1A <br> 5.17% (30 day USD SOFR <br> Average + 1.30%) 2/25/42<br>| 543765 | 545007 |
| Series 2022-DNA3 Class M1B <br> 6.77% (30 day USD SOFR <br> Average + 2.90%) 4/25/42<br>| 2640000 | 2704984 |
| Series 2022-DNA4 Class M1B <br> 7.22% (30 day USD SOFR <br> Average + 3.35%) 5/25/42<br>| 700000 | 720283 |
| Series 2025-DNA2 Class M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 422000 | 422601 |
| Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
| \*Series 233 Class 11 5.00% <br> 9/15/35<br>| 11766 | 1757 |
| \*•Series 239 Class S30 3.60% <br> (7.59% minus 30 day USD <br> SOFR Average) 8/15/36<br>| 13593 | 1838 |
| Series 262 Class 35 3.50% <br> 7/15/42<br>| 68096 | 64914 |
| Series 299 Class 300 3.00% <br> 1/15/43<br>| 42243 | 38700 |
| \*•Series 334 Class S7 2.00% <br> (5.99% minus 30 day USD <br> SOFR Average) 8/15/44<br>| 497447 | 53105 |
| \*•Series 353 Class S1 1.90% <br> (5.89% minus 30 day USD <br> SOFR Average) 12/15/46<br>| 198740 | 21279 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates |
| ♦•Series T-41 Class 3A 4.45% <br> 7/25/32<br>| 4834 | 4689 |

---

LVIP JPMorgan Core Bond Fund-2

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates (continued) | Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates (continued) | Federal Home Loan Mortgage Corp. Structured Pass-Through <br> Certificates (continued) |
| ♦Series T-54 Class 2A 6.50% <br> 2/25/43<br>| 41594 | $42209 |
| ♦Series T-54 Class 3A 7.00% <br> 2/25/43<br>| 17782 | 18793 |
| ~♦^Series T-56 Class A 0.00% <br> 5/25/43<br>| 128613 | 100529 |
| ♦Series T-58 Class 2A 6.50% <br> 9/25/43<br>| 10590 | 11152 |
| ~♦^Series T-58 Class A 0.00% <br> 9/25/43<br>| 5581 | 4754 |
| •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust | •Federal National Mortgage Association Connecticut Avenue <br> Securities Trust |
| Series 2021-R01 Class 1M2 <br> 5.42% (30 day USD SOFR <br> Average + 1.55%) 10/25/41<br>| 481176 | 482936 |
| Series 2022-R02 Class 2M2 <br> 6.87% (30 day USD SOFR <br> Average + 3.00%) 1/25/42<br>| 396000 | 403094 |
| Series 2022-R03 Class 1M2 <br> 7.37% (30 day USD SOFR <br> Average + 3.50%) 3/25/42<br>| 760000 | 781291 |
| Series 2023-R06 Class 1M2 <br> 6.57% (30 day USD SOFR <br> Average + 2.70%) 7/25/43<br>| 1550000 | 1592660 |
| Series 2023-R08 Class 1M1 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 10/25/43<br>| 455206 | 455974 |
| Series 2024-R04 Class 1A1 <br> 4.87% (30 day USD SOFR <br> Average + 1.00%) 5/25/44<br>| 1312273 | 1313573 |
| Series 2025-R01 Class 1M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 1/25/45<br>| 506000 | 506679 |
| Series 2025-R02 Class 1M2 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 2/25/45<br>| 432000 | 433245 |
| Series 2025-R03 Class 2M1 <br> 5.47% (30 day USD SOFR <br> Average + 1.60%) 3/25/45<br>| 518232 | 520005 |
| Series 2025-R04 Class 1M2 <br> 5.37% (30 day USD SOFR <br> Average + 1.50%) 5/25/45<br>| 1073000 | 1074534 |
| Federal National Mortgage <br> Association Grantor Trust <br> Series 2017-T1 Class A 2.90% <br> 6/25/27<br>| 660510 | 651384 |
| Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
| ~^Series 329 Class 1 0.00% <br> 1/25/33<br>| 967 | 868 |
| \*Series 365 Class 8 5.50% <br> 5/25/36<br>| 4993 | 844 |
| \*Series 427 Class C73 3.00% <br> 12/25/48<br>| 1541534 | 250541 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  | Federal National Mortgage Association REMICS  |
| Series 1997-39 Class PD <br> 7.50% 5/20/27<br>| 327 | $332 |
| Series 1997-46 Class PL <br> 6.00% 7/18/27<br>| 437 | 439 |
| Series 1998-36 Class ZB <br> 6.00% 7/18/28<br>| 421 | 427 |
| Series 1998-46 Class GZ <br> 6.50% 8/18/28<br>| 1211 | 1239 |
| Series 1998-58 Class PC <br> 6.50% 10/25/28<br>| 4101 | 4198 |
| \*Series 1999-39 Class JH <br> 6.50% 8/25/29<br>| 7369 | 421 |
| \*Series 2000-52 IO 8.50% <br> 1/25/31<br>| 560 | 69 |
| Series 2001-30 Class PM <br> 7.00% 7/25/31<br>| 4853 | 5072 |
| \*Series 2001-33 Class ID <br> 6.00% 7/25/31<br>| 19993 | 2121 |
| Series 2001-36 Class DE <br> 7.00% 8/25/31<br>| 9459 | 9930 |
| Series 2001-44 Class PD <br> 7.00% 9/25/31<br>| 574 | 592 |
| Series 2001-61 Class Z 7.00% <br> 11/25/31<br>| 14841 | 15654 |
| •Series 2002-1 Class SA <br> 12.22% (24.82% minus 30 <br> day USD SOFR Average) <br> 2/25/32<br>| 398 | 477 |
| \*•Series 2002-13 Class SJ <br> 1.60% (7.99% minus 30 day <br> USD SOFR Average) <br> 3/25/32<br>| 8845 | 151 |
| ~^Series 2002-15 0.00% <br> 4/25/32<br>| 8184 | 7743 |
| Series 2002-28 Class PK <br> 6.50% 5/25/32<br>| 5788 | 6032 |
| \*•Series 2002-68 Class SH <br> 3.95% (7.89% minus 30 day <br> USD SOFR Average) <br> 10/18/32<br>| 13266 | 1109 |
| •Series 2002-77 Class S 7.17% <br> (14.27% minus 30 day USD <br> SOFR Average) 12/25/32<br>| 1309 | 1418 |
| \*•Series 2003-116 Class SB <br> 3.61% (7.49% minus 30 day <br> USD SOFR Average) <br> 11/25/33<br>| 16292 | 1336 |
| •Series 2003-130 Class SX <br> 5.54% (11.35% minus 30 day <br> USD SOFR Average) <br> 1/25/34<br>| 145 | 149 |
| Series 2003-131 Class CH <br> 5.50% 1/25/34<br>| 24586 | 25161 |
| ~^Series 2003-132 Class OA <br> 0.00% 8/25/33<br>| 184 | 178 |

---

LVIP JPMorgan Core Bond Fund-3

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  |
| Series 2003-22 Class UD <br> 4.00% 4/25/33<br>| 36646 | $36369 |
| \*Series 2003-44 Class IU <br> 7.00% 6/25/33<br>| 7686 | 1158 |
| Series 2003-47 Class PE <br> 5.75% 6/25/33<br>| 6167 | 6364 |
| •Series 2003-64 Class SX <br> 3.40% (13.46% minus 30 day <br> USD SOFR Average) <br> 7/25/33<br>| 1214 | 1207 |
| Series 2003-7 Class A1 6.50% <br> 12/25/42<br>| 63548 | 65652 |
| •Series 2003-71 Class DS <br> 1.95% (7.31% minus 30 day <br> USD SOFR Average) <br> 8/25/33<br>| 10315 | 9698 |
| •Series 2003-91 Class SD <br> 5.85% (12.31% minus 30 day <br> USD SOFR Average) <br> 9/25/33<br>| 1869 | 1966 |
| Series 2004-35 Class AZ <br> 4.50% 5/25/34<br>| 31211 | 31254 |
| •Series 2004-36 Class SA <br> 8.56% (19.21% minus 30 day <br> USD SOFR Average) <br> 5/25/34<br>| 11654 | 12616 |
| •Series 2004-46 Class SK <br> 5.53% (16.19% minus 30 day <br> USD SOFR Average) <br> 5/25/34<br>| 3319 | 3443 |
| •Series 2004-51 Class SY <br> 6.26% (14.01% minus 30 day <br> USD SOFR Average) <br> 7/25/34<br>| 1171 | 1195 |
| •Series 2004-61 Class SK <br> 8.50% (50.19% minus 30 day <br> USD SOFR Average) <br> 11/25/32<br>| 6439 | 6871 |
| Series 2004-79 Class ZE <br> 5.50% 11/25/34<br>| 155572 | 158890 |
| Series 2004-91 Class HC <br> 6.00% 12/25/34<br>| 162221 | 167661 |
| •Series 2005-45 Class DC <br> 9.68% (23.89% minus 30 day <br> USD SOFR Average) <br> 6/25/35<br>| 16774 | 18772 |
| Series 2005-84 Class XM <br> 5.75% 10/25/35<br>| 8329 | 8626 |
| ~^Series 2006-110 0.00% <br> 11/25/36<br>| 7722 | 6684 |
| \*•Series 2006-117 Class GS <br> 2.66% (6.54% minus 30 day <br> USD SOFR Average) <br> 12/25/36<br>| 15876 | 1534 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  |
| ~^Series 2006-22 Class AO <br> 0.00% 4/25/36<br>| 8531 | $7452 |
| •Series 2006-46 Class SW <br> 9.57% (23.78% minus 30 day <br> USD SOFR Average) <br> 6/25/36<br>| 2737 | 3182 |
| \*•Series 2007-100 Class SM <br> 2.46% (6.34% minus 30 day <br> USD SOFR Average) <br> 10/25/37<br>| 15086 | 1397 |
| \*•Series 2007-53 Class SH <br> 2.11% (5.99% minus 30 day <br> USD SOFR Average) <br> 6/25/37<br>| 20738 | 1639 |
| \*•Series 2007-7 Class SG 2.51% <br> (6.39% minus 30 day USD <br> SOFR Average) 8/25/36<br>| 42337 | 3265 |
| \*•Series 2007-88 Class VI <br> 2.55% (6.43% minus 30 day <br> USD SOFR Average) <br> 9/25/37<br>| 27563 | 2528 |
| \*•Series 2008-1 Class BI 1.92% <br> (5.80% minus 30 day USD <br> SOFR Average) 2/25/38<br>| 15438 | 1167 |
| \*•Series 2008-16 Class IS <br> 2.21% (6.09% minus 30 day <br> USD SOFR Average) <br> 3/25/38<br>| 4507 | 350 |
| \*•Series 2008-46 Class HI <br> 1.83% 6/25/38<br>| 6622 | 365 |
| \*•Series 2008-53 Class CI <br> 3.21% (7.09% minus 30 day <br> USD SOFR Average) <br> 7/25/38<br>| 4889 | 567 |
| \*•Series 2009-112 Class ST <br> 2.26% (6.14% minus 30 day <br> USD SOFR Average) <br> 1/25/40<br>| 14018 | 1284 |
| \*•Series 2010-100 Class SV <br> 2.64% (6.52% minus 30 day <br> USD SOFR Average) <br> 9/25/40<br>| 580828 | 59449 |
| Series 2010-102 Class PN <br> 5.00% 9/25/40<br>| 176127 | 178033 |
| Series 2010-134 Class KZ <br> 4.50% 12/25/40<br>| 220472 | 208707 |
| \*•Series 2010-35 Class SB <br> 2.43% (6.31% minus 30 day <br> USD SOFR Average) <br> 4/25/40<br>| 5229 | 501 |
| Series 2010-80 Class PZ <br> 5.00% 7/25/40<br>| 190695 | 195302 |
| Series 2012-118 Class VZ <br> 3.00% 11/25/42<br>| 624037 | 573112 |

---

LVIP JPMorgan Core Bond Fund-4

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  |
| Series 2012-30 Class DZ <br> 4.00% 4/25/42<br>| 119226 | $116448 |
| ~^Series 2013-128 0.00% <br> 12/25/43<br>| 56485 | 42771 |
| Series 2013-44 Class Z 3.00% <br> 5/25/43<br>| 18643 | 13624 |
| \*•Series 2013-54 Class BS <br> 2.16% (6.04% minus 30 day <br> USD SOFR Average) <br> 6/25/43<br>| 39076 | 4102 |
| Series 2013-67 Class KZ <br> 2.50% 4/25/43<br>| 956476 | 828757 |
| \*Series 2014-15 Class JI <br> 3.50% 4/25/29<br>| 730101 | 27095 |
| Series 2014-19 Class Z 4.50% <br> 4/25/44<br>| 388868 | 386651 |
| \*Series 2014-38 Class QI <br> 5.50% 12/25/43<br>| 176389 | 23813 |
| Series 2015-65 Class CZ <br> 3.50% 9/25/45<br>| 717482 | 624025 |
| Series 2016-38 Class NA <br> 3.00% 1/25/46<br>| 58338 | 54666 |
| \*•Series 2016-61 Class BS <br> 2.11% (5.99% minus 30 day <br> USD SOFR Average) <br> 9/25/46<br>| 634919 | 42041 |
| Series 2017-40 Class GZ <br> 3.50% 5/25/47<br>| 221917 | 206999 |
| \*•Series 2017-76 Class SB <br> 2.11% (5.99% minus 30 day <br> USD SOFR Average) <br> 10/25/57<br>| 713414 | 93595 |
| \*•Series 2017-85 Class SC <br> 2.21% (6.09% minus 30 day <br> USD SOFR Average) <br> 11/25/47<br>| 123741 | 10784 |
| Series 2020-46 Class KB <br> 1.25% 6/25/50<br>| 7279680 | 5693005 |
| Series 2020-47 Class GZ <br> 2.00% 7/25/50<br>| 669706 | 398915 |
| Series 2020-56 Class AQ <br> 2.00% 8/25/50<br>| 1988338 | 1606350 |
| \*Series 2020-56 Class DI <br> 2.50% 8/25/50<br>| 334886 | 55438 |
| Series 2020-57 Class TA <br> 2.00% 4/25/50<br>| 1123487 | 1011505 |
| \*Series 2020-73 Class KI <br> 3.00% 10/25/50<br>| 426843 | 75517 |
| Series 2020-90 Class PE <br> 2.00% 12/25/50<br>| 1174662 | 949715 |
| Series 2021-1 Class EP 1.00% <br> 11/25/50<br>| 521107 | 400344 |
| \*Series 2021-1 Class IG 2.50% <br> 2/25/51<br>| 1160152 | 198346 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  | Federal National Mortgage Association REMICS (continued)  |
| Series 2021-25 Class GA <br> 1.00% 5/25/51<br>| 864897 | $663522 |
| Series 2021-28 Class LB <br> 2.00% 4/25/51<br>| 1035316 | 874813 |
| \*Series 2021-3 Class QI 2.50% <br> 2/25/51<br>| 1333726 | 210033 |
| \*Series 2021-43 IO 2.50% <br> 6/25/51<br>| 2456260 | 383442 |
| \*Series 2021-44 Class MI <br> 2.50% 7/25/51<br>| 662978 | 115561 |
| \*Series 2021-61 Class KI <br> 2.50% 4/25/49<br>| 2347791 | 344244 |
| Series 2021-65 Class JA <br> 2.00% 1/25/46<br>| 356695 | 324389 |
| Series 2021-86 Class MA <br> 2.50% 11/25/47<br>| 8459885 | 7816269 |
| Series 2021-95 Class GA <br> 1.88% 3/25/51<br>| 7475928 | 6360089 |
| Series 2022-29 Class KZ <br> 1.50% 6/25/42<br>| 1371741 | 1048035 |
| \*Series 2022-86 IO 2.50% <br> 5/25/50<br>| 1470773 | 203093 |
| Federal National Mortgage Association REMICS Trust  | Federal National Mortgage Association REMICS Trust  | Federal National Mortgage Association REMICS Trust  |
| ~^Series 1999-W1 0.00% <br> 2/25/29<br>| 3629 | 3344 |
| Series 1999-W4 Class A9 <br> 6.25% 2/25/29<br>| 12049 | 12181 |
| Series 2002-W7 Class A4 <br> 6.00% 6/25/29<br>| 62129 | 63382 |
| •Series 2003-W1 Class 1A1 <br> 4.70% 12/25/42<br>| 78141 | 77406 |
| •Series 2003-W1 Class 2A <br> 5.06% 12/25/42<br>| 12066 | 11919 |
| Series 2004-W11 Class 1A2 <br> 6.50% 5/25/44<br>| 3043 | 3150 |
| Federal National Mortgage <br> Association Trust Series <br> 2004-W2 Class 2A2 7.00% <br> 2/25/44<br>| 3472 | 3602 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| •Series 2014-17 Class AM <br> 3.53% 6/16/48<br>| 3362 | 3246 |
| \*•Series 2016-128 IO 0.82% <br> 9/16/56<br>| 2265891 | 92112 |
| Series 2020-103 Class AD <br> 1.45% 1/16/63<br>| 1330424 | 1059975 |
| Series 2021-2 Class AH <br> 1.50% 6/16/63<br>| 160609 | 120119 |
| Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  | Government National Mortgage Association REMICS  |
| Series 2001-10 Class PE <br> 6.50% 3/16/31<br>| 58494 | 60077 |
| •Series 2004-28 Class S 9.08% <br> (19.35% minus 1 mo. USD <br> Term SOFR) 4/16/34<br>| 4422 | 4826 |

---

LVIP JPMorgan Core Bond Fund-5

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  |
| Series 2006-38 Class OH <br> 6.50% 8/20/36<br>| 344628 | $368724 |
| \*•Series 2007-45 Class QA <br> 2.79% (6.53% minus 1 mo. <br> USD Term SOFR) 7/20/37<br>| 23342 | 2342 |
| \*•Series 2007-51 Class SG <br> 2.73% (6.47% minus 1 mo. <br> USD Term SOFR) 8/20/37<br>| 74257 | 7228 |
| \*•Series 2007-76 Class SA <br> 2.68% (6.42% minus 1 mo. <br> USD Term SOFR) 11/20/37<br>| 19589 | 1934 |
| \*•Series 2008-2 Class MS <br> 3.31% (7.05% minus 1 mo. <br> USD Term SOFR) 1/16/38<br>| 19248 | 2196 |
| \*•Series 2008-55 Class SA <br> 2.35% (6.09% minus 1 mo. <br> USD Term SOFR) 6/20/38<br>| 11698 | 1046 |
| Series 2009-104 Class KB <br> 5.50% 11/16/39<br>| 236000 | 240271 |
| \*•Series 2009-106 Class ST <br> 2.15% (5.89% minus 1 mo. <br> USD Term SOFR) 2/20/38<br>| 56740 | 4178 |
| \*Series 2009-14 Class KI <br> 6.50% 3/20/39<br>| 17804 | 3998 |
| \*Series 2009-14 Class NI <br> 6.50% 3/20/39<br>| 13297 | 2897 |
| \*•Series 2009-22 Class SA <br> 2.42% (6.16% minus 1 mo. <br> USD Term SOFR) 4/20/39<br>| 24896 | 1529 |
| \*•Series 2009-31 Class TS <br> 2.45% (6.19% minus 1 mo. <br> USD Term SOFR) 3/20/39<br>| 7449 | 126 |
| \*•Series 2009-6 Class SA 2.25% <br> (5.99% minus 1 mo. USD <br> Term SOFR) 2/16/39<br>| 7044 | 563 |
| \*•Series 2009-6 Class SH 2.19% <br> (5.93% minus 1 mo. USD <br> Term SOFR) 2/20/39<br>| 22345 | 1870 |
| \*•Series 2009-64 Class SN <br> 2.25% (5.99% minus 1 mo. <br> USD Term SOFR) 7/16/39<br>| 16446 | 703 |
| ~^Series 2009-79 Class OK <br> 0.00% 11/16/37<br>| 12374 | 10429 |
| Series 2010-130 Class CP <br> 7.00% 10/16/40<br>| 17056 | 18564 |
| \*•Series 2011-75 Class SM <br> 2.75% (6.49% minus 1 mo. <br> USD Term SOFR) 5/20/41<br>| 32422 | 2743 |
| •Series 2011-H19 Class FA <br> 4.58% (1 mo. USD Term <br> SOFR + 0.58%) 8/20/61<br>| 36750 | 36710 |
| •Series 2012-H23 Class SA <br> 4.64% (1 mo. USD Term <br> SOFR + 0.64%) 10/20/62<br>| 32936 | 32820 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  |
| Series 2013-113 Class LY <br> 3.00% 5/20/43<br>| 204477 | $192037 |
| \*Series 2013-53 Class OI <br> 3.50% 4/20/43<br>| 214784 | 29943 |
| Series 2013-69 Class MA <br> 1.50% 8/20/42<br>| 130862 | 118408 |
| •Series 2013-H08 Class FC <br> 4.56% (1 mo. USD Term <br> SOFR + 0.56%) 2/20/63<br>| 64702 | 64700 |
| Series 2013-H09 Class HA <br> 1.65% 4/20/63<br>| 2493 | 2378 |
| •Series 2014-H17 Class FC <br> 4.61% (1 mo. USD Term <br> SOFR + 0.61%) 7/20/64<br>| 59065 | 59101 |
| •Series 2015-137 Class WA <br> 5.55% 1/20/38<br>| 96305 | 98925 |
| •Series 2015-H16 Class FG <br> 4.55% (1 mo. USD Term <br> SOFR + 0.55%) 7/20/65<br>| 116180 | 116055 |
| •Series 2015-H30 Class FE <br> 4.71% (1 mo. USD Term <br> SOFR + 0.71%) 11/20/65<br>| 151361 | 151635 |
| \*•Series 2016-135 Class SB <br> 2.25% (5.99% minus 1 mo. <br> USD Term SOFR) 10/16/46<br>| 379525 | 48093 |
| Series 2016-135 Class Z <br> 3.00% 10/20/46<br>| 263216 | 225040 |
| \*•Series 2016-21 Class ST <br> 2.30% (6.04% minus 1 mo. <br> USD Term SOFR) 2/20/46<br>| 674659 | 79894 |
| \*Series 2016-84 Class IG <br> 4.50% 11/16/45<br>| 1002539 | 193307 |
| •Series 2016-H11 Class FD <br> 5.08% (1 yr. USD Term <br> SOFR + 1.12%) 5/20/66<br>| 32642 | 32885 |
| •Series 2016-H26 Class FC <br> 5.11% (1 mo. USD Term <br> SOFR + 1.11%) 12/20/66<br>| 29611 | 29783 |
| Series 2017-163 Class ZK <br> 3.50% 11/20/47<br>| 39037 | 36991 |
| •Series 2017-H14 Class FK <br> 3.86% (1 yr. CMT + 0.20%) <br> 5/20/67<br>| 27303 | 27240 |
| •Series 2017-H14 Class FV <br> 4.61% (1 mo. USD Term <br> SOFR + 0.61%) 6/20/67<br>| 77639 | 77690 |
| \*•Series 2017-H22 Class IC <br> 2.66% 11/20/67<br>| 379191 | 14420 |
| •Series 2018-H13 Class FC <br> 4.41% (1 mo. USD Term <br> SOFR + 0.41%) 7/20/68<br>| 84890 | 84699 |
| •Series 2019-H13 Class FT <br> 4.11% (1 yr. CMT + 0.45%) <br> 8/20/69<br>| 24836 | 24867 |

---

LVIP JPMorgan Core Bond Fund-6

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  | Government National Mortgage Association REMICS (continued)  |
| \*Series 2020-123 Class IL <br> 2.50% 8/20/50<br>| 216511 | $31012 |
| \*Series 2020-123 Class NI <br> 2.50% 8/20/50<br>| 749207 | 107904 |
| \*Series 2020-127 Class IN <br> 2.50% 8/20/50<br>| 301191 | 44813 |
| \*Series 2020-129 Class IE <br> 2.50% 9/20/50<br>| 307345 | 44407 |
| \*Series 2020-160 Class IH <br> 2.50% 10/20/50<br>| 197036 | 28212 |
| \*Series 2020-160 Class VI <br> 2.50% 10/20/50<br>| 321380 | 46354 |
| \*Series 2020-160 Class YI <br> 2.50% 10/20/50<br>| 1081319 | 152141 |
| \*Series 2020-173 Class MI <br> 2.50% 11/20/50<br>| 4435017 | 632861 |
| \*Series 2020-181 Class WI <br> 2.00% 12/20/50<br>| 2206785 | 257691 |
| •Series 2020-30 Class PT <br> 4.76% 3/20/48<br>| 478011 | 467852 |
| \*Series 2020-47 Class MI <br> 3.50% 4/20/50<br>| 583478 | 109316 |
| \*Series 2020-47 Class NI <br> 3.50% 4/20/50<br>| 225257 | 43431 |
| •Series 2020-H12 Class F <br> 4.61% (1 mo. USD Term <br> SOFR + 0.61%) 7/20/70<br>| 95383 | 95065 |
| •Series 2020-H13 Class FA <br> 4.56% (1 mo. USD Term <br> SOFR + 0.56%) 7/20/70<br>| 305273 | 303851 |
| •Series 2020-H13 Class FC <br> 4.56% (1 mo. USD Term <br> SOFR + 0.56%) 7/20/70<br>| 78819 | 78425 |
| Series 2021-188 Class PA <br> 2.00% 10/20/51<br>| 55790 | 45607 |
| \*Series 2021-191 Class NI <br> 3.00% 10/20/51<br>| 407057 | 75286 |
| Series 2021-223 Class P <br> 2.00% 6/20/51<br>| 850259 | 763225 |
| \*Series 2021-29 Class TI <br> 2.50% 2/20/51<br>| 1218636 | 215145 |
| Series 2021-77 Class LC <br> 1.25% 7/20/50<br>| 98079 | 78401 |
| Series 2022-139 Class AL <br> 4.00% 7/20/51<br>| 1500000 | 1364753 |
| Series 2022-189 Class PT <br> 2.50% 10/20/51<br>| 716057 | 608432 |
| Series 2022-99 Class JW <br> 2.50% 1/20/52<br>| 300000 | 253532 |
| Series 2024-197 Class BN <br> 3.00% 5/20/51<br>| 8793791 | 8132106 |
| Series 2025-6 Class A 3.50% <br> 11/20/50<br>| 24803033 | 23474768 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
| Series 2025-1 Class MTU <br> 3.25% 11/25/64<br>| 7399455 | $6365432 |
| Series 2025-2 Class MTU <br> 3.25% 6/25/65<br>| 5113565 | 4346512 |
| Seasoned Loans Structured <br> Transaction Trust Series <br> 2025-1 Class A1 3.00% <br> 5/25/35<br>| 7526856 | 6974120 |
| **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $133,231,983)** | **Total Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $133,231,983)** | **135840356** |
| **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.60%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.60%** | **AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–1.60%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates |
| \*♦•Series K058 Class X1 0.89% <br> 8/25/26<br>| 18792786 | 71476 |
| ♦Series K065 Class A2 3.24% <br> 4/25/27<br>| 215000 | 213305 |
| ♦•Series K070 Class A2 3.30% <br> 11/25/27<br>| 208000 | 206554 |
| ♦•Series K072 Class AM 3.50% <br> 12/25/27<br>| 1000000 | 989615 |
| ♦Series K079 Class AM 3.93% <br> 6/25/28<br>| 588000 | 588532 |
| ♦•Series K081 Class A2 3.90% <br> 8/25/28<br>| 395000 | 397409 |
| \*♦•Series K094 Class X1 0.87% <br> 6/25/29<br>| 2225919 | 57053 |
| \*♦•Series K094 Class XAM <br> 1.15% 6/25/29<br>| 3700000 | 133970 |
| \*♦•Series K095 Class XAM <br> 1.23% 6/25/29<br>| 900000 | 36737 |
| \*♦•Series K101 Class X1 0.83% <br> 10/25/29<br>| 868600 | 22991 |
| \*♦•Series K104 Class XAM <br> 1.38% 1/25/30<br>| 1900000 | 93949 |
| \*♦•Series K105 Class X1 1.51% <br> 1/25/30<br>| 5168849 | 264133 |
| \*♦•Series K115 Class X1 1.31% <br> 6/25/30<br>| 1470422 | 72672 |
| \*♦•Series K116 Class X1 1.41% <br> 7/25/30<br>| 3597237 | 184272 |
| \*♦•Series K124 Class X1 0.71% <br> 12/25/30<br>| 1485215 | 43682 |
| \*♦•Series K128 Class X1 0.51% <br> 3/25/31<br>| 6400467 | 138884 |
| \*♦•Series K130 Class X1 1.03% <br> 6/25/31<br>| 7943741 | 365554 |
| \*♦•Series K131 Class X1 0.73% <br> 7/25/31<br>| 6755336 | 229750 |
| \*♦•Series K133 Class X1 0.34% <br> 9/25/31<br>| 11585123 | 198957 |

---

LVIP JPMorgan Core Bond Fund-7

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) | Federal Home Loan Mortgage Corp. Multifamily Structured <br> Pass-Through Certificates (continued) |
| \*♦•Series K142 Class X1 0.30% <br> 3/25/32<br>| 5183865 | $85971 |
| \*♦•Series K143 Class X1 0.34% <br> 4/25/55<br>| 5270384 | 103804 |
| ♦Series K144 Class A2 2.45% <br> 4/25/32<br>| 2037000 | 1844837 |
| \*♦•Series K145 Class X1 0.32% <br> 5/25/32<br>| 5671883 | 106389 |
| ♦Series K146 Class A2 2.92% <br> 6/25/32<br>| 1100000 | 1018663 |
| \*♦•Series K147 Class X1 0.37% <br> 6/25/32<br>| 7459532 | 168633 |
| \*♦•Series K148 Class X1 0.25% <br> 7/25/32<br>| 14566369 | 236756 |
| \*♦•Series K149 Class X1 0.27% <br> 8/25/32<br>| 8347322 | 147201 |
| ♦•Series K-150 Class A2 3.71% <br> 9/25/32<br>| 2005000 | 1941296 |
| ♦•Series K-151 Class A2 3.80% <br> 10/25/32<br>| 1150000 | 1113882 |
| \*♦•Series K-151 Class X1 0.18% <br> 10/25/32<br>| 15160332 | 202425 |
| \*♦•Series K-1511 Class X1 0.77% <br> 3/25/34<br>| 1835963 | 78691 |
| \*♦•Series K-1520 Class X1 0.47% <br> 2/25/36<br>| 3755411 | 127307 |
| ♦•Series K-153 Class A2 3.82% <br> 12/25/32<br>| 1000000 | 970957 |
| \*♦•Series K-157 Class X1 0.25% <br> 5/25/33<br>| 6796599 | 129895 |
| ♦•Series K507 Class A2 4.80% <br> 9/25/28<br>| 100000 | 102084 |
| \*♦•Series K737 Class X1 0.61% <br> 10/25/26<br>| 5554166 | 16718 |
| \*♦•Series K741 Class X1 0.56% <br> 12/25/27<br>| 2139288 | 19355 |
| \*♦•Series K742 Class X1 0.77% <br> 3/25/28<br>| 4605206 | 35216 |
| \*♦•Series K743 Class X1 0.91% <br> 5/25/28<br>| 2931655 | 54156 |
| ♦Series K753 Class A2 4.40% <br> 10/25/30<br>| 691000 | 701845 |
| ♦•Series K754 Class AM 4.94% <br> 11/25/30<br>| 4180000 | 4302687 |
| \*♦•Series KC05 Class X1 1.20% <br> 6/25/27<br>| 1013320 | 7818 |
| ♦Series KJ45 Class A2 4.66% <br> 1/25/31<br>| 815000 | 828541 |
| \*♦•Series KL06 Class XFX 1.36% <br> 12/25/29<br>| 4136372 | 156454 |
| ♦•Series Q013 Class APT2 <br> 1.17% 5/25/50<br>| 726888 | 707598 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
| •Series 2013-M6 Class 1AC <br> 3.38% 2/25/43<br>| 40239 | $39413 |
| •Series 2015-M10 Class A2 <br> 3.09% 4/25/27<br>| 174397 | 172961 |
| Series 2016-M11 Class AL <br> 2.94% 7/25/39<br>| 85847 | 82090 |
| •Series 2017-M12 Class A2 <br> 3.06% 6/25/27<br>| 190974 | 188707 |
| •Series 2017-M5 Class A2 <br> 3.02% 4/25/29<br>| 135209 | 131790 |
| •Series 2017-M7 Class A2 <br> 2.96% 2/25/27<br>| 611657 | 604725 |
| •Series 2017-M8 Class A2 <br> 3.06% 5/25/27<br>| 212629 | 210508 |
| •Series 2018-M10 Class A2 <br> 3.35% 7/25/28<br>| 442295 | 437802 |
| Series 2018-M15 Class 1A2 <br> 3.70% 1/25/36<br>| 900000 | 866769 |
| •Series 2018-M3 Class A2 <br> 3.07% 2/25/30<br>| 105933 | 102216 |
| •Series 2018-M9 Class APT2 <br> 3.11% 4/25/28<br>| 55341 | 54216 |
| •Series 2019-M23 Class 3A3 <br> 2.72% 10/25/31<br>| 456506 | 423941 |
| Series 2019-M4 Class A2 <br> 3.61% 2/25/31<br>| 279414 | 273221 |
| Series 2019-M5 Class A2 <br> 3.27% 2/25/29<br>| 455185 | 446575 |
| Series 2019-M6 Class A2 <br> 3.45% 1/1/29<br>| 122484 | 120462 |
| Series 2020-M50 Class A2 <br> 1.20% 10/25/30<br>| 265412 | 255977 |
| \*•Series 2020-M50 Class X1 <br> 1.82% 10/25/30<br>| 4273913 | 177164 |
| Series 2020-M6 Class A <br> 2.50% 10/25/37<br>| 147956 | 134075 |
| \*•Series 2021-M3 Class X1 <br> 1.83% 11/25/33<br>| 1848688 | 118743 |
| •Series 2022-M1G Class A2 <br> 1.53% 9/25/31<br>| 3350000 | 2906160 |
| •Series 2022-M1S Class A2 <br> 2.08% 4/25/32<br>| 1290000 | 1131446 |
| •Series 2022-M2S Class A2 <br> 3.76% 8/25/32<br>| 3875000 | 3712703 |
| •Series 2022-M3 Class A2 <br> 1.71% 11/25/31<br>| 1500000 | 1296069 |
| •Series 2023-M2 Class 3A2 <br> 1.94% 4/25/32<br>| 7500000 | 6547632 |
| •Series 2023-M4 Class A2 <br> 3.77% 9/25/32<br>| 200000 | 193390 |
| •Series 2023-M8 Class A2 <br> 4.48% 3/25/33<br>| 9405000 | 9476217 |
| •FREMF Mortgage Trust | •FREMF Mortgage Trust | •FREMF Mortgage Trust |
| Series 2016-K59 Class B <br> 3.57% 11/25/49<br>| 180000 | 178349 |

---

LVIP JPMorgan Core Bond Fund-8

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br> **(continued)** |
| •FREMF Mortgage Trust (continued) | •FREMF Mortgage Trust (continued) | •FREMF Mortgage Trust (continued) |
| Series 2017-K71 Class B <br> 3.75% 11/25/50<br>| 259000 | $255393 |
| Series 2018-K73 Class C <br> 3.85% 2/25/51<br>| 2000000 | 1969943 |
| Series 2019-K102 Class B <br> 3.53% 12/25/51<br>| 750000 | 715132 |
| Series 2019-KBF3 Class B <br> 6.62% (30 day USD SOFR <br> Average + 2.61%) 1/25/29<br>| 544550 | 531494 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| •Series 2013-107 Class AD <br> 2.78% 11/16/47<br>| 264811 | 246624 |
| \*•Series 2013-50 IO 0.06% <br> 10/16/48<br>| 2911612 | 7101 |
| \*•Series 2013-74 IO 0.48% <br> 12/16/53<br>| 2114311 | 20620 |
| \*•Series 2017-145 IO 0.48% <br> 4/16/57<br>| 835579 | 20674 |
| \*•Series 2017-157 IO 0.52% <br> 12/16/59<br>| 567555 | 16381 |
| \*•Series 2017-8 IO 0.44% <br> 8/16/58<br>| 857039 | 16833 |
| \*•Series 2020-109 Class AI <br> 0.83% 5/16/60<br>| 1446068 | 80997 |
| \*•Series 2020-184 IO 0.91% <br> 11/16/60<br>| 2037892 | 136018 |
| \*•Series 2021-110 IO 0.88% <br> 11/16/63<br>| 3440390 | 215650 |
| \*•Series 2021-133 IO 0.88% <br> 7/16/63<br>| 3902947 | 269749 |
| \*•Series 2021-37 IO 0.80% <br> 1/16/61<br>| 2053756 | 118047 |
| \*•Series 2021-60 IO 0.83% <br> 5/16/63<br>| 1637308 | 90267 |
| \*•Series 2021-68 IO 0.88% <br> 10/16/62<br>| 1938866 | 112419 |
| •Series 2022-196 Class BE <br> 3.00% 10/16/64<br>| 900000 | 643602 |
| \*•Series 2022-210 IO 0.70% <br> 7/16/64<br>| 1031618 | 63216 |
| \*•Series 2022-216 IO 0.75% <br> 7/16/65<br>| 1070063 | 57864 |
| •Series 2022-220 Class E <br> 3.00% 10/16/64<br>| 600000 | 433633 |
| \*•Series 2022-3 IO 0.64% <br> 2/16/61<br>| 4906246 | 232679 |
| \*•Series 2022-59 IO 0.57% <br> 2/16/62<br>| 2518839 | 102324 |
| Series 2023-92 Class AH <br> 2.00% 6/16/64<br>| 4235756 | 3335355 |
| \*•Series 2023-92 Class IA <br> 0.61% 6/16/64<br>| 4531274 | 243961 |
| **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $58,519,613)** | **Total Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $58,519,613)** | **59737971** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES–21.83%** | **AGENCY MORTGAGE-BACKED SECURITIES–21.83%** | **AGENCY MORTGAGE-BACKED SECURITIES–21.83%** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 1.50% 11/1/40 | 1972583 | $1684244 |
| 1.50% 5/1/41 | 2065061 | 1757572 |
| 1.50% 7/1/41 | 1540886 | 1307992 |
| 1.50% 10/1/41 | 2157392 | 1819916 |
| 1.50% 11/1/41 | 291498 | 245809 |
| 1.50% 2/1/51 | 561754 | 435004 |
| 1.50% 3/1/52 | 424414 | 327452 |
| 2.00% 10/1/40 | 912154 | 797145 |
| 2.00% 3/1/41 | 1186257 | 1035579 |
| 2.00% 7/1/41 | 914822 | 792084 |
| 2.00% 9/1/41 | 2385459 | 2081400 |
| 2.00% 10/1/41 | 973911 | 846420 |
| 2.00% 11/1/41 | 532605 | 463922 |
| 2.00% 12/1/41 | 1076457 | 936353 |
| 2.00% 1/1/42 | 3348644 | 2893070 |
| 2.00% 2/1/42 | 958722 | 831428 |
| 2.00% 4/1/42 | 2113770 | 1820590 |
| 2.00% 5/1/42 | 1209523 | 1048872 |
| 2.00% 8/1/42 | 1739567 | 1513452 |
| 2.00% 11/1/50 | 1072361 | 884889 |
| 2.00% 12/1/50 | 493399 | 402505 |
| 2.00% 2/1/51 | 2460307 | 2028250 |
| 2.00% 3/1/51 | 1396135 | 1150074 |
| 2.00% 4/1/51 | 418254 | 344345 |
| 2.00% 6/1/51 | 797927 | 656447 |
| 2.00% 8/1/51 | 721902 | 588747 |
| 2.00% 2/1/52 | 563143 | 461392 |
| 2.00% 3/1/52 | 1302105 | 1055850 |
| 2.50% 4/1/41 | 116723 | 104779 |
| 2.50% 2/1/42 | 381603 | 342499 |
| 2.50% 3/1/42 | 1666846 | 1497408 |
| 2.50% 9/1/42 | 1854336 | 1663170 |
| 2.50% 11/1/49 | 10004020 | 8543745 |
| 2.50% 7/1/50 | 2928448 | 2496200 |
| 2.50% 11/1/50 | 2831499 | 2452379 |
| 2.50% 12/1/50 | 3046591 | 2633106 |
| 2.50% 1/1/51 | 31693 | 27316 |
| 2.50% 2/1/51 | 1169858 | 1011353 |
| 2.50% 3/1/51 | 303733 | 262336 |
| 2.50% 5/1/51 | 5740817 | 4924446 |
| 2.50% 7/1/51 | 281205 | 239562 |
| 2.50% 8/1/51 | 2181605 | 1882429 |
| 2.50% 9/1/51 | 427294 | 369022 |
| 2.50% 10/1/51 | 2854994 | 2457393 |
| 2.50% 11/1/51 | 1284384 | 1109616 |
| 2.50% 12/1/51 | 1905856 | 1644778 |
| 2.50% 1/1/52 | 16322981 | 14038347 |
| 2.50% 2/1/52 | 832067 | 717240 |
| 2.50% 3/1/52 | 75298 | 64766 |
| 2.50% 4/1/52 | 6002637 | 5170995 |
| 3.00% 9/1/32 | 57882 | 56589 |
| 3.00% 10/1/32 | 61022 | 59597 |
| 3.00% 10/1/33 | 41749 | 40496 |
| 3.00% 12/1/33 | 22066 | 21303 |

---

LVIP JPMorgan Core Bond Fund-9

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 3.00% 6/1/36 | 47827 | $45655 |
| 3.00% 5/1/40 | 49262 | 46021 |
| 3.00% 4/1/42 | 448061 | 418624 |
| 3.00% 5/1/42 | 74027 | 69163 |
| 3.00% 7/1/42 | 458462 | 427644 |
| 3.00% 9/1/42 | 842342 | 787003 |
| 3.00% 1/1/47 | 5621773 | 5092247 |
| 3.00% 8/1/48 | 343982 | 313049 |
| 3.00% 9/1/48 | 30218 | 27596 |
| 3.00% 9/1/49 | 301541 | 272296 |
| 3.00% 11/1/49 | 299060 | 270006 |
| 3.00% 1/1/50 | 236307 | 213838 |
| 3.00% 6/1/50 | 908416 | 804545 |
| 3.00% 7/1/50 | 285447 | 258880 |
| 3.00% 8/1/50 | 4371715 | 3939099 |
| 3.00% 12/1/50 | 132267 | 119410 |
| 3.00% 2/1/51 | 134941 | 121390 |
| 3.00% 6/1/51 | 425057 | 383635 |
| 3.00% 8/1/51 | 478818 | 429998 |
| 3.00% 10/1/51 | 374355 | 337386 |
| 3.00% 11/1/51 | 257606 | 229875 |
| 3.00% 12/1/51 | 150432 | 134500 |
| 3.00% 1/1/52 | 211658 | 190223 |
| 3.00% 2/1/52 | 1274095 | 1131347 |
| 3.00% 4/1/52 | 5477786 | 4881164 |
| 3.00% 8/1/52 | 1353430 | 1211811 |
| •3.01% (1 yr. USD RFUCCT + <br> 1.63%) 11/1/48<br>| 1788023 | 1785527 |
| •3.09% (1 yr. USD RFUCCT + <br> 1.62%) 2/1/50<br>| 968250 | 984727 |
| 3.50% 4/1/33 | 117429 | 115441 |
| 3.50% 1/1/38 | 699032 | 676027 |
| 3.50% 6/1/42 | 127896 | 121612 |
| 3.50% 2/1/47 | 719455 | 685534 |
| 3.50% 7/1/47 | 4414875 | 4166884 |
| 3.50% 11/1/48 | 1329187 | 1256458 |
| 3.50% 2/1/49 | 2879688 | 2676311 |
| 3.50% 7/1/50 | 439345 | 410051 |
| 3.50% 12/1/50 | 695360 | 653198 |
| 3.50% 1/1/52 | 133384 | 124224 |
| 3.50% 4/1/52 | 1256431 | 1170537 |
| 3.50% 5/1/52 | 1453587 | 1348387 |
| 3.50% 6/1/52 | 1917190 | 1782096 |
| 3.75% 8/1/32 | 1200000 | 1155538 |
| 4.00% 9/1/32 | 200000 | 195649 |
| 4.00% 6/1/42 | 56603 | 55178 |
| 4.00% 8/1/44 | 11402 | 10967 |
| 4.00% 5/1/45 | 7438 | 7211 |
| 4.00% 10/1/45 | 11818 | 11436 |
| 4.00% 11/1/45 | 9693 | 9379 |
| 4.00% 1/1/46 | 96969 | 94286 |
| 4.00% 10/1/47 | 523143 | 504119 |
| 4.00% 7/1/49 | 4445956 | 4293871 |
| 4.00% 9/1/49 | 488395 | 472656 |
| 4.00% 1/1/50 | 212419 | 204259 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 4.00% 7/1/50 | 797673 | $765230 |
| 4.00% 4/1/52 | 3863802 | 3702238 |
| 4.00% 7/1/52 | 253815 | 245181 |
| 4.00% 9/1/52 | 5540122 | 5292518 |
| 4.00% 2/1/53 | 1375637 | 1327013 |
| 4.25% 11/1/34 | 8400000 | 8215613 |
| 4.50% 10/1/35 | 83568 | 84386 |
| 4.50% 5/1/38 | 335596 | 336202 |
| 4.50% 3/1/47 | 444112 | 443717 |
| 4.50% 5/1/47 | 21538 | 21437 |
| 4.50% 6/1/47 | 446083 | 443949 |
| 4.50% 1/1/49 | 328224 | 323967 |
| 4.50% 3/1/49 | 160440 | 159120 |
| 4.50% 8/1/49 | 492928 | 490359 |
| 4.50% 9/1/50 | 143960 | 142152 |
| 4.50% 1/1/51 | 468546 | 461942 |
| 4.50% 7/1/52 | 586071 | 576665 |
| 4.50% 8/1/52 | 143471 | 142232 |
| 4.50% 9/1/52 | 160368 | 157877 |
| 4.50% 10/1/52 | 3042427 | 2983374 |
| 4.50% 11/1/52 | 10114446 | 9929393 |
| 4.50% 12/1/52 | 444680 | 439028 |
| 4.50% 3/1/54 | 6895801 | 6800943 |
| 4.60% 2/1/30 | 600000 | 606406 |
| 5.00% 11/1/42 | 940151 | 955821 |
| 5.00% 10/1/48 | 198519 | 201134 |
| 5.00% 1/1/49 | 8373 | 8499 |
| 5.00% 7/1/52 | 2709022 | 2720334 |
| 5.00% 9/1/52 | 4574073 | 4617898 |
| 5.00% 11/1/52 | 286641 | 287915 |
| 5.00% 12/1/52 | 369044 | 369155 |
| 5.00% 1/1/53 | 1435048 | 1446094 |
| 5.00% 3/1/53 | 700668 | 705410 |
| 5.00% 4/1/53 | 1026388 | 1030221 |
| 5.00% 6/1/53 | 426049 | 428423 |
| •5.00% (1 yr. USD RFUCCT + <br> 1.62%) 11/1/47<br>| 516786 | 532644 |
| 5.50% 10/1/33 | 8689 | 8830 |
| 5.50% 9/1/41 | 548497 | 574138 |
| 5.50% 6/1/43 | 141535 | 144220 |
| 5.50% 7/1/43 | 1413983 | 1449715 |
| 5.50% 9/1/52 | 1052809 | 1083252 |
| 5.50% 11/1/52 | 214579 | 219679 |
| 5.50% 12/1/52 | 383903 | 392579 |
| 5.50% 1/1/53 | 205269 | 210314 |
| 5.50% 3/1/53 | 2422171 | 2482450 |
| 5.50% 4/1/53 | 938995 | 956086 |
| 5.50% 5/1/53 | 890416 | 910391 |
| 5.50% 6/1/53 | 728646 | 746196 |
| 5.50% 7/1/53 | 224986 | 229715 |
| 5.50% 9/1/53 | 2108456 | 2161415 |
| 5.50% 2/1/54 | 1752588 | 1789324 |
| 5.50% 2/1/55 | 3963883 | 4020190 |
| 6.00% 2/1/32 | 1216 | 1256 |
| 6.00% 12/1/52 | 1083954 | 1120371 |

---

LVIP JPMorgan Core Bond Fund-10

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| 6.00% 1/1/53 | 560963 | $586722 |
| •6.30% (1 yr. CMT + 2.27%) <br> 4/1/30<br>| 189 | 189 |
| •6.31% (1 yr. USD RFUCCT + <br> 1.82%) 1/1/37<br>| 4818 | 4960 |
| 6.50% 6/1/29 | 1648 | 1712 |
| 6.50% 11/1/34 | 136 | 142 |
| 6.50% 1/1/53 | 276636 | 289075 |
| 6.50% 2/1/53 | 625114 | 654186 |
| 6.50% 3/1/53 | 52124 | 54376 |
| 6.50% 4/1/53 | 484445 | 507503 |
| 6.50% 5/1/53 | 907267 | 953752 |
| •6.55% (1 yr. USD RFUCCT + <br> 1.58%) 3/1/35<br>| 10917 | 11168 |
| •6.75% (1 yr. USD RFUCCT + <br> 1.75%) 4/1/34<br>| 4462 | 4559 |
| 7.00% 7/1/29 | 13809 | 14071 |
| 7.00% 4/1/35 | 16823 | 17683 |
| 8.50% 7/1/28 | 42 | 43 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 1.27% 12/1/29 | 1188870 | 1066987 |
| 1.45% 10/1/30 | 1137464 | 1008717 |
| •1.46% 11/1/32 | 8203499 | 6882002 |
| 1.50% 1/1/31 | 1100000 | 969128 |
| 1.50% 1/1/51 | 507565 | 391629 |
| 1.50% 3/1/51 | 1849356 | 1431516 |
| •1.51% 11/1/32 | 13734256 | 11556707 |
| 1.56% 1/1/31 | 1300000 | 1147255 |
| •1.75% 3/1/32 | 1640674 | 1430348 |
| 1.76% 7/1/35 | 1488436 | 1202377 |
| 1.98% 1/1/32 | 1985000 | 1746250 |
| 2.00% 8/1/36 | 2399891 | 2222958 |
| 2.00% 8/1/40 | 54127 | 47801 |
| 2.00% 3/1/41 | 1051974 | 918352 |
| 2.00% 5/1/41 | 483141 | 421085 |
| 2.00% 6/1/41 | 201609 | 175882 |
| 2.00% 9/1/41 | 886856 | 773096 |
| 2.00% 10/1/41 | 835302 | 727766 |
| 2.00% 11/1/41 | 557635 | 478471 |
| 2.00% 12/1/41 | 931277 | 809891 |
| 2.00% 1/1/42 | 2718834 | 2364841 |
| 2.00% 2/1/42 | 719840 | 625218 |
| 2.00% 3/1/42 | 219444 | 190462 |
| 2.00% 5/1/42 | 309754 | 268963 |
| 2.00% 6/1/50 | 2057619 | 1681986 |
| 2.00% 8/1/50 | 942971 | 769228 |
| 2.00% 9/1/50 | 1538888 | 1257788 |
| 2.00% 10/1/50 | 2686045 | 2194353 |
| 2.00% 11/1/50 | 1303425 | 1073874 |
| 2.00% 12/1/50 | 413489 | 340493 |
| 2.00% 1/1/51 | 736624 | 606411 |
| 2.00% 2/1/51 | 8453094 | 6923407 |
| 2.00% 3/1/51 | 4190641 | 3444652 |
| 2.00% 4/1/51 | 6134999 | 5008064 |
| 2.00% 5/1/51 | 1011478 | 823357 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 2.00% 7/1/51 | 82498 | $67369 |
| 2.00% 8/1/51 | 1599262 | 1312358 |
| 2.00% 9/1/51 | 3805136 | 3092658 |
| 2.00% 10/1/51 | 1219046 | 1005600 |
| 2.00% 11/1/51 | 366250 | 300610 |
| 2.00% 12/1/51 | 394232 | 318837 |
| 2.00% 1/1/52 | 3106404 | 2552526 |
| 2.00% 2/1/52 | 596652 | 490759 |
| 2.00% 3/1/52 | 1795462 | 1476255 |
| 2.01% 4/1/30 | 1248276 | 1149312 |
| 2.02% 8/1/30 | 1053462 | 961226 |
| •2.15% 2/1/32 | 1675954 | 1491151 |
| 2.18% 1/1/34 | 2829286 | 2430590 |
| 2.42% 10/1/29 | 671018 | 632547 |
| 2.50% 8/1/36 | 1972558 | 1868803 |
| 2.50% 9/1/36 | 208402 | 194927 |
| 2.50% 3/1/38 | 626051 | 585705 |
| 2.50% 5/1/40 | 230534 | 210143 |
| 2.50% 11/1/40 | 381924 | 346811 |
| 2.50% 3/1/41 | 426046 | 383790 |
| 2.50% 4/1/41 | 1024075 | 921700 |
| 2.50% 5/1/41 | 734973 | 664157 |
| 2.50% 11/1/41 | 205003 | 184762 |
| 2.50% 2/1/42 | 671296 | 603758 |
| 2.50% 3/1/42 | 356005 | 317873 |
| 2.50% 4/1/42 | 806397 | 714278 |
| 2.50% 9/1/42 | 238544 | 214693 |
| 2.50% 5/1/50 | 1027014 | 885387 |
| 2.50% 6/1/50 | 249902 | 215188 |
| 2.50% 7/1/50 | 1231586 | 1043608 |
| 2.50% 8/1/50 | 1946789 | 1683525 |
| 2.50% 9/1/50 | 382913 | 325219 |
| 2.50% 10/1/50 | 1562692 | 1345614 |
| 2.50% 11/1/50 | 328991 | 284056 |
| 2.50% 12/1/50 | 116653 | 100711 |
| 2.50% 1/1/51 | 4250172 | 3686135 |
| 2.50% 2/1/51 | 555436 | 477438 |
| 2.50% 3/1/51 | 307364 | 265848 |
| 2.50% 4/1/51 | 176117 | 152436 |
| 2.50% 5/1/51 | 853947 | 728579 |
| 2.50% 6/1/51 | 4967149 | 4286532 |
| 2.50% 7/1/51 | 1468593 | 1270581 |
| 2.50% 8/1/51 | 6850318 | 5906692 |
| 2.50% 9/1/51 | 3026482 | 2589744 |
| 2.50% 10/1/51 | 4685682 | 4025914 |
| 2.50% 11/1/51 | 11773773 | 10075414 |
| 2.50% 12/1/51 | 1426628 | 1215892 |
| 2.50% 1/1/52 | 2731580 | 2348923 |
| 2.50% 2/1/52 | 9117811 | 7777189 |
| 2.50% 3/1/52 | 5478568 | 4702954 |
| 2.50% 4/1/52 | 5725770 | 4924161 |
| 2.50% 9/1/52 | 7525485 | 6388079 |
| 2.50% 7/1/53 | 612657 | 522125 |
| 2.50% 7/1/61 | 3805984 | 3133881 |

---

LVIP JPMorgan Core Bond Fund-11

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 2.50% 9/1/61 | 1800065 | $1482182 |
| 2.50% 3/1/62 | 836849 | 689064 |
| 2.52% 11/1/29 | 995812 | 943471 |
| 2.63% 3/1/26 | 422884 | 420974 |
| 2.93% 7/1/28 | 1200656 | 1174096 |
| 2.93% 10/1/29 | 1040449 | 999569 |
| 2.93% 6/1/30 | 622381 | 596561 |
| 2.95% 7/1/27 | 975668 | 961427 |
| 3.00% 9/1/31 | 45701 | 43744 |
| 3.00% 11/1/33 | 642322 | 627131 |
| 3.00% 7/1/35 | 163448 | 156195 |
| 3.00% 2/1/36 | 420475 | 402153 |
| 3.00% 4/1/36 | 306583 | 293372 |
| 3.00% 7/1/36 | 676451 | 645744 |
| 3.00% 8/1/36 | 1108014 | 1057174 |
| 3.00% 10/1/36 | 746134 | 710880 |
| 3.00% 12/1/37 | 617608 | 584362 |
| 3.00% 1/1/38 | 784700 | 742854 |
| 3.00% 4/1/38 | 229260 | 222078 |
| 3.00% 6/1/38 | 358301 | 341352 |
| 3.00% 9/1/40 | 67583 | 63042 |
| 3.00% 1/1/41 | 108006 | 102771 |
| 3.00% 3/1/42 | 200257 | 185492 |
| 3.00% 5/1/42 | 306912 | 285871 |
| 3.00% 6/1/42 | 763859 | 709292 |
| 3.00% 6/1/43 | 74411 | 68521 |
| 3.00% 7/1/43 | 160803 | 148075 |
| 3.00% 10/1/43 | 159476 | 146836 |
| 3.00% 1/1/45 | 134406 | 123862 |
| 3.00% 6/1/45 | 33930 | 31081 |
| 3.00% 4/1/46 | 154623 | 142185 |
| 3.00% 8/1/46 | 81382 | 74071 |
| 3.00% 9/1/46 | 47847 | 43440 |
| 3.00% 10/1/46 | 552817 | 503774 |
| 3.00% 12/1/46 | 321414 | 293431 |
| 3.00% 1/1/47 | 3920178 | 3588383 |
| 3.00% 2/1/47 | 1454687 | 1336366 |
| 3.00% 4/1/47 | 1500 | 1356 |
| 3.00% 10/1/47 | 3488 | 3100 |
| 3.00% 12/1/47 | 179578 | 162823 |
| 3.00% 2/1/48 | 1570504 | 1433812 |
| 3.00% 3/1/48 | 1260837 | 1142238 |
| 3.00% 11/1/48 | 437496 | 399722 |
| 3.00% 12/1/49 | 1376047 | 1240697 |
| 3.00% 2/1/50 | 665821 | 610697 |
| 3.00% 4/1/50 | 1028323 | 927388 |
| 3.00% 10/1/50 | 498926 | 447445 |
| 3.00% 11/1/50 | 1101227 | 984982 |
| 3.00% 6/1/51 | 117455 | 106259 |
| 3.00% 7/1/51 | 607289 | 545310 |
| 3.00% 8/1/51 | 1147138 | 1037265 |
| 3.00% 10/1/51 | 259548 | 235110 |
| 3.00% 11/1/51 | 11822457 | 10516981 |
| 3.00% 12/1/51 | 1376345 | 1233673 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.00% 1/1/52 | 7215491 | $6430041 |
| 3.00% 2/1/52 | 2077164 | 1849476 |
| 3.00% 3/1/52 | 6023336 | 5402518 |
| 3.00% 4/1/52 | 826270 | 739497 |
| 3.00% 6/1/52 | 2585407 | 2314891 |
| 3.00% 7/1/60 | 550181 | 478648 |
| 3.00% 3/1/61 | 818544 | 716144 |
| 3.00% 6/1/62 | 1111098 | 959710 |
| 3.03% 4/1/30 | 650000 | 625788 |
| 3.08% 1/1/30 | 2675908 | 2585525 |
| 3.08% 4/1/30 | 424843 | 409977 |
| 3.11% 3/1/30 | 1486576 | 1436247 |
| 3.12% 11/1/26 | 847747 | 840792 |
| 3.16% 5/1/29 | 271929 | 265363 |
| 3.19% 3/1/36 | 778378 | 740466 |
| 3.20% 2/1/29 | 167706 | 164290 |
| 3.25% 5/1/29 | 369448 | 361585 |
| 3.48% 3/1/37 | 917867 | 847142 |
| 3.50% 4/1/32 | 695444 | 685414 |
| 3.50% 12/1/34 | 193990 | 189398 |
| 3.50% 1/1/35 | 121626 | 118710 |
| 3.50% 2/1/37 | 90282 | 87578 |
| 3.50% 3/1/37 | 65168 | 63622 |
| 3.50% 12/1/37 | 113560 | 109062 |
| 3.50% 8/1/39 | 73010 | 70706 |
| 3.50% 2/1/40 | 378617 | 363698 |
| 3.50% 4/1/42 | 126759 | 121734 |
| 3.50% 12/1/42 | 57626 | 54980 |
| 3.50% 3/1/43 | 507495 | 484659 |
| 3.50% 5/1/43 | 151801 | 144173 |
| 3.50% 1/1/44 | 172247 | 163589 |
| 3.50% 11/1/44 | 4843822 | 4603236 |
| 3.50% 2/1/46 | 238626 | 225446 |
| 3.50% 10/1/46 | 114844 | 108498 |
| 3.50% 12/1/46 | 676320 | 645261 |
| 3.50% 12/1/47 | 1362346 | 1275818 |
| 3.50% 1/1/48 | 713702 | 677455 |
| 3.50% 2/1/48 | 991017 | 934442 |
| 3.50% 11/1/48 | 5995086 | 5678368 |
| 3.50% 8/1/49 | 452417 | 431452 |
| 3.50% 3/1/50 | 209489 | 197302 |
| 3.50% 6/1/50 | 92543 | 87148 |
| 3.50% 8/1/50 | 2211810 | 2074770 |
| 3.50% 9/1/50 | 464695 | 436561 |
| 3.50% 11/1/51 | 1659528 | 1539448 |
| 3.50% 12/1/51 | 136061 | 127891 |
| 3.50% 1/1/52 | 558538 | 522698 |
| 3.50% 3/1/52 | 2051256 | 1919053 |
| 3.50% 4/1/52 | 2255447 | 2099581 |
| 3.50% 5/1/52 | 4049318 | 3791228 |
| 3.50% 6/1/52 | 1876405 | 1750009 |
| 3.50% 9/1/52 | 2355935 | 2206719 |
| 3.50% 3/1/60 | 583723 | 535521 |
| 3.50% 3/1/62 | 2413380 | 2199766 |

---

LVIP JPMorgan Core Bond Fund-12

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 3.50% 6/1/62 | 843231 | $766201 |
| 3.52% 6/1/28 | 480082 | 476095 |
| 3.52% 6/1/32 | 297846 | 284363 |
| 3.54% 6/1/32 | 1386000 | 1318465 |
| 3.54% 11/1/32 | 1100000 | 1043891 |
| 3.56% 7/1/32 | 200000 | 191887 |
| 3.64% 8/1/28 | 889621 | 882402 |
| 3.67% 6/1/32 | 94660 | 91304 |
| 3.68% 9/1/32 | 936000 | 900596 |
| 3.70% 8/1/32 | 486290 | 466169 |
| 3.72% 8/1/32 | 953862 | 923878 |
| 3.73% 6/1/32 | 96607 | 93536 |
| 3.80% 9/1/32 | 1105031 | 1069121 |
| 3.81% 12/1/28 | 300000 | 299197 |
| 3.81% 10/1/32 | 1245000 | 1206325 |
| 3.81% 11/1/32 | 1010000 | 977542 |
| 3.83% 7/1/32 | 196570 | 191102 |
| 3.84% 7/1/32 | 200000 | 194135 |
| 3.85% 8/1/32 | 200000 | 193011 |
| 3.86% 7/1/32 | 94598 | 92240 |
| 3.88% 7/1/32 | 189823 | 185559 |
| 3.89% 7/1/32 | 800000 | 773314 |
| 3.90% 6/1/32 | 100000 | 97281 |
| 3.90% 8/1/32 | 100000 | 96905 |
| 3.90% 2/1/33 | 1200000 | 1162621 |
| 3.96% 2/1/30 | 1200000 | 1189837 |
| 4.00% 2/1/36 | 335859 | 331887 |
| 4.00% 7/1/42 | 173091 | 168535 |
| 4.00% 9/1/42 | 1984629 | 1951941 |
| 4.00% 11/1/42 | 380002 | 371642 |
| 4.00% 4/1/44 | 882109 | 861094 |
| 4.00% 10/1/44 | 4825690 | 4680856 |
| 4.00% 12/1/44 | 148081 | 144479 |
| 4.00% 2/1/47 | 74433 | 72014 |
| 4.00% 3/1/47 | 1117228 | 1080567 |
| 4.00% 5/1/47 | 610572 | 589454 |
| 4.00% 6/1/47 | 382494 | 371478 |
| 4.00% 6/1/48 | 954425 | 926460 |
| 4.00% 10/1/48 | 1209895 | 1169998 |
| 4.00% 1/1/49 | 419337 | 405445 |
| 4.00% 7/1/49 | 96169 | 92744 |
| 4.00% 1/1/50 | 248709 | 239334 |
| 4.00% 3/1/50 | 352735 | 337569 |
| 4.00% 2/1/51 | 794045 | 761153 |
| 4.00% 8/1/51 | 657569 | 643103 |
| 4.00% 11/1/51 | 527647 | 503435 |
| 4.00% 12/1/51 | 402240 | 384163 |
| 4.00% 4/1/52 | 3981064 | 3815018 |
| 4.00% 5/1/52 | 67672 | 64925 |
| 4.00% 6/1/52 | 3769365 | 3596429 |
| 4.00% 7/1/52 | 914936 | 873317 |
| 4.00% 9/1/52 | 1010918 | 963130 |
| 4.00% 7/1/56 | 165795 | 155983 |
| 4.00% 8/1/56 | 3133534 | 2979102 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 4.00% 6/1/57 | 629868 | $598823 |
| 4.00% 8/1/58 | 1218357 | 1165114 |
| 4.00% 8/1/59 | 965466 | 916119 |
| 4.00% 12/1/61 | 728446 | 686209 |
| 4.00% 3/1/62 | 237731 | 222915 |
| 4.00% 6/1/62 | 267839 | 255132 |
| 4.06% 7/1/32 | 395083 | 386724 |
| 4.08% 2/1/34 | 2235000 | 2186487 |
| 4.11% 7/1/32 | 100000 | 98065 |
| 4.12% 11/1/32 | 1405000 | 1384570 |
| 4.13% 7/1/32 | 100000 | 98736 |
| 4.19% 7/1/32 | 96994 | 96205 |
| 4.22% 10/1/32 | 1000000 | 990699 |
| 4.23% 10/1/32 | 6285000 | 6225597 |
| 4.27% 10/1/32 | 476030 | 473965 |
| 4.32% 3/1/30 | 1600000 | 1614316 |
| 4.34% 7/1/32 | 99565 | 99501 |
| 4.36% 2/1/33 | 500000 | 499316 |
| 4.37% 1/1/32 | 12348588 | 12410123 |
| 4.42% 6/1/32 | 4692000 | 4703751 |
| 4.42% 3/1/33 | 500000 | 498586 |
| 4.45% 8/1/32 | 5000000 | 5016728 |
| 4.45% 12/1/32 | 1039933 | 1044022 |
| 4.45% 1/1/35 | 1861000 | 1847124 |
| •4.45% (Enterprise 11th <br> District COFI Replacement <br> Index + 1.25%) 3/1/29<br>| 46 | 46 |
| 4.47% 3/1/33 | 2000000 | 2002560 |
| 4.49% 6/1/28 | 700000 | 709048 |
| 4.50% 11/1/38 | 254511 | 256587 |
| 4.50% 4/1/39 | 58529 | 58471 |
| 4.50% 5/1/39 | 1775 | 1791 |
| 4.50% 6/1/39 | 329920 | 332771 |
| 4.50% 7/1/40 | 63124 | 61800 |
| 4.50% 12/1/40 | 704782 | 708363 |
| 4.50% 8/1/41 | 144309 | 145231 |
| 4.50% 10/1/43 | 392366 | 395274 |
| 4.50% 2/1/44 | 650293 | 654447 |
| 4.50% 2/1/46 | 2020066 | 2033348 |
| 4.50% 3/1/46 | 592692 | 594530 |
| 4.50% 5/1/46 | 239205 | 240977 |
| 4.50% 6/1/48 | 220530 | 219811 |
| 4.50% 7/1/48 | 283048 | 281127 |
| 4.50% 8/1/48 | 470206 | 466918 |
| 4.50% 10/1/48 | 22915 | 22792 |
| 4.50% 11/1/48 | 220472 | 218931 |
| 4.50% 12/1/48 | 201979 | 200463 |
| 4.50% 1/1/49 | 318895 | 316139 |
| 4.50% 2/1/49 | 174842 | 174140 |
| 4.50% 4/1/49 | 165447 | 163212 |
| 4.50% 5/1/49 | 125106 | 123673 |
| 4.50% 7/1/49 | 300886 | 297720 |
| 4.50% 9/1/49 | 1333099 | 1324054 |
| 4.50% 1/1/50 | 2737462 | 2744899 |
| 4.50% 3/1/50 | 215663 | 215711 |

---

LVIP JPMorgan Core Bond Fund-13

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 4.50% 4/1/50 | 1105067 | $1096882 |
| 4.50% 5/1/50 | 289130 | 285142 |
| 4.50% 9/1/51 | 284898 | 281894 |
| 4.50% 8/1/52 | 219223 | 214908 |
| 4.50% 9/1/52 | 607042 | 598153 |
| 4.50% 11/1/52 | 1526032 | 1501265 |
| 4.50% 12/1/52 | 901822 | 883793 |
| 4.50% 1/1/53 | 592214 | 584153 |
| 4.50% 2/1/53 | 1590174 | 1558049 |
| 4.50% 3/1/53 | 603819 | 593272 |
| 4.50% 4/1/53 | 459452 | 449720 |
| 4.50% 9/1/57 | 796491 | 777775 |
| 4.50% 8/1/58 | 779711 | 761393 |
| 4.50% 1/1/59 | 70662 | 68805 |
| 4.50% 6/1/62 | 727592 | 710255 |
| 4.53% 5/1/35 | 1840704 | 1833274 |
| 4.55% 9/1/33 | 2852180 | 2878884 |
| 4.55% 6/1/35 | 3210000 | 3192832 |
| 4.57% 6/1/30 | 1445667 | 1471046 |
| 4.58% 1/1/33 | 200000 | 202474 |
| 4.67% 11/1/34 | 2955000 | 2973388 |
| 4.68% 11/1/31 | 1050000 | 1069218 |
| 4.69% 1/1/33 | 296097 | 300960 |
| 4.74% 6/1/30 | 400000 | 406575 |
| 4.74% 2/1/33 | 1070000 | 1084834 |
| 4.79% 5/1/35 | 4770000 | 4827429 |
| 4.82% 9/1/35 | 10209000 | 10348095 |
| 4.83% 9/1/28 | 1100000 | 1124636 |
| 4.86% 12/1/32 | 775000 | 797336 |
| 4.86% 4/1/35 | 2982761 | 3021665 |
| 4.88% 9/1/28 | 500000 | 511828 |
| 4.88% 6/1/35 | 2502000 | 2549924 |
| 4.89% 4/1/34 | 2868600 | 2931228 |
| 4.96% 10/1/35 | 2100000 | 2145642 |
| 5.00% 9/1/35 | 5997 | 6153 |
| 5.00% 7/1/47 | 1386831 | 1426129 |
| 5.00% 9/1/48 | 508464 | 513096 |
| 5.00% 10/1/48 | 146899 | 147828 |
| 5.00% 1/1/49 | 232468 | 236341 |
| 5.00% 2/1/49 | 74108 | 74519 |
| 5.00% 4/1/49 | 136775 | 139630 |
| 5.00% 6/1/49 | 64340 | 65294 |
| 5.00% 9/1/49 | 672690 | 683213 |
| 5.00% 12/1/49 | 670750 | 682339 |
| 5.00% 1/1/51 | 1372718 | 1391448 |
| 5.00% 6/1/52 | 349581 | 352671 |
| 5.00% 7/1/52 | 335120 | 336673 |
| 5.00% 8/1/52 | 139182 | 139697 |
| 5.00% 12/1/52 | 76086 | 76031 |
| 5.00% 1/1/53 | 405569 | 406121 |
| 5.00% 2/1/53 | 372233 | 373036 |
| 5.00% 3/1/53 | 626453 | 632608 |
| 5.00% 4/1/53 | 702858 | 709188 |
| 5.00% 5/1/53 | 397796 | 401705 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 5.00% 6/1/53 | 1582344 | $1582292 |
| 5.00% 8/1/53 | 3930630 | 3952819 |
| 5.00% 9/1/53 | 804793 | 804953 |
| 5.00% 12/1/61 | 655601 | 657038 |
| 5.21% 12/1/33 | 3077933 | 3199532 |
| 5.34% 9/1/28 | 199653 | 206434 |
| 5.50% 9/1/33 | 7879 | 7922 |
| 5.50% 5/1/34 | 123661 | 127136 |
| 5.50% 9/1/36 | 162490 | 166786 |
| 5.50% 1/1/38 | 495762 | 508783 |
| 5.50% 2/1/38 | 1775 | 1836 |
| 5.50% 3/1/38 | 1124 | 1171 |
| 5.50% 4/1/38 | 1648 | 1668 |
| 5.50% 6/1/38 | 363 | 378 |
| 5.50% 10/1/38 | 1115962 | 1145333 |
| 5.50% 1/1/39 | 192145 | 197620 |
| 5.50% 3/1/40 | 332592 | 342254 |
| 5.50% 3/1/41 | 170301 | 174918 |
| 5.50% 6/1/41 | 117078 | 122128 |
| 5.50% 7/1/41 | 372511 | 388993 |
| 5.50% 5/1/44 | 1445744 | 1512357 |
| 5.50% 8/1/52 | 939499 | 965979 |
| 5.50% 11/1/52 | 704276 | 722989 |
| 5.50% 2/1/53 | 205753 | 210709 |
| 5.50% 4/1/53 | 588509 | 602683 |
| 5.50% 5/1/53 | 999696 | 1019761 |
| 5.50% 7/1/53 | 804827 | 818637 |
| 5.50% 9/1/53 | 5345825 | 5448493 |
| 5.50% 2/1/55 | 1964678 | 1992585 |
| 5.50% 1/1/58 | 958546 | 1002263 |
| •5.99% (6 mo. USD RFUCCT <br> + 1.51%) 1/1/35<br>| 17142 | 17813 |
| 6.00% 1/1/29 | 218 | 223 |
| 6.00% 3/1/32 | 3345 | 3432 |
| 6.00% 3/1/33 | 304 | 312 |
| 6.00% 10/1/39 | 213840 | 225067 |
| 6.00% 7/1/41 | 515596 | 545015 |
| 6.00% 1/1/42 | 1110754 | 1174156 |
| 6.00% 1/1/53 | 267607 | 275270 |
| 6.00% 3/1/53 | 154860 | 161123 |
| 6.00% 5/1/53 | 1594553 | 1643937 |
| 6.00% 6/1/53 | 70397 | 72501 |
| 6.00% 7/1/53 | 2542011 | 2642085 |
| 6.00% 9/1/53 | 1318088 | 1356038 |
| 6.00% 12/1/54 | 1165122 | 1197207 |
| 6.00% 3/1/55 | 1283501 | 1318014 |
| •6.15% (1 yr. CMT + 2.15%) <br> 7/1/33<br>| 4380 | 4486 |
| •6.21% (1 yr. CMT + 2.12%) <br> 8/1/34<br>| 7990 | 8187 |
| •6.35% (1 yr. USD RFUCCT + <br> 1.61%) 1/1/34<br>| 4188 | 4279 |
| •6.41% (1 yr. CMT + 2.28%) <br> 4/1/33<br>| 5746 | 5900 |
| 6.50% 4/1/32 | 9112 | 9554 |

---

LVIP JPMorgan Core Bond Fund-14

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |
| 6.50% 10/1/35 | 42895 | $43962 |
| 6.50% 11/1/36 | 15693 | 16613 |
| 6.50% 10/1/38 | 63520 | 65904 |
| 6.50% 11/1/52 | 258562 | 272515 |
| 6.50% 1/1/53 | 1188782 | 1244131 |
| 6.50% 2/1/53 | 324246 | 338759 |
| 6.50% 9/1/53 | 529155 | 554341 |
| •6.59% (1 yr. USD RFUCCT + <br> 1.60%) 5/1/35<br>| 11930 | 12251 |
| •6.59% (1 yr. USD RFUCCT + <br> 1.74%) 10/1/34<br>| 6064 | 6193 |
| 7.00% 6/1/35 | 158232 | 167963 |
| 7.50% 3/1/30 | 3 | 3 |
| 8.00% 3/1/27 | 571 | 574 |
| 8.00% 11/1/28 | 3798 | 3886 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 2.00% 12/20/50 | 1043776 | 859079 |
| 2.00% 2/20/51 | 1078532 | 893501 |
| 2.00% 3/20/51 | 1133740 | 931219 |
| 2.50% 10/20/49 | 567919 | 492954 |
| 2.50% 12/20/50 | 811304 | 693520 |
| 2.50% 1/20/51 | 252555 | 218121 |
| 2.50% 2/20/51 | 4125488 | 3561782 |
| 2.50% 5/20/51 | 236449 | 202604 |
| 2.50% 6/20/51 | 345740 | 296466 |
| 2.50% 7/20/51 | 593073 | 511710 |
| 2.50% 8/20/51 | 7703315 | 6646085 |
| 2.50% 10/20/51 | 3836742 | 3302037 |
| 2.50% 11/20/51 | 486322 | 418881 |
| 2.50% 12/20/51 | 1858201 | 1590887 |
| 2.50% 8/20/52 | 70082 | 60750 |
| 2.50% 9/20/52 | 285927 | 246999 |
| 2.50% 2/20/53 | 668907 | 578740 |
| 2.50% 9/20/53 | 13664208 | 11805397 |
| 2.50% 10/20/53 | 3993966 | 3453179 |
| 3.00% 9/15/42 | 281892 | 259509 |
| 3.00% 10/15/42 | 22515 | 20689 |
| 3.00% 8/15/45 | 226550 | 205684 |
| 3.00% 1/20/46 | 36755 | 33545 |
| 3.00% 8/20/46 | 278269 | 253253 |
| 3.00% 11/20/46 | 144419 | 131729 |
| 3.00% 2/20/47 | 49743 | 45331 |
| 3.00% 4/20/47 | 32808 | 29881 |
| 3.00% 9/20/47 | 189389 | 172243 |
| 3.00% 1/20/50 | 576053 | 510030 |
| 3.00% 3/15/50 | 129294 | 114957 |
| 3.00% 3/20/50 | 498378 | 442769 |
| 3.00% 7/20/50 | 895805 | 805254 |
| 3.00% 8/20/50 | 291637 | 258380 |
| 3.00% 2/20/51 | 5696486 | 5125121 |
| 3.00% 5/20/51 | 53441 | 48080 |
| 3.00% 7/20/51 | 469219 | 422156 |
| 3.00% 9/20/51 | 3869177 | 3481094 |
| 3.00% 10/20/51 | 450934 | 405705 |
| 3.00% 11/20/51 | 687247 | 612011 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 3.00% 12/20/51 | 1747704 | $1572407 |
| 3.00% 1/20/52 | 707215 | 635869 |
| 3.00% 2/20/52 | 2019413 | 1803490 |
| 3.00% 3/20/52 | 7484934 | 6702607 |
| 3.00% 4/20/52 | 1458294 | 1304981 |
| 3.00% 11/20/52 | 529834 | 477041 |
| 3.00% 12/20/52 | 795680 | 716564 |
| 3.00% 1/20/53 | 367476 | 330777 |
| 3.00% 4/20/53 | 145953 | 132241 |
| 3.50% 3/20/45 | 7822 | 7294 |
| 3.50% 4/20/45 | 138795 | 129501 |
| 3.50% 11/20/45 | 156444 | 145749 |
| 3.50% 1/20/46 | 93261 | 86887 |
| 3.50% 3/20/46 | 442448 | 412208 |
| 3.50% 4/20/46 | 298223 | 277840 |
| 3.50% 5/20/46 | 121846 | 113518 |
| 3.50% 6/20/46 | 205276 | 191203 |
| 3.50% 7/20/46 | 125917 | 116493 |
| 3.50% 9/20/46 | 37628 | 35033 |
| 3.50% 9/20/47 | 1574824 | 1456831 |
| 3.50% 10/20/47 | 296784 | 272637 |
| 3.50% 9/20/48 | 4337529 | 4020979 |
| 3.50% 10/20/48 | 91372 | 84662 |
| 3.50% 11/20/48 | 899403 | 833076 |
| 3.50% 10/20/49 | 59624 | 54293 |
| 3.50% 2/20/50 | 102118 | 92990 |
| 3.50% 4/20/50 | 771017 | 699741 |
| 3.50% 5/15/50 | 189116 | 172910 |
| 3.50% 2/20/52 | 575910 | 523154 |
| 3.50% 3/20/52 | 334635 | 299743 |
| 3.50% 4/20/52 | 1937578 | 1779264 |
| 3.50% 6/20/52 | 238462 | 214186 |
| 3.50% 12/20/52 | 1201412 | 1101950 |
| 3.50% 2/20/53 | 77598 | 71361 |
| 3.75% 12/20/32 | 42881 | 42408 |
| 3.75% 4/20/48 | 1324501 | 1237975 |
| 4.00% 10/20/44 | 19896 | 19235 |
| 4.00% 8/20/46 | 373766 | 360742 |
| 4.00% 2/20/47 | 103970 | 100113 |
| 4.00% 6/20/47 | 948137 | 913816 |
| 4.00% 9/20/47 | 579565 | 558272 |
| 4.00% 11/20/47 | 298783 | 287698 |
| 4.00% 12/20/47 | 121771 | 117231 |
| 4.00% 2/20/48 | 370912 | 351993 |
| 4.00% 3/20/48 | 1273820 | 1225857 |
| 4.00% 4/20/48 | 89916 | 86275 |
| 4.00% 5/20/48 | 132664 | 127884 |
| 4.00% 8/20/48 | 357650 | 343441 |
| 4.00% 9/20/48 | 105949 | 101847 |
| 4.00% 2/20/49 | 685191 | 657120 |
| 4.00% 3/20/49 | 210535 | 201779 |
| 4.00% 4/20/49 | 176045 | 168619 |
| 4.00% 10/20/49 | 68224 | 65070 |
| 4.00% 11/20/49 | 474775 | 452828 |

---

LVIP JPMorgan Core Bond Fund-15

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| 4.00% 1/20/50 | 58169 | $54404 |
| 4.00% 2/20/50 | 358562 | 343233 |
| 4.00% 3/15/50 | 25227 | 24057 |
| 4.00% 3/20/50 | 447979 | 424599 |
| 4.00% 4/20/50 | 658327 | 622824 |
| 4.00% 2/20/52 | 861994 | 814715 |
| 4.00% 5/20/52 | 1048286 | 999253 |
| 4.00% 6/20/52 | 1065197 | 1013006 |
| 4.00% 8/20/52 | 1806296 | 1718265 |
| 4.00% 4/20/53 | 163456 | 155732 |
| 4.50% 8/20/47 | 156778 | 155903 |
| 4.50% 4/20/48 | 281950 | 279999 |
| 4.50% 5/20/48 | 14862 | 14712 |
| 4.50% 6/20/48 | 338401 | 335529 |
| 4.50% 7/20/48 | 7206 | 7146 |
| 4.50% 8/20/48 | 1236894 | 1227095 |
| 4.50% 10/20/48 | 245055 | 242899 |
| 4.50% 12/20/48 | 436650 | 432618 |
| 4.50% 1/20/49 | 492978 | 488604 |
| 4.50% 2/20/49 | 443528 | 439342 |
| 4.50% 3/20/49 | 909492 | 900908 |
| 4.50% 9/20/49 | 489329 | 490003 |
| 4.50% 2/20/50 | 884160 | 874101 |
| 4.50% 3/20/50 | 95088 | 94014 |
| 4.50% 5/20/50 | 1030761 | 1018909 |
| 4.50% 11/20/50 | 491252 | 486933 |
| 4.50% 12/20/50 | 127026 | 125573 |
| 4.50% 5/20/52 | 1853873 | 1822744 |
| 4.50% 8/20/52 | 854794 | 835616 |
| 4.50% 9/20/52 | 2011302 | 1970866 |
| 5.00% 5/20/48 | 101385 | 103077 |
| 5.00% 6/20/48 | 65908 | 66765 |
| 5.00% 9/20/48 | 126296 | 128354 |
| 5.00% 10/20/48 | 489169 | 497966 |
| 5.00% 11/20/48 | 204792 | 208086 |
| 5.00% 12/20/48 | 298967 | 303323 |
| 5.00% 1/20/49 | 351355 | 356794 |
| 5.00% 4/20/49 | 204145 | 207724 |
| 5.00% 9/20/49 | 205899 | 209339 |
| 5.00% 11/20/49 | 129949 | 132120 |
| 5.00% 1/20/50 | 181794 | 184825 |
| 5.00% 12/20/51 | 48559 | 49052 |
| 5.00% 9/20/52 | 912453 | 915795 |
| 5.00% 10/20/52 | 810727 | 812547 |
| 5.00% 11/20/52 | 1136356 | 1138207 |
| 5.00% 12/20/52 | 151086 | 151371 |
| 5.00% 1/20/53 | 2460515 | 2466747 |
| 5.00% 3/20/53 | 76949 | 76995 |
| 5.00% 5/20/53 | 385009 | 387176 |
| 5.00% 10/20/54 | 1077807 | 1078564 |
| 5.00% 6/20/63 | 591675 | 588810 |
| •5.30% (1 yr. CMT + 1.66%) <br> 4/20/72<br>| 1258901 | 1316395 |
| •5.31% (1 yr. CMT + 1.67%) <br> 4/20/72<br>| 1180466 | 1235306 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** | **AGENCY MORTGAGE-BACKED SECURITIES (continued)** |
| Government National Mortgage Association (continued) | Government National Mortgage Association (continued) | Government National Mortgage Association (continued) |
| •5.34% (1 yr. CMT + 1.70%) <br> 2/20/72<br>| 1214838 | $1270799 |
| •5.35% (1 yr. CMT + 1.71%) <br> 3/20/72<br>| 1026422 | 1075195 |
| •5.45% (1 yr. CMT + 1.83%) <br> 7/20/72<br>| 965185 | 1018595 |
| •5.46% (1 yr. CMT + 1.82%) <br> 8/20/71<br>| 1235094 | 1295801 |
| 5.50% 6/15/38 | 437089 | 462474 |
| 5.50% 7/15/38 | 386019 | 406633 |
| 5.50% 9/15/38 | 615612 | 651998 |
| 5.50% 10/15/42 | 678173 | 712609 |
| 5.50% 11/20/52 | 1228183 | 1251568 |
| 5.50% 2/20/53 | 430718 | 436253 |
| 5.50% 4/20/53 | 699403 | 699355 |
| 5.50% 5/20/53 | 1445204 | 1469609 |
| 5.50% 6/20/53 | 726040 | 740730 |
| 5.50% 7/20/53 | 1968307 | 2008132 |
| 5.50% 2/20/54 | 1065433 | 1085417 |
| 5.50% 11/20/54 | 1132750 | 1156368 |
| 6.00% 5/15/37 | 22548 | 23342 |
| 6.00% 10/15/38 | 3057 | 3179 |
| 6.00% 4/20/53 | 771286 | 794566 |
| 6.00% 5/20/53 | 1368210 | 1412442 |
| 6.00% 6/20/53 | 882052 | 908677 |
| 6.00% 6/20/63 | 545870 | 555330 |
| 6.50% 3/15/28 | 125 | 127 |
| 6.50% 12/15/38 | 8875 | 9495 |
| 7.00% 11/15/27 | 139 | 140 |
| 7.00% 6/15/28 | 337 | 339 |
| 7.00% 6/15/33 | 1763 | 1858 |
| 7.50% 12/20/26 | 40 | 40 |
| 7.50% 9/15/28 | 343 | 349 |
| 8.00% 11/20/26 | 300 | 301 |
| 8.00% 1/20/27 | 68 | 68 |
| 8.00% 10/15/27 | 332 | 335 |
| **Total Agency Mortgage-Backed Securities** <br>**(Cost $794,196,721)** | **Total Agency Mortgage-Backed Securities** <br>**(Cost $794,196,721)** | **815070122** |
| **AGENCY OBLIGATIONS–0.02%** | **AGENCY OBLIGATIONS–0.02%** | **AGENCY OBLIGATIONS–0.02%** |
| ^Federal National Mortgage <br> Association Principal <br> STRIPS 0.00% 3/23/28<br>| 630000 | 577472 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| 4.25% 9/15/65 | 101000 | 83256 |
| 4.63% 9/15/60 | 93000 | 82708 |
| 5.88% 4/1/36 | 140000 | 156361 |
| **Total Agency Obligations** <br>**(Cost $921,146)** | **Total Agency Obligations** <br>**(Cost $921,146)** | **899797** |
| **CORPORATE BONDS–23.53%** | **CORPORATE BONDS–23.53%** | **CORPORATE BONDS–23.53%** |
| **Aerospace & Defense–0.53%** | **Aerospace & Defense–0.53%** | **Aerospace & Defense–0.53%** |
| BAE Systems PLC |  |  |
| 1.90% 2/15/31 | 200000 | 177400 |
| 5.80% 10/11/41 | 51000 | 53132 |

---

LVIP JPMorgan Core Bond Fund-16

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Boeing Co. |  |  |
| 2.20% 2/4/26 | 200000 | $199619 |
| 2.70% 2/1/27 | 810000 | 798193 |
| 2.80% 3/1/27 | 240000 | 236347 |
| 3.20% 3/1/29 | 830000 | 804662 |
| 3.25% 3/1/28 | 224000 | 219850 |
| 3.75% 2/1/50 | 320000 | 232722 |
| 5.93% 5/1/60 | 560000 | 549111 |
| 6.30% 5/1/29 | 1190000 | 1263124 |
| 6.39% 5/1/31 | 675000 | 732506 |
| 6.53% 5/1/34 | 1110000 | 1228058 |
| 6.86% 5/1/54 | 2139000 | 2402393 |
| General Dynamics Corp. <br> 4.25% 4/1/40<br>| 50000 | 45822 |
| L3Harris Technologies, Inc. |  |  |
| 4.85% 4/27/35 | 440000 | 438866 |
| 5.25% 6/1/31 | 1080000 | 1123646 |
| 5.40% 7/31/33 | 297000 | 309339 |
| Lockheed Martin Corp. |  |  |
| 4.15% 6/15/53 | 1580000 | 1262731 |
| 4.50% 5/15/36 | 640000 | 627319 |
| Northrop Grumman Corp. |  |  |
| 4.75% 6/1/43 | 179000 | 164916 |
| 5.15% 5/1/40 | 140000 | 139106 |
| 5.20% 6/1/54 | 729000 | 681485 |
| 5.25% 5/1/50 | 3390000 | 3199137 |
| RTX Corp. |  |  |
| 2.25% 7/1/30 | 570000 | 524800 |
| 3.13% 7/1/50 | 1520000 | 1022975 |
| 3.75% 11/1/46 | 80000 | 61992 |
| 4.13% 11/16/28 | 980000 | 983261 |
| 4.15% 5/15/45 | 138000 | 115176 |
| 4.35% 4/15/47 | 90000 | 76268 |
| 5.15% 2/27/33 | 221000 | 228249 |
|  |  | **19902205** |
| **Agriculture–0.23%** | **Agriculture–0.23%** | **Agriculture–0.23%** |
| Altria Group, Inc. |  |  |
| 2.45% 2/4/32 | 1730000 | 1529807 |
| 3.40% 2/4/41 | 610000 | 471676 |
| BAT Capital Corp. |  |  |
| 3.56% 8/15/27 | 600000 | 595385 |
| 4.39% 8/15/37 | 250000 | 230290 |
| 4.54% 8/15/47 | 754000 | 625463 |
| BAT International Finance <br> PLC 1.67% 3/25/26<br>| 160000 | 159117 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.75% 5/14/31 | 400000 | 367276 |
| 3.20% 4/21/31 | 400000 | 376396 |
| 4.20% 9/17/29 | 1081000 | 1081614 |
| 4.65% 9/17/34 | 1228000 | 1204887 |
| 5.15% 8/4/35 | 435000 | 441874 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 5.95% 4/20/35<br>| 500000 | 525744 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| Philip Morris International, <br> Inc. 2.10% 5/1/30<br>| 810000 | $741973 |
| Reynolds American, Inc. <br> 5.85% 8/15/45<br>| 150000 | 147576 |
|  |  | **8499078** |
| **Airlines–0.34%** | **Airlines–0.34%** | **Airlines–0.34%** |
| ♦Air Canada Pass-Through <br> Trust<br>|  |  |
| 3.30% 7/15/31 | 166816 | 159421 |
| 3.55% 7/15/31 | 118696 | 113612 |
| 3.60% 9/15/28 | 52600 | 52005 |
| ♦American Airlines <br> Pass-Through Trust<br>|  |  |
| 3.00% 4/15/30 | 72857 | 70414 |
| 3.38% 11/1/28 | 758537 | 748731 |
| 3.70% 4/1/28 | 21957 | 21870 |
| 3.95% 1/11/32 | 3650000 | 3520366 |
| 4.00% 3/22/29 | 2199669 | 2160652 |
| ♦British Airways Pass-Through <br> Trust<br>|  |  |
| 3.30% 6/15/34 | 107657 | 101654 |
| 3.80% 3/20/33 | 40768 | 39991 |
| 4.13% 3/20/33 | 55119 | 53427 |
| ♦Delta Air Lines Pass-Through <br> Trust 3.63% 1/30/29<br>| 225519 | 222909 |
| Delta Air Lines, Inc./SkyMiles <br> IP Ltd. 4.75% 10/20/28<br>| 1580000 | 1589595 |
| ♦United Airlines Pass-Through <br> Trust<br>|  |  |
| 2.70% 11/1/33 | 162363 | 149013 |
| 2.88% 4/7/30 | 60221 | 58056 |
| 3.10% 4/7/30 | 192708 | 184154 |
| 3.65% 7/7/27 | 23604 | 23597 |
| 3.70% 9/1/31 | 263491 | 251515 |
| 4.00% 10/11/27 | 32168 | 32163 |
| 4.15% 2/25/33 | 177649 | 174431 |
| 4.60% 9/1/27 | 48538 | 48502 |
| 5.45% 8/15/38 | 2688012 | 2763426 |
|  |  | **12539504** |
| **Apparel–0.02%** | **Apparel–0.02%** | **Apparel–0.02%** |
| NIKE, Inc. |  |  |
| 2.75% 3/27/27 | 320000 | 316398 |
| 3.25% 3/27/40 | 330000 | 267843 |
|  |  | **584241** |
| **Auto Manufacturers–0.06%** | **Auto Manufacturers–0.06%** | **Auto Manufacturers–0.06%** |
| General Motors Financial Co., <br> Inc. 5.63% 4/4/32<br>| 263000 | 273841 |
| Hyundai Capital America |  |  |
| 1.30% 1/8/26 | 115000 | 114945 |
| 1.50% 6/15/26 | 45000 | 44477 |
| 1.80% 1/10/28 | 215000 | 205087 |
| 2.38% 10/15/27 | 130000 | 126126 |

---

LVIP JPMorgan Core Bond Fund-17

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| Hyundai Capital <br> America (continued)<br>|  |  |
| 3.00% 2/10/27 | 200000 | $197741 |
| 5.65% 6/26/26 | 1280000 | 1289200 |
| Stellantis Finance U.S., Inc. <br> 2.69% 9/15/31<br>| 200000 | 175358 |
|  |  | **2426775** |
| **Banks–9.22%** | **Banks–9.22%** | **Banks–9.22%** |
| μABN AMRO Bank NV |  |  |
| 2.47% 12/13/29 | 900000 | 857750 |
| 5.52% 12/3/35 | 2200000 | 2271836 |
| μAIB Group PLC |  |  |
| 5.32% 5/15/31 | 725000 | 748161 |
| 5.87% 3/28/35 | 2340000 | 2469525 |
| 6.61% 9/13/29 | 1490000 | 1582328 |
| Banco Nacional de Panama <br> 2.50% 8/11/30<br>| 300000 | 265764 |
| Banco Santander SA |  |  |
| μ1.72% 9/14/27 | 200000 | 196607 |
| μ4.18% 3/24/28 | 200000 | 200070 |
| 4.55% 11/6/30 | 2600000 | 2602757 |
| 5.13% 11/6/35 | 1600000 | 1599443 |
| 5.44% 7/15/31 | 600000 | 629908 |
| 5.59% 8/8/28 | 400000 | 414560 |
| 6.61% 11/7/28 | 600000 | 640032 |
| Bank of America Corp. |  |  |
| μ1.73% 7/22/27 | 235000 | 232002 |
| μ1.90% 7/23/31 | 1450000 | 1302461 |
| μ2.57% 10/20/32 | 2450000 | 2209663 |
| μ2.59% 4/29/31 | 1083000 | 1009119 |
| μ2.68% 6/19/41 | 4243000 | 3128486 |
| μ2.97% 2/4/33 | 3510000 | 3209910 |
| μ3.97% 2/7/30 | 890000 | 884989 |
| μ4.08% 3/20/51 | 3690000 | 2956574 |
| μ4.33% 3/15/50 | 720000 | 604859 |
| 5.00% 1/21/44 | 1660000 | 1600602 |
| μ5.02% 7/22/33 | 1800000 | 1835374 |
| μ5.16% 1/24/31 | 813000 | 839304 |
| μ5.51% 1/24/36 | 710000 | 740245 |
| μ5.52% 10/25/35 | 2189000 | 2242021 |
| μ5.82% 9/15/29 | 825000 | 860544 |
| μ5.87% 9/15/34 | 420000 | 448205 |
| μ6.20% 11/10/28 | 1943000 | 2018994 |
| μBank of Ireland Group PLC |  |  |
| 2.03% 9/30/27 | 206000 | 202754 |
| 5.60% 3/20/30 | 3300000 | 3427367 |
| μBank of Montreal 4.35% <br> 9/22/31<br>| 2450000 | 2446881 |
| μBank of New York Mellon <br> Corp.<br>|  |  |
| 4.94% 2/11/31 | 633000 | 650910 |
| 6.47% 10/25/34 | 980000 | 1096331 |
| Bank of Nova Scotia 4.85% <br> 2/1/30<br>| 111000 | 113597 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banque Federative du Credit <br> Mutuel SA<br>|  |  |
| 1.60% 10/4/26 | 245000 | $240696 |
| 4.94% 1/26/26 | 760000 | 760444 |
| 5.54% 1/22/30 | 1715000 | 1781724 |
| μBarclays PLC |  |  |
| 2.89% 11/24/32 | 200000 | 182239 |
| 4.94% 9/10/30 | 1262000 | 1287007 |
| 4.97% 5/16/29 | 1450000 | 1474045 |
| 5.37% 2/25/31 | 935000 | 966387 |
| 5.79% 2/25/36 | 885000 | 926406 |
| 6.22% 5/9/34 | 853000 | 917235 |
| 6.50% 9/13/27 | 750000 | 761661 |
| BNP Paribas SA |  |  |
| μ3.13% 1/20/33 | 320000 | 291862 |
| 4.40% 8/14/28 | 1360000 | 1362661 |
| μ5.13% 1/13/29 | 2720000 | 2769965 |
| μ5.20% 1/10/30 | 960000 | 982540 |
| μ5.28% 11/19/30 | 2945000 | 3031435 |
| μ5.50% 5/20/30 | 635000 | 656882 |
| μ5.79% 1/13/33 | 4655000 | 4886515 |
| μBPCE SA |  |  |
| 2.28% 1/20/32 | 250000 | 221510 |
| 5.39% 5/28/31 | 2820000 | 2894648 |
| 5.94% 5/30/35 | 1942000 | 2025245 |
| 5.98% 1/18/27 | 250000 | 250150 |
| 6.03% 5/28/36 | 3385000 | 3549813 |
| 6.29% 1/14/36 | 6165000 | 6579936 |
| 6.71% 10/19/29 | 1500000 | 1591240 |
| 7.00% 10/19/34 | 975000 | 1085596 |
| μCaixaBank SA |  |  |
| 5.58% 7/3/36 | 6516000 | 6694863 |
| 5.67% 3/15/30 | 427000 | 443236 |
| 6.04% 6/15/35 | 2135000 | 2275464 |
| 6.84% 9/13/34 | 1064000 | 1186653 |
| Citibank NA |  |  |
| 5.44% 4/30/26 | 423000 | 424612 |
| 5.49% 12/4/26 | 1071000 | 1085144 |
| Citigroup, Inc. |  |  |
| μ2.56% 5/1/32 | 625000 | 567204 |
| μ2.57% 6/3/31 | 3210000 | 2974167 |
| μ2.90% 11/3/42 | 75000 | 55439 |
| μ3.06% 1/25/33 | 221000 | 202450 |
| μ3.52% 10/27/28 | 75000 | 74328 |
| μ3.67% 7/24/28 | 605000 | 601152 |
| μ3.79% 3/17/33 | 1250000 | 1191848 |
| μ4.08% 4/23/29 | 74000 | 73949 |
| μ4.50% 9/11/31 | 395000 | 396222 |
| μ4.54% 9/19/30 | 1664000 | 1677232 |
| 4.65% 7/23/48 | 1540000 | 1358392 |
| μ4.66% 5/24/28 | 300000 | 302522 |
| μ4.91% 5/24/33 | 1990000 | 2013849 |
| μ5.17% 9/11/36 | 1060000 | 1069908 |
| μ5.33% 3/27/36 | 1600000 | 1636720 |
| μ5.61% 3/4/56 | 503000 | 500859 |

---

LVIP JPMorgan Core Bond Fund-18

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. (continued) |  |  |
| 8.13% 7/15/39 | 50000 | $64104 |
| μCooperatieve Rabobank UA |  |  |
| 3.65% 4/6/28 | 600000 | 596954 |
| 3.76% 4/6/33 | 500000 | 473405 |
| 4.99% 5/27/31 | 1955000 | 2000009 |
| μCredit Agricole SA |  |  |
| 4.82% 9/25/33 | 585000 | 584235 |
| 5.22% 5/27/31 | 919000 | 943461 |
| 5.23% 1/9/29 | 824000 | 841391 |
| 5.86% 1/9/36 | 5900000 | 6223411 |
| μDanske Bank AS |  |  |
| 4.42% 9/12/31 | 1355000 | 1347687 |
| 4.61% 10/2/30 | 1054000 | 1062773 |
| 5.02% 3/4/31 | 1425000 | 1455281 |
| 5.71% 3/1/30 | 970000 | 1007831 |
| Deutsche Bank AG |  |  |
| μ2.55% 1/7/28 | 350000 | 344208 |
| μ4.47% 12/10/31 | 720000 | 717548 |
| μ4.95% 8/4/31 | 1100000 | 1111121 |
| μ5.00% 9/11/30 | 520000 | 527984 |
| μ5.30% 5/9/31 | 4127000 | 4228385 |
| μ5.37% 1/10/29 | 4145000 | 4229852 |
| μ5.40% 9/11/35 | 535000 | 545713 |
| 5.41% 5/10/29 | 985000 | 1024024 |
| μ6.72% 1/18/29 | 786000 | 822895 |
| μ6.82% 11/20/29 | 2159000 | 2302125 |
| μ7.15% 7/13/27 | 478000 | 485295 |
| μDNB Bank ASA 1.61% 3/30/28 | 325000 | 315590 |
| Goldman Sachs Group, Inc. |  |  |
| μ1.95% 10/21/27 | 195000 | 191702 |
| μ2.38% 7/21/32 | 95000 | 85083 |
| 2.60% 2/7/30 | 400000 | 375868 |
| μ2.64% 2/24/28 | 301000 | 296305 |
| μ2.65% 10/21/32 | 1120000 | 1010939 |
| μ2.91% 7/21/42 | 580000 | 425350 |
| μ3.10% 2/24/33 | 1511000 | 1391972 |
| μ3.21% 4/22/42 | 250000 | 193172 |
| μ3.62% 3/15/28 | 270000 | 268501 |
| μ3.81% 4/23/29 | 45000 | 44736 |
| μ4.02% 10/31/38 | 400000 | 359678 |
| μ4.22% 5/1/29 | 1780000 | 1783703 |
| μ4.41% 4/23/39 | 215000 | 198634 |
| 4.75% 10/21/45 | 810000 | 733972 |
| μ4.94% 10/21/36 | 680000 | 675051 |
| μ5.02% 10/23/35 | 887000 | 891748 |
| μ5.22% 4/23/31 | 1398000 | 1443921 |
| μ5.33% 7/23/35 | 1345000 | 1381931 |
| μ5.54% 1/28/36 | 3000000 | 3113629 |
| μ5.56% 11/19/45 | 738000 | 738235 |
| μ5.73% 1/28/56 | 850000 | 859090 |
| μ5.85% 4/25/35 | 2780000 | 2955583 |
| 6.25% 2/1/41 | 1260000 | 1379596 |
| μ6.48% 10/24/29 | 2096000 | 2222779 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μHSBC Holdings PLC |  |  |
| 2.21% 8/17/29 | 200000 | $190215 |
| 2.36% 8/18/31 | 300000 | 272863 |
| 2.87% 11/22/32 | 1985000 | 1803073 |
| 3.97% 5/22/30 | 1740000 | 1718851 |
| 4.62% 11/6/31 | 1095000 | 1098377 |
| 5.13% 3/3/31 | 845000 | 865994 |
| 5.13% 11/6/36 | 1450000 | 1453966 |
| 5.24% 5/13/31 | 2010000 | 2070856 |
| 5.29% 11/19/30 | 2090000 | 2156419 |
| 6.33% 3/9/44 | 200000 | 219060 |
| μHuntington Bancshares, Inc. |  |  |
| 5.27% 1/15/31 | 780000 | 802583 |
| 6.21% 8/21/29 | 712000 | 746748 |
| ING Groep NV 3.95% 3/29/27 | 200000 | 199889 |
| μKBC Group NV |  |  |
| 4.45% 9/23/31 | 4800000 | 4787709 |
| 4.93% 10/16/30 | 670000 | 682534 |
| 6.32% 9/21/34 | 520000 | 567043 |
| μKeyCorp |  |  |
| 4.79% 6/1/33 | 55000 | 54971 |
| 5.12% 4/4/31 | 1465000 | 1504575 |
| μLloyds Banking Group PLC |  |  |
| 1.63% 5/11/27 | 245000 | 242768 |
| 4.94% 11/4/36 | 2720000 | 2691086 |
| 5.46% 1/5/28 | 1180000 | 1195858 |
| 5.68% 1/5/35 | 1285000 | 1352842 |
| 5.72% 6/5/30 | 420000 | 440180 |
| μM&T Bank Corp. 5.18% 7/8/31 | 2565000 | 2633291 |
| μMitsubishi UFJ Financial <br> Group, Inc.<br>|  |  |
| 1.54% 7/20/27 | 220000 | 216921 |
| 4.08% 4/19/28 | 590000 | 590218 |
| 5.16% 4/24/31 | 200000 | 206121 |
| 5.19% 9/12/36 | 2380000 | 2418101 |
| μMizuho Financial Group, Inc. |  |  |
| 1.23% 5/22/27 | 255000 | 252176 |
| 2.87% 9/13/30 | 220000 | 208989 |
| 4.71% 7/8/31 | 1965000 | 1990371 |
| 5.32% 7/8/36 | 4255000 | 4371000 |
| 5.74% 5/27/31 | 400000 | 421040 |
| Morgan Stanley |  |  |
| μ1.79% 2/13/32 | 280000 | 245910 |
| μ2.48% 1/21/28 | 39000 | 38357 |
| μ2.70% 1/22/31 | 1740000 | 1632114 |
| μ3.22% 4/22/42 | 265000 | 207629 |
| μ3.62% 4/1/31 | 3530000 | 3429834 |
| 4.30% 1/27/45 | 85000 | 73562 |
| μ4.36% 10/22/31 | 1395000 | 1390421 |
| μ4.43% 1/23/30 | 209000 | 210158 |
| μ4.89% 10/22/36 | 1175000 | 1164598 |
| μ5.04% 7/19/30 | 870000 | 891999 |
| μ5.16% 4/20/29 | 1605000 | 1641128 |
| μ5.17% 1/16/30 | 100000 | 102657 |
| μ5.19% 4/17/31 | 132000 | 136102 |

---

LVIP JPMorgan Core Bond Fund-19

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley (continued) |  |  |
| μ5.32% 7/19/35 | 1180000 | $1214694 |
| μ5.42% 7/21/34 | 120000 | 124838 |
| μ5.45% 7/20/29 | 175000 | 180591 |
| μ5.59% 1/18/36 | 1955000 | 2042946 |
| μ5.66% 4/17/36 | 477000 | 500690 |
| μ5.83% 4/19/35 | 1271000 | 1350637 |
| μ6.30% 10/18/28 | 1061000 | 1102184 |
| μ6.41% 11/1/29 | 669000 | 709079 |
| Morgan Stanley Bank NA <br> 4.75% 4/21/26<br>| 285000 | 285538 |
| μMorgan Stanley Private Bank <br> NA 4.73% 7/18/31<br>| 393000 | 398383 |
| NatWest Group PLC |  |  |
| 4.80% 4/5/26 | 283000 | 283703 |
| μ4.89% 5/18/29 | 1660000 | 1687924 |
| μ4.96% 8/15/30 | 1000000 | 1020570 |
| μ5.08% 1/27/30 | 215000 | 219752 |
| μ5.12% 5/23/31 | 690000 | 708287 |
| μ5.78% 3/1/35 | 7450000 | 7877348 |
| μ5.81% 9/13/29 | 440000 | 458331 |
| μ5.85% 3/2/27 | 830000 | 832220 |
| NatWest Markets PLC 5.41% <br> 5/17/29<br>| 345000 | 357924 |
| Norinchukin Bank 5.36% <br> 9/9/35<br>| 3200000 | 3244040 |
| μPNC Financial Services <br> Group, Inc.<br>|  |  |
| 4.81% 10/21/32 | 1030000 | 1048205 |
| 5.07% 1/24/34 | 361000 | 369348 |
| 5.37% 7/21/36 | 2483000 | 2553728 |
| 5.58% 1/29/36 | 430000 | 448327 |
| 5.68% 1/22/35 | 459000 | 483845 |
| 6.88% 10/20/34 | 671000 | 759322 |
| Royal Bank of Canada 3.88% <br> 5/4/32<br>| 1930000 | 1874693 |
| μSantander Holdings USA, Inc. <br> 6.17% 1/9/30<br>| 1460000 | 1521644 |
| μSantander U.K. Group <br> Holdings PLC<br>|  |  |
| 1.67% 6/14/27 | 220000 | 217541 |
| 4.86% 9/11/30 | 2415000 | 2443846 |
| 5.69% 4/15/31 | 3015000 | 3143340 |
| 6.53% 1/10/29 | 470000 | 491044 |
| Skandinaviska Enskilda <br> Banken AB<br>|  |  |
| 4.50% 9/3/30 | 1660000 | 1666934 |
| 5.38% 3/5/29 | 1630000 | 1685011 |
| Societe Generale SA |  |  |
| μ1.79% 6/9/27 | 215000 | 212707 |
| μ2.89% 6/9/32 | 500000 | 452514 |
| μ3.34% 1/21/33 | 3970000 | 3621090 |
| 5.25% 2/19/27 | 1208000 | 1221728 |
| μ5.44% 10/3/36 | 1000000 | 1002174 |
| μ5.51% 5/22/31 | 4286000 | 4417665 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Societe Generale <br> SA (continued)<br>|  |  |
| μ6.10% 4/13/33 | 4045000 | $4274025 |
| μStandard Chartered PLC |  |  |
| 5.01% 10/15/30 | 478000 | 488006 |
| 5.69% 5/14/28 | 693000 | 707149 |
| State Street Corp. |  |  |
| μ4.78% 10/23/36 | 925000 | 920187 |
| μ4.82% 1/26/34 | 200000 | 202590 |
| 4.83% 4/24/30 | 370000 | 380926 |
| 4.99% 3/18/27 | 682000 | 691132 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>|  |  |
| 3.01% 10/19/26 | 25000 | 24820 |
| 3.04% 7/16/29 | 345000 | 331438 |
| μ4.95% 7/8/33 | 1500000 | 1527396 |
| 5.24% 4/15/30 | 400000 | 414839 |
| 5.71% 1/13/30 | 370000 | 389769 |
| 5.72% 9/14/28 | 310000 | 322874 |
| Sumitomo Mitsui Trust Bank <br> Ltd. 1.55% 3/25/26<br>| 403000 | 400786 |
| Toronto-Dominion Bank |  |  |
| 4.46% 6/8/32 | 1180000 | 1177711 |
| 5.16% 1/10/28 | 240000 | 245433 |
| 5.30% 1/30/32 | 1280000 | 1336784 |
| μTruist Bank 4.63% 9/17/29 | 1905000 | 1910901 |
| μTruist Financial Corp. |  |  |
| 4.96% 10/23/36 | 2405000 | 2379380 |
| 5.07% 5/20/31 | 1440000 | 1479326 |
| 5.71% 1/24/35 | 800000 | 841536 |
| 6.05% 6/8/27 | 2000000 | 2016093 |
| 7.16% 10/30/29 | 1080000 | 1165079 |
| μU.S. Bancorp |  |  |
| 2.22% 1/27/28 | 130000 | 127679 |
| 4.65% 2/1/29 | 1407000 | 1424587 |
| 5.05% 2/12/31 | 634000 | 651214 |
| 5.38% 1/23/30 | 217000 | 224744 |
| 5.42% 2/12/36 | 2086000 | 2168043 |
| 5.68% 1/23/35 | 482000 | 508945 |
| 5.78% 6/12/29 | 840000 | 873099 |
| 5.84% 6/12/34 | 330000 | 352074 |
| 6.79% 10/26/27 | 325000 | 332104 |
| μU.S. Bank NA 4.73% 5/15/28 | 592000 | 597977 |
| UBS AG 4.50% 6/26/48 | 200000 | 174356 |
| μUBS Group AG |  |  |
| 2.75% 2/11/33 | 440000 | 394561 |
| 3.09% 5/14/32 | 840000 | 779329 |
| 3.87% 1/12/29 | 250000 | 248589 |
| 4.19% 4/1/31 | 1280000 | 1267800 |
| 4.40% 9/23/31 | 475000 | 472690 |
| 4.75% 5/12/28 | 1320000 | 1330676 |
| 4.84% 11/6/33 | 2730000 | 2732619 |
| 5.01% 3/23/37 | 2010000 | 1992271 |
| 5.58% 5/9/36 | 642000 | 667582 |
| 6.30% 9/22/34 | 539000 | 587967 |

---

LVIP JPMorgan Core Bond Fund-20

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| μUniCredit SpA 1.98% 6/3/27 | 200000 | $198156 |
| Wells Fargo & Co. |  |  |
| μ2.39% 6/2/28 | 750000 | 732820 |
| μ2.88% 10/30/30 | 1390000 | 1322297 |
| 3.00% 10/23/26 | 1060000 | 1052249 |
| μ3.35% 3/2/33 | 1070000 | 998670 |
| 4.15% 1/24/29 | 1290000 | 1292991 |
| μ4.48% 4/4/31 | 1230000 | 1238128 |
| μ4.90% 7/25/33 | 269000 | 273184 |
| μ5.01% 4/4/51 | 7300000 | 6671187 |
| μ5.15% 4/23/31 | 671000 | 692608 |
| μ5.21% 12/3/35 | 1320000 | 1348421 |
| μ5.24% 1/24/31 | 489000 | 506369 |
| μ5.39% 4/24/34 | 325000 | 338140 |
| μ5.50% 1/23/35 | 4860000 | 5070779 |
| μ5.56% 7/25/34 | 310000 | 325008 |
| μ5.57% 7/25/29 | 276000 | 285902 |
| μ5.61% 4/23/36 | 913000 | 956926 |
| Westpac New Zealand Ltd. <br> 4.90% 2/15/28<br>| 560000 | 570094 |
|  |  | **344337005** |
| **Beverages–0.08%** | **Beverages–0.08%** | **Beverages–0.08%** |
| Anheuser-Busch InBev <br> Worldwide, Inc. 5.55% <br> 1/23/49<br>| 1610000 | 1606476 |
| Coca-Cola Femsa SAB de CV <br> 1.85% 9/1/32<br>| 215000 | 181589 |
| Constellation Brands, Inc. |  |  |
| 2.25% 8/1/31 | 100000 | 88731 |
| 2.88% 5/1/30 | 420000 | 395142 |
| 4.35% 5/9/27 | 490000 | 491812 |
| 4.50% 5/9/47 | 65000 | 54343 |
| 4.75% 5/9/32 | 20000 | 20084 |
| 5.25% 11/15/48 | 25000 | 23119 |
|  |  | **2861296** |
| **Biotechnology–0.16%** | **Biotechnology–0.16%** | **Biotechnology–0.16%** |
| Amgen, Inc. |  |  |
| 1.65% 8/15/28 | 120000 | 113105 |
| 3.15% 2/21/40 | 428000 | 337337 |
| 4.66% 6/15/51 | 300000 | 256678 |
| 5.60% 3/2/43 | 390000 | 392165 |
| 5.65% 3/2/53 | 1275000 | 1248477 |
| Baxalta, Inc. 5.25% 6/23/45 | 3000 | 2863 |
| Biogen, Inc. 5.75% 5/15/35 | 1100000 | 1157791 |
| Gilead Sciences, Inc. |  |  |
| 2.60% 10/1/40 | 2386000 | 1765092 |
| 3.65% 3/1/26 | 160000 | 159929 |
| Regeneron Pharmaceuticals, <br> Inc. 1.75% 9/15/30<br>| 460000 | 410374 |
|  |  | **5843811** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Building Materials–0.01%** | **Building Materials–0.01%** | **Building Materials–0.01%** |
| Carrier Global Corp. 3.58% <br> 4/5/50<br>| 24000 | $17669 |
| Masco Corp. |  |  |
| 2.00% 10/1/30 | 56000 | 49966 |
| 6.50% 8/15/32 | 80000 | 87412 |
| Trane Technologies Financing <br> Ltd. 5.25% 3/3/33<br>| 150000 | 156213 |
|  |  | **311260** |
| **Chemicals–0.16%** | **Chemicals–0.16%** | **Chemicals–0.16%** |
| CF Industries, Inc. 5.30% <br> 11/26/35<br>| 740000 | 737436 |
| DuPont de Nemours, Inc. |  |  |
| 5.32% 11/15/38 | 626000 | 627310 |
| 5.42% 11/15/48 | 139000 | 132184 |
| EIDP, Inc. 5.13% 5/15/32 | 2120000 | 2175155 |
| International Flavors & <br> Fragrances, Inc. 2.30% <br> 11/1/30<br>| 2220000 | 2003111 |
| Ma'aden Sukuk Ltd. 5.25% <br> 2/13/30<br>| 297000 | 304741 |
|  |  | **5979937** |
| **Commercial Services–0.39%** | **Commercial Services–0.39%** | **Commercial Services–0.39%** |
| DP World Ltd. |  |  |
| 4.70% 9/30/49 | 1030000 | 889764 |
| 5.63% 9/25/48 | 3080000 | 3018758 |
| Element Fleet Management <br> Corp.<br>|  |  |
| 5.04% 3/25/30 | 1825000 | 1865177 |
| 6.27% 6/26/26 | 235000 | 237082 |
| 6.32% 12/4/28 | 990000 | 1044107 |
| ERAC USA Finance LLC |  |  |
| 5.63% 3/15/42 | 12000 | 12154 |
| 7.00% 10/15/37 | 160000 | 185303 |
| Ford Foundation 2.82% <br> 6/1/70<br>| 90000 | 50739 |
| Global Payments, Inc. |  |  |
| 2.90% 5/15/30 | 48000 | 44527 |
| 2.90% 11/15/31 | 92000 | 82452 |
| 3.20% 8/15/29 | 236000 | 225036 |
| 5.30% 8/15/29 | 91000 | 93077 |
| 5.55% 11/15/35 | 4050000 | 4025425 |
| Pepperdine University 3.30% <br> 12/1/59<br>| 110000 | 69660 |
| Quanta Services, Inc. |  |  |
| 2.35% 1/15/32 | 270000 | 237787 |
| 2.90% 10/1/30 | 360000 | 336947 |
| 5.10% 8/9/35 | 1830000 | 1833917 |
| University of Miami 4.06% <br> 4/1/52<br>| 120000 | 96118 |
| University of Southern <br> California 3.23% 10/1/20<br>| 110000 | 63389 |
|  |  | **14411419** |

---

LVIP JPMorgan Core Bond Fund-21

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Computers–0.37%** | **Computers–0.37%** | **Computers–0.37%** |
| Accenture Capital, Inc. |  |  |
| 4.05% 10/4/29 | 435000 | $436576 |
| 4.25% 10/4/31 | 3313000 | 3315598 |
| 4.50% 10/4/34 | 1637000 | 1613698 |
| Apple, Inc. |  |  |
| 2.70% 8/5/51 | 965000 | 600625 |
| 3.45% 2/9/45 | 82000 | 63586 |
| 3.75% 9/12/47 | 140000 | 110591 |
| CGI, Inc. 2.30% 9/14/31 | 370000 | 327907 |
| Dell International LLC/EMC <br> Corp.<br>|  |  |
| 4.90% 10/1/26 | 292000 | 293355 |
| 5.25% 2/1/28 | 287000 | 293466 |
| 5.30% 4/1/32 | 3180000 | 3270693 |
| 6.02% 6/15/26 | 26000 | 26114 |
| Leidos, Inc. |  |  |
| 2.30% 2/15/31 | 1370000 | 1232647 |
| 5.40% 3/15/32 | 862000 | 896573 |
| 5.50% 3/15/35 | 1173000 | 1219037 |
| 5.75% 3/15/33 | 150000 | 158936 |
|  |  | **13859402** |
| **Cosmetics & Personal Care–0.06%** | **Cosmetics & Personal Care–0.06%** | **Cosmetics & Personal Care–0.06%** |
| Haleon U.S. Capital LLC |  |  |
| 3.38% 3/24/27 | 590000 | 585672 |
| 3.63% 3/24/32 | 640000 | 608827 |
| Kenvue, Inc. 4.90% 3/22/33 | 930000 | 948980 |
|  |  | **2143479** |
| **Distribution/Wholesale–0.00%** | **Distribution/Wholesale–0.00%** | **Distribution/Wholesale–0.00%** |
| WW Grainger, Inc. 4.60% <br> 6/15/45<br>| 77000 | 69495 |
|  |  | **69495** |
| **Diversified Financial Services–1.02%** | **Diversified Financial Services–1.02%** | **Diversified Financial Services–1.02%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust<br>|  |  |
| 2.45% 10/29/26 | 2140000 | 2110913 |
| 3.00% 10/29/28 | 1771000 | 1716964 |
| 3.30% 1/30/32 | 4205000 | 3882558 |
| 5.00% 11/15/35 | 480000 | 474261 |
| 5.10% 1/19/29 | 364000 | 372115 |
| 6.10% 1/15/27 | 440000 | 448319 |
| Air Lease Corp. |  |  |
| 2.88% 1/15/26 | 1958000 | 1956944 |
| 3.00% 2/1/30 | 799000 | 748969 |
| 4.63% 10/1/28 | 286000 | 287083 |
| 5.10% 3/1/29 | 207000 | 210164 |
| Aircastle Ltd./Aircastle <br> Ireland DAC<br>|  |  |
| 5.00% 9/15/30 | 709000 | 715556 |
| 5.25% 3/15/30 | 1080000 | 1102542 |
| μAmerican Express Co. |  |  |
| 4.80% 10/24/36 | 1670000 | 1649022 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| μAmerican Express <br> Co. (continued)<br>|  |  |
| 4.92% 7/20/33 | 770000 | $783626 |
| 5.10% 2/16/28 | 1300000 | 1315100 |
| 5.44% 1/30/36 | 1275000 | 1324304 |
| Aviation Capital Group LLC |  |  |
| 3.50% 11/1/27 | 1376000 | 1354940 |
| 4.80% 10/24/30 | 1412000 | 1412534 |
| 5.13% 4/10/30 | 1120000 | 1137180 |
| 5.38% 7/15/29 | 607000 | 621371 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.13% 2/21/26 | 160000 | 159478 |
| 2.53% 11/18/27 | 395000 | 382941 |
| 4.25% 4/15/26 | 245000 | 244941 |
| 4.38% 5/1/26 | 1525000 | 1525465 |
| 4.70% 1/30/31 | 1270000 | 1261825 |
| 4.95% 1/15/28 | 1316000 | 1331430 |
| 5.15% 1/15/30 | 1750000 | 1778661 |
| Blackstone Holdings Finance <br> Co. LLC 4.45% 7/15/45<br>| 21000 | 18121 |
| μCapital One Financial Corp. |  |  |
| 1.88% 11/2/27 | 74000 | 72606 |
| 2.62% 11/2/32 | 235000 | 210599 |
| 5.20% 9/11/36 | 1815000 | 1805845 |
| 5.70% 2/1/30 | 990000 | 1029304 |
| Intercontinental Exchange, <br> Inc. 4.25% 9/21/48<br>| 230000 | 191660 |
| LSEG Finance PLC 2.00% <br> 4/6/28<br>| 475000 | 454373 |
| Macquarie Airfinance <br> Holdings Ltd.<br>|  |  |
| 5.15% 3/17/30 | 1297000 | 1314795 |
| 5.20% 3/27/28 | 770000 | 781626 |
| Mitsubishi HC Finance <br> America LLC 5.81% 9/12/28<br>| 210000 | 218009 |
| Nasdaq, Inc. 5.55% 2/15/34 | 109000 | 114465 |
| Nomura Holdings, Inc. |  |  |
| 2.68% 7/16/30 | 200000 | 184882 |
| 6.07% 7/12/28 | 800000 | 834348 |
| Nuveen LLC 4.00% 11/1/28 | 160000 | 160026 |
| OneSky Loan Trust 3.88% <br> 1/15/31<br>| 517047 | 499467 |
|  |  | **38199332** |
| **Electric–2.35%** | **Electric–2.35%** | **Electric–2.35%** |
| AEP Texas, Inc. |  |  |
| 3.45% 1/15/50 | 156000 | 106520 |
| 4.15% 5/1/49 | 133000 | 102243 |
| 5.40% 6/1/33 | 219000 | 226093 |
| AEP Transmission Co. LLC <br> 3.15% 9/15/49<br>| 35000 | 23660 |
| AES Corp. 5.80% 3/15/32 | 1600000 | 1640782 |
| Alabama Power Co. 6.13% <br> 5/15/38<br>| 62000 | 67411 |

---

LVIP JPMorgan Core Bond Fund-22

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Ameren Illinois Co. 3.25% <br> 3/15/50<br>| 185000 | $126798 |
| American Electric Power Co., <br> Inc. 2.30% 3/1/30<br>| 260000 | 240249 |
| American Transmission <br> Systems, Inc. 2.65% 1/15/32<br>| 240000 | 215950 |
| Appalachian Power Co. 3.70% <br> 5/1/50<br>| 209000 | 151600 |
| Atlantic City Electric Co. <br> 4.00% 10/15/28<br>| 147000 | 147211 |
| Baltimore Gas & Electric Co. |  |  |
| 2.90% 6/15/50 | 110000 | 70361 |
| 5.40% 6/1/53 | 385000 | 370159 |
| 5.65% 6/1/54 | 850000 | 844012 |
| Berkshire Hathaway Energy <br> Co. 2.85% 5/15/51<br>| 923000 | 572556 |
| CenterPoint Energy Houston <br> Electric LLC<br>|  |  |
| 2.90% 7/1/50 | 200000 | 128823 |
| 3.95% 3/1/48 | 10000 | 7955 |
| CenterPoint Energy, Inc. <br> 1.45% 6/1/26<br>| 230000 | 227524 |
| Chile Electricity Lux MPC II <br> SARL 5.58% 10/20/35<br>| 591391 | 606066 |
| Chile Electricity Lux MPC <br> SARL 6.01% 1/20/33<br>| 267605 | 280828 |
| Cleveland Electric <br> Illuminating Co.<br>|  |  |
| 3.50% 4/1/28 | 325000 | 319644 |
| 4.55% 11/15/30 | 65000 | 64649 |
| CMS Energy Corp. 2.95% <br> 2/15/27<br>| 47000 | 46366 |
| Commonwealth Edison Co. <br> 3.65% 6/15/46<br>| 30000 | 22919 |
| Consolidated Edison Co. of <br> New York, Inc.<br>|  |  |
| 3.35% 4/1/30 | 250000 | 242099 |
| 3.95% 4/1/50 | 200000 | 155719 |
| 4.50% 5/15/58 | 54000 | 44182 |
| 5.70% 6/15/40 | 38000 | 39582 |
| Constellation Energy <br> Generation LLC<br>|  |  |
| 5.60% 6/15/42 | 2500000 | 2507514 |
| 5.75% 10/1/41 | 1144000 | 1166096 |
| 5.75% 3/15/54 | 698000 | 692596 |
| 5.80% 3/1/33 | 66000 | 70434 |
| 6.25% 10/1/39 | 100000 | 108346 |
| 6.50% 10/1/53 | 330000 | 359526 |
| Delmarva Power & Light Co. <br> 4.15% 5/15/45<br>| 50000 | 42123 |
| DTE Electric Co. |  |  |
| 3.65% 3/1/52 | 226000 | 166382 |
| 5.40% 4/1/53 | 185000 | 179529 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| DTE Electric Securitization <br> Funding II LLC 6.09% <br> 9/1/38<br>| 950000 | $1026349 |
| DTE Energy Co. |  |  |
| 4.88% 6/1/28 | 350000 | 356062 |
| 5.10% 3/1/29 | 614000 | 629194 |
| Duke Energy Carolinas LLC <br> 4.95% 1/15/33<br>| 2444000 | 2517260 |
| Duke Energy Corp. |  |  |
| 2.65% 9/1/26 | 100000 | 99147 |
| 3.15% 8/15/27 | 240000 | 237007 |
| 5.70% 9/15/55 | 1310000 | 1272868 |
| 5.80% 6/15/54 | 1500000 | 1483182 |
| 6.10% 9/15/53 | 880000 | 911530 |
| Duke Energy Ohio, Inc. 3.70% <br> 6/15/46<br>| 46000 | 35018 |
| Duke Energy Progress LLC <br> 3.70% 10/15/46<br>| 54000 | 41156 |
| Duquesne Light Holdings, <br> Inc.<br>|  |  |
| 2.53% 10/1/30 | 210000 | 190773 |
| 3.62% 8/1/27 | 160000 | 157777 |
| Electricite de France SA <br> 5.95% 4/22/34<br>| 960000 | 1020346 |
| Emera U.S. Finance LP 4.75% <br> 6/15/46<br>| 130000 | 110957 |
| Enel Finance International <br> NV 5.00% 9/30/35<br>| 1740000 | 1728314 |
| Entergy Arkansas LLC 4.20% <br> 4/1/49<br>| 906000 | 731358 |
| Entergy Corp. 2.95% 9/1/26 | 21000 | 20844 |
| Entergy Louisiana LLC |  |  |
| 2.40% 10/1/26 | 59000 | 58414 |
| 2.90% 3/15/51 | 130000 | 81396 |
| 3.05% 6/1/31 | 38000 | 35626 |
| 4.00% 3/15/33 | 40000 | 38556 |
| 5.80% 3/15/55 | 2355000 | 2366678 |
| Entergy Mississippi LLC <br> 3.85% 6/1/49<br>| 135000 | 102936 |
| Entergy Texas, Inc. |  |  |
| 3.55% 9/30/49 | 309000 | 220299 |
| 5.80% 9/1/53 | 100000 | 99785 |
| Evergy Metro, Inc. |  |  |
| 4.20% 3/15/48 | 50000 | 40863 |
| 5.40% 4/1/34 | 80000 | 83223 |
| Evergy Missouri West Storm <br> Funding I LLC 5.10% <br> 12/1/40<br>| 1401881 | 1437647 |
| Evergy, Inc. 2.90% 9/15/29 | 90000 | 85761 |
| Eversource Energy 3.38% <br> 3/1/32<br>| 310000 | 286664 |
| Exelon Corp. |  |  |
| 5.30% 3/15/33 | 300000 | 311502 |
| 5.45% 3/15/34 | 1140000 | 1185279 |

---

LVIP JPMorgan Core Bond Fund-23

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Fells Point Funding Trust <br> 3.05% 1/31/27<br>| 1585000 | $1565848 |
| FirstEnergy Corp. 3.90% <br> 7/15/27<br>| 1610000 | 1603577 |
| FirstEnergy Pennsylvania <br> Electric Co. 3.25% 3/15/28<br>| 19000 | 18617 |
| Florida Power & Light Co. |  |  |
| 5.30% 4/1/53 | 210000 | 201102 |
| 5.40% 9/1/35 | 50000 | 51853 |
| 5.80% 3/15/65 | 880000 | 893945 |
| Fortis, Inc. 3.06% 10/4/26 | 85000 | 84298 |
| ITC Holdings Corp. |  |  |
| 2.95% 5/14/30 | 100000 | 94389 |
| 5.30% 7/1/43 | 1405000 | 1352531 |
| Jersey Central Power & Light <br> Co.<br>|  |  |
| 5.10% 1/15/35 | 430000 | 434830 |
| 6.15% 6/1/37 | 30000 | 32447 |
| Massachusetts Electric Co. <br> 4.00% 8/15/46<br>| 56000 | 44172 |
| MidAmerican Energy Co. |  |  |
| 3.65% 4/15/29 | 820000 | 810273 |
| 5.85% 9/15/54 | 220000 | 226315 |
| Monongahela Power Co. <br> 5.85% 2/15/34<br>| 140000 | 147954 |
| Nevada Power Co. |  |  |
| 3.70% 5/1/29 | 100000 | 98496 |
| 6.00% 3/15/54 | 160000 | 163934 |
| New England Power Co. 3.80% <br> 12/5/47<br>| 45000 | 34463 |
| New York State Electric & <br> Gas Corp. 3.25% 12/1/26<br>| 50000 | 49634 |
| NextEra Energy Capital <br> Holdings, Inc.<br>|  |  |
| 3.55% 5/1/27 | 27000 | 26839 |
| 5.25% 2/28/53 | 170000 | 158263 |
| 5.55% 3/15/54 | 2836000 | 2739282 |
| Niagara Mohawk Power Corp. |  |  |
| 1.96% 6/27/30 | 250000 | 226032 |
| 6.00% 7/3/55 | 820000 | 830651 |
| NRG Energy, Inc. |  |  |
| 2.45% 12/2/27 | 210000 | 202938 |
| 4.45% 6/15/29 | 110000 | 109514 |
| 4.73% 10/15/30 | 3405000 | 3409314 |
| Ohio Power Co. 5.00% 6/1/33 | 345000 | 349557 |
| Oncor Electric Delivery Co. <br> LLC 3.10% 9/15/49<br>| 215000 | 142652 |
| Pacific Gas & Electric Co. |  |  |
| 2.10% 8/1/27 | 140000 | 135723 |
| 2.50% 2/1/31 | 360000 | 323986 |
| 2.95% 3/1/26 | 595000 | 593517 |
| 3.30% 8/1/40 | 720000 | 545006 |
| 3.50% 8/1/50 | 180000 | 121374 |
| 3.75% 8/15/42 | 33000 | 24969 |
| 4.00% 12/1/46 | 230000 | 172271 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Pacific Gas & Electric <br> Co. (continued)<br>|  |  |
| 4.30% 3/15/45 | 55000 | $43628 |
| 5.70% 3/1/35 | 3045000 | 3130458 |
| 5.80% 5/15/34 | 2890000 | 3001460 |
| 6.00% 8/15/35 | 2620000 | 2749159 |
| 6.40% 6/15/33 | 488000 | 526257 |
| 6.75% 1/15/53 | 15000 | 15953 |
| PECO Energy Co. 2.80% <br> 6/15/50<br>| 100000 | 62584 |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara<br>|  |  |
| 4.13% 5/15/27 | 990000 | 986934 |
| 5.45% 5/21/28 | 490000 | 501854 |
| 6.15% 5/21/48 | 2820000 | 2863981 |
| PG&E Recovery Funding LLC |  |  |
| 5.23% 6/1/42 | 1570000 | 1587463 |
| 5.53% 6/1/51 | 1865000 | 1862401 |
| 5.54% 7/15/49 | 245000 | 245678 |
| PG&E Wildfire Recovery <br> Funding LLC<br>|  |  |
| 4.26% 6/1/38 | 160000 | 155583 |
| 5.10% 6/1/54 | 205000 | 190998 |
| 5.21% 12/1/49 | 110000 | 106120 |
| Potomac Electric Power Co. <br> 6.50% 11/15/37<br>| 75000 | 84120 |
| PPL Electric Utilities Corp. <br> 5.25% 5/15/53<br>| 225000 | 215571 |
| Public Service Co. of <br> Oklahoma<br>|  |  |
| 5.20% 1/15/35 | 310000 | 313352 |
| 5.25% 1/15/33 | 280000 | 287329 |
| 6.63% 11/15/37 | 175000 | 191794 |
| Public Service Electric & Gas <br> Co.<br>|  |  |
| 3.00% 3/1/51 | 1785000 | 1168630 |
| 5.38% 11/1/39 | 28000 | 28389 |
| Public Service Enterprise <br> Group, Inc. 5.45% 4/1/34<br>| 870000 | 898763 |
| Puget Energy, Inc. 5.73% <br> 3/15/35<br>| 650000 | 667001 |
| San Diego Gas & Electric Co. <br> 5.35% 5/15/35<br>| 70000 | 72136 |
| SCE Recovery Funding LLC |  |  |
| 4.70% 6/15/42 | 233033 | 231748 |
| 5.11% 12/14/49 | 110000 | 103838 |
| 5.34% 3/15/47 | 1375000 | 1373687 |
| Sierra Pacific Power Co. <br> 5.90% 3/15/54<br>| 290000 | 289044 |
| Sigeco Securitization I LLC <br> 5.03% 11/15/38<br>| 221265 | 226762 |
| Southern California Edison <br> Co.<br>|  |  |
| 3.65% 3/1/28 | 80000 | 79077 |

---

LVIP JPMorgan Core Bond Fund-24

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Southern California Edison <br> Co. (continued)<br>|  |  |
| 4.05% 3/15/42 | 100000 | $79529 |
| 5.55% 1/15/36 | 80000 | 80225 |
| 5.70% 3/1/53 | 115000 | 106727 |
| 5.75% 4/15/54 | 1500000 | 1406304 |
| 5.88% 12/1/53 | 290000 | 277673 |
| 5.90% 3/1/55 | 735000 | 709585 |
| Southern Co. 5.20% 6/15/33 | 1620000 | 1664434 |
| Southern Power Co. 5.15% <br> 9/15/41<br>| 50000 | 48143 |
| Southwestern Electric Power <br> Co. 4.10% 9/15/28<br>| 1547000 | 1545916 |
| Tampa Electric Co. 4.45% <br> 6/15/49<br>| 100000 | 83511 |
| Toledo Edison Co. 6.15% <br> 5/15/37<br>| 50000 | 54401 |
| Union Electric Co. |  |  |
| 5.20% 4/1/34 | 1580000 | 1626890 |
| 5.45% 3/15/53 | 250000 | 240962 |
| Virginia Electric & Power Co. |  |  |
| 5.65% 3/15/55 | 2800000 | 2741460 |
| 6.35% 11/30/37 | 70000 | 76854 |
| Vistra Operations Co. LLC |  |  |
| 5.70% 12/30/34 | 425000 | 438669 |
| 6.00% 4/15/34 | 1082000 | 1138624 |
| 6.95% 10/15/33 | 1526000 | 1700480 |
| WEC Energy Group, Inc. <br> 5.60% 9/12/26<br>| 155000 | 156551 |
|  |  | **87847534** |
| **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** | **Electrical Components & Equipment–0.02%** |
| Emerson Electric Co. 2.80% <br> 12/21/51<br>| 1120000 | 712330 |
|  |  | **712330** |
| **Electronics–0.10%** | **Electronics–0.10%** | **Electronics–0.10%** |
| Amphenol Corp. |  |  |
| 2.20% 9/15/31 | 622000 | 555565 |
| 5.30% 11/15/55 | 2010000 | 1920181 |
| Honeywell International, Inc. <br> 5.25% 3/1/54<br>| 1160000 | 1096312 |
|  |  | **3572058** |
| **Food–0.46%** | **Food–0.46%** | **Food–0.46%** |
| Bimbo Bakeries USA, Inc. |  |  |
| 4.00% 5/17/51 | 290000 | 220893 |
| 5.38% 1/9/36 | 200000 | 205042 |
| 6.05% 1/15/29 | 200000 | 209095 |
| 6.40% 1/15/34 | 605000 | 659524 |
| JBS USA Holding Lux <br> SARL/JBS USA Food <br> Co./JBS Lux Co. SARL<br>|  |  |
| 6.50% 12/1/52 | 320000 | 329898 |
| 6.75% 3/15/34 | 381000 | 420929 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| JBS USA Holding Lux <br> SARL/JBS USA Foods Group <br> Holdings, Inc./JBS USA Food <br> Co.<br>|  |  |
| 5.50% 1/15/36 | 2629000 | $2671479 |
| 6.25% 3/1/56 | 551000 | 548400 |
| 6.38% 4/15/66 | 2295000 | 2285078 |
| JBS USA LUX SARL/JBS USA <br> Food Co./JBS USA Foods <br> Group 6.38% 2/25/55<br>| 1225000 | 1245323 |
| Kraft Heinz Foods Co. |  |  |
| 4.38% 6/1/46 | 153000 | 126396 |
| 4.63% 10/1/39 | 200000 | 182654 |
| Kroger Co. |  |  |
| 2.20% 5/1/30 | 500000 | 460004 |
| 5.00% 9/15/34 | 460000 | 462541 |
| 5.40% 7/15/40 | 18000 | 17927 |
| 5.50% 9/15/54 | 350000 | 333305 |
| Mars, Inc. |  |  |
| 4.80% 3/1/30 | 840000 | 858449 |
| 5.20% 3/1/35 | 740000 | 760594 |
| 5.65% 5/1/45 | 2804000 | 2826474 |
| 5.70% 5/1/55 | 1122000 | 1117656 |
| McCormick & Co., Inc. 2.50% <br> 4/15/30<br>| 342000 | 317921 |
| Tyson Foods, Inc. 5.70% <br> 3/15/34<br>| 880000 | 927777 |
|  |  | **17187359** |
| **Gas–0.16%** | **Gas–0.16%** | **Gas–0.16%** |
| Atmos Energy Corp. |  |  |
| 2.85% 2/15/52 | 417000 | 258343 |
| 4.13% 10/15/44 | 50000 | 42161 |
| 4.13% 3/15/49 | 155000 | 123814 |
| 5.00% 12/15/54 | 943000 | 857679 |
| 5.90% 11/15/33 | 1000000 | 1080996 |
| Boston Gas Co. 4.49% 2/15/42 | 22000 | 18834 |
| Brooklyn Union Gas Co. 4.27% <br> 3/15/48<br>| 80000 | 63786 |
| NiSource, Inc. |  |  |
| 1.70% 2/15/31 | 190000 | 166727 |
| 5.20% 7/1/29 | 1100000 | 1134069 |
| ONE Gas, Inc. 2.00% 5/15/30 | 200000 | 182940 |
| Piedmont Natural Gas Co., <br> Inc. 3.50% 6/1/29<br>| 200000 | 195499 |
| Southern California Gas Co. |  |  |
| 2.55% 2/1/30 | 195000 | 183780 |
| 6.35% 11/15/52 | 200000 | 216176 |
| Southern Co. Gas Capital <br> Corp.<br>|  |  |
| 3.25% 6/15/26 | 17000 | 16939 |
| 3.95% 10/1/46 | 21000 | 16430 |
| 4.40% 6/1/43 | 42000 | 35954 |
| 5.10% 9/15/35 | 945000 | 952240 |
| 5.75% 9/15/33 | 220000 | 233121 |

---

LVIP JPMorgan Core Bond Fund-25

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| Southern Co. Gas Capital <br> Corp. (continued)<br>|  |  |
| 5.88% 3/15/41 | 96000 | $99100 |
| Southwest Gas Corp. 3.80% <br> 9/29/46<br>| 44000 | 33316 |
|  |  | **5911904** |
| **Health Care Products–0.14%** | **Health Care Products–0.14%** | **Health Care Products–0.14%** |
| Abbott Laboratories 4.75% <br> 11/30/36<br>| 620000 | 623808 |
| Boston Scientific Corp. 4.55% <br> 3/1/39<br>| 49000 | 46655 |
| DH Europe Finance II SARL <br> 3.25% 11/15/39<br>| 184000 | 150711 |
| GE HealthCare Technologies, <br> Inc.<br>|  |  |
| 4.80% 1/15/31 | 279000 | 284157 |
| 5.50% 6/15/35 | 273000 | 283630 |
| Medtronic, Inc. 4.63% 3/15/45 | 100000 | 91521 |
| Solventum Corp. 5.60% <br> 3/23/34<br>| 1410000 | 1467094 |
| Thermo Fisher Scientific, Inc. <br> 2.00% 10/15/31<br>| 330000 | 294513 |
| Zimmer Biomet Holdings, Inc. <br> 5.50% 2/19/35<br>| 2065000 | 2141518 |
|  |  | **5383607** |
| **Health Care Services–0.59%** | **Health Care Services–0.59%** | **Health Care Services–0.59%** |
| Ascension Health 2.53% <br> 11/15/29<br>| 190000 | 179597 |
| Children's Hospital 2.93% <br> 7/15/50<br>| 180000 | 115589 |
| Cigna Group |  |  |
| 4.90% 12/15/48 | 700000 | 624075 |
| 5.25% 1/15/36 | 3400000 | 3461221 |
| CommonSpirit Health |  |  |
| 2.78% 10/1/30 | 145000 | 134939 |
| 3.91% 10/1/50 | 140000 | 104561 |
| Elevance Health, Inc. |  |  |
| 3.65% 12/1/27 | 330000 | 328422 |
| 4.10% 3/1/28 | 55000 | 55052 |
| 4.10% 5/15/32 | 600000 | 583829 |
| 4.55% 5/15/52 | 490000 | 405481 |
| Hackensack Meridian Health, <br> Inc.<br>|  |  |
| 2.68% 9/1/41 | 390000 | 282794 |
| 2.88% 9/1/50 | 230000 | 148260 |
| HCA, Inc. |  |  |
| 3.63% 3/15/32 | 521000 | 492100 |
| 4.90% 11/15/35 | 1370000 | 1351267 |
| 5.13% 6/15/39 | 125000 | 120714 |
| 5.25% 3/1/30 | 1635000 | 1687854 |
| 5.45% 9/15/34 | 2877000 | 2960562 |
| 5.50% 6/15/47 | 245000 | 231527 |
| 5.75% 3/1/35 | 1249000 | 1310962 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services (continued)** | **Health Care Services (continued)** | **Health Care Services (continued)** |
| HCA, Inc. (continued) |  |  |
| 5.95% 9/15/54 | 550000 | $543343 |
| 6.10% 4/1/64 | 2435000 | 2412127 |
| Memorial Health Services <br> 3.45% 11/1/49<br>| 245000 | 173965 |
| MyMichigan Health 3.41% <br> 6/1/50<br>| 80000 | 55476 |
| Northwestern Memorial <br> Healthcare Obligated Group <br> 2.63% 7/15/51<br>| 882000 | 538266 |
| Quest Diagnostics, Inc. 3.45% <br> 6/1/26<br>| 17000 | 16960 |
| Roche Holdings, Inc. 2.61% <br> 12/13/51<br>| 970000 | 591607 |
| Sutter Health 5.55% 8/15/53 | 400000 | 396721 |
| Texas Health Resources 2.33% <br> 11/15/50<br>| 140000 | 80118 |
| UnitedHealth Group, Inc. |  |  |
| 2.30% 5/15/31 | 120000 | 108217 |
| 2.90% 5/15/50 | 380000 | 242633 |
| 3.13% 5/15/60 | 80000 | 48281 |
| 3.25% 5/15/51 | 140000 | 94491 |
| 3.70% 8/15/49 | 1770000 | 1314198 |
| 3.88% 8/15/59 | 490000 | 351718 |
| 5.05% 4/15/53 | 320000 | 288632 |
| 5.88% 2/15/53 | 140000 | 141168 |
| Yale-New Haven Health <br> Services Corp. 2.50% 7/1/50<br>| 200000 | 116834 |
|  |  | **22093561** |
| **Insurance–0.56%** | **Insurance–0.56%** | **Insurance–0.56%** |
| Aon Corp./Aon Global <br> Holdings PLC<br>|  |  |
| 2.90% 8/23/51 | 1089000 | 677339 |
| 5.00% 9/12/32 | 1068000 | 1093925 |
| Aon North America, Inc. |  |  |
| 5.30% 3/1/31 | 439000 | 457662 |
| 5.45% 3/1/34 | 1690000 | 1756274 |
| 5.75% 3/1/54 | 620000 | 616853 |
| Athene Global Funding 2.95% <br> 11/12/26<br>| 515000 | 509639 |
| Athene Holding Ltd. 6.63% <br> 5/19/55<br>| 550000 | 560164 |
| Berkshire Hathaway Finance <br> Corp.<br>|  |  |
| 3.85% 3/15/52 | 210000 | 161596 |
| 4.25% 1/15/49 | 910000 | 762997 |
| 4.30% 5/15/43 | 62000 | 55119 |
| Brown & Brown, Inc. |  |  |
| 2.38% 3/15/31 | 460000 | 412442 |
| 6.25% 6/23/55 | 1570000 | 1632513 |
| Chubb INA Holdings LLC <br> 3.35% 5/3/26<br>| 450000 | 449154 |
| CNO Global Funding 5.88% <br> 6/4/27<br>| 2350000 | 2401942 |

---

LVIP JPMorgan Core Bond Fund-26

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Corebridge Financial, Inc. |  |  |
| 3.65% 4/5/27 | 185000 | $183829 |
| 3.85% 4/5/29 | 130000 | 127885 |
| Corebridge Global Funding <br> 4.90% 8/21/32<br>| 745000 | 749484 |
| F&G Annuities & Life, Inc. <br> 6.50% 6/4/29<br>| 625000 | 651113 |
| F&G Global Funding 1.75% <br> 6/30/26<br>| 185000 | 182714 |
| Guardian Life Insurance Co. <br> of America 4.85% 1/24/77<br>| 21000 | 17212 |
| Hartford Insurance Group, <br> Inc. 4.30% 4/15/43<br>| 70000 | 60163 |
| Marsh & McLennan Cos., Inc. <br> 5.35% 11/15/44<br>| 1055000 | 1032317 |
| MetLife, Inc. |  |  |
| 4.13% 8/13/42 | 28000 | 23873 |
| 6.40% 12/15/66 | 1220000 | 1280009 |
| Mutual of Omaha Cos Global <br> Funding 5.80% 7/27/26<br>| 250000 | 252498 |
| New York Life Global Funding |  |  |
| 2.35% 7/14/26 | 65000 | 64480 |
| 5.45% 9/18/26 | 845000 | 854169 |
| New York Life Insurance Co. <br> 4.45% 5/15/69<br>| 105000 | 81795 |
| μPacific Life Insurance Co. <br> 4.30% 10/24/67<br>| 134000 | 107599 |
| Pine Street Trust III 6.22% <br> 5/15/54<br>| 1000000 | 1013741 |
| Principal Financial Group, <br> Inc.<br>|  |  |
| 3.70% 5/15/29 | 30000 | 29498 |
| 4.11% 2/15/28 | 825000 | 823175 |
| Prudential Financial, Inc. |  |  |
| 3.70% 3/13/51 | 773000 | 576890 |
| 3.91% 12/7/47 | 61000 | 47962 |
| Prudential Funding Asia PLC <br> 3.13% 4/14/30<br>| 1200000 | 1150302 |
| Teachers Insurance & <br> Annuity Association of <br> America 4.27% 5/15/47<br>| 50000 | 41037 |
|  |  | **20899364** |
| **Internet–0.54%** | **Internet–0.54%** | **Internet–0.54%** |
| Alibaba Group Holding Ltd. <br> 5.25% 5/26/35<br>| 771000 | 802896 |
| Amazon.com, Inc. |  |  |
| 2.10% 5/12/31 | 750000 | 677563 |
| 2.50% 6/3/50 | 5570000 | 3329070 |
| 3.15% 8/22/27 | 1030000 | 1021631 |
| 3.30% 4/13/27 | 210000 | 209109 |
| 3.95% 4/13/52 | 390000 | 304371 |
| 4.05% 8/22/47 | 460000 | 377862 |
| 4.25% 8/22/57 | 150000 | 120178 |
| 4.95% 12/5/44 | 480000 | 461592 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Meta Platforms, Inc. |  |  |
| 3.85% 8/15/32 | 593000 | $575246 |
| 4.88% 11/15/35 | 2900000 | 2896114 |
| 5.40% 8/15/54 | 1731000 | 1610376 |
| 5.50% 11/15/45 | 2890000 | 2806245 |
| 5.63% 11/15/55 | 1965000 | 1885950 |
| Prosus NV |  |  |
| 3.68% 1/21/30 | 600000 | 576014 |
| 4.03% 8/3/50 | 2720000 | 1881967 |
| Uber Technologies, Inc. 4.80% <br> 9/15/34<br>| 615000 | 614822 |
|  |  | **20151006** |
| **Machinery Diversified–0.00%** | **Machinery Diversified–0.00%** | **Machinery Diversified–0.00%** |
| nVent Finance SARL 4.55% <br> 4/15/28<br>| 75000 | 75420 |
| Xylem, Inc. 2.25% 1/30/31 | 110000 | 99807 |
|  |  | **175227** |
| **Media–0.42%** | **Media–0.42%** | **Media–0.42%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital<br>|  |  |
| 3.50% 3/1/42 | 475000 | 329527 |
| 3.85% 4/1/61 | 651000 | 387938 |
| 4.80% 3/1/50 | 980000 | 736176 |
| 5.13% 7/1/49 | 1160000 | 907758 |
| 5.38% 4/1/38 | 1308000 | 1205976 |
| 5.50% 4/1/63 | 480000 | 378217 |
| 5.85% 12/1/35 | 505000 | 503775 |
| Comcast Corp. |  |  |
| 2.80% 1/15/51 | 930000 | 538759 |
| 2.89% 11/1/51 | 1196000 | 699413 |
| 2.94% 11/1/56 | 481000 | 270262 |
| 2.99% 11/1/63 | 206000 | 111425 |
| 3.15% 3/1/26 | 840000 | 839713 |
| 3.40% 4/1/30 | 570000 | 552809 |
| 3.45% 2/1/50 | 400000 | 267425 |
| 4.00% 3/1/48 | 110000 | 82742 |
| 4.00% 11/1/49 | 152000 | 112082 |
| 4.25% 1/15/33 | 167000 | 163297 |
| 5.17% 1/15/37 | 4338000 | 4277132 |
| Cox Communications, Inc. |  |  |
| 2.95% 10/1/50 | 180000 | 100155 |
| 3.35% 9/15/26 | 67000 | 66646 |
| Time Warner Cable <br> Enterprises LLC 8.38% <br> 7/15/33<br>| 90000 | 103854 |
| Time Warner Cable LLC |  |  |
| 5.50% 9/1/41 | 100000 | 87765 |
| 6.55% 5/1/37 | 250000 | 255115 |
| 6.75% 6/15/39 | 521000 | 526971 |
| 7.30% 7/1/38 | 1695000 | 1815651 |

---

LVIP JPMorgan Core Bond Fund-27

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Walt Disney Co. 6.65% <br> 11/15/37<br>| 350000 | $399657 |
|  |  | **15720240** |
| **Mining–0.19%** | **Mining–0.19%** | **Mining–0.19%** |
| Anglo American Capital PLC |  |  |
| 4.75% 4/10/27 | 430000 | 433295 |
| 5.75% 4/5/34 | 2465000 | 2585553 |
| Barrick North America <br> Finance LLC 5.70% 5/30/41<br>| 1070000 | 1090231 |
| Corp. Nacional del Cobre de <br> Chile 6.44% 1/26/36<br>| 863000 | 935816 |
| Glencore Funding LLC |  |  |
| 2.50% 9/1/30 | 750000 | 687213 |
| 4.00% 3/27/27 | 400000 | 399597 |
| 5.63% 4/4/34 | 1020000 | 1065688 |
|  |  | **7197393** |
| **Miscellaneous Manufacturing–0.09%** | **Miscellaneous Manufacturing–0.09%** | **Miscellaneous Manufacturing–0.09%** |
| Eaton Corp. 4.15% 11/2/42 | 780000 | 675241 |
| Parker-Hannifin Corp. 4.45% <br> 11/21/44<br>| 30000 | 26336 |
| Siemens Funding BV |  |  |
| 4.60% 5/28/30 | 320000 | 326560 |
| 4.90% 5/28/32 | 404000 | 416839 |
| Textron, Inc. 5.50% 5/15/35 | 1800000 | 1864552 |
|  |  | **3309528** |
| **Oil & Gas–0.80%** | **Oil & Gas–0.80%** | **Oil & Gas–0.80%** |
| BP Capital Markets America, <br> Inc.<br>|  |  |
| 2.72% 1/12/32 | 630000 | 573787 |
| 2.77% 11/10/50 | 370000 | 227797 |
| 2.94% 6/4/51 | 345000 | 219515 |
| 3.00% 3/17/52 | 135000 | 86353 |
| 5.23% 11/17/34 | 1270000 | 1310163 |
| μBP Capital Markets PLC <br> 4.88% 3/22/30<br>| 507000 | 504381 |
| Chevron Corp. |  |  |
| 2.00% 5/11/27 | 200000 | 195607 |
| 3.08% 5/11/50 | 460000 | 311904 |
| Chevron USA, Inc. 3.85% <br> 1/15/28<br>| 500000 | 500763 |
| ConocoPhillips Co. |  |  |
| 5.00% 1/15/35 | 651000 | 660016 |
| 5.05% 9/15/33 | 1434000 | 1475237 |
| 5.50% 1/15/55 | 495000 | 473493 |
| Continental Resources, Inc. |  |  |
| 4.38% 1/15/28 | 1520000 | 1517025 |
| 5.75% 1/15/31 | 20000 | 20508 |
| Coterra Energy, Inc. 5.40% <br> 2/15/35<br>| 1165000 | 1182468 |
| Devon Energy Corp. |  |  |
| 4.50% 1/15/30 | 640000 | 641826 |
| 4.75% 5/15/42 | 150000 | 129696 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Devon Energy <br> Corp. (continued)<br>|  |  |
| 5.60% 7/15/41 | 940000 | $909322 |
| Diamondback Energy, Inc. |  |  |
| 3.13% 3/24/31 | 1150000 | 1074574 |
| 3.50% 12/1/29 | 1400000 | 1358110 |
| Eni USA, Inc. 7.30% 11/15/27 | 50000 | 52841 |
| EOG Resources, Inc. |  |  |
| 5.00% 7/15/32 | 1061000 | 1086766 |
| 5.95% 7/15/55 | 309000 | 314679 |
| EQT Corp. |  |  |
| 3.90% 10/1/27 | 45000 | 44795 |
| 7.00% 2/1/30 | 680000 | 738584 |
| Exxon Mobil Corp. |  |  |
| 3.00% 8/16/39 | 405000 | 324098 |
| 3.45% 4/15/51 | 570000 | 408754 |
| 4.33% 3/19/50 | 90000 | 75435 |
| KazMunayGas National Co. <br> JSC<br>|  |  |
| 5.38% 4/24/30 | 800000 | 816430 |
| 5.75% 4/19/47 | 2050000 | 1937010 |
| Pertamina Persero PT 6.00% <br> 5/3/42<br>| 1360000 | 1384704 |
| Pioneer Natural Resources <br> Co.<br>|  |  |
| 1.13% 1/15/26 | 160000 | 159830 |
| 1.90% 8/15/30 | 920000 | 833237 |
| 2.15% 1/15/31 | 5390000 | 4888413 |
| Shell Finance U.S., Inc. |  |  |
| 2.38% 11/7/29 | 150000 | 141476 |
| 3.25% 4/6/50 | 1890000 | 1303076 |
| Shell International Finance <br> BV 2.88% 5/10/26<br>| 610000 | 608079 |
| Suncor Energy, Inc. |  |  |
| 5.95% 12/1/34 | 60000 | 63475 |
| 6.80% 5/15/38 | 79000 | 87232 |
| TotalEnergies Capital <br> International SA<br>|  |  |
| 2.99% 6/29/41 | 350000 | 264763 |
| 3.13% 5/29/50 | 260000 | 173302 |
| 3.46% 7/12/49 | 145000 | 103536 |
| Woodside Finance Ltd. 5.70% <br> 5/19/32<br>| 570000 | 593114 |
|  |  | **29776174** |
| **Oil & Gas Services–0.00%** | **Oil & Gas Services–0.00%** | **Oil & Gas Services–0.00%** |
| Baker Hughes <br> Holdings LLC/Baker Hughes <br> Co-Obligor, Inc. 3.14% <br> 11/7/29<br>| 180000 | 173657 |
|  |  | **173657** |

---

LVIP JPMorgan Core Bond Fund-28

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Packaging & Containers–0.09%** | **Packaging & Containers–0.09%** | **Packaging & Containers–0.09%** |
| Graphic Packaging <br> International LLC 1.51% <br> 4/15/26<br>| 284000 | $281409 |
| Packaging Corp. of America |  |  |
| 4.05% 12/15/49 | 155000 | 122870 |
| 5.20% 8/15/35 | 1225000 | 1243739 |
| Smurfit Westrock Financing <br> DAC 5.42% 1/15/35<br>| 1505000 | 1549619 |
| WRKCo, Inc. 3.90% 6/1/28 | 35000 | 34817 |
|  |  | **3232454** |
| **Pharmaceuticals–0.58%** | **Pharmaceuticals–0.58%** | **Pharmaceuticals–0.58%** |
| AbbVie, Inc. |  |  |
| 2.95% 11/21/26 | 530000 | 525871 |
| 4.05% 11/21/39 | 510000 | 455259 |
| 4.25% 11/21/49 | 1190000 | 980030 |
| 4.40% 11/6/42 | 370000 | 329116 |
| 4.50% 5/14/35 | 100000 | 98139 |
| 4.55% 3/15/35 | 60000 | 59069 |
| 4.85% 6/15/44 | 200000 | 185245 |
| 4.88% 11/14/48 | 110000 | 100152 |
| 5.05% 3/15/34 | 455000 | 467597 |
| AstraZeneca PLC 6.45% <br> 9/15/37<br>| 50000 | 56990 |
| Becton Dickinson & Co. |  |  |
| 4.67% 6/6/47 | 75000 | 65302 |
| 4.69% 12/15/44 | 340000 | 301198 |
| Bristol-Myers Squibb Co. |  |  |
| 2.35% 11/13/40 | 175000 | 124474 |
| 3.70% 3/15/52 | 714000 | 524614 |
| 4.13% 6/15/39 | 114000 | 103490 |
| 4.25% 10/26/49 | 859000 | 701853 |
| 4.55% 2/20/48 | 707000 | 611646 |
| 5.55% 2/22/54 | 113000 | 110974 |
| Cardinal Health, Inc. 5.15% <br> 9/15/35<br>| 2895000 | 2942060 |
| Cencora, Inc. |  |  |
| 5.13% 2/15/34 | 1550000 | 1589884 |
| 5.15% 2/15/35 | 2185000 | 2233190 |
| CVS Health Corp. |  |  |
| 1.88% 2/28/31 | 180000 | 157931 |
| 2.13% 9/15/31 | 590000 | 518294 |
| 3.63% 4/1/27 | 230000 | 228732 |
| 3.75% 4/1/30 | 740000 | 722578 |
| 4.30% 3/25/28 | 1271000 | 1275209 |
| 5.13% 7/20/45 | 840000 | 758358 |
| 5.25% 2/21/33 | 330000 | 339762 |
| ♦CVS Pass-Through Trust |  |  |
| 4.70% 1/10/36 | 117114 | 108705 |
| 5.93% 1/10/34 | 52166 | 53475 |
| 7.51% 1/10/32 | 43540 | 46213 |
| 8.35% 7/10/31 | 43336 | 47187 |
| Eli Lilly & Co. |  |  |
| 4.70% 2/9/34 | 210000 | 212897 |
| 4.95% 2/27/63 | 210000 | 189368 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Johnson & Johnson 2.10% <br> 9/1/40<br>| 1390000 | $979754 |
| Merck & Co., Inc. |  |  |
| 2.75% 12/10/51 | 170000 | 105200 |
| 2.90% 12/10/61 | 245000 | 142398 |
| 4.00% 3/7/49 | 220000 | 176051 |
| Pfizer Investment Enterprises <br> Pte. Ltd. 5.30% 5/19/53<br>| 515000 | 487641 |
| Pfizer, Inc. 2.70% 5/28/50 | 760000 | 473718 |
| Takeda Pharmaceutical Co. <br> Ltd.<br>|  |  |
| 3.03% 7/9/40 | 273000 | 208967 |
| 3.18% 7/9/50 | 1044000 | 696252 |
| 5.65% 7/5/44 | 386000 | 388478 |
| Utah Acquisition Sub, Inc. <br> 3.95% 6/15/26<br>| 127000 | 126713 |
| Viatris, Inc. 2.30% 6/22/27 | 589000 | 572133 |
|  |  | **21582167** |
| **Pipelines–1.11%** | **Pipelines–1.11%** | **Pipelines–1.11%** |
| Cameron LNG LLC 3.70% <br> 1/15/39<br>| 188000 | 160206 |
| Cheniere Energy Partners LP <br> 5.55% 10/30/35<br>| 715000 | 731000 |
| Cheniere Energy, Inc. 5.65% <br> 4/15/34<br>| 710000 | 736540 |
| Columbia Pipelines Holding <br> Co. LLC 5.10% 10/1/31<br>| 421000 | 428105 |
| Columbia Pipelines Operating <br> Co. LLC<br>|  |  |
| 5.44% 2/15/35 | 550000 | 561389 |
| 5.96% 2/15/55 | 555000 | 546718 |
| 6.04% 11/15/33 | 810000 | 867071 |
| 6.54% 11/15/53 | 1230000 | 1309722 |
| Eastern Energy Gas <br> Holdings LLC 6.20% 1/15/55<br>| 655000 | 676899 |
| Eastern Gas Transmission & <br> Storage, Inc. 3.90% 11/15/49<br>| 137000 | 99666 |
| Enbridge, Inc. |  |  |
| 4.90% 6/20/30 | 340000 | 347584 |
| 5.25% 4/5/27 | 590000 | 598145 |
| 5.55% 6/20/35 | 533000 | 551442 |
| 5.63% 4/5/34 | 1850000 | 1931259 |
| 5.70% 3/8/33 | 260000 | 273855 |
| Energy Transfer LP |  |  |
| 3.75% 5/15/30 | 3950000 | 3844012 |
| 5.30% 4/1/44 | 50000 | 45350 |
| 5.40% 10/1/47 | 670000 | 602091 |
| 5.70% 4/1/35 | 2000000 | 2070253 |
| 5.95% 5/15/54 | 472000 | 447291 |
| 6.00% 6/15/48 | 335000 | 324875 |
| 6.05% 9/1/54 | 585000 | 562604 |
| 6.10% 12/1/28 | 565000 | 593462 |
| 6.10% 2/15/42 | 60000 | 60019 |
| 6.25% 4/15/49 | 340000 | 336503 |

---

LVIP JPMorgan Core Bond Fund-29

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Enterprise Products <br> Operating LLC<br>|  |  |
| 3.20% 2/15/52 | 981000 | $650720 |
| 3.30% 2/15/53 | 1462000 | 976235 |
| 5.55% 2/16/55 | 384000 | 372137 |
| 7.55% 4/15/38 | 206000 | 247804 |
| Galaxy Pipeline Assets Bidco <br> Ltd. 2.94% 9/30/40<br>| 216595 | 184246 |
| Gray Oak Pipeline LLC 3.45% <br> 10/15/27<br>| 372000 | 367655 |
| Greensaif Pipelines Bidco <br> SARL 6.51% 2/23/42<br>| 338000 | 368527 |
| Kinder Morgan Energy <br> Partners LP 5.50% 3/1/44<br>| 440000 | 421514 |
| Kinder Morgan, Inc. |  |  |
| 5.20% 6/1/33 | 315000 | 324139 |
| 5.20% 3/1/48 | 70000 | 63906 |
| 5.55% 6/1/45 | 550000 | 531752 |
| MPLX LP |  |  |
| 4.70% 4/15/48 | 550000 | 457117 |
| 5.50% 6/1/34 | 1580000 | 1611902 |
| 5.50% 2/15/49 | 470000 | 431603 |
| NGPL PipeCo LLC 3.25% <br> 7/15/31<br>| 1015000 | 933759 |
| ONEOK Partners LP 6.65% <br> 10/1/36<br>| 15000 | 16325 |
| ONEOK, Inc. |  |  |
| 4.75% 10/15/31 | 140000 | 140744 |
| 5.05% 11/1/34 | 256000 | 253714 |
| 5.55% 11/1/26 | 320000 | 323446 |
| 5.70% 11/1/54 | 419000 | 390481 |
| 5.80% 11/1/30 | 500000 | 527055 |
| 6.05% 9/1/33 | 1030000 | 1095693 |
| 6.63% 9/1/53 | 1340000 | 1403374 |
| Plains All American <br> Pipeline LP 5.95% 6/15/35<br>| 1340000 | 1395520 |
| South Bow USA <br> Infrastructure Holdings LLC<br>|  |  |
| 4.91% 9/1/27 | 335000 | 338064 |
| 5.03% 10/1/29 | 385000 | 390536 |
| Targa Resources Corp. |  |  |
| 4.90% 9/15/30 | 2171000 | 2211999 |
| 5.50% 2/15/35 | 1425000 | 1459701 |
| Targa Resources <br> Partners LP/Targa <br> Resources Partners Finance <br> Corp. 5.00% 1/15/28<br>| 1023000 | 1023254 |
| Tennessee Gas Pipeline Co. <br> LLC 2.90% 3/1/30<br>| 1214000 | 1144861 |
| Western Midstream <br> Operating LP<br>|  |  |
| 4.05% 2/1/30 | 110000 | 107765 |
| 5.25% 2/1/50 | 990000 | 847490 |
| Williams Cos., Inc. |  |  |
| 4.90% 1/15/45 | 360000 | 322176 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Williams Cos., <br> Inc. (continued)<br>|  |  |
| 5.60% 3/15/35 | 910000 | $946383 |
| 5.65% 3/15/33 | 200000 | 210337 |
| 6.00% 3/15/55 | 350000 | 355774 |
|  |  | **41553769** |
| **Private Equity–0.03%** | **Private Equity–0.03%** | **Private Equity–0.03%** |
| Blackstone Reg Finance Co. <br> LLC 5.00% 12/6/34<br>| 872000 | 879600 |
| Brookfield Finance, Inc. |  |  |
| 3.90% 1/25/28 | 55000 | 54806 |
| 4.70% 9/20/47 | 9000 | 7788 |
| 4.85% 3/29/29 | 54000 | 54852 |
|  |  | **997046** |
| **Real Estate Investment Trusts–0.34%** | **Real Estate Investment Trusts–0.34%** | **Real Estate Investment Trusts–0.34%** |
| Alexandria Real Estate <br> Equities, Inc.<br>|  |  |
| 2.00% 5/18/32 | 240000 | 202923 |
| 3.80% 4/15/26 | 23000 | 22971 |
| 4.00% 2/1/50 | 125000 | 93232 |
| American Tower Corp. |  |  |
| 1.88% 10/15/30 | 275000 | 245644 |
| 2.10% 6/15/30 | 150000 | 136131 |
| 2.95% 1/15/51 | 85000 | 54073 |
| 3.10% 6/15/50 | 130000 | 85400 |
| 3.38% 10/15/26 | 44000 | 43765 |
| 3.70% 10/15/49 | 230000 | 170773 |
| 4.70% 12/15/32 | 2990000 | 2990648 |
| American Tower Trust #1 <br> 3.65% 3/15/48<br>| 160000 | 158410 |
| Brixmor Operating <br> Partnership LP<br>|  |  |
| 2.25% 4/1/28 | 200000 | 192030 |
| 2.50% 8/16/31 | 105000 | 94378 |
| COPT Defense Properties LP |  |  |
| 2.25% 3/15/26 | 470000 | 467920 |
| 2.75% 4/15/31 | 326000 | 297357 |
| Crown Castle, Inc. |  |  |
| 4.00% 3/1/27 | 24000 | 23945 |
| 5.80% 3/1/34 | 665000 | 697158 |
| DOC Dr. LLC 2.63% 11/1/31 | 130000 | 116879 |
| Essex Portfolio LP |  |  |
| 1.65% 1/15/31 | 200000 | 174540 |
| 2.65% 3/15/32 | 145000 | 129271 |
| 5.50% 4/1/34 | 420000 | 435021 |
| Extra Space Storage LP |  |  |
| 2.20% 10/15/30 | 300000 | 271412 |
| 4.00% 6/15/29 | 150000 | 148523 |
| 5.40% 2/1/34 | 1004000 | 1030335 |
| Goodman U.S. Finance <br> Three LLC 3.70% 3/15/28<br>| 43000 | 42556 |
| Healthpeak OP LLC |  |  |
| 2.13% 12/1/28 | 330000 | 311658 |

---

LVIP JPMorgan Core Bond Fund-30

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Healthpeak <br> OP LLC (continued)<br>|  |  |
| 3.00% 1/15/30 | 90000 | $85272 |
| 3.50% 7/15/29 | 132000 | 128299 |
| Mid-America Apartments LP |  |  |
| 1.70% 2/15/31 | 150000 | 131387 |
| 3.95% 3/15/29 | 230000 | 228629 |
| NNN REIT, Inc. |  |  |
| 3.60% 12/15/26 | 58000 | 57758 |
| 4.30% 10/15/28 | 150000 | 150876 |
| 5.50% 6/15/34 | 640000 | 662370 |
| 5.60% 10/15/33 | 150000 | 156670 |
| Prologis LP |  |  |
| 2.13% 10/15/50 | 150000 | 80703 |
| 2.88% 11/15/29 | 95000 | 90825 |
| Safehold GL Holdings LLC <br> 2.85% 1/15/32<br>| 400000 | 360304 |
| UDR, Inc. |  |  |
| 2.10% 8/1/32 | 160000 | 136702 |
| 2.95% 9/1/26 | 28000 | 27825 |
| 3.00% 8/15/31 | 25000 | 23145 |
| 3.20% 1/15/30 | 150000 | 144122 |
| Ventas Realty LP |  |  |
| 3.25% 10/15/26 | 25000 | 24861 |
| 3.85% 4/1/27 | 49000 | 48872 |
| 4.13% 1/15/26 | 9000 | 8999 |
| VICI Properties LP 4.95% <br> 2/15/30<br>| 748000 | 756978 |
| VICI Properties LP/VICI <br> Note Co., Inc. 4.63% 12/1/29<br>| 255000 | 254502 |
| Welltower OP LLC 6.50% <br> 3/15/41<br>| 125000 | 139255 |
| WP Carey, Inc. |  |  |
| 2.25% 4/1/33 | 180000 | 151777 |
| 4.25% 10/1/26 | 245000 | 245286 |
|  |  | **12732370** |
| **Retail–0.16%** | **Retail–0.16%** | **Retail–0.16%** |
| AutoZone, Inc. 1.65% 1/15/31 | 180000 | 157712 |
| Costco Wholesale Corp. |  |  |
| 1.38% 6/20/27 | 930000 | 901251 |
| 1.75% 4/20/32 | 380000 | 329626 |
| Home Depot, Inc. |  |  |
| 2.50% 4/15/27 | 320000 | 314850 |
| 3.63% 4/15/52 | 235000 | 171517 |
| 3.90% 6/15/47 | 90000 | 71566 |
| 4.88% 6/25/27 | 226000 | 229822 |
| 4.95% 6/25/34 | 592000 | 605488 |
| McDonald's Corp. |  |  |
| 4.20% 4/1/50 | 500000 | 402903 |
| 4.70% 12/9/35 | 60000 | 59557 |
| 4.88% 12/9/45 | 1060000 | 965992 |
| O'Reilly Automotive, Inc. |  |  |
| 3.55% 3/15/26 | 80000 | 79906 |
| 3.60% 9/1/27 | 49000 | 48712 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Starbucks Corp. |  |  |
| 4.80% 2/15/33 | 440000 | $445493 |
| 4.90% 2/15/31 | 850000 | 873975 |
| Walmart, Inc. 1.80% 9/22/31 | 180000 | 160398 |
|  |  | **5818768** |
| **Savings & Loans–0.11%** | **Savings & Loans–0.11%** | **Savings & Loans–0.11%** |
| μNationwide Building Society |  |  |
| 3.96% 7/18/30 | 2165000 | 2134599 |
| 4.30% 3/8/29 | 525000 | 525614 |
| 5.54% 7/14/36 | 1535000 | 1585273 |
|  |  | **4245486** |
| **Semiconductors–0.52%** | **Semiconductors–0.52%** | **Semiconductors–0.52%** |
| Analog Devices, Inc. 2.80% <br> 10/1/41<br>| 227000 | 167428 |
| Broadcom, Inc. |  |  |
| 1.95% 2/15/28 | 592000 | 568199 |
| 3.14% 11/15/35 | 2778000 | 2392374 |
| 3.19% 11/15/36 | 400000 | 339237 |
| 4.80% 2/15/36 | 854000 | 842682 |
| 4.90% 7/15/32 | 286000 | 292007 |
| 4.93% 5/15/37 | 650000 | 641555 |
| 5.05% 7/12/29 | 3281000 | 3378043 |
| 5.20% 7/15/35 | 357000 | 365770 |
| Foundry JV Holdco LLC 6.10% <br> 1/25/36<br>| 683000 | 714033 |
| Intel Corp. |  |  |
| 3.05% 8/12/51 | 800000 | 491946 |
| 3.10% 2/15/60 | 50000 | 27935 |
| 3.25% 11/15/49 | 800000 | 511073 |
| 3.73% 12/8/47 | 590000 | 419840 |
| 5.70% 2/10/53 | 100000 | 93096 |
| KLA Corp. |  |  |
| 3.30% 3/1/50 | 150000 | 104130 |
| 4.65% 7/15/32 | 520000 | 527579 |
| Marvell Technology, Inc. |  |  |
| 2.95% 4/15/31 | 360000 | 333426 |
| 5.45% 7/15/35 | 4602000 | 4741506 |
| 5.75% 2/15/29 | 380000 | 396260 |
| NVIDIA Corp. |  |  |
| 3.50% 4/1/50 | 1570000 | 1161876 |
| 3.70% 4/1/60 | 660000 | 482003 |
| NXP BV/NXP <br> Funding LLC/NXP USA, Inc.<br>|  |  |
| 3.25% 5/11/41 | 370000 | 280529 |
| 5.00% 1/15/33 | 140000 | 142216 |
|  |  | **19414743** |
| **Software–0.51%** | **Software–0.51%** | **Software–0.51%** |
| Fiserv, Inc. |  |  |
| 3.20% 7/1/26 | 70000 | 69697 |
| 4.40% 7/1/49 | 65000 | 51000 |
| 5.15% 8/12/34 | 1475000 | 1463597 |

---

LVIP JPMorgan Core Bond Fund-31

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Intuit, Inc. |  |  |
| 5.20% 9/15/33 | 350000 | $365910 |
| 5.50% 9/15/53 | 110000 | 108342 |
| Microsoft Corp. |  |  |
| 2.53% 6/1/50 | 2220000 | 1355419 |
| 2.92% 3/17/52 | 820000 | 537130 |
| 3.04% 3/17/62 | 40000 | 24917 |
| 3.45% 8/8/36 | 20000 | 18264 |
| Oracle Corp. |  |  |
| 1.65% 3/25/26 | 2010000 | 1997327 |
| 2.88% 3/25/31 | 2310000 | 2075747 |
| 2.95% 4/1/30 | 120000 | 110780 |
| 3.60% 4/1/40 | 450000 | 333737 |
| 3.60% 4/1/50 | 4830000 | 3008659 |
| 4.00% 7/15/46 | 110000 | 76251 |
| 4.65% 5/6/30 | 540000 | 535269 |
| 4.80% 9/26/32 | 1595000 | 1539848 |
| 4.90% 2/6/33 | 310000 | 298342 |
| 5.88% 9/26/45 | 1220000 | 1101811 |
| Roper Technologies, Inc. <br> 4.90% 10/15/34<br>| 1694000 | 1690301 |
| Synopsys, Inc. 5.70% 4/1/55 | 1797000 | 1782605 |
| VMware LLC 1.40% 8/15/26 | 404000 | 398031 |
|  |  | **18942984** |
| **Telecommunications–0.82%** | **Telecommunications–0.82%** | **Telecommunications–0.82%** |
| AT&T, Inc. |  |  |
| 1.65% 2/1/28 | 55000 | 52428 |
| 2.25% 2/1/32 | 1460000 | 1280429 |
| 2.30% 6/1/27 | 520000 | 508115 |
| 2.55% 12/1/33 | 1090000 | 930283 |
| 3.50% 9/15/53 | 1495000 | 1000490 |
| 3.55% 9/15/55 | 226000 | 150435 |
| 3.65% 6/1/51 | 381000 | 267732 |
| 3.65% 9/15/59 | 160000 | 105514 |
| 3.80% 2/15/27 | 1020000 | 1018031 |
| 3.80% 12/1/57 | 200000 | 137568 |
| 5.38% 8/15/35 | 266000 | 272583 |
| 6.05% 8/15/56 | 264000 | 265551 |
| 6.30% 1/15/38 | 390000 | 422613 |
| Corning, Inc. 3.90% 11/15/49 | 284000 | 218593 |
| NTT Finance Corp. 5.17% <br> 7/16/32<br>| 6040000 | 6197243 |
| Rogers Communications, Inc. <br> 5.30% 2/15/34<br>| 955000 | 962260 |
| Telefonica Emisiones SA <br> 5.21% 3/8/47<br>| 340000 | 299337 |
| T-Mobile USA, Inc. |  |  |
| 2.25% 11/15/31 | 680000 | 602277 |
| 2.55% 2/15/31 | 420000 | 383705 |
| 3.00% 2/15/41 | 1358000 | 1011911 |
| 3.30% 2/15/51 | 190000 | 127011 |
| 3.75% 4/15/27 | 1278000 | 1273985 |
| 3.88% 4/15/30 | 5690000 | 5595403 |
| 5.13% 5/15/32 | 234000 | 240803 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| T-Mobile USA, <br> Inc. (continued)<br>|  |  |
| 5.75% 1/15/34 | 289000 | $306171 |
| 5.88% 11/15/55 | 721000 | 720231 |
| Verizon Communications, Inc. |  |  |
| 2.36% 3/15/32 | 10000 | 8813 |
| 2.88% 11/20/50 | 647000 | 401122 |
| 3.40% 3/22/41 | 200000 | 156603 |
| 3.85% 11/1/42 | 680000 | 545230 |
| 4.00% 3/22/50 | 680000 | 518189 |
| 4.13% 8/15/46 | 480000 | 384742 |
| 4.40% 11/1/34 | 690000 | 665727 |
| 4.50% 8/10/33 | 2680000 | 2637540 |
| 5.25% 4/2/35 | 475000 | 482784 |
| 5.25% 3/16/37 | 430000 | 432825 |
| Vodafone Group PLC 5.63% <br> 2/10/53<br>| 35000 | 33509 |
|  |  | **30617786** |
| **Transportation–0.02%** | **Transportation–0.02%** | **Transportation–0.02%** |
| Burlington Northern Santa <br> Fe LLC<br>|  |  |
| 4.38% 9/1/42 | 25000 | 22166 |
| 4.70% 9/1/45 | 35000 | 31587 |
| Canadian Pacific Railway Co. <br> 4.70% 5/1/48<br>| 197000 | 173393 |
| CSX Corp. |  |  |
| 3.35% 9/15/49 | 10000 | 7030 |
| 4.75% 11/15/48 | 108000 | 96015 |
| 5.50% 4/15/41 | 50000 | 51024 |
| Norfolk Southern Corp. |  |  |
| 3.95% 10/1/42 | 70000 | 58023 |
| 4.05% 8/15/52 | 40000 | 31042 |
| Union Pacific Corp. |  |  |
| 3.84% 3/20/60 | 270000 | 194784 |
| 4.10% 9/15/67 | 150000 | 111066 |
|  |  | **776130** |
| **Trucking & Leasing–0.02%** | **Trucking & Leasing–0.02%** | **Trucking & Leasing–0.02%** |
| Avolon Holdings Funding Ltd. <br> 4.90% 10/10/30<br>| 740000 | 743925 |
|  |  | **743925** |
| **Unknown B2–0.15%** | **Unknown B2–0.15%** | **Unknown B2–0.15%** |
| Identity Digital Cap LLC <br> 6.79% 3/20/65<br>| 5400000 | 5456700 |
|  |  | **5456700** |
| **Water–0.00%** | **Water–0.00%** | **Water–0.00%** |
| American Water Capital Corp. |  |  |
| 3.45% 5/1/50 | 225000 | 160209 |
| 4.00% 12/1/46 | 52000 | 41820 |
|  |  | **202029** |
| **Total Corporate Bonds** <br>**(Cost $863,941,668)** | **Total Corporate Bonds** <br>**(Cost $863,941,668)** | **878395538** |

---

LVIP JPMorgan Core Bond Fund-32

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **MUNICIPAL BONDS–0.01%** | **MUNICIPAL BONDS–0.01%** | **MUNICIPAL BONDS–0.01%** |
| New York State Dormitory <br> Authority Series D 5.60% <br> 3/15/40<br>| 30000 | $30702 |
| Ohio State University Series A <br> 4.80% 6/1/11<br>| 98000 | 80786 |
| Port Authority of New York & <br> New Jersey 5.65% 11/1/40<br>| 130000 | 138507 |
| Texas Natural Gas <br> Securitization Finance Corp. <br> 5.17% 4/1/41<br>| 275000 | 280459 |
| **Total Municipal Bonds** <br>**(Cost $531,261)** | **Total Municipal Bonds** <br>**(Cost $531,261)** | **530454** |
| **NON-AGENCY ASSET-BACKED SECURITIES–9.04%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.04%** | **NON-AGENCY ASSET-BACKED SECURITIES–9.04%** |
| American Credit Acceptance <br> Receivables Trust Series <br> 2023-4 Class C 6.99% <br> 9/12/30<br>| 2498477 | 2517146 |
| AMSR Trust | AMSR Trust | AMSR Trust |
| Series 2021-SFR1 Class D <br> 2.60% 6/17/38<br>| 5059000 | 4837811 |
| Series 2021-SFR4 Class E1 <br> 2.97% 12/17/38<br>| 2335274 | 2293160 |
| Series 2021-SFR4 Class E2 <br> 3.01% 12/17/38<br>| 3800000 | 3725998 |
| Series 2022-SFR3 Class E2 <br> 4.00% 10/17/39<br>| 1000000 | 980455 |
| Series 2023-SFR2 Class E2 <br> 3.95% 6/17/40<br>| 2000000 | 1907364 |
| Aqua Finance Issuer Trust <br> Series 2025-B Class B 5.04% <br> 5/17/51<br>| 3395000 | 3429513 |
| Aqua Finance Trust Series <br> 2021-A Class B 2.40% <br> 7/17/46<br>| 4335000 | 4045840 |
| •Arbor Realty Commercial <br> Real Estate Notes Ltd. <br> Series 2022-FL1 Class A <br> 5.43% (30 day USD SOFR <br> Average + 1.45%) 1/15/37<br>| 674587 | 674587 |
| Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
| Series 2022-3A Class A 4.62% <br> 2/20/27<br>| 250000 | 250096 |
| Series 2024-1A Class A 5.36% <br> 6/20/30<br>| 2642000 | 2724109 |
| Series 2025-2A Class A 5.12% <br> 8/20/31<br>| 2000000 | 2049225 |
| Bastion Funding I LLC Series <br> 2023-1A Class A2 7.12% <br> 4/25/38<br>| 1696994 | 1711446 |
| BG Beta I Ltd. 6.28% 7/16/54 | 2632500 | 2690502 |
| Blackbird Capital II Aircraft <br> Lease Ltd. Series 2021-1A <br> Class A 2.44% 7/15/46<br>| 586633 | 557013 |
| Bridge Trust | Bridge Trust | Bridge Trust |
| Series 2024-SFR1 Class C <br> 4.30% 8/17/40<br>| 875000 | 860134 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Bridge Trust (continued) | Bridge Trust (continued) | Bridge Trust (continued) |
| Series 2024-SFR1 Class D <br> 4.30% 8/17/40<br>| 1526000 | $1485580 |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
| Series 2024-1 Class C 5.65% <br> 4/16/29<br>| 2341000 | 2364293 |
| Series 2024-3 Class C 5.70% <br> 7/16/29<br>| 2255000 | 2285879 |
| Series 2025-3 Class D 5.27% <br> 5/15/31<br>| 4500000 | 4533275 |
| BXG Receivables Note Trust <br> Series 2022-A Class C 5.35% <br> 9/28/37<br>| 307885 | 304447 |
| CarMax Auto Owner Trust <br> Series 2023-4 Class A3 6.00% <br> 7/17/28<br>| 353974 | 358539 |
| CarMax Select Receivables <br> Trust Series 2025-A Class C <br> 5.46% 7/15/31<br>| 8100000 | 8261619 |
| Cars Net Lease Mortgage <br> Notes Series 2020-1A <br> Class A3 3.10% 12/15/50<br>| 156000 | 150533 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| Series 2023-N1 Class B <br> 5.85% 11/10/27<br>| 243105 | 243197 |
| Series 2023-P3 Class A3 <br> 5.82% 8/10/28<br>| 135556 | 136463 |
| Series 2023-P4 Class A4 <br> 6.16% 9/10/29<br>| 631000 | 652786 |
| Cascade MH Asset Trust <br> Series 2021-MH1 Class A1 <br> 1.75% 2/25/46<br>| 563823 | 514561 |
| φCFIN Issuer LLC Series <br> 2022-RTL1 Class AA 4.75% <br> 2/16/26<br>| 111403 | 111069 |
| Cherry Securitization Trust <br> Series 2025-1A Class A 6.13% <br> 11/15/32<br>| 1300000 | 1319800 |
| Consumer Portfolio Services <br> Auto Trust Series 2025-B <br> Class C 5.12% 7/15/31<br>| 4290000 | 4327436 |
| Continental Finance Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust |
| Series 2022-A Class A 6.19% <br> 10/15/30<br>| 598324 | 600692 |
| Series 2025-A Class A 5.40% <br> 12/17/35<br>| 7280000 | 7313591 |
| CoreVest American Finance <br> Ltd. Series 2020-3 Class B <br> 2.20% 8/15/53<br>| 810000 | 752178 |
| CoreVest American Finance Trust | CoreVest American Finance Trust | CoreVest American Finance Trust |
| Series 2019-2 Class D 4.22% <br> 6/15/52<br>| 500000 | 483691 |
| Series 2019-3 Class B 3.16% <br> 10/15/52<br>| 700000 | 677557 |

---

LVIP JPMorgan Core Bond Fund-33

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •Countrywide Asset-Backed Certificates Trust | •Countrywide Asset-Backed Certificates Trust | •Countrywide Asset-Backed Certificates Trust |
| Series 2004-1 Class 3A 4.41% <br> (1 mo. USD Term SOFR + <br> 0.67%) 4/25/34<br>| 1056 | $1020 |
| Series 2004-1 Class M1 <br> 4.60% (1 mo. USD Term <br> SOFR + 0.86%) 3/25/34<br>| 3707 | 3828 |
| CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
| Series 2022-D Class C 7.69% <br> 1/16/29<br>| 542097 | 546200 |
| Series 2023-D Class C 7.17% <br> 1/15/30<br>| 3686000 | 3724120 |
| Credit Acceptance Auto Loan Trust | Credit Acceptance Auto Loan Trust | Credit Acceptance Auto Loan Trust |
| Series 2022-3A Class C 8.45% <br> 2/15/33<br>| 419171 | 420729 |
| Series 2023-2A Class A 5.92% <br> 5/16/33<br>| 252832 | 253258 |
| Series 2023-3A Class A 6.39% <br> 8/15/33<br>| 408838 | 410876 |
| Series 2024-1A Class C 6.71% <br> 7/17/34<br>| 3910000 | 4002929 |
| Series 2025-1A Class C 5.71% <br> 7/16/35<br>| 4535000 | 4601256 |
| Series 2025-2A Class B 4.87% <br> 1/15/36<br>| 4235000 | 4272118 |
| •CWHEQ Revolving Home <br> Equity Loan Trust Series <br> 2006-I Class 2A 4.00% (1 mo. <br> USD Term SOFR + 0.25%) <br> 1/15/37<br>| 327016 | 316048 |
| DataBank Issuer LLC Series <br> 2021-1A Class A2 2.06% <br> 2/27/51<br>| 1387000 | 1380730 |
| Diamond Infrastructure <br> Funding LLC Series 2021-1A <br> Class A 1.76% 4/15/49<br>| 2280000 | 2215876 |
| Diversified ABS Phase <br> VIII LLC Series 2024-1A <br> Class A1 7.08% 5/30/44<br>| 1183928 | 1197617 |
| Domino's Pizza Master <br> Issuer LLC Series 2021-1A <br> Class A2I 2.66% 4/25/51<br>| 3709115 | 3525603 |
| DP Lion Holdco LLC Series <br> 2023-1A Class A 8.24% <br> 11/30/43<br>| 1508609 | 1550508 |
| Drive Auto Receivables Trust <br> Series 2025-1 Class D 5.41% <br> 9/15/32<br>| 5400000 | 5464828 |
| DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
| Series 2022-3A Class C 7.69% <br> 7/17/28<br>| 43460 | 43522 |
| Series 2022-3A Class D <br> 8.14% 7/17/28<br>| 750000 | 763411 |
| Series 2023-2A Class C 5.79% <br> 2/15/29<br>| 660085 | 662736 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| Series 2022-6A Class D <br> 8.03% 4/6/29<br>| 1032000 | $1064027 |
| Series 2023-5A Class C 6.85% <br> 1/16/29<br>| 1824000 | 1847341 |
| Series 2024-2A Class D <br> 5.92% 2/15/30<br>| 4241000 | 4326158 |
| Series 2025-2A Class D <br> 5.89% 7/15/31<br>| 8100000 | 8293406 |
| Series 2025-4A Class D <br> 5.23% 1/15/32<br>| 6400000 | 6423215 |
| Series 2025-5A Class D <br> 5.16% 3/15/32<br>| 2699000 | 2717197 |
| FHF Issuer Trust Series <br> 2023-2A Class A2 6.79% <br> 10/15/29<br>| 802566 | 808479 |
| First Investors Auto Owner <br> Trust Series 2023-1A Class C <br> 6.81% 12/17/29<br>| 4000000 | 4113666 |
| FirstKey Homes Trust | FirstKey Homes Trust | FirstKey Homes Trust |
| Series 2021-SFR1 Class E1 <br> 2.39% 8/17/38<br>| 5142000 | 5065761 |
| Series 2021-SFR1 Class E2 <br> 2.49% 8/17/38<br>| 5500000 | 5416000 |
| Series 2022-SFR3 Class C <br> 4.50% 7/17/38<br>| 784000 | 781724 |
| •FMC GMSR Issuer Trust | •FMC GMSR Issuer Trust | •FMC GMSR Issuer Trust |
| Series 2020-GT1 Class A <br> 4.45% 1/25/26<br>| 1500000 | 1491889 |
| Series 2021-GT1 Class A <br> 3.62% 7/25/26<br>| 4200000 | 4054700 |
| Series 2021-GT2 Class A <br> 3.85% 10/25/26<br>| 3050000 | 2954323 |
| Series 2024-SAT1 Class A <br> 6.50% 3/26/27<br>| 5675000 | 5709440 |
| Ford Credit Auto Owner Trust <br> Series 2024-B Class A3 5.10% <br> 4/15/29<br>| 1213000 | 1228602 |
| Foundation Finance Trust <br> Series 2023-2A Class D <br> 9.10% 6/15/49<br>| 2474837 | 2645735 |
| Frontier Issuer LLC Series <br> 2024-1 Class A2 6.19% <br> 6/20/54<br>| 607000 | 625832 |
| FW Energy Asset Issuer LLC | FW Energy Asset Issuer LLC | FW Energy Asset Issuer LLC |
| 7.15% 8/25/44 | 3043334 | 3103053 |
| 8.11% 8/25/44 | 966746 | 987390 |
| GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
| Series 2023-3A Class C 6.01% <br> 5/15/29<br>| 523000 | 527575 |
| Series 2024-2A Class C 6.03% <br> 2/15/30<br>| 4545000 | 4637557 |
| Series 2025-1A Class D <br> 5.61% 11/15/30<br>| 5000000 | 5070108 |
| Series 2025-2A Class C 5.11% <br> 1/15/31<br>| 5600000 | 5660801 |

---

LVIP JPMorgan Core Bond Fund-34

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| GLS Auto Receivables Issuer Trust (continued) | GLS Auto Receivables Issuer Trust (continued) | GLS Auto Receivables Issuer Trust (continued) |
| Series 2025-3A Class D <br> 5.16% 6/16/31<br>| 2970000 | $2965341 |
| GLS Auto Select Receivables <br> Trust Series 2023-2A <br> Class A3 6.38% 2/15/29<br>| 4250000 | 4318365 |
| GM Financial Automobile <br> Leasing Trust Series 2024-1 <br> Class A3 5.09% 3/22/27<br>| 472196 | 473262 |
| GMF Floorplan Owner <br> Revolving Trust Series <br> 2024-1A Class A1 5.13% <br> 3/15/29<br>| 2514000 | 2551626 |
| Goodgreen Trust | Goodgreen Trust | Goodgreen Trust |
| Series 2017-1A Class A 3.74% <br> 10/15/52<br>| 22897 | 21212 |
| Series 2017-2A Class A 3.26% <br> 10/15/53<br>| 94268 | 86089 |
| Series 2019-2A Class A 2.76% <br> 4/15/55<br>| 175514 | 151655 |
| GoodLeap Home <br> Improvement Solutions <br> Trust Series 2025-3A Class A <br> 5.00% 10/20/49<br>| 5968458 | 5983228 |
| GoodLeap Sustainable Home <br> Solutions Trust Series <br> 2022-1GS Class A 2.70% <br> 1/20/49<br>| 1042900 | 918071 |
| Granite Park Equipment <br> Leasing LLC Series 2023-1A <br> Class A3 6.46% 9/20/32<br>| 1029192 | 1037633 |
| Hardee's Funding LLC Series <br> 2021-1A Class A2 2.87% <br> 6/20/51<br>| 2206050 | 2059963 |
| HERO Funding Trust | HERO Funding Trust | HERO Funding Trust |
| Series 2016-3A Class A1 <br> 3.08% 9/20/42<br>| 13286 | 12454 |
| Series 2017-1A Class A2 <br> 4.46% 9/20/47<br>| 45797 | 43718 |
| Series 2017-3A Class A2 <br> 3.95% 9/20/48<br>| 60205 | 56536 |
| Hertz Vehicle Financing <br> III LP Series 2021-2A <br> Class C 2.52% 12/27/27<br>| 1840000 | 1805873 |
| Hilton Grand Vacations Trust <br> Series 2025-2A Class B 4.73% <br> 5/25/44<br>| 2677723 | 2689180 |
| Home Partners of America <br> Trust Series 2020-2 Class E <br> 3.08% 1/17/41<br>| 796455 | 751114 |
| Huntington Bank Auto <br> Credit-Linked Notes Series <br> 2025-2 Class B1 4.84% <br> 9/20/33<br>| 7390442 | 7438084 |
| John Deere Owner Trust <br> Series 2023-B Class A4 5.11% <br> 5/15/30<br>| 1100000 | 1115042 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Jonah Energy ABS II LLC <br> Series 2022-1 Class A1 7.20% <br> 12/10/37<br>| 262392 | $266005 |
| Lending Funding Trust | Lending Funding Trust | Lending Funding Trust |
| Series 2020-2A Class A 2.32% <br> 4/21/31<br>| 1003119 | 987792 |
| Series 2020-2A Class C 4.30% <br> 4/21/31<br>| 1000000 | 987867 |
| Lendmark Funding Trust <br> Series 2021-1A Class B 2.47% <br> 11/20/31<br>| 4600000 | 4411903 |
| •Long Beach Mortgage Loan <br> Trust Series 2004-1 Class M1 <br> 4.60% (1 mo. USD Term <br> SOFR + 0.86%) 2/25/34<br>| 13925 | 13793 |
| Merchants Fleet Funding LLC <br> Series 2023-1A Class A 7.21% <br> 5/20/36<br>| 1267698 | 1273336 |
| Mercury Financial Credit <br> Card Master Trust Series <br> 2024-2A Class A 6.56% <br> 7/20/29<br>| 4075000 | 4097274 |
| •MF1 LLC Series 2022-FL10 <br> Class A 6.37% (1 mo. USD <br> Term SOFR + 2.64%) <br> 9/17/37<br>| 757156 | 758107 |
| MNR ABS Issuer I LLC 8.95% <br> 12/15/38<br>| 2024911 | 2079280 |
| MVW LLC | MVW LLC | MVW LLC |
| Series 2019-2A Class B 2.44% <br> 10/20/38<br>| 85038 | 84919 |
| Series 2023-1A Class C 6.54% <br> 10/20/40<br>| 564697 | 580163 |
| Series 2023-2A Class C 7.06% <br> 11/20/40<br>| 778068 | 800896 |
| •Navient Student Loan Trust <br> Series 2016-3A Class A3 <br> 5.34% (30 day USD SOFR <br> Average + 1.46%) 6/25/65<br>| 848251 | 860515 |
| New Residential Mortgage <br> Loan Trust Series 2022-SFR1 <br> Class D 3.30% 2/17/39<br>| 1375000 | 1348293 |
| NMABS Issuer I LLC Series <br> 2025-1A Class A 5.14% <br> 11/22/55<br>| 6538637 | 6530639 |
| NP SPE X LP Series 2021-1A <br> Class A1 2.23% 3/19/51<br>| 1691025 | 1489167 |
| NRZ Excess Spread-Collateralized Notes | NRZ Excess Spread-Collateralized Notes | NRZ Excess Spread-Collateralized Notes |
| Series 2021-FHT1 Class A <br> 3.10% 7/25/26<br>| 453976 | 448494 |
| Series 2021-GNT1 Class A <br> 3.47% 11/25/26<br>| 431836 | 424703 |
| Octane Receivables Trust <br> Series 2022-2A Class D <br> 7.70% 2/20/30<br>| 1400000 | 1439959 |

---

LVIP JPMorgan Core Bond Fund-35

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
| Series 2019-1A Class B 3.95% <br> 11/14/28<br>| 948879 | $947599 |
| Series 2023-1A Class D <br> 7.07% 2/14/33<br>| 682000 | 705901 |
| Oportun Issuance Trust <br> Series 2021-C Class A 2.18% <br> 10/8/31<br>| 505968 | 497610 |
| PEAC Solutions <br> Receivables LLC Series <br> 2024-1A Class A3 5.64% <br> 11/20/30<br>| 2500000 | 2562605 |
| Porsche Innovative Lease <br> Owner Trust Series 2024-1A <br> Class A3 4.67% 11/22/27<br>| 1733000 | 1739919 |
| PowerPay Issuance Trust <br> Series 2025-1A Class A 5.23% <br> 11/18/41<br>| 5890480 | 5906551 |
| Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
| Series 2022-SFR2 Class A <br> 2.95% 4/17/27<br>| 533009 | 524684 |
| Series 2022-SFR2 Class E1 <br> 4.55% 4/17/27<br>| 2700000 | 2671117 |
| Series 2025-SFR3 Class B <br> 3.39% 7/17/42<br>| 3690000 | 3486278 |
| Renew Financial Series <br> 2017-1A Class A 3.67% <br> 9/20/52<br>| 24285 | 22613 |
| Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
| Series 2022-4 Class C 5.00% <br> 11/15/29<br>| 2515442 | 2525925 |
| Series 2022-5 Class D 5.67% <br> 12/16/30<br>| 5500000 | 5552563 |
| Series 2022-6 Class D 5.69% <br> 2/18/31<br>| 5500000 | 5538365 |
| Series 2023-6 Class C 6.40% <br> 3/17/31<br>| 2200000 | 2273887 |
| Series 2024-2 Class D 6.28% <br> 8/15/31<br>| 2249000 | 2320862 |
| Series 2024-3 Class D 5.97% <br> 10/15/31<br>| 5055000 | 5204709 |
| Series 2025-1 Class D 5.43% <br> 3/17/31<br>| 672000 | 682479 |
| Series 2025-4 Class D 4.95% <br> 1/15/32<br>| 2215000 | 2223092 |
| SCF Equipment Leasing LLC | SCF Equipment Leasing LLC | SCF Equipment Leasing LLC |
| Series 2023-1A Class A3 <br> 6.17% 5/20/32<br>| 1508882 | 1528792 |
| Series 2023-1A Class C 6.77% <br> 8/22/33<br>| 3815000 | 3971495 |
| Series 2024-1A Class C 5.82% <br> 9/20/32<br>| 2558000 | 2641428 |
| Series 2025-1A Class D <br> 5.88% 11/20/35<br>| 1032000 | 1066379 |
| Sierra Timeshare Receivables <br> Funding LLC Series 2025-1A <br> Class B 5.10% 1/21/42<br>| 2475716 | 2495634 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| •SLC Student Loan Trust <br> Series 2008-1 Class A4A <br> 5.99% (90 day USD SOFR <br> Average + 1.86%) 12/15/32<br>| 651398 | $651875 |
| •SLM Private Credit Student Loan Trust | •SLM Private Credit Student Loan Trust | •SLM Private Credit Student Loan Trust |
| Series 2005-B Class A4 4.31% <br> (3 mo. USD Term SOFR + <br> 0.59%) 6/15/39<br>| 380614 | 371364 |
| Series 2006-A Class A5 4.27% <br> (3 mo. USD Term SOFR + <br> 0.55%) 6/15/39<br>| 385606 | 371686 |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| Series 2020-A Class A2A <br> 2.23% 9/15/37<br>| 273787 | 266042 |
| Series 2021-C Class APT1 <br> 1.39% 1/15/53<br>| 1236150 | 1139160 |
| Series 2021-C Class B 2.30% <br> 1/15/53<br>| 472780 | 461695 |
| Series 2022-C Class A1A <br> 4.48% 5/16/50<br>| 2295461 | 2289648 |
| •Starwood Ltd. Series <br> 2022-FL3 Class A 5.33% (30 <br> day USD SOFR Average + <br> 1.35%) 11/15/38<br>| 790420 | 787982 |
| Toyota Auto Receivables <br> Owner Trust Series 2024-B <br> Class A3 5.33% 1/16/29<br>| 2462163 | 2487815 |
| Tricon American Homes Trust <br> Series 2020-SFR2 Class E1 <br> 2.73% 11/17/39<br>| 2426000 | 2342635 |
| Tricon Residential Trust <br> Series 2022-SFR1 Class D <br> 4.75% 4/17/39<br>| 459000 | 456367 |
| Triumph Rail Holdings LLC <br> Series 2021-2 Class A 2.15% <br> 6/19/51<br>| 1279937 | 1237261 |
| U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
| Series 2019-20D Class 1 <br> 2.98% 4/1/39<br>| 150059 | 140931 |
| Series 2019-25G Class 1 <br> 2.69% 7/1/44<br>| 286446 | 257504 |
| UPX HIL Issuer Trust Series <br> 2025-1 Class A 5.16% <br> 1/25/47<br>| 6848973 | 6901872 |
| Verizon Master Trust Series <br> 2024-3 Class A1A 5.34% <br> 4/22/30<br>| 1473000 | 1501719 |
| VFI ABS LLC Series 2025-1A <br> Class B 4.97% 12/24/30<br>| 1715000 | 1725632 |
| VM Debt Trust Series 2019-1 <br> 7.46% 7/18/27<br>| 1000000 | 952500 |
| Volkswagen Auto Lease Trust <br> Series 2024-A Class A3 5.21% <br> 6/21/27<br>| 2947000 | 2962657 |
| φVOLT XCV LLC Series <br> 2021-NPL4 Class A1 6.24% <br> 3/27/51<br>| 41679 | 41679 |

---

LVIP JPMorgan Core Bond Fund-36

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** | **NON-AGENCY ASSET-BACKED SECURITIES (continued)** |
| Wendy's Funding LLC Series <br> 2021-1A Class A2I 2.37% <br> 6/15/51<br>| 1727064 | $1609565 |
| Westlake Automobile <br> Receivables Trust Series <br> 2023-3A Class C 6.02% <br> 9/15/28<br>| 1000000 | 1010623 |
| **Total Non-Agency Asset-Backed Securities** <br>**(Cost $330,380,336)** | **Total Non-Agency Asset-Backed Securities** <br>**(Cost $330,380,336)** | **337463027** |
| **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.19%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.19%** | **NON-AGENCY COLLATERALIZED MORTGAGE** <br> **OBLIGATIONS–2.19%** |
| •Agate Bay Mortgage Trust <br> Series 2015-1 Class B1 3.61% <br> 1/25/45<br>| 33672 | 33083 |
| Anchor Mortgage Trust | Anchor Mortgage Trust | Anchor Mortgage Trust |
| • 8.23% 3/25/31 | 4000000 | 4049638 |
| φSeries 2025-RTL1 Class A1 <br> 5.72% 5/25/40<br>| 3055000 | 3056658 |
| Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
| •Series 2021-7 Class A3 2.34% <br> 10/25/66<br>| 516269 | 454546 |
| Series 2022-3 Class A1 4.00% <br> 1/25/67<br>| 1160346 | 1130773 |
| ~^Banc of America Alternative <br> Loan Trust Series 2004-6 <br> Class 15 0.00% 7/25/34<br>| 1347 | 748 |
| Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
| ~^Series 2004-1 0.00% 3/25/34 | 4961 | 3857 |
| Series 2005-6 Class 2A7 <br> 5.50% 10/25/35<br>| 38221 | 35008 |
| ~^Series 2005-7 Class 30 0.00% <br> 11/25/35<br>| 4073 | 3672 |
| •Bear Stearns ARM Trust | •Bear Stearns ARM Trust | •Bear Stearns ARM Trust |
| Series 2003-7 Class 3A 6.83% <br> 10/25/33<br>| 2728 | 2743 |
| Series 2006-1 Class A1 5.95% <br> (1 yr. CMT + 2.25%) <br> 2/25/36<br>| 18655 | 18037 |
| •BRAVO Residential Funding <br> Trust Series 2022-NQM3 <br> Class A1 5.11% 7/25/62<br>| 1865337 | 1865238 |
| Brean Asset-Backed <br> Securities Trust Series <br> 2025-RM12 Class A1 4.50% <br> 7/25/65<br>| 4625024 | 4534035 |
| CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
| ♦•Series 2004-7 Class 2A1 <br> 5.24% 6/25/34<br>| 8336 | 7525 |
| ♦•Series 2004-HYB1 Class 2A <br> 5.11% 5/20/34<br>| 4536 | 4166 |
| ♦•Series 2004-HYB3 Class 2A <br> 4.64% 6/20/34<br>| 5833 | 5505 |
| ♦Series 2005-16 Class A23 <br> 5.50% 9/25/35<br>| 21802 | 13105 |
| ♦•Series 2005-22 Class 2A1 <br> 4.79% 11/25/35<br>| 45632 | 38246 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •CIM Trust Series 2021-R6 <br> Class A1 1.43% 7/25/61<br>| 572900 | $531379 |
| Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
| •Series 2003-HYB1 Class A <br> 6.74% 9/25/33<br>| 1828 | 1809 |
| ~^Series 2003-UP2 Class 1 <br> 0.00% 12/25/18<br>| 42 | 42 |
| •Citigroup Mortgage Loan <br> Trust, Inc. Series 2005-1 <br> Class 2A1A 3.19% 2/25/35<br>| 26064 | 22130 |
| Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
| Series 2004-2CB Class 1A9 <br> 5.75% 3/25/34<br>| 265259 | 269551 |
| \*•Series 2005-20CB Class 3A8 <br> 0.90% (4.64% minus 1 mo. <br> USD Term SOFR) 7/25/35<br>| 104856 | 5176 |
| \*•Series 2005-22T1 Class A2 <br> 1.22% (4.96% minus 1 mo. <br> USD Term SOFR) 6/25/35<br>| 242523 | 18397 |
| Series 2005-28CB Class 1A4 <br> 5.50% 8/25/35<br>| 134565 | 118375 |
| Series 2005-54CB Class 1A11 <br> 5.50% 11/25/35<br>| 48954 | 37019 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| •Series 2018-J1 Class A2 <br> 3.50% 2/25/48<br>| 2348386 | 2128883 |
| φSeries 2019-NQM1 Class A3 <br> 4.06% 10/25/59<br>| 329484 | 328129 |
| •Series 2020-RPL4 Class A1 <br> 2.00% 1/25/60<br>| 660305 | 599508 |
| •Series 2021-AFC1 Class A1 <br> 0.83% 3/25/56<br>| 559595 | 474535 |
| •Series 2021-AFC1 Class A3 <br> 1.17% 3/25/56<br>| 760888 | 650845 |
| •Series 2021-NQM3 Class A3 <br> 1.63% 4/25/66<br>| 1344523 | 1201821 |
| •Series 2021-NQM7 Class A1 <br> 1.76% 10/25/66<br>| 424787 | 381445 |
| •Series 2021-NQM8 Class A1 <br> 2.84% 10/25/66<br>| 2330582 | 2157349 |
| Series 2021-RPL2 Class A1 <br> 2.00% 1/25/60<br>| 411869 | 365727 |
| •Series 2021-RPL6 Class A1 <br> 2.00% 10/25/60<br>| 804540 | 734519 |
| •Series 2022-NQM1 Class A1 <br> 2.27% 11/25/66<br>| 2393141 | 2222118 |
| •Deephaven Residential <br> Mortgage Trust Series <br> 2022-1 Class A1 2.21% <br> 1/25/67<br>| 1540866 | 1431748 |
| •Ellington Financial Mortgage <br> Trust Series 2021-2 Class A1 <br> 0.93% 6/25/66<br>| 626283 | 525088 |

---

LVIP JPMorgan Core Bond Fund-37

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| First Horizon Alternative <br> Mortgage Securities Trust <br> Series 2005-FA8 Class 1A19 <br> 5.50% 11/25/35<br>| 46094 | $19434 |
| •Galton Funding Mortgage <br> Trust Series 2017-1 <br> Class A22 3.00% 7/25/56<br>| 82945 | 73722 |
| φGCAT Trust Series <br> 2020-NQM1 Class A3 3.55% <br> 1/25/60<br>| 1061733 | 1047439 |
| •GMACM Mortgage Loan Trust <br> Series 2005-AR3 Class 3A4 <br> 4.38% 6/19/35<br>| 22048 | 20939 |
| •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust | •GS Mortgage-Backed Securities Trust |
| Series 2021-PJ7 Class A2 <br> 2.50% 1/25/52<br>| 828876 | 691723 |
| Series 2021-PJ8 Class A2 <br> 2.50% 1/25/52<br>| 1131500 | 944272 |
| Series 2021-PJ9 Class A2 <br> 2.50% 2/26/52<br>| 1287720 | 1074643 |
| GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
| Series 2004-13F Class 3A3 <br> 6.00% 11/25/34<br>| 6563 | 6427 |
| Series 2004-6F Class 1A2 <br> 5.00% 5/25/34<br>| 11742 | 11383 |
| Series 2004-6F Class 3A4 <br> 6.50% 5/25/34<br>| 33460 | 34095 |
| •Impac CMB Trust Series <br> 2007-A Class A 4.35% (1 mo. <br> USD Term SOFR + 0.61%) <br> 5/25/37<br>| 721458 | 691801 |
| •Impac Secured Assets Trust <br> Series 2006-1 Class 2A1 <br> 4.55% (1 mo. USD Term <br> SOFR + 0.81%) 5/25/36<br>| 3790 | 3678 |
| •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust | •JP Morgan Mortgage Trust |
| Series 2006-A2 Class 5A3 <br> 6.31% 11/25/33<br>| 3141 | 3053 |
| Series 2015-1 Class B2 5.50% <br> 12/25/44<br>| 70942 | 70618 |
| Series 2015-4 Class B1 3.51% <br> 6/25/45<br>| 93468 | 87571 |
| Series 2015-5 Class B2 5.60% <br> 5/25/45<br>| 4366 | 4334 |
| Series 2015-6 Class B3 3.51% <br> 10/25/45<br>| 92549 | 83184 |
| Series 2017-1 Class B3 3.45% <br> 1/25/47<br>| 294732 | 270221 |
| Series 2017-5 Class A2 4.75% <br> 10/26/48<br>| 2389247 | 2412401 |
| Series 2018-4 Class A1 3.50% <br> 10/25/48<br>| 277866 | 250948 |
| Series 2020-2 Class A3 3.50% <br> 7/25/50<br>| 32598 | 29232 |
| Series 2020-7 Class A3 3.00% <br> 1/25/51<br>| 147713 | 128067 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •JP Morgan Mortgage Trust (continued) | •JP Morgan Mortgage Trust (continued) | •JP Morgan Mortgage Trust (continued) |
| Series 2021-1 Class A3 2.50% <br> 6/25/51<br>| 256386 | $213962 |
| Series 2021-10 Class A3 <br> 2.50% 12/25/51<br>| 547730 | 457098 |
| Series 2021-11 Class A3 <br> 2.50% 1/25/52<br>| 922360 | 770891 |
| Series 2021-12 Class A3 <br> 2.50% 2/25/52<br>| 1193161 | 995730 |
| Series 2021-13 Class A3 <br> 2.50% 4/25/52<br>| 1194800 | 997098 |
| •MASTR Adjustable Rate <br> Mortgages Trust Series <br> 2004-13 Class 2A1 6.29% <br> 4/21/34<br>| 4081 | 4038 |
| MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
| Series 2003-9 Class 8A1 <br> 6.00% 1/25/34<br>| 17005 | 16365 |
| Series 2004-4 Class 10A1 <br> 5.00% 5/25/24<br>| 6421 | 3145 |
| Series 2004-6 Class 7A1 <br> 6.00% 7/25/34<br>| 37389 | 37462 |
| ~^Series 2004-7 Class 30 0.00% <br> 8/25/34<br>| 2823 | 2129 |
| Series 2004-8 Class 6A1 <br> 5.50% 12/31/49<br>| 34 | 33 |
| MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
| Series 2003-11 Class 9A6 <br> 5.25% 12/25/33<br>| 30363 | 30065 |
| ~^Series 2003-12 Class 15 <br> 0.00% 12/25/18<br>| 76 | 0 |
| ~^Series 2004-6 Class 15 0.00% <br> 7/25/19<br>| 82 | 81 |
| ~^MASTR Resecuritization <br> Trust Series 2005-PO Class 3 <br> 0.00% 5/28/35<br>| 4059 | 3207 |
| •MFA Trust Series 2020-NQM1 <br> Class A3 3.30% 8/25/49<br>| 258299 | 251272 |
| •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust | •Morgan Stanley Residential Mortgage Loan Trust |
| Series 2020-1 Class A2A <br> 2.50% 12/25/50<br>| 356115 | 294710 |
| Series 2021-1 Class A2 2.50% <br> 3/25/51<br>| 249829 | 208490 |
| Series 2021-4 Class A3 2.50% <br> 7/25/51<br>| 260766 | 217618 |
| Series 2021-5 Class A3 2.50% <br> 8/25/51<br>| 830568 | 693135 |
| •NACC Reperforming Loan <br> REMICS Trust Series <br> 2004-R2 Class A1 6.50% <br> 10/25/34<br>| 11609 | 10046 |
| •New Residential Mortgage Loan Trust | •New Residential Mortgage Loan Trust | •New Residential Mortgage Loan Trust |
| Series 2014-2A Class A3 <br> 3.75% 5/25/54<br>| 410443 | 395424 |
| Series 2015-1A Class A3 <br> 3.75% 5/28/52<br>| 226999 | 219472 |

---

LVIP JPMorgan Core Bond Fund-38

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •New Residential Mortgage Loan Trust (continued) | •New Residential Mortgage Loan Trust (continued) | •New Residential Mortgage Loan Trust (continued) |
| Series 2015-2A Class A1 <br> 3.75% 8/25/55<br>| 1369771 | $1341405 |
| Series 2015-2A Class A2 <br> 3.75% 8/25/55<br>| 779870 | 759115 |
| Series 2016-3A Class A1B <br> 3.25% 9/25/56<br>| 443265 | 419120 |
| Series 2016-3A Class B1 <br> 4.00% 9/25/56<br>| 1704855 | 1677586 |
| Series 2016-4A Class B2 <br> 4.65% 11/25/56<br>| 998772 | 981383 |
| Series 2017-1A Class A1 <br> 4.00% 2/25/57<br>| 1078850 | 1057063 |
| Series 2017-2A Class B2 <br> 4.75% 3/25/57<br>| 922961 | 920548 |
| Series 2017-4A Class A1 <br> 4.00% 5/25/57<br>| 1042214 | 1016524 |
| Series 2017-6A Class A1 <br> 4.00% 8/27/57<br>| 2233289 | 2182164 |
| Series 2022-NQM2 Class A1 <br> 3.08% 3/27/62<br>| 2396993 | 2299615 |
| •OBX Trust | •OBX Trust | •OBX Trust |
| Series 2021-NQM2 Class A1 <br> 1.10% 5/25/61<br>| 447664 | 373584 |
| Series 2021-NQM3 Class A1 <br> 1.05% 7/25/61<br>| 657616 | 547147 |
| Series 2021-NQM4 Class A1 <br> 1.96% 10/25/61<br>| 1478242 | 1277229 |
| Series 2022-NQM1 Class A1 <br> 2.31% 11/25/61<br>| 2280183 | 2067992 |
| \*PHH Alternative Mortgage <br> Trust Series 2007-2 Class 2X <br> 6.00% 5/25/37<br>| 49940 | 9700 |
| •PRKCM Trust Series <br> 2021-AFC2 Class A1 2.07% <br> 11/25/56<br>| 635950 | 569498 |
| φPRPM LLC Series 2024-RCF3 <br> Class A1 4.00% 5/25/54<br>| 2674530 | 2649759 |
| •RCKT Mortgage Trust | •RCKT Mortgage Trust | •RCKT Mortgage Trust |
| Series 2021-1 Class A1 2.50% <br> 3/25/51<br>| 260951 | 217772 |
| Series 2021-4 Class A1 2.50% <br> 9/25/51<br>| 1236428 | 1031838 |
| Series 2021-6 Class A1 2.50% <br> 12/25/51<br>| 549354 | 458453 |
| φRoc Mortgage Trust Series <br> 2025-RTL1 Class A1 5.63% <br> 2/25/40<br>| 3000000 | 3028668 |
| SACO I, Inc. Series 1997-2 <br> Class 1A5 7.00% 8/25/36<br>| 741 | 692 |
| •Sequoia Mortgage Trust <br> Series 2020-4 Class A2 2.50% <br> 11/25/50<br>| 214830 | 178477 |
| •SG Residential Mortgage <br> Trust Series 2022-1 Class A1 <br> 3.17% 3/27/62<br>| 2319413 | 2224178 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| φToorak Mortgage Trust Series <br> 2025-RRTL1 Class A1 5.52% <br> 2/25/40<br>| 4205000 | $4220324 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| •Series 2016-3 Class B1 4.08% <br> 4/25/56<br>| 850000 | 840876 |
| •Series 2017-6 Class M1 <br> 3.25% 10/25/57<br>| 1610000 | 1511450 |
| •Series 2018-1 Class A1 3.00% <br> 1/25/58<br>| 11151 | 11083 |
| •Series 2019-HY2 Class M2 <br> 5.75% (1 mo. USD Term <br> SOFR + 2.01%) 5/25/58<br>| 950000 | 961629 |
| •Series 2021-R1 Class A1 <br> 2.92% 11/30/60<br>| 1231570 | 1117765 |
| Series 2022-4 Class A1 3.75% <br> 9/25/62<br>| 1964041 | 1892413 |
| Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
| Series 1996-1 Class 1Z 6.75% <br> 2/15/26<br>| 5911 | 5897 |
| Series 1996-2 Class 1Z 6.75% <br> 6/15/26<br>| 1265 | 1269 |
| Series 1997-1 Class 2Z 7.50% <br> 2/15/27<br>| 7593 | 7629 |
| Series 1998-1 Class 2E 7.00% <br> 3/15/28<br>| 4137 | 4170 |
| ♦•WaMu Mortgage Pass-Through Certificates Trust | ♦•WaMu Mortgage Pass-Through Certificates Trust | ♦•WaMu Mortgage Pass-Through Certificates Trust |
| Series 2003-AR8 Class A <br> 5.24% 8/25/33<br>| 1771 | 1692 |
| Series 2003-AR9 Class 1A6 <br> 5.45% 9/25/33<br>| 9392 | 8872 |
| Series 2004-AR3 Class A2 <br> 5.36% 6/25/34<br>| 2938 | 2712 |
| Series 2005-AR13 <br> Class A1A1 4.43% (1 mo. <br> USD Term SOFR + 0.69%) <br> 10/25/45<br>| 507934 | 485870 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT <br> Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT <br> Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT <br> Trust |
| \*♦•Series 2005-2 Class 1A4 <br> 1.20% (4.94% minus 1 mo. <br> USD Term SOFR) 4/25/35<br>| 222676 | 11600 |
| \*♦•Series 2005-2 Class 2A3 <br> 1.15% (4.89% minus 1 mo. <br> USD Term SOFR) 4/25/35<br>| 64323 | 3076 |
| \*♦Series 2005-3 Class CX 5.50% <br> 5/25/35<br>| 68497 | 12293 |
| ♦Series 2005-4 Class CB7 <br> 5.50% 6/25/35<br>| 51673 | 48212 |
| ♦Series 2005-6 Class 2A4 <br> 5.50% 8/25/35<br>| 14149 | 12200 |

---

LVIP JPMorgan Core Bond Fund-39

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS** <br> **(continued)** |
| •Wells Fargo Mortgage-Backed <br> Securities Trust Series <br> 2020-1 Class A1 3.00% <br> 12/25/49<br>| 50614 | $43855 |
| **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $77,962,916)** | **Total Non-Agency Collateralized Mortgage** <br> **Obligations** <br>**(Cost $77,962,916)** | **81737229** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.53%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.53%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES–2.53%** |
| •AREIT Trust Series <br> 2022-CRE6 Class A 5.19% <br> (30 day USD SOFR Average <br> + 1.25%) 1/20/37<br>| 830022 | 828484 |
| •BAHA Trust Series 2024-MAR <br> Class A 5.97% 12/10/41<br>| 5541000 | 5737339 |
| •BAMLL Re-REMICS Trust <br> Series 2024-FRR3 Class B <br> 1.45% 1/27/50<br>| 6000000 | 5750698 |
| Bank | Bank | Bank |
| •Series 2017-BNK5 Class B <br> 3.90% 6/15/60<br>| 354000 | 344664 |
| Series 2017-BNK7 Class A5 <br> 3.44% 9/15/60<br>| 1509000 | 1489161 |
| •Series 2018-BN14 Class C <br> 4.62% 9/15/60<br>| 1640000 | 1424607 |
| Series 2019-BN20 Class A3 <br> 3.01% 9/15/62<br>| 534000 | 501562 |
| Series 2019-BN21 Class A5 <br> 2.85% 10/17/52<br>| 1088000 | 1028301 |
| Series 2020-BN25 Class A5 <br> 2.65% 1/15/63<br>| 3467000 | 3218531 |
| •Series 2022-BNK40 Class B <br> 3.39% 3/15/64<br>| 767000 | 679696 |
| BBCMS Mortgage Trust Series <br> 2020-C7 Class A5 2.04% <br> 4/15/53<br>| 1610000 | 1451218 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| Series 2020-B17 Class A5 <br> 2.29% 3/15/53<br>| 2037000 | 1840591 |
| Series 2020-B19 Class A5 <br> 1.85% 9/15/53<br>| 2610000 | 2303425 |
| Series 2020-B20 Class A5 <br> 2.03% 10/15/53<br>| 1915000 | 1693645 |
| Series 2020-B22 Class A5 <br> 1.97% 1/15/54<br>| 2110000 | 1851819 |
| Series 2021-B24 Class A5 <br> 2.58% 3/15/54<br>| 575000 | 514217 |
| Series 2021-B25 Class A5 <br> 2.58% 4/15/54<br>| 1225000 | 1099344 |
| •Series 2022-B32 Class B <br> 3.20% 1/15/55<br>| 780000 | 657949 |
| •Series 2022-B32 Class C <br> 3.45% 1/15/55<br>| 953000 | 749873 |
| •Series 2022-B33 Class B <br> 3.61% 3/15/55<br>| 386000 | 338419 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| Benchmark Mortgage Trust (continued) | Benchmark Mortgage Trust (continued) | Benchmark Mortgage Trust (continued) |
| •Series 2022-B33 Class C <br> 3.61% 3/15/55<br>| 386000 | $308660 |
| •Series 2022-B34 Class A5 <br> 3.79% 4/15/55<br>| 410000 | 382687 |
| •Series 2022-B35 Class A5 <br> 4.44% 5/15/55<br>| 1321000 | 1290072 |
| •Series 2022-B36 Class A5 <br> 4.47% 7/15/55<br>| 691000 | 676856 |
| •BMO Mortgage Trust Series <br> 2022-C1 Class A5 3.37% <br> 2/15/55<br>| 308000 | 286237 |
| •BX Commercial Mortgage <br> Trust Series 2021-XL2 <br> Class A 4.55% (1 mo. USD <br> Term SOFR + 0.80%) <br> 10/15/38<br>| 1129599 | 1123951 |
| BX Trust | BX Trust | BX Trust |
| Series 2019-OC11 Class A <br> 3.20% 12/9/41<br>| 870000 | 820227 |
| •Series 2022-LBA6 Class A <br> 4.75% (1 mo. USD Term <br> SOFR + 1.00%) 1/15/39<br>| 1680000 | 1674778 |
| Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
| Series 2019-CF1 Class A5 <br> 3.79% 5/15/52<br>| 1411000 | 1386520 |
| Series 2019-CF2 Class A5 <br> 2.87% 11/15/52<br>| 516000 | 488494 |
| Series 2019-CF3 Class A4 <br> 3.01% 1/15/53<br>| 1140000 | 1074611 |
| CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
| Series 2016-CD1 Class A4 <br> 2.72% 8/10/49<br>| 1950000 | 1923091 |
| Series 2016-CD2 Class A3 <br> 3.25% 11/10/49<br>| 835614 | 830836 |
| Series 2019-CD8 Class A4 <br> 2.91% 8/15/57<br>| 1393000 | 1301013 |
| CFCRE Commercial Mortgage <br> Trust Series 2016-C7 <br> Class A3 3.84% 12/10/54<br>| 615000 | 610801 |
| Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
| Series 2016-P3 Class A4 <br> 3.33% 4/15/49<br>| 1264000 | 1259310 |
| Series 2016-P6 Class A4 <br> 3.46% 12/10/49<br>| 266043 | 264622 |
| Series 2017-C4 Class A4 <br> 3.47% 10/12/50<br>| 1642000 | 1619878 |
| Series 2019-C7 Class A4 <br> 3.10% 12/15/72<br>| 1032000 | 981601 |
| Series 2020-555 Class A <br> 2.65% 12/10/41<br>| 581000 | 529380 |
| CSMC Trust | CSMC Trust | CSMC Trust |
| Series 2014-USA Class A2 <br> 3.95% 9/15/37<br>| 885000 | 813862 |
| Series 2014-USA Class B <br> 4.18% 9/15/37<br>| 5620000 | 4915335 |

---

LVIP JPMorgan Core Bond Fund-40

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| CSMC Trust (continued) | CSMC Trust (continued) | CSMC Trust (continued) |
| Series 2014-USA Class D <br> 4.37% 9/15/37<br>| 100000 | $83288 |
| •CSTL Commercial Mortgage <br> Trust Series 2025-GATE2 <br> Class C 5.14% 11/10/42<br>| 1470000 | 1464708 |
| DB-JPM Mortgage Trust | DB-JPM Mortgage Trust | DB-JPM Mortgage Trust |
| Series 2016-C1 Class A4 <br> 3.28% 5/10/49<br>| 1097000 | 1093802 |
| Series 2020-C9 Class A5 <br> 1.93% 8/15/53<br>| 975000 | 873059 |
| Series 2020-C9 Class B 2.57% <br> 8/15/53<br>| 282000 | 242235 |
| Grace Trust Series <br> 2020-GRCE Class A 2.35% <br> 12/10/40<br>| 807000 | 722028 |
| •GS Mortgage Securities Corp. Trust | •GS Mortgage Securities Corp. Trust | •GS Mortgage Securities Corp. Trust |
| Series 2013-PEMB Class A <br> 3.55% 3/5/33<br>| 3810000 | 2919887 |
| Series 2021-ROSS Class A <br> 5.17% (1 mo. USD Term <br> SOFR + 1.41%) 5/15/26<br>| 2970000 | 2821597 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| Series 2017-GS6 Class A3 <br> 3.43% 5/10/50<br>| 1291000 | 1276757 |
| Series 2019-GC42 Class A4 <br> 3.00% 9/10/52<br>| 1733000 | 1636356 |
| Series 2020-GC47 Class A5 <br> 2.38% 5/12/53<br>| 1235000 | 1135871 |
| JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
| Series 2013-LC11 Class B <br> 3.50% 4/15/46<br>| 111976 | 102938 |
| Series 2015-JP1 Class A5 <br> 3.91% 1/15/49<br>| 273197 | 271426 |
| Series 2016-JP2 Class A4 <br> 2.82% 8/15/49<br>| 923000 | 912183 |
| •Series 2020-MKST Class D <br> 5.86% (1 mo. USD Term <br> SOFR + 2.11%) 12/15/36<br>| 5130000 | 25650 |
| JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust | JPM-DB Commercial Mortgage Securities Trust |
| Series 2016-C2 Class A4 <br> 3.14% 6/15/49<br>| 2321000 | 2287585 |
| Series 2016-C4 Class A3 <br> 3.14% 12/15/49<br>| 620000 | 609612 |
| Series 2017-C7 Class A5 <br> 3.41% 10/15/50<br>| 366000 | 361121 |
| Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
| •Series 2013-C7 Class C 4.03% <br> 2/15/46<br>| 291527 | 288991 |
| Series 2016-C29 Class A4 <br> 3.33% 5/15/49<br>| 540000 | 537820 |
| Morgan Stanley Capital I <br> Trust Series 2019-L3 <br> Class A4 3.13% 11/15/52<br>| 555000 | 528628 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br> **SECURITIES (continued)** |
| MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
| Series 2019-PARK Class A <br> 2.72% 12/15/36<br>| 740000 | $626010 |
| Series 2019-PARK Class D <br> 2.72% 12/15/36<br>| 987000 | 723284 |
| •MTN Commercial Mortgage <br> Trust Series 2022-LPFL <br> Class A 5.16% (1 mo. USD <br> Term SOFR + 1.40%) <br> 3/15/39<br>| 1030000 | 1029361 |
| Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
| Series 2019-FAME Class A <br> 3.05% 8/15/36<br>| 5440000 | 5064716 |
| \*•Series 2019-FAME Class XA <br> 1.35% 8/15/36<br>| 32225000 | 683563 |
| ROCK Trust Series <br> 2024-CNTR Class A 5.39% <br> 11/13/41<br>| 1500000 | 1537861 |
| SBALR Commercial Mortgage <br> Trust Series 2020-RR1 <br> Class A3 2.83% 2/13/53<br>| 782228 | 672380 |
| SLG Office Trust Series <br> 2021-OVA Class A 2.59% <br> 7/15/41<br>| 2020000 | 1800875 |
| •SMRT Commercial Mortgage <br> Trust Series 2022-MINI <br> Class A 4.75% (1 mo. USD <br> Term SOFR + 1.00%) <br> 1/15/39<br>| 1740000 | 1737282 |
| VLS Commercial Mortgage <br> Trust Series 2020-LAB <br> Class A 2.13% 10/10/42<br>| 1530000 | 1311643 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| Series 2016-BNK1 Class A3 <br> 2.65% 8/15/49<br>| 684000 | 676731 |
| \*•Series 2016-BNK1 Class XA <br> 1.67% 8/15/49<br>| 11228554 | 13377 |
| \*•Series 2016-C36 Class XA <br> 1.14% 11/15/59<br>| 23811069 | 90365 |
| Series 2020-C58 Class A4 <br> 2.09% 7/15/53<br>| 284000 | 254666 |
| **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $94,443,198)** | **Total Non-Agency Commercial Mortgage-Backed** <br> **Securities** <br>**(Cost $94,443,198)** | **94484021** |
| **ΔREGIONAL BONDS–0.07%** | **ΔREGIONAL BONDS–0.07%** | **ΔREGIONAL BONDS–0.07%** |
| **Canada—0.07%** | **Canada—0.07%** | **Canada—0.07%** |
| Province of British Columbia <br> Canada 2.25% 6/2/26<br>| 1100000 | 1092668 |
| Province of Manitoba Canada <br> 2.13% 6/22/26<br>| 660000 | 654395 |
| Province of Quebec Canada <br> 2.50% 4/20/26<br>| 730000 | 726933 |
|  |  | **2473996** |
| **Total Regional Bonds** <br>**(Cost $2,461,762)** | **Total Regional Bonds** <br>**(Cost $2,461,762)** | **2473996** |

---

LVIP JPMorgan Core Bond Fund-41

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS–0.69%** | **ΔSOVEREIGN BONDS–0.69%** | **ΔSOVEREIGN BONDS–0.69%** |
| **India—0.03%** | **India—0.03%** | **India—0.03%** |
| Export-Import Bank of India <br> 3.38% 8/5/26<br>| 990000 | $984771 |
|  |  | **984771** |
| **Luxembourg—0.15%** | **Luxembourg—0.15%** | **Luxembourg—0.15%** |
| Eagle Funding Luxco SARL <br> 5.50% 8/17/30<br>| 5604000 | 5708179 |
|  |  | **5708179** |
| **Mexico—0.49%** | **Mexico—0.49%** | **Mexico—0.49%** |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 2.66% 5/24/31 | 283000 | 251870 |
| 3.50% 2/12/34 | 5067000 | 4380421 |
| 4.40% 2/12/52 | 685000 | 499023 |
| 5.38% 3/22/33 | 7013000 | 6949883 |
| 5.85% 7/2/32 | 2127000 | 2185301 |
| 6.00% 5/13/30 | 993000 | 1040664 |
| 6.63% 1/29/38 | 1338000 | 1396203 |
| 6.88% 5/13/37 | 1476000 | 1574892 |
|  |  | **18278257** |
| **Poland—0.02%** | **Poland—0.02%** | **Poland—0.02%** |
| Republic of Poland <br> Government International <br> Bonds 5.50% 3/18/54<br>| 921000 | 880782 |
|  |  | **880782** |
| **Total Sovereign Bonds** <br>**(Cost $25,360,390)** | **Total Sovereign Bonds** <br>**(Cost $25,360,390)** | **25851989** |
| **SUPRANATIONAL BANK–0.01%** | **SUPRANATIONAL BANK–0.01%** | **SUPRANATIONAL BANK–0.01%** |
| Africa Finance Corp. 5.55% <br> 10/8/29<br>| 512000 | 524622 |
| **Total Supranational Bank** <br>**(Cost $516,423)** | **Total Supranational Bank** <br>**(Cost $516,423)** | **524622** |
| **U.S. TREASURY OBLIGATIONS–33.23%** | **U.S. TREASURY OBLIGATIONS–33.23%** | **U.S. TREASURY OBLIGATIONS–33.23%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1.13% 5/15/40 | 1220000 | 774080 |
| 1.38% 8/15/50 | 36874000 | 18130197 |
| 1.63% 11/15/50 | 13530000 | 7103250 |
| 1.88% 2/15/51 | 26123900 | 14598770 |
| 2.00% 8/15/51 | 3085000 | 1767247 |
| 2.25% 5/15/41 | 4785000 | 3519405 |
| 2.25% 8/15/46 | 14518700 | 9554552 |
| 2.25% 8/15/49 | 1095000 | 686728 |
| 2.38% 11/15/49 | 1365000 | 876746 |
| 2.38% 5/15/51 | 16350000 | 10303693 |
| 2.50% 2/15/45 | 2000000 | 1416406 |
| 2.75% 8/15/42 | 1800000 | 1389445 |
| 2.75% 11/15/42 | 8450000 | 6493297 |
| 2.88% 5/15/43 | 7470000 | 5798879 |
| 2.88% 5/15/49 | 1420000 | 1018684 |
| 2.88% 5/15/52 | 3635000 | 2539956 |
| 3.00% 11/15/44 | 663000 | 512737 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Bonds (continued) | U.S. Treasury Bonds (continued) | U.S. Treasury Bonds (continued) |
| 3.00% 11/15/45 | 1430000 | $1092665 |
| 3.00% 2/15/47 | 28000 | 21080 |
| 3.00% 2/15/48 | 2310000 | 1718965 |
| 3.00% 8/15/48 | 530000 | 392428 |
| 3.13% 11/15/41 | 950000 | 785643 |
| 3.13% 2/15/43 | 720000 | 582328 |
| 3.13% 5/15/48 | 176200 | 133823 |
| 3.25% 5/15/42 | 110000 | 91738 |
| 3.38% 5/15/44 | 1000000 | 825313 |
| 3.50% 2/15/39 | 1037800 | 945614 |
| 3.63% 8/15/43 | 2902000 | 2505015 |
| 3.63% 2/15/44 | 645000 | 553717 |
| 3.63% 5/15/53 | 15170000 | 12271700 |
| 3.75% 11/15/43 | 514000 | 450453 |
| 3.88% 8/15/40 | 11875000 | 10997827 |
| 3.88% 2/15/43 | 500000 | 449805 |
| 3.88% 5/15/43 | 35110000 | 31496139 |
| 4.00% 11/15/42 | 3000000 | 2749688 |
| 4.00% 11/15/52 | 1860000 | 1612896 |
| 4.13% 8/15/44 | 18765000 | 17222019 |
| 4.25% 5/15/39 | 945000 | 925731 |
| 4.38% 8/15/43 | 6050000 | 5778932 |
| 4.50% 11/15/54 | 140000 | 132048 |
| 4.63% 11/15/44 | 17093000 | 16749805 |
| 4.63% 5/15/54 | 13800000 | 13290586 |
| 5.00% 5/15/45 | 9198000 | 9442322 |
| U.S. Treasury Inflation <br> Indexed Notes 1.13% 1/15/33 <br>| 16963360 | 16275668 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 0.38% 9/30/27 | 1160000 | 1099508 |
| 0.88% 11/15/30 | 107605000 | 94066106 |
| 1.25% 3/31/28 | 2475000 | 2355601 |
| 1.25% 8/15/31 | 250000 | 217803 |
| 1.63% 5/15/31 | 310000 | 277729 |
| 1.88% 2/15/32 | 2950000 | 2630916 |
| 2.63% 5/31/27 | 5100000 | 5039039 |
| 2.75% 7/31/27 | 2230000 | 2204825 |
| 2.88% 8/15/28 | 148450000 | 146066681 |
| 2.88% 5/15/32 | 1630000 | 1536912 |
| 3.13% 8/31/27 | 2935000 | 2918147 |
| 3.13% 8/31/29 | 1805000 | 1774541 |
| 3.38% 5/15/33 | 37340000 | 35897451 |
| 3.50% 10/31/27 | 69645000 | 69661323 |
| 3.63% 3/31/30 | 7150000 | 7136594 |
| 3.88% 11/30/27 | 3000000 | 3021328 |
| 3.88% 7/15/28 | 1288000 | 1298868 |
| 3.88% 4/30/30 | 6500000 | 6550781 |
| 3.88% 6/30/30 | 35590000 | 35858315 |
| 3.88% 7/31/30 | 21000000 | 21155039 |
| 3.88% 8/15/34 | 18830000 | 18540195 |
| 4.00% 7/31/32 | 59000000 | 59308828 |
| 4.00% 2/15/34 | 31968400 | 31868499 |
| 4.13% 11/15/27 | 31000000 | 31353594 |
| 4.13% 10/31/29 | 28840000 | 29333435 |

---

LVIP JPMorgan Core Bond Fund-42

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) | U.S. Treasury Notes (continued) |
| 4.25% 1/15/28 | 47970000 | $48676433 |
| 4.25% 1/31/30 | 11026000 | 11271070 |
| 4.25% 11/15/34 | 15295000 | 15455717 |
| 4.38% 1/31/32 | 52655000 | 54119467 |
| 4.38% 5/15/34 | 21000000 | 21460195 |
| 4.50% 12/31/31 | 745000 | 770959 |
| 4.50% 11/15/33 | 120570000 | 124493234 |
| 4.63% 9/30/28 | 15198000 | 15627818 |
| 4.88% 10/31/30 | 24325000 | 25552652 |
| ^U.S. Treasury Strip Coupon | ^U.S. Treasury Strip Coupon | ^U.S. Treasury Strip Coupon |
| 0.00% 2/15/27 | 300000 | 288456 |
| 0.00% 5/15/27 | 725000 | 690988 |
| 0.00% 8/15/27 | 250000 | 236142 |
| 0.00% 8/15/29 | 3400000 | 2975670 |
| 0.00% 8/15/30 | 3465000 | 2906022 |
| 0.00% 11/15/30 | 3705000 | 3074436 |
| 0.00% 2/15/31 | 9830000 | 8063825 |
| 0.00% 5/15/31 | 6835000 | 5548892 |
| 0.00% 8/15/31 | 13355000 | 10714601 |
| 0.00% 11/15/31 | 7475000 | 5929872 |
| 0.00% 2/15/33 | 400000 | 298959 |
| 0.00% 5/15/33 | 1175000 | 868169 |
| 0.00% 8/15/33 | 100000 | 72963 |
| 0.00% 11/15/33 | 1025000 | 738851 |
| 0.00% 2/15/34 | 775000 | 551911 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| ^U.S. Treasury Strip Coupon (continued) | ^U.S. Treasury Strip Coupon (continued) | ^U.S. Treasury Strip Coupon (continued) |
| 0.00% 11/15/34 | 50000 | $34277 |
| 0.00% 2/15/35 | 65000 | 44017 |
| 0.00% 5/15/35 | 250000 | 167053 |
| 0.00% 2/15/36 | 23050000 | 14832569 |
| 0.00% 11/15/40 | 850000 | 414669 |
| 0.00% 2/15/41 | 545134 | 262073 |
| 0.00% 8/15/41 | 3200000 | 1494531 |
| 0.00% 11/15/41 | 100000 | 45944 |
| 0.00% 11/15/43 | 21405000 | 8727114 |
| 0.00% 11/15/49 | 24295000 | 7213761 |
| **Total U.S. Treasury Obligations** <br>**(Cost $1,239,650,097)** | **Total U.S. Treasury Obligations** <br>**(Cost $1,239,650,097)** | **1240773388** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **MONEY MARKET FUND–0.75%** | **MONEY MARKET FUND–0.75%** | **MONEY MARKET FUND–0.75%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 28054436 | 28054436 |
| **Total Money Market Fund** <br>**(Cost $28,054,436)** | **Total Money Market Fund** <br>**(Cost $28,054,436)** | **28054436** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–99.14% (Cost $3,650,171,950)** | **3701836946** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.86%** | **32018046** |
| **NET ASSETS APPLICABLE TO 376,367,061 SHARES OUTSTANDING–100.00%** | **$3733854992** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN CORE BOND FUND STANDARD CLASS** <br>**($2,846,701,518 / 285,916,736 Shares)** | **$9.956** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN CORE BOND FUND SERVICE CLASS** <br>**($887,153,474 / 90,450,325 Shares)** | **$9.808** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$3679611111** |
| Distributable earnings/(accumulated loss) | **54243881** |
| **TOTAL NET ASSETS** | **$3733854992** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| \*Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the <br> principal portion of the security. |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |

---

LVIP JPMorgan Core Bond Fund-43

------

**LVIP JPMorgan Core Bond Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| ~Principal Only - represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these <br> securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these <br> securities increase, the yield on these securities increases. |
| ^Zero coupon security. |
| φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at December 31, 2025. |
| ♦Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the <br> counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| ΔSecurities have been classified by country of origin. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $5,205,000 cash collateral held at broker for futures contracts, $1,771,894 payable for fund shares redeemed, $123,660 other <br> accrued expenses payable, $1,544,276 due to manager and affiliates, $407,469 variation margin due to broker on futures contracts, $41,288 <br> payable for audit fee and $78,423 payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following futures contracts were outstanding at December 31, 2025:<br>

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** | **Interest Rate Contracts:** |
| 472 | CBOT 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; $53070500 | &nbsp;&nbsp; $53389702 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(319202)<br>|
| 506 | CBOT 2 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 105647265 | &nbsp;&nbsp; 105691502 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (44237)<br>|
| 557 | CBOT 5 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 60882711 | &nbsp;&nbsp; 61070342 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (187631)<br>|
| 193 | CBOT U.S. Long Bond Futures | &nbsp;&nbsp; 22309594 | &nbsp;&nbsp; 22527045 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (217451)<br>|
| 899 | Ultra 10 Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 103399047 | &nbsp;&nbsp; 103772745 | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (373698)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1142219)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The <br> notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation <br> (depreciation) is reflected in the Fund's net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> See Note 8 in Notes to Financial Statements. <br> <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| ARM–Adjustable Rate Mortgage |
| BAMLL–Bank of America Merrill Lynch Large Loan |
| BMO–Bank of Montreal  |
| CBOT–Chicago Board of Trade |
| CMT–Constant Maturity Treasury |
| COFI–Cost of Funds Index |
| DB-JPM–Deutsche Bank JPMorgan |
| FREMF–Freddie Mac Multifamily |
| GS–Goldman Sachs |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| JPM-DB–JPMorgan Deutsche Bank |
| LNG–Liquefied Natural Gas |
| REIT–Real Estate Investment Trust |
| REMIC–Real Estate Mortgage Investment Conduits |
| RFUCCT–Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| SOFR–Secured Overnight Financing Rate |
| STACR–Structured Agency Credit Risk |
| yr.–Year |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-44

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan Core Bond Fund** | **LVIP JPMorgan Core Bond Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $152194991 |
| Dividends | 1521736 |
|  | 153716727 |
| **EXPENSES:** |  |
| Management fees | 12486735 |
| Distribution fees-Service Class | 1803384 |
| Shareholder servicing fees | 905288 |
| Accounting and administration expenses | 504763 |
| Pricing fees | 198871 |
| Professional fees | 159539 |
| Trustees' fees and expenses | 85055 |
| Custodian fees | 79412 |
| Reports and statements to shareholders | 50575 |
| Consulting fees | 34762 |
| Other | 57053 |
| Total operating expenses | 16365437 |
| **NET INVESTMENT INCOME**  | 137351290 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized gain from: |  |
| Investments | 2967500 |
| Futures contracts | 9360516 |
| Net realized gain | 12328016 |
| Net change in unrealized appreciation <br> (depreciation) of:<br>|  |
| Investments | 72138705 |
| Futures contracts | (291339)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 71847366 |
| **NET REALIZED AND UNREALIZED GAIN** | 84175382 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $221526672 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan Core Bond Fund** | **LVIP JPMorgan Core Bond Fund** | **LVIP JPMorgan Core Bond Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $137351290 | $103109806 |
| Net realized gain | 12328016 | 1549281 |
| Net change in unrealized <br> appreciation (depreciation)<br>| 71847366 | (64878364)<br>|
| Net increase in net assets <br> resulting from operations<br>| 221526672 | 39780723 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (101188687)<br>| (81440868)<br>|
| Service Class | (29293532)<br>| (24873736)<br>|
|  | (130482219)<br>| (106314604)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 1039490578 | 352210642 |
| Service Class | 345812316 | 235897268 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 101188687 | 81440868 |
| Service Class | 29293532 | 24873736 |
|  | 1515785113 | 694422514 |
| Cost of shares redeemed: |  |  |
| Standard Class | (218402599)<br>| (261708755)<br>|
| Service Class | (107078920)<br>| (77622987)<br>|
|  | (325481519)<br>| (339331742)<br>|
| Increase in net assets derived <br> from capital share <br> transactions<br>| 1190303594 | 355090772 |
| **NET INCREASE IN NET** <br> **ASSETS**<br>| 1281348047 | 288556891 |
| **NET ASSETS:** |  |  |
| Beginning of year | 2452506945 | 2163950054 |
| End of year | $3733854992 | $2452506945 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-45

------

**LVIP JPMorgan Core Bond Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** | **LVIP JPMorgan Core Bond Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.610 | &nbsp;&nbsp; $9.870 | &nbsp;&nbsp; $9.670 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $11.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.445 | 0.458 | 0.388 | 0.24 | 0.21 |
| Net realized and unrealized gain (loss) | 0.265 | &nbsp;&nbsp; (0.275)<br>| 0.173 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.37)<br>|
| Total from investment operations | 0.710 | 0.183 | 0.561 | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.361)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.364)<br>| &nbsp;&nbsp; (0.443)<br>| &nbsp;&nbsp; (0.361)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.956 | &nbsp;&nbsp; $9.610 | &nbsp;&nbsp; $9.870 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $11.34 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 5.91% | &nbsp;&nbsp; (12.58%)<br>| &nbsp;&nbsp; (1.35%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $2846702 | &nbsp;&nbsp; $1852560 | &nbsp;&nbsp; $1729106 | &nbsp;&nbsp; $148705 | &nbsp;&nbsp; $172023 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% |
| Ratio of expenses to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.54% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 1.79% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.62% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; 1.78% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 48% <br><sup>4</sup><br>| &nbsp;&nbsp; 60% | &nbsp;&nbsp; 93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Core Bond Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust Core Bond Portfolio. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-46

------

**LVIP JPMorgan Core Bond Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** | **LVIP JPMorgan Core Bond Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23**<sup>1</sup> <br>| **12/31/22**<sup>1</sup> <br>| **12/31/21**<sup>1</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.476 | &nbsp;&nbsp; $9.742 | &nbsp;&nbsp; $9.530 | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $11.72 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.414 | 0.428 | 0.365 | 0.21 | 0.17 |
| Net realized and unrealized gain (loss) | 0.261 | &nbsp;&nbsp; (0.273)<br>| 0.164 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (0.37)<br>|
| Total from investment operations | 0.675 | 0.155 | 0.529 | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (0.20)<br>|
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.343)<br>| &nbsp;&nbsp; (0.421)<br>| &nbsp;&nbsp; (0.317)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.808 | &nbsp;&nbsp; $9.476 | &nbsp;&nbsp; $9.742 | &nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $11.17 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 5.66% | &nbsp;&nbsp; (12.74%)<br>| &nbsp;&nbsp; (1.66%)<br>|
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $887153 | &nbsp;&nbsp; $599947 | &nbsp;&nbsp; $434844 | &nbsp;&nbsp; $321729 | &nbsp;&nbsp; $350986 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.54% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 1.53% |
| Portfolio turnover | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 48% <br><sup>4</sup><br>| &nbsp;&nbsp; 60% | &nbsp;&nbsp; 93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The Fund adopted the accounting and performance history of the JPMorgan Insurance Trust Core Bond Portfolio, a former portfolio of JPMorgan Insurance Trust, as the result of a reorganization on May 1, 2023. Pre-inception information is that of the JPMorgan Insurance Trust Core Bond Portfolio. 

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan Core Bond Fund-47

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP JPMorgan Core Bond Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–U.S. government and agency securities are valued at the evaluated bid price which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains

LVIP JPMorgan Core Bond Fund-48

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

(losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2025.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.40% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly. Prior to May 1, 2025, LFI had contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.54% of the Fund's average daily net assets for the Standard Class and 0.79% for the Service Class.

J.P. Morgan Investment Management, Inc. ("JPMorgan") is responsible for managing the Fund's investment portfolio. For these services, LFI, not the Fund, pays JPMorgan a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $248488 |
| Legal | &nbsp;&nbsp; 41952 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $5,747 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $1267398 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 184992 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 91886 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP JPMorgan Core Bond Fund-49

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $541605235 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 838681933 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 379208372 |
| Sales of U.S. government securities | &nbsp;&nbsp; 345352070 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $3650908050 |
| Aggregate unrealized appreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; $92633409 |
| Aggregate unrealized depreciation of investments <br> and derivatives<br>| &nbsp;&nbsp; (41704513)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $50928896 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP JPMorgan Core Bond Fund-50

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135840356 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135840356 |
| Agency Commercial Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 59737971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59737971 |
| Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 815070122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 815070122 |
| Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 899797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 899797 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 878395538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 878395538 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 530454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 530454 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 337463027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 337463027 |
| Non-Agency Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 81737229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81737229 |
| Non-Agency Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 94484021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94484021 |
| Regional Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2473996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2473996 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 25851989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25851989 |
| Supranational Bank | &nbsp;&nbsp; — | &nbsp;&nbsp; 524622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 524622 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1240773388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1240773388 |
| Money Market Fund | &nbsp;&nbsp; 28054436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28054436 |
| **Total Investments** | &nbsp;&nbsp; $28054436 | &nbsp;&nbsp; $3673782510 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3701836946 |
| **Derivatives:** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1142219)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1142219)<br>|

---

There were no Level 3 investments at the end of the year.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales, mark-to-market adjustments on certain derivatives and outstanding straddle loss deferrals. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $130482219 | &nbsp;&nbsp; $106314604 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $7958636 |
| Capital loss carryforward | &nbsp;&nbsp; (4503921)<br>|
| Other temporary differences | &nbsp;&nbsp; (139730)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 50928896 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $54243881 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | |
|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Long-Term**  | **Total**  |
| $4503921 | &nbsp;&nbsp; $4503921 |

---

In 2025, the Fund utilized $11,800,715 of capital loss carryforwards.

LVIP JPMorgan Core Bond Fund-51

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 104503572 | &nbsp;&nbsp; 35506003 |
| Service Class | &nbsp;&nbsp; 35087584 | &nbsp;&nbsp; 24027163 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 10204029 | &nbsp;&nbsp; 8314180 |
| Service Class | &nbsp;&nbsp; 2998184 | &nbsp;&nbsp; 2574756 |
|  | &nbsp;&nbsp; 152793369 | &nbsp;&nbsp; 70422102 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (21571704)<br>| &nbsp;&nbsp; (26230431)<br>|
| Service Class | &nbsp;&nbsp; (10950537)<br>| &nbsp;&nbsp; (7924384)<br>|
|  | &nbsp;&nbsp; (32522241)<br>| &nbsp;&nbsp; (34154815)<br>|
| Net increase | &nbsp;&nbsp; 120271128 | &nbsp;&nbsp; 36267287 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the year ended December 31, 2025, the Fund used futures contracts as a cash management tool.

Fair values of derivative instruments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Net Assets Location** | **Fair Value** | **Statement of Net Assets Location** | **Fair Value** |
| Futures contracts <br> (Interest rate <br> contracts)<br>| Receivables and other assets net of <br> liabilities<br>| $— | Receivables and other assets net of <br> liabilities<br>| $(1142219)<br>|

---

LVIP JPMorgan Core Bond Fund-52

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **8. Derivatives (continued)**

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; $9360516 | &nbsp;&nbsp; $(291339)<br>|

---

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Futures contracts (average notional value) | $275699807 | $1030188 |

---

**9. Risk Factors**

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

LVIP JPMorgan Core Bond Fund-53

------

**LVIP JPMorgan Core Bond Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**12. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP JPMorgan Core Bond Fund-54

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan Core Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan Core Bond Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the three years in the period ended December 31, 2023, were audited by another independent registered public accounting firm whose report, dated February 22, 2024, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imgc6f42d912.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan Core Bond Fund–55

------

![](imgbcb2a9ce1.jpg)

LVIP JPMorgan High Yield Fund

a series of Lincoln Variable

Insurance Products Trust

Annual Financial Statements

December 31, 2025

------

**LVIP JPMorgan High Yield Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Statement of Net Assets](#xx_4d1b4be5-dd2b-4700-a3cf-93c4bdddef99_SOI-continued-271_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Operations](#xx_4d1b4be5-dd2b-4700-a3cf-93c4bdddef99_FS-continued-271_1)**  | &nbsp;&nbsp; **16** |
| **[Statements of Changes in Net Assets](#xx_4d1b4be5-dd2b-4700-a3cf-93c4bdddef99_FS-continued-271_1)**  | &nbsp;&nbsp; **16** |
| **[Financial Highlights](#xx_4d1b4be5-dd2b-4700-a3cf-93c4bdddef99_FIHI-continued-271_1)**  | &nbsp;&nbsp; **17** |
| **[Notes to Financial Statements](#xx_4d1b4be5-dd2b-4700-a3cf-93c4bdddef99_NTF-continued-271_1)**  | &nbsp;&nbsp; **19** |
| **[Report of Independent Registered Public Accounting Firm](#xx_4d1b4be5-dd2b-4700-a3cf-93c4bdddef99_AUDIT-continued-271_1)**  | &nbsp;&nbsp; **27** |

---

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value** <br>**(U.S. $)**<br>|
| **CONVERTIBLE BOND–0.22%** | **CONVERTIBLE BOND–0.22%** | **CONVERTIBLE BOND–0.22%** |
| @EchoStar Corp. 3.88% <br> exercise price $3.88, <br> maturity date 11/30/30<br>| 389572 | $1301170 |
| **Total Convertible Bond** <br>**(Cost $413,712)** | **Total Convertible Bond** <br>**(Cost $413,712)** | **1301170** |
| **CORPORATE BONDS–85.79%** | **CORPORATE BONDS–85.79%** | **CORPORATE BONDS–85.79%** |
| **Advertising–1.46%** | **Advertising–1.46%** | **Advertising–1.46%** |
| Clear Channel Outdoor <br> Holdings, Inc.<br>|  |  |
| 7.13% 2/15/31 | 1774000 | 1857633 |
| 7.50% 6/1/29 | 1370000 | 1360343 |
| 7.50% 3/15/33 | 1035000 | 1093261 |
| 7.75% 4/15/28 | 1298000 | 1298958 |
| Neptune Bidco U.S., Inc. <br> 9.29% 4/15/29<br>| 336000 | 336574 |
| Outfront Media <br> Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 4.25% 1/15/29 | 237000 | 230811 |
| 4.63% 3/15/30 | 202000 | 197182 |
| 7.38% 2/15/31 | 823000 | 871113 |
| Stagwell Global LLC 5.63% <br> 8/15/29<br>| 1255000 | 1223811 |
|  |  | **8469686** |
| **Aerospace & Defense–1.09%** | **Aerospace & Defense–1.09%** | **Aerospace & Defense–1.09%** |
| ATI, Inc. |  |  |
| 4.88% 10/1/29 | 415000 | 414320 |
| 5.13% 10/1/31 | 385000 | 385258 |
| 5.88% 12/1/27 | 640000 | 640750 |
| 7.25% 8/15/30 | 417000 | 440551 |
| Bombardier, Inc. |  |  |
| 6.75% 6/15/33 | 280000 | 295956 |
| 7.00% 6/1/32 | 479000 | 506131 |
| 7.25% 7/1/31 | 523000 | 557334 |
| 8.75% 11/15/30 | 479000 | 517515 |
| Goat Holdco LLC 6.75% <br> 2/1/32<br>| 354000 | 363581 |
| TransDigm, Inc. |  |  |
| 6.25% 1/31/34 | 197000 | 204423 |
| 6.38% 3/1/29 | 1189000 | 1226179 |
| 6.63% 3/1/32 | 751000 | 781355 |
|  |  | **6333353** |
| **Airlines–0.67%** | **Airlines–0.67%** | **Airlines–0.67%** |
| American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd.<br>|  |  |
| 5.50% 4/20/26 | 941558 | 942896 |
| 5.75% 4/20/29 | 1209000 | 1231172 |
| JetBlue Airways <br> Corp./JetBlue Loyalty LP <br> 9.88% 9/20/31<br>| 1289000 | 1298617 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| VistaJet Malta Finance <br> PLC/Vista Management <br> Holding, Inc. 9.50% 6/1/28<br>| 398000 | $411644 |
|  |  | **3884329** |
| **Auto Manufacturers–1.50%** | **Auto Manufacturers–1.50%** | **Auto Manufacturers–1.50%** |
| Allison Transmission, Inc. |  |  |
| 3.75% 1/30/31 | 547000 | 515062 |
| 5.88% 6/1/29 | 404000 | 410166 |
| 5.88% 12/1/33 | 193000 | 195810 |
| Ford Motor Credit Co. LLC |  |  |
| 2.90% 2/10/29 | 220000 | 206745 |
| 3.82% 11/2/27 | 871000 | 857556 |
| 4.00% 11/13/30 | 1317000 | 1242845 |
| 4.13% 8/17/27 | 2028000 | 2011149 |
| 4.54% 8/1/26 | 1000000 | 998639 |
| 5.73% 9/5/30 | 342000 | 347266 |
| 7.12% 11/7/33 | 200000 | 214813 |
| 7.20% 6/10/30 | 316000 | 338597 |
| PM General Purchaser LLC <br> 9.50% 10/1/28<br>| 707000 | 608020 |
| Wabash National Corp. 4.50% <br> 10/15/28<br>| 806000 | 753856 |
|  |  | **8700524** |
| **Auto Parts & Equipment–3.64%** | **Auto Parts & Equipment–3.64%** | **Auto Parts & Equipment–3.64%** |
| Adient Global Holdings Ltd. |  |  |
| 7.00% 4/15/28 | 725000 | 745066 |
| 7.50% 2/15/33 | 600000 | 619233 |
| 8.25% 4/15/31 | 1150000 | 1209206 |
| Allison Transmission, Inc. <br> 4.75% 10/1/27<br>| 1861000 | 1858458 |
| Clarios Global LP/Clarios <br> U.S. Finance Co.<br>|  |  |
| 6.75% 5/15/28 | 1036000 | 1062289 |
| 6.75% 2/15/30 | 656000 | 684739 |
| 6.75% 9/15/32 | 887000 | 919812 |
| Cooper-Standard Automotive, <br> Inc.<br>|  |  |
| 5.63% 5/15/27 | 2805805 | 2737455 |
| 13.50% 3/31/27 | 4668040 | 4851503 |
| Dana, Inc. 5.38% 11/15/27 | 1020000 | 1018320 |
| Dornoch Debt Merger Sub, <br> Inc. 6.63% 10/15/29<br>| 1450000 | 1255313 |
| Forvia SE 6.75% 9/15/33 | 232000 | 239558 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.00% 7/15/29 | 917000 | 906046 |
| 5.25% 4/30/31 | 364000 | 349467 |
| 5.25% 7/15/31 | 1051000 | 996987 |
| 6.63% 7/15/30 | 245000 | 250889 |
| @IHO Verwaltungs GmbH |  |  |
| 7.75% 11/15/30 | 556000 | 584211 |
| 8.00% 11/15/32 | 222000 | 233833 |
| Qnity Electronics, Inc. |  |  |
| 5.75% 8/15/32 | 269000 | 275038 |

---

LVIP JPMorgan High Yield Fund-1

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| Qnity Electronics, <br> Inc. (continued)<br>|  |  |
| 6.25% 8/15/33 | 303000 | $314075 |
|  |  | **21111498** |
| **Banks–0.18%** | **Banks–0.18%** | **Banks–0.18%** |
| μCitigroup, Inc. 6.25% 8/15/26 | 1070000 | 1071015 |
|  |  | **1071015** |
| **Beverages–0.14%** | **Beverages–0.14%** | **Beverages–0.14%** |
| Primo Water Holdings, <br> Inc./Triton Water Holdings, <br> Inc. 6.25% 4/1/29<br>| 796000 | 799848 |
|  |  | **799848** |
| **Building Materials–3.24%** | **Building Materials–3.24%** | **Building Materials–3.24%** |
| Builders FirstSource, Inc. |  |  |
| 4.25% 2/1/32 | 976000 | 929358 |
| 6.38% 6/15/32 | 704000 | 729439 |
| 6.38% 3/1/34 | 485000 | 501457 |
| 6.75% 5/15/35 | 293000 | 306336 |
| EMRLD <br> Borrower LP/Emerald <br> Co-Issuer, Inc.<br>|  |  |
| 6.63% 12/15/30 | 1982000 | 2064277 |
| 6.75% 7/15/31 | 325000 | 342554 |
| Griffon Corp. 5.75% 3/1/28 | 1770000 | 1773448 |
| JELD-WEN, Inc. |  |  |
| 4.88% 12/15/27 | 1330000 | 1160840 |
| 7.00% 9/1/32 | 525000 | 360717 |
| JH North America Holdings, <br> Inc.<br>|  |  |
| 5.88% 1/31/31 | 316000 | 322549 |
| 6.13% 7/31/32 | 471000 | 483508 |
| Knife River Corp. 7.75% <br> 5/1/31<br>| 1020000 | 1068442 |
| Masterbrand, Inc. 7.00% <br> 7/15/32<br>| 905000 | 937607 |
| Miter Brands Acquisition <br> Holdco, Inc./MIWD <br> Borrower LLC 6.75% 4/1/32<br>| 489000 | 501318 |
| MIWD Holdco II LLC/MIWD <br> Finance Corp. 5.50% 2/1/30<br>| 464000 | 449433 |
| Quikrete Holdings, Inc. 6.38% <br> 3/1/32<br>| 1551000 | 1614405 |
| Smyrna Ready Mix <br> Concrete LLC 8.88% <br> 11/15/31<br>| 1028000 | 1099583 |
| Standard Building Solutions, <br> Inc.<br>|  |  |
| 5.88% 3/15/34 | 302000 | 302883 |
| 6.25% 8/1/33 | 762000 | 778411 |
| 6.50% 8/15/32 | 845000 | 869949 |
| Standard Industries, Inc. |  |  |
| 3.38% 1/15/31 | 320000 | 293176 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Standard Industries, <br> Inc. (continued)<br>|  |  |
| 4.75% 1/15/28 | 1926000 | $1920812 |
|  |  | **18810502** |
| **Chemicals–2.88%** | **Chemicals–2.88%** | **Chemicals–2.88%** |
| Axalta Coating Systems Dutch <br> Holding B BV 7.25% 2/15/31<br>| 415000 | 437666 |
| Axalta Coating Systems LLC <br> 3.38% 2/15/29<br>| 563000 | 541192 |
| Axalta Coating <br> Systems LLC/Axalta Coating <br> Systems Dutch Holding B BV <br> 4.75% 6/15/27<br>| 1569000 | 1570592 |
| Celanese U.S. Holdings LLC |  |  |
| 7.00% 2/15/31 | 341000 | 349137 |
| 7.38% 2/15/34 | 1392000 | 1414231 |
| Chemours Co. |  |  |
| 4.63% 11/15/29 | 65000 | 58775 |
| 5.75% 11/15/28 | 1715000 | 1667855 |
| 8.00% 1/15/33 | 380000 | 367883 |
| CVR Partners LP/CVR <br> Nitrogen Finance Corp. <br> 6.13% 6/15/28<br>| 796000 | 798162 |
| Element Solutions, Inc. 3.88% <br> 9/1/28<br>| 1335000 | 1304893 |
| INEOS Finance PLC |  |  |
| 6.75% 5/15/28 | 500000 | 442331 |
| 7.50% 4/15/29 | 543000 | 471694 |
| INEOS Quattro Finance 2 <br> PLC 9.63% 3/15/29<br>| 592000 | 410035 |
| NOVA Chemicals Corp. |  |  |
| 4.25% 5/15/29 | 1999000 | 1948236 |
| 5.25% 6/1/27 | 301000 | 302841 |
| 7.00% 12/1/31 | 210000 | 223673 |
| 8.50% 11/15/28 | 616000 | 644056 |
| 9.00% 2/15/30 | 512000 | 546696 |
| Solstice Advanced Materials, <br> Inc. 5.63% 9/30/33<br>| 455000 | 459001 |
| @Trinseo Luxco Finance SPV <br> SARL/Trinseo NA Finance <br> SPV LLC 7.63% 5/3/29<br>| 1256338 | 87944 |
| WR Grace Holdings LLC |  |  |
| 4.88% 6/15/27 | 802000 | 799525 |
| 5.63% 8/15/29 | 1421000 | 1352629 |
| 6.63% 8/15/32 | 461000 | 466887 |
|  |  | **16665934** |
| **Commercial Services–5.79%** | **Commercial Services–5.79%** | **Commercial Services–5.79%** |
| ADT Security Corp. 4.88% <br> 7/15/32<br>| 1675000 | 1622366 |

---

LVIP JPMorgan High Yield Fund-2

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Allied Universal <br> Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 <br> SARL<br>|  |  |
| 4.63% 6/1/28 | 355000 | $350145 |
| 4.63% 6/1/28 | 863000 | 849115 |
| APi Group DE, Inc. |  |  |
| 4.13% 7/15/29 | 625000 | 607664 |
| 4.75% 10/15/29 | 527000 | 516328 |
| Avis Budget Car <br> Rental LLC/Avis Budget <br> Finance, Inc.<br>|  |  |
| 4.75% 4/1/28 | 760000 | 741438 |
| 5.38% 3/1/29 | 1055000 | 1029311 |
| 5.75% 7/15/27 | 659000 | 660162 |
| 8.00% 2/15/31 | 33000 | 33915 |
| 8.25% 1/15/30 | 1154000 | 1194202 |
| 8.38% 6/15/32 | 596000 | 615427 |
| Block, Inc. |  |  |
| 2.75% 6/1/26 | 75000 | 74552 |
| 5.63% 8/15/30 | 244000 | 248959 |
| 6.00% 8/15/33 | 369000 | 378819 |
| 6.50% 5/15/32 | 1574000 | 1636740 |
| Brink's Co. |  |  |
| 4.63% 10/15/27 | 818000 | 817941 |
| 6.50% 6/15/29 | 333000 | 344787 |
| Clarivate Science Holdings <br> Corp.<br>|  |  |
| 3.88% 7/1/28 | 489000 | 474723 |
| 4.88% 7/1/29 | 689000 | 651457 |
| CoreCivic, Inc. 8.25% 4/15/29 | 1280000 | 1345628 |
| EquipmentShare.com, Inc. |  |  |
| 8.00% 3/15/33 | 353000 | 370293 |
| 8.63% 5/15/32 | 254000 | 268293 |
| 9.00% 5/15/28 | 1362000 | 1415365 |
| Garda World Security Corp. |  |  |
| 6.00% 6/1/29 | 829000 | 812994 |
| 6.50% 1/15/31 | 391000 | 400105 |
| 8.25% 8/1/32 | 685000 | 696182 |
| 8.38% 11/15/32 | 343000 | 349384 |
| GEO Group, Inc. |  |  |
| 8.63% 4/15/29 | 692000 | 727848 |
| 10.25% 4/15/31 | 140000 | 153256 |
| Herc Holdings, Inc. |  |  |
| 6.63% 6/15/29 | 634000 | 658154 |
| 7.00% 6/15/30 | 355000 | 373612 |
| Hertz Corp. |  |  |
| ^0.00% 10/15/24 | 656000 | 42640 |
| ^0.00% 8/1/26 | 805000 | 165025 |
| ^0.00% 1/15/28 | 2613000 | 503002 |
| 4.63% 12/1/26 | 612000 | 586252 |
| 5.00% 12/1/29 | 2101000 | 1428323 |
| 12.63% 7/15/29 | 1294000 | 1305213 |
| ION Platform Finance U.S., <br> Inc. 7.88% 9/30/32<br>| 560000 | 531360 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| NESCO Holdings II, Inc. <br> 5.50% 4/15/29<br>| 653000 | $643242 |
| Prime Security Services <br> Borrower LLC/Prime <br> Finance, Inc. 5.75% 4/15/26<br>| 64000 | 64023 |
| Raven Acquisition <br> Holdings LLC 6.88% <br> 11/15/31<br>| 546000 | 562566 |
| Service Corp. International |  |  |
| 5.75% 10/15/32 | 345000 | 351120 |
| 7.50% 4/1/27 | 380000 | 392627 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc. <br> 6.75% 8/15/32<br>| 427000 | 440874 |
| TriNet Group, Inc. 7.13% <br> 8/15/31<br>| 599000 | 617444 |
| United Rentals North <br> America, Inc.<br>|  |  |
| 4.88% 1/15/28 | 1204000 | 1204104 |
| 5.25% 1/15/30 | 1565000 | 1586461 |
| 5.38% 11/15/33 | 285000 | 284798 |
| 6.13% 3/15/34 | 626000 | 652087 |
| Wand NewCo 3, Inc. 7.63% <br> 1/30/32<br>| 580000 | 613828 |
| Williams Scotsman, Inc. |  |  |
| 6.63% 6/15/29 | 342000 | 353243 |
| 6.63% 4/15/30 | 163000 | 168475 |
| 7.38% 10/1/31 | 592000 | 618458 |
|  |  | **33534330** |
| **Computers–1.12%** | **Computers–1.12%** | **Computers–1.12%** |
| Ahead DB Holdings LLC <br> 6.63% 5/1/28<br>| 1720000 | 1731137 |
| Conduent Business <br> Services LLC/Conduent <br> State & Local Solutions, Inc. <br> 6.00% 11/1/29<br>| 1170000 | 1010528 |
| Diebold Nixdorf, Inc. 7.75% <br> 3/31/30<br>| 683000 | 726825 |
| Insight Enterprises, Inc. <br> 6.63% 5/15/32<br>| 340000 | 349518 |
| NCR Atleos Corp. 9.50% <br> 4/1/29<br>| 1188000 | 1289427 |
| Science Applications <br> International Corp. 5.88% <br> 11/1/33<br>| 362000 | 366974 |
| Seagate Data Storage <br> Technology Pte. Ltd.<br>|  |  |
| 5.75% 12/1/34 | 320000 | 327960 |
| 8.25% 12/15/29 | 533000 | 565213 |
| 8.50% 7/15/31 | 119000 | 126516 |
|  |  | **6494098** |
| **Cosmetics & Personal Care–0.27%** | **Cosmetics & Personal Care–0.27%** | **Cosmetics & Personal Care–0.27%** |
| Edgewell Personal Care Co. |  |  |
| 4.13% 4/1/29 | 430000 | 410840 |

---

LVIP JPMorgan High Yield Fund-3

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** | **Cosmetics & Personal Care (continued)** |
| Edgewell Personal Care <br> Co. (continued)<br>|  |  |
| 5.50% 6/1/28 | 1180000 | $1181230 |
|  |  | **1592070** |
| **Distribution/Wholesale–0.35%** | **Distribution/Wholesale–0.35%** | **Distribution/Wholesale–0.35%** |
| Gates Corp. 6.88% 7/1/29 | 351000 | 364506 |
| =Incora Intermediate II LLC <br> 6.00% 1/31/33<br>| 635310 | 275280 |
| RB Global Holdings, Inc. |  |  |
| 6.75% 3/15/28 | 205000 | 209644 |
| 7.75% 3/15/31 | 248000 | 259275 |
| Resideo Funding, Inc. 6.50% <br> 7/15/32<br>| 908000 | 929368 |
|  |  | **2038073** |
| **Diversified Financial Services–0.92%** | **Diversified Financial Services–0.92%** | **Diversified Financial Services–0.92%** |
| •ILFC E-Capital Trust I 6.35% <br> 12/21/65<br>| 640000 | 535088 |
| OneMain Finance Corp. |  |  |
| 3.88% 9/15/28 | 86000 | 83818 |
| 4.00% 9/15/30 | 280000 | 262461 |
| 5.38% 11/15/29 | 165000 | 165112 |
| 6.63% 1/15/28 | 335000 | 343983 |
| 7.13% 3/15/26 | 444000 | 447271 |
| Rocket Cos., Inc. |  |  |
| 6.13% 8/1/30 | 800000 | 826943 |
| 6.38% 8/1/33 | 428000 | 446241 |
| 6.50% 8/1/29 | 57000 | 58789 |
| 7.13% 2/1/32 | 405000 | 426060 |
| Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.<br>|  |  |
| 2.88% 10/15/26 | 749000 | 738075 |
| 3.63% 3/1/29 | 937000 | 905023 |
| 4.00% 10/15/33 | 106000 | 98484 |
|  |  | **5337348** |
| **Electric–1.76%** | **Electric–1.76%** | **Electric–1.76%** |
| Calpine Corp. |  |  |
| 4.63% 2/1/29 | 626000 | 623656 |
| 5.00% 2/1/31 | 517000 | 525064 |
| NRG Energy, Inc. |  |  |
| 3.63% 2/15/31 | 341000 | 318659 |
| 3.88% 2/15/32 | 46000 | 42953 |
| 5.25% 6/15/29 | 895000 | 897410 |
| 5.75% 1/15/28 | 274000 | 275047 |
| 5.75% 1/15/34 | 558000 | 563675 |
| 6.00% 2/1/33 | 545000 | 555791 |
| 6.00% 1/15/36 | 559000 | 566403 |
| 7.00% 3/15/33 | 378000 | 417837 |
| Talen Energy Supply LLC <br> 6.25% 2/1/34<br>| 1696000 | 1729774 |
| Vistra Operations Co. LLC |  |  |
| 4.38% 5/1/29 | 221000 | 218225 |
| 5.63% 2/15/27 | 447000 | 447194 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Vistra Operations Co. <br> LLC (continued)<br>|  |  |
| 6.88% 4/15/32 | 471000 | $496161 |
| 7.75% 10/15/31 | 1855000 | 1964774 |
| VoltaGrid LLC 7.38% 11/1/30 | 546000 | 540947 |
|  |  | **10183570** |
| **Electrical Components & Equipment–0.96%** | **Electrical Components & Equipment–0.96%** | **Electrical Components & Equipment–0.96%** |
| Energizer Holdings, Inc. |  |  |
| 4.38% 3/31/29 | 855000 | 816957 |
| 4.75% 6/15/28 | 1280000 | 1268984 |
| WESCO Distribution, Inc. |  |  |
| 6.38% 3/15/29 | 1138000 | 1175177 |
| 6.38% 3/15/33 | 305000 | 318446 |
| 6.63% 3/15/32 | 395000 | 412445 |
| 7.25% 6/15/28 | 1572000 | 1594816 |
|  |  | **5586825** |
| **Electronics–1.16%** | **Electronics–1.16%** | **Electronics–1.16%** |
| Coherent Corp. 5.00% <br> 12/15/29<br>| 2732000 | 2722756 |
| Imola Merger Corp. 4.75% <br> 5/15/29<br>| 2333000 | 2302717 |
| Sensata Technologies BV |  |  |
| 4.00% 4/15/29 | 771000 | 752259 |
| 5.88% 9/1/30 | 300000 | 304593 |
| Sensata Technologies, Inc. |  |  |
| 3.75% 2/15/31 | 446000 | 418560 |
| 6.63% 7/15/32 | 200000 | 209415 |
|  |  | **6710300** |
| **Engineering & Construction–0.70%** | **Engineering & Construction–0.70%** | **Engineering & Construction–0.70%** |
| AECOM 6.00% 8/1/33 | 579000 | 593394 |
| Dycom Industries, Inc. 4.50% <br> 4/15/29<br>| 1000000 | 987799 |
| Global Infrastructure <br> Solutions, Inc.<br>|  |  |
| 5.63% 6/1/29 | 1130000 | 1129998 |
| 7.50% 4/15/32 | 918000 | 978826 |
| TopBuild Corp. 5.63% 1/31/34 | 355000 | 359113 |
|  |  | **4049130** |
| **Entertainment–3.05%** | **Entertainment–3.05%** | **Entertainment–3.05%** |
| Boyne USA, Inc. 4.75% <br> 5/15/29<br>| 1374000 | 1355211 |
| Caesars Entertainment, Inc. |  |  |
| 4.63% 10/15/29 | 740000 | 709837 |
| 6.50% 2/15/32 | 1655000 | 1695422 |
| 7.00% 2/15/30 | 415000 | 429798 |
| Churchill Downs, Inc. 5.75% <br> 4/1/30<br>| 281000 | 283737 |
| Cinemark USA, Inc. |  |  |
| 5.25% 7/15/28 | 625000 | 624931 |
| 7.00% 8/1/32 | 235000 | 243860 |

---

LVIP JPMorgan High Yield Fund-4

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Live Nation Entertainment, <br> Inc.<br>|  |  |
| 3.75% 1/15/28 | 474000 | $465989 |
| 4.75% 10/15/27 | 1635000 | 1638330 |
| 6.50% 5/15/27 | 2695000 | 2719727 |
| Rivers Enterprise <br> Lender LLC/Rivers <br> Enterprise Lender Corp. <br> 6.25% 10/15/30<br>| 201000 | 205167 |
| Six Flags Entertainment <br> Corp. 7.25% 5/15/31<br>| 345000 | 331033 |
| Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management <br> Corp.<br>|  |  |
| 5.25% 7/15/29 | 845000 | 787999 |
| 5.38% 4/15/27 | 95000 | 94635 |
| Six Flags Entertainment <br> Corp./Six Flags Theme <br> Parks, Inc./Canada's <br> Wonderland Co. 6.63% <br> 5/1/32<br>| 1911000 | 1927079 |
| Vail Resorts, Inc. |  |  |
| 5.63% 7/15/30 | 328000 | 333333 |
| 6.50% 5/15/32 | 482000 | 500194 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28% 3/15/32 | 941000 | 826029 |
| 5.05% 3/15/42 | 370000 | 260387 |
| Wynn Resorts <br> Finance LLC/Wynn Resorts <br> Capital Corp.<br>|  |  |
| 5.13% 10/1/29 | 1475000 | 1483738 |
| 6.25% 3/15/33 | 489000 | 499991 |
| 7.13% 2/15/31 | 259000 | 280261 |
|  |  | **17696688** |
| **Environmental Control–1.12%** | **Environmental Control–1.12%** | **Environmental Control–1.12%** |
| Clean Harbors, Inc. |  |  |
| 5.75% 10/15/33 | 475000 | 487257 |
| 6.38% 2/1/31 | 125000 | 128641 |
| GFL Environmental, Inc. |  |  |
| 4.00% 8/1/28 | 985000 | 971603 |
| 4.38% 8/15/29 | 520000 | 511330 |
| 4.75% 6/15/29 | 564000 | 562853 |
| 6.75% 1/15/31 | 1429000 | 1499267 |
| Madison IAQ LLC |  |  |
| 4.13% 6/30/28 | 788000 | 774293 |
| 5.88% 6/30/29 | 1185000 | 1177801 |
| Wrangler Holdco Corp. 6.63% <br> 4/1/32<br>| 350000 | 366878 |
|  |  | **6479923** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Food–1.49%** | **Food–1.49%** | **Food–1.49%** |
| Albertsons Cos., Inc./Safeway, <br> Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |
| 4.63% 1/15/27 | 1417000 | $1415635 |
| 5.50% 3/31/31 | 164000 | 165729 |
| 5.88% 2/15/28 | 1129000 | 1133327 |
| New Albertsons LP |  |  |
| 6.63% 6/1/28 | 569000 | 605743 |
| 7.75% 6/15/26 | 672000 | 678720 |
| Performance Food Group, <br> Inc.<br>|  |  |
| 4.25% 8/1/29 | 980000 | 958129 |
| 5.50% 10/15/27 | 1526000 | 1528254 |
| 6.13% 9/15/32 | 269000 | 277314 |
| Post Holdings, Inc. |  |  |
| 4.63% 4/15/30 | 205000 | 199622 |
| 6.25% 2/15/32 | 604000 | 620595 |
| U.S. Foods, Inc. |  |  |
| 4.63% 6/1/30 | 520000 | 513038 |
| 4.75% 2/15/29 | 220000 | 218765 |
| 6.88% 9/15/28 | 308000 | 318619 |
|  |  | **8633490** |
| **Food Service–0.22%** | **Food Service–0.22%** | **Food Service–0.22%** |
| Aramark Services, Inc. 5.00% <br> 2/1/28<br>| 1273000 | 1272812 |
|  |  | **1272812** |
| **Gas–0.23%** | **Gas–0.23%** | **Gas–0.23%** |
| AmeriGas <br> Partners LP/AmeriGas <br> Finance Corp.<br>|  |  |
| 5.75% 5/20/27 | 460000 | 462646 |
| 9.38% 6/1/28 | 471000 | 488310 |
| 9.50% 6/1/30 | 347000 | 369656 |
|  |  | **1320612** |
| **Health Care Products–1.25%** | **Health Care Products–1.25%** | **Health Care Products–1.25%** |
| Avantor Funding, Inc. 4.63% <br> 7/15/28<br>| 1630000 | 1621143 |
| Bausch & Lomb Corp. 8.38% <br> 10/1/28<br>| 230000 | 240063 |
| Hologic, Inc. |  |  |
| 3.25% 2/15/29 | 1000000 | 985571 |
| 4.63% 2/1/28 | 55000 | 54998 |
| Medline Borrower LP |  |  |
| 3.88% 4/1/29 | 2095000 | 2045367 |
| 5.25% 10/1/29 | 1330000 | 1337190 |
| Medline <br> Borrower LP/Medline <br> Co-Issuer, Inc. 6.25% 4/1/29<br>| 911000 | 941757 |
|  |  | **7226089** |

---

LVIP JPMorgan High Yield Fund-5

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Health Care Services–4.86%** | **Health Care Services–4.86%** | **Health Care Services–4.86%** |
| Acadia Healthcare Co., Inc. |  |  |
| 5.00% 4/15/29 | 303000 | $291739 |
| 5.50% 7/1/28 | 769000 | 764318 |
| 7.38% 3/15/33 | 172000 | 173721 |
| AHP Health Partners, Inc. <br> 5.75% 7/15/29<br>| 903000 | 895117 |
| CHS/Community Health <br> Systems, Inc.<br>|  |  |
| 4.75% 2/15/31 | 1122000 | 999573 |
| 5.25% 5/15/30 | 1802000 | 1692425 |
| 6.00% 1/15/29 | 454000 | 453871 |
| 6.13% 4/1/30 | 316000 | 253188 |
| 10.88% 1/15/32 | 988000 | 1078343 |
| Concentra Health Services, <br> Inc. 6.88% 7/15/32<br>| 346000 | 361848 |
| DaVita, Inc. |  |  |
| 3.75% 2/15/31 | 2071000 | 1913342 |
| 4.63% 6/1/30 | 1115000 | 1084215 |
| 6.88% 9/1/32 | 425000 | 442410 |
| Encompass Health Corp. |  |  |
| 4.50% 2/1/28 | 2151000 | 2147269 |
| 4.63% 4/1/31 | 209000 | 204684 |
| Global Medical Response, <br> Inc. 7.38% 10/1/32<br>| 473000 | 491624 |
| IQVIA, Inc. |  |  |
| 5.00% 10/15/26 | 2311000 | 2309686 |
| 5.00% 5/15/27 | 500000 | 499863 |
| 6.25% 6/1/32 | 1556000 | 1625893 |
| Molina Healthcare, Inc. 6.50% <br> 2/15/31<br>| 423000 | 434434 |
| Radiology Partners, Inc. |  |  |
| 8.50% 7/15/32 | 1216000 | 1270279 |
| @9.78% 2/15/30 | 823274 | 792401 |
| Sotera Health Holdings LLC <br> 7.38% 6/1/31<br>| 700000 | 734175 |
| Surgery Center Holdings, Inc. <br> 7.25% 4/15/32<br>| 1220000 | 1233991 |
| Tenet Healthcare Corp. |  |  |
| 4.25% 6/1/29 | 239000 | 235431 |
| 5.13% 11/1/27 | 3796000 | 3804490 |
| 6.13% 6/15/30 | 998000 | 1021247 |
| 6.75% 5/15/31 | 945000 | 983281 |
|  |  | **28192858** |
| **Home Furnishings–0.39%** | **Home Furnishings–0.39%** | **Home Furnishings–0.39%** |
| Somnigroup International, <br> Inc.<br>|  |  |
| 3.88% 10/15/31 | 523000 | 488843 |
| 4.00% 4/15/29 | 1792000 | 1745917 |
|  |  | **2234760** |
| **Household Products Wares–0.33%** | **Household Products Wares–0.33%** | **Household Products Wares–0.33%** |
| ACCO Brands Corp. 4.25% <br> 3/15/29<br>| 1995000 | 1849656 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Household Products Wares (continued)** | **Household Products Wares (continued)** | **Household Products Wares (continued)** |
| Spectrum Brands, Inc. 3.88% <br> 3/15/31<br>| 85000 | $69421 |
|  |  | **1919077** |
| **Housewares–1.54%** | **Housewares–1.54%** | **Housewares–1.54%** |
| CD&R Smokey Buyer, <br> Inc./Radio Systems Corp. <br> 9.50% 10/15/29<br>| 1051000 | 857202 |
| Central Garden & Pet Co. |  |  |
| 4.13% 10/15/30 | 356000 | 341201 |
| 5.13% 2/1/28 | 2442000 | 2443187 |
| Newell Brands, Inc. |  |  |
| 6.38% 9/15/27 | 225000 | 226225 |
| 6.38% 5/15/30 | 355000 | 346679 |
| 6.63% 9/15/29 | 614000 | 611764 |
| 6.63% 5/15/32 | 158000 | 153286 |
| 7.38% 4/1/36 | 250000 | 234799 |
| 8.50% 6/1/28 | 470000 | 492820 |
| Scotts Miracle-Gro Co. |  |  |
| 4.00% 4/1/31 | 919000 | 864653 |
| 4.38% 2/1/32 | 734000 | 689043 |
| 4.50% 10/15/29 | 1689000 | 1657175 |
|  |  | **8918034** |
| **Insurance–0.13%** | **Insurance–0.13%** | **Insurance–0.13%** |
| Asurion LLC & Asurion <br> Co-Issuer, Inc. 8.00% <br> 12/31/32<br>| 754000 | 782359 |
|  |  | **782359** |
| **Internet–0.78%** | **Internet–0.78%** | **Internet–0.78%** |
| Arches Buyer, Inc. 4.25% <br> 6/1/28<br>| 674000 | 661472 |
| Shutterfly Finance LLC |  |  |
| 8.50% 10/1/27 | 1931682 | 1856830 |
| 9.75% 10/1/27 | 294083 | 294083 |
| Snap, Inc. 6.88% 3/1/33 | 271000 | 280823 |
| Wayfair LLC |  |  |
| 6.75% 11/15/32 | 316000 | 324873 |
| 7.25% 10/31/29 | 300000 | 313101 |
| 7.75% 9/15/30 | 751000 | 800161 |
|  |  | **4531343** |
| **Iron & Steel–0.88%** | **Iron & Steel–0.88%** | **Iron & Steel–0.88%** |
| Big River Steel LLC/BRS <br> Finance Corp. 6.63% 1/31/29<br>| 1254000 | 1263096 |
| Carpenter Technology Corp. <br> 5.63% 3/1/34<br>| 202000 | 205176 |
| Cleveland-Cliffs, Inc. |  |  |
| 4.63% 3/1/29 | 853000 | 839887 |
| 4.88% 3/1/31 | 518000 | 497023 |
| 6.75% 4/15/30 | 495000 | 509049 |
| 6.88% 11/1/29 | 642000 | 664927 |
| 7.50% 9/15/31 | 385000 | 406113 |
| 7.63% 1/15/34 | 227000 | 237220 |

---

LVIP JPMorgan High Yield Fund-6

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Iron & Steel (continued)** | **Iron & Steel (continued)** | **Iron & Steel (continued)** |
| Commercial Metals Co. 5.75% <br> 11/15/33<br>| 454000 | $464230 |
|  |  | **5086721** |
| **Leisure Time–1.68%** | **Leisure Time–1.68%** | **Leisure Time–1.68%** |
| Acushnet Co. 5.63% 12/1/33 | 121000 | 122360 |
| Amer Sports Co. 6.75% <br> 2/16/31<br>| 1189000 | 1246200 |
| Carnival Corp. |  |  |
| 5.75% 8/1/32 | 1658000 | 1701574 |
| 6.13% 2/15/33 | 1893000 | 1954693 |
| 7.00% 8/15/29 | 357000 | 374720 |
| NCL Corp. Ltd. 5.88% 1/15/31 | 379000 | 377566 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63% 9/30/31 | 758000 | 774916 |
| 6.00% 2/1/33 | 919000 | 944223 |
| 6.25% 3/15/32 | 1375000 | 1422784 |
| Viking Cruises Ltd. 5.88% <br> 10/15/33<br>| 798000 | 810339 |
|  |  | **9729375** |
| **Lodging–1.56%** | **Lodging–1.56%** | **Lodging–1.56%** |
| Hilton Domestic Operating <br> Co., Inc.<br>|  |  |
| 3.63% 2/15/32 | 25000 | 23207 |
| 4.00% 5/1/31 | 166000 | 158925 |
| 4.88% 1/15/30 | 502000 | 503693 |
| 5.50% 3/31/34 | 164000 | 165126 |
| 5.75% 9/15/33 | 873000 | 893441 |
| 5.88% 4/1/29 | 284000 | 290758 |
| 5.88% 3/15/33 | 910000 | 936195 |
| 6.13% 4/1/32 | 344000 | 356215 |
| Hilton Worldwide <br> Finance LLC/Hilton <br> Worldwide Finance Corp. <br> 4.88% 4/1/27<br>| 832000 | 832379 |
| Marriott Ownership Resorts, <br> Inc.<br>|  |  |
| 4.50% 6/15/29 | 268000 | 256050 |
| 4.75% 1/15/28 | 45000 | 44326 |
| MGM Resorts International |  |  |
| 4.63% 9/1/26 | 1177000 | 1177305 |
| 6.13% 9/15/29 | 694000 | 713203 |
| 6.50% 4/15/32 | 632000 | 651153 |
| Station Casinos LLC |  |  |
| 4.50% 2/15/28 | 1829000 | 1813888 |
| 4.63% 12/1/31 | 245000 | 232274 |
|  |  | **9048138** |
| **Machinery Construction & Mining–0.58%** | **Machinery Construction & Mining–0.58%** | **Machinery Construction & Mining–0.58%** |
| BWX Technologies, Inc. |  |  |
| 4.13% 6/30/28 | 796000 | 783726 |
| 4.13% 4/15/29 | 496000 | 483280 |
| Terex Corp. |  |  |
| 5.00% 5/15/29 | 1267000 | 1262691 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Machinery Construction & Mining (continued)** | **Machinery Construction & Mining (continued)** | **Machinery Construction & Mining (continued)** |
| Terex Corp. (continued) |  |  |
| 6.25% 10/15/32 | 798000 | $818709 |
|  |  | **3348406** |
| **Machinery Diversified–0.32%** | **Machinery Diversified–0.32%** | **Machinery Diversified–0.32%** |
| ATS Corp. 4.13% 12/15/28 | 321000 | 313114 |
| Chart Industries, Inc. |  |  |
| 7.50% 1/1/30 | 1315000 | 1370552 |
| 9.50% 1/1/31 | 188000 | 199550 |
|  |  | **1883216** |
| **Media–11.54%** | **Media–11.54%** | **Media–11.54%** |
| CCO Holdings LLC/CCO <br> Holdings Capital Corp.<br>|  |  |
| 4.25% 2/1/31 | 5122000 | 4706350 |
| 4.50% 8/15/30 | 2933000 | 2761454 |
| 4.50% 5/1/32 | 345000 | 309650 |
| 4.75% 3/1/30 | 6849000 | 6541127 |
| 5.00% 2/1/28 | 3798000 | 3767948 |
| 5.13% 5/1/27 | 1000000 | 998625 |
| 5.38% 6/1/29 | 733000 | 724732 |
| CSC Holdings LLC |  |  |
| 4.13% 12/1/30 | 695000 | 426176 |
| 4.50% 11/15/31 | 1160000 | 707600 |
| 5.75% 1/15/30 | 2085000 | 770886 |
| 6.50% 2/1/29 | 3980000 | 2637628 |
| 11.25% 5/15/28 | 261000 | 207669 |
| 11.75% 1/31/29 | 200000 | 148590 |
| Directv <br> Financing LLC/Directv <br> Financing Co-Obligor, Inc. <br> 5.88% 8/15/27<br>| 1093000 | 1099416 |
| Discovery <br> Communications LLC 5.00% <br> 9/20/37<br>| 235000 | 188028 |
| DISH DBS Corp. |  |  |
| 5.25% 12/1/26 | 4270000 | 4140821 |
| 5.75% 12/1/28 | 1000000 | 981753 |
| 7.75% 7/1/26 | 3400000 | 3358616 |
| DISH Network Corp. 11.75% <br> 11/15/27<br>| 3770000 | 3923741 |
| Gray Media, Inc. |  |  |
| 4.75% 10/15/30 | 1972000 | 1529568 |
| 5.38% 11/15/31 | 497000 | 372685 |
| 7.25% 8/15/33 | 961000 | 981978 |
| 10.50% 7/15/29 | 2478000 | 2664695 |
| iHeartCommunications, Inc. |  |  |
| 7.75% 8/15/30 | 96743 | 84650 |
| 9.13% 5/1/29 | 2761241 | 2659379 |
| 10.88% 5/1/30 | 1856239 | 1604030 |
| Midcontinent <br> Communications 8.00% <br> 8/15/32<br>| 1086000 | 1111657 |
| News Corp. 5.13% 2/15/32 | 630000 | 620983 |

---

LVIP JPMorgan High Yield Fund-7

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Nexstar Media, Inc. |  |  |
| 4.75% 11/1/28 | 1715000 | $1702557 |
| 5.63% 7/15/27 | 2263000 | 2269090 |
| μParamount Global 6.25% <br> 2/28/57<br>| 1145000 | 1026962 |
| Sinclair Television Group, <br> Inc. 8.13% 2/15/33<br>| 711000 | 742590 |
| Sirius XM Radio LLC |  |  |
| 4.00% 7/15/28 | 2954000 | 2887730 |
| 4.13% 7/1/30 | 2000 | 1902 |
| 5.00% 8/1/27 | 1230000 | 1232995 |
| 5.50% 7/1/29 | 2238000 | 2256312 |
| Sunrise FinCo I BV 4.88% <br> 7/15/31<br>| 592000 | 563880 |
| TEGNA, Inc. 5.00% 9/15/29 | 1165000 | 1154741 |
| Univision Communications, <br> Inc.<br>|  |  |
| 7.38% 6/30/30 | 879000 | 893456 |
| 8.00% 8/15/28 | 1176000 | 1217954 |
| 8.50% 7/31/31 | 79000 | 82526 |
| 9.38% 8/1/32 | 363000 | 390157 |
| Virgin Media Secured <br> Finance PLC 5.50% 5/15/29<br>| 456000 | 449231 |
|  |  | **66902518** |
| **Mining–0.63%** | **Mining–0.63%** | **Mining–0.63%** |
| Alcoa Nederland Holding BV <br> 7.13% 3/15/31<br>| 1015000 | 1078441 |
| Alumina Pty. Ltd. |  |  |
| 6.13% 3/15/30 | 380000 | 392505 |
| 6.38% 9/15/32 | 440000 | 456907 |
| Compass Minerals <br> International, Inc. 8.00% <br> 7/1/30<br>| 293000 | 306577 |
| Novelis Corp. |  |  |
| 3.88% 8/15/31 | 258000 | 235157 |
| 4.75% 1/30/30 | 730000 | 705180 |
| 6.38% 8/15/33 | 288000 | 291966 |
| 6.88% 1/30/30 | 159000 | 165098 |
|  |  | **3631831** |
| **Miscellaneous Manufacturing–0.60%** | **Miscellaneous Manufacturing–0.60%** | **Miscellaneous Manufacturing–0.60%** |
| Enpro, Inc. 6.13% 6/1/33 | 278000 | 286867 |
| Entegris, Inc. |  |  |
| 4.38% 4/15/28 | 380000 | 377218 |
| 4.75% 4/15/29 | 1770000 | 1773862 |
| 5.95% 6/15/30 | 995000 | 1014910 |
|  |  | **3452857** |
| **Office Business Equipment–0.10%** | **Office Business Equipment–0.10%** | **Office Business Equipment–0.10%** |
| Xerox Corp. 10.25% 10/15/30 | 332000 | 317640 |
| Xerox Holdings Corp. 8.88% <br> 11/30/29<br>| 612000 | 246326 |
|  |  | **563966** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas–5.46%** | **Oil & Gas–5.46%** | **Oil & Gas–5.46%** |
| Antero Resources Corp. 7.63% <br> 2/1/29<br>| 205000 | $208056 |
| Ascent Resources Utica <br> Holdings LLC/ARU Finance <br> Corp.<br>|  |  |
| 5.88% 6/30/29 | 178000 | 178467 |
| 6.63% 10/15/32 | 365000 | 376903 |
| 6.63% 7/15/33 | 387000 | 400562 |
| Chord Energy Corp. |  |  |
| 6.00% 10/1/30 | 588000 | 595211 |
| 6.75% 3/15/33 | 409000 | 422954 |
| Civitas Resources, Inc. |  |  |
| 8.38% 7/1/28 | 635000 | 654300 |
| 8.63% 11/1/30 | 414000 | 433897 |
| 8.75% 7/1/31 | 856000 | 888015 |
| 9.63% 6/15/33 | 357000 | 385424 |
| CNX Resources Corp. |  |  |
| 6.00% 1/15/29 | 335000 | 337256 |
| 7.38% 1/15/31 | 400000 | 414208 |
| Comstock Resources, Inc. |  |  |
| 5.88% 1/15/30 | 496000 | 482437 |
| 6.75% 3/1/29 | 2220000 | 2224931 |
| Crescent Energy Finance LLC |  |  |
| 7.38% 1/15/33 | 685000 | 650032 |
| 7.63% 4/1/32 | 1072000 | 1039328 |
| 8.38% 1/15/34 | 485000 | 481770 |
| 9.25% 2/15/28 | 1350000 | 1392298 |
| Diamond Foreign Asset <br> Co./Diamond Finance LLC <br> 8.50% 10/1/30<br>| 934000 | 989426 |
| Expand Energy Corp. |  |  |
| 5.38% 2/1/29 | 82000 | 82002 |
| 5.38% 3/15/30 | 500000 | 506794 |
| 6.75% 4/15/29 | 3019000 | 3036681 |
| Gulfport Energy Operating <br> Corp. 6.75% 9/1/29<br>| 945000 | 975884 |
| Hilcorp Energy I LP/Hilcorp <br> Finance Co.<br>|  |  |
| 6.00% 4/15/30 | 371000 | 360502 |
| 6.25% 11/1/28 | 21000 | 21119 |
| 6.25% 4/15/32 | 257000 | 241935 |
| 6.88% 5/15/34 | 55000 | 51536 |
| Matador Resources Co. |  |  |
| 6.25% 4/15/33 | 702000 | 702934 |
| 6.50% 4/15/32 | 434000 | 440148 |
| Noble Finance II LLC 8.00% <br> 4/15/30<br>| 443000 | 460239 |
| Permian Resources <br> Operating LLC<br>|  |  |
| 6.25% 2/1/33 | 499000 | 511857 |
| 7.00% 1/15/32 | 294000 | 306447 |
| 8.00% 4/15/27 | 470000 | 476138 |
| 9.88% 7/15/31 | 1525000 | 1638962 |
| Range Resources Corp. 8.25% <br> 1/15/29<br>| 1987000 | 2026375 |

---

LVIP JPMorgan High Yield Fund-8

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| SM Energy Co. |  |  |
| 6.50% 7/15/28 | 47000 | $47508 |
| 6.63% 1/15/27 | 1446000 | 1450232 |
| 6.75% 9/15/26 | 894000 | 895299 |
| 6.75% 8/1/29 | 7000 | 7051 |
| 7.00% 8/1/32 | 148000 | 145494 |
| Sunoco LP 7.00% 5/1/29 | 327000 | 341047 |
| Sunoco LP/Sunoco Finance <br> Corp.<br>|  |  |
| 4.50% 5/15/29 | 524000 | 514446 |
| 4.50% 4/30/30 | 1620000 | 1581970 |
| Transocean International Ltd. |  |  |
| 8.25% 5/15/29 | 661000 | 666191 |
| 8.75% 2/15/30 | 202500 | 211594 |
| Transocean Titan Financing <br> Ltd. 8.38% 2/1/28<br>| 164333 | 167831 |
| Valaris Ltd. 8.38% 4/30/30 | 159000 | 165434 |
| Vital Energy, Inc. 7.88% <br> 4/15/32<br>| 1101000 | 1084798 |
|  |  | **31673923** |
| **Oil & Gas Services–0.38%** | **Oil & Gas Services–0.38%** | **Oil & Gas Services–0.38%** |
| Archrock <br> Partners LP/Archrock <br> Partners Finance Corp.<br>|  |  |
| 6.25% 4/1/28 | 294000 | 295687 |
| 6.63% 9/1/32 | 414000 | 426981 |
| Kodiak Gas Services LLC |  |  |
| 6.50% 10/1/33 | 244000 | 249176 |
| 7.25% 2/15/29 | 516000 | 536822 |
| WBI Operating LLC 6.25% <br> 10/15/30<br>| 662000 | 665992 |
|  |  | **2174658** |
| **Packaging & Containers–1.85%** | **Packaging & Containers–1.85%** | **Packaging & Containers–1.85%** |
| Ardagh Group SA |  |  |
| 9.50% 12/1/30 | 921000 | 998933 |
| 12.00% 12/1/30 | 1364000 | 1246355 |
| Clydesdale Acquisition <br> Holdings, Inc. 6.75% 4/15/32<br>| 972000 | 999483 |
| Graham Packaging Co., Inc. <br> 7.13% 8/15/28<br>| 473000 | 473404 |
| LABL, Inc. 8.63% 10/1/31 | 47000 | 24997 |
| Mauser Packaging Solutions <br> Holding Co.<br>|  |  |
| 7.88% 4/15/30 | 3790000 | 3760098 |
| 9.25% 4/15/30 | 1600000 | 1536000 |
| Owens-Brockway Glass <br> Container, Inc. 6.63% <br> 5/13/27<br>| 839000 | 841979 |
| TriMas Corp. 4.13% 4/15/29 | 852000 | 828556 |
|  |  | **10709805** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pharmaceuticals–1.87%** | **Pharmaceuticals–1.87%** | **Pharmaceuticals–1.87%** |
| 1261229 BC Ltd. 10.00% <br> 4/15/32<br>| 3588000 | $3731581 |
| Bausch Health Cos., Inc. |  |  |
| 4.88% 6/1/28 | 1339000 | 1198405 |
| 5.25% 1/30/30 | 1505000 | 1053500 |
| 5.25% 2/15/31 | 670000 | 435500 |
| Endo Finance Holdings, Inc. <br> 8.50% 4/15/31<br>| 291000 | 307570 |
| Organon & Co./Organon <br> Foreign Debt Co-Issuer BV<br>|  |  |
| 4.13% 4/30/28 | 1223000 | 1191734 |
| 5.13% 4/30/31 | 1501000 | 1243121 |
| 6.75% 5/15/34 | 490000 | 440744 |
| 7.88% 5/15/34 | 200000 | 162786 |
| Owens & Minor, Inc. |  |  |
| 4.50% 3/31/29 | 1082000 | 734400 |
| 6.63% 4/1/30 | 576000 | 365144 |
|  |  | **10864485** |
| **Pipelines–4.21%** | **Pipelines–4.21%** | **Pipelines–4.21%** |
| Antero Midstream <br> Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.38% 6/15/29 | 197000 | 197005 |
| 5.75% 1/15/28 | 1637000 | 1640133 |
| 5.75% 10/15/33 | 631000 | 634811 |
| Blue Racer <br> Midstream LLC/Blue Racer <br> Finance Corp.<br>|  |  |
| 6.63% 7/15/26 | 550000 | 550376 |
| 7.00% 7/15/29 | 393000 | 409865 |
| 7.25% 7/15/32 | 294000 | 312014 |
| Buckeye Partners LP |  |  |
| 4.50% 3/1/28 | 650000 | 645828 |
| 6.75% 2/1/30 | 573000 | 601507 |
| CNX Midstream Partners LP <br> 4.75% 4/15/30<br>| 206000 | 199706 |
| Genesis Energy LP/Genesis <br> Energy Finance Corp.<br>|  |  |
| 7.75% 2/1/28 | 688000 | 690832 |
| 7.88% 5/15/32 | 366000 | 381522 |
| 8.88% 4/15/30 | 428000 | 450393 |
| Harvest Midstream I LP 7.50% <br> 5/15/32<br>| 434000 | 452395 |
| Hess Midstream <br> Operations LP<br>|  |  |
| 5.13% 6/15/28 | 660000 | 662664 |
| 6.50% 6/1/29 | 480000 | 495696 |
| Howard Midstream Energy <br> Partners LLC<br>|  |  |
| 6.63% 1/15/34 | 337000 | 346212 |
| 7.38% 7/15/32 | 802000 | 846250 |
| Kinetik Holdings LP |  |  |
| 5.88% 6/15/30 | 466000 | 470175 |
| 6.63% 12/15/28 | 335000 | 344942 |

---

LVIP JPMorgan High Yield Fund-9

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| NGL Energy <br> Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13% 2/15/29 | 568000 | $589564 |
| 8.38% 2/15/32 | 567000 | 587165 |
| Northriver Midstream <br> Finance LP 6.75% 7/15/32<br>| 345000 | 351574 |
| NuStar Logistics LP |  |  |
| 5.63% 4/28/27 | 1035000 | 1046202 |
| 6.00% 6/1/26 | 470000 | 470957 |
| 6.38% 10/1/30 | 354000 | 372584 |
| Prairie Acquiror LP 9.00% <br> 8/1/29<br>| 410000 | 426163 |
| Rockies Express Pipeline LLC <br> 6.75% 3/15/33<br>| 343000 | 361975 |
| Tallgrass Energy <br> Partners LP/Tallgrass <br> Energy Finance Corp.<br>|  |  |
| 5.50% 1/15/28 | 610000 | 610329 |
| 6.00% 12/31/30 | 717000 | 722798 |
| 6.00% 9/1/31 | 703000 | 699713 |
| 6.75% 3/15/34 | 987000 | 986976 |
| 7.38% 2/15/29 | 450000 | 465103 |
| Venture Global LNG, Inc. |  |  |
| 7.00% 1/15/30 | 65000 | 62558 |
| 8.13% 6/1/28 | 717000 | 726252 |
| 8.38% 6/1/31 | 140000 | 139220 |
| 9.50% 2/1/29 | 665000 | 689257 |
| 9.88% 2/1/32 | 1455000 | 1503120 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| 6.13% 12/15/30 | 464000 | 472512 |
| 6.50% 1/15/34 | 1658000 | 1698190 |
| 6.50% 6/15/34 | 325000 | 332079 |
| 6.75% 1/15/36 | 537000 | 550044 |
| 7.75% 5/1/35 | 165000 | 180667 |
|  |  | **24377328** |
| **Real Estate–0.35%** | **Real Estate–0.35%** | **Real Estate–0.35%** |
| Anywhere Real Estate <br> Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |  |
| 5.25% 4/15/30 | 1457000 | 1357261 |
| 9.75% 4/15/30 | 634000 | 688062 |
|  |  | **2045323** |
| **Real Estate Investment Trusts–1.48%** | **Real Estate Investment Trusts–1.48%** | **Real Estate Investment Trusts–1.48%** |
| Iron Mountain, Inc. |  |  |
| 4.88% 9/15/27 | 305000 | 304690 |
| 4.88% 9/15/29 | 12000 | 11839 |
| 5.00% 7/15/28 | 49000 | 48937 |
| 5.25% 3/15/28 | 1354000 | 1357053 |
| 5.25% 7/15/30 | 1055000 | 1042240 |
| 6.25% 1/15/33 | 94000 | 94786 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| Millrose Properties, Inc. |  |  |
| 6.25% 9/15/32 | 294000 | $296641 |
| 6.38% 8/1/30 | 601000 | 614958 |
| MPT Operating <br> Partnership LP/MPT <br> Finance Corp. 8.50% 2/15/32<br>| 422000 | 450668 |
| RHP Hotel <br> Properties LP/RHP Finance <br> Corp.<br>|  |  |
| 4.50% 2/15/29 | 1318000 | 1304874 |
| 4.75% 10/15/27 | 1540000 | 1533618 |
| 6.50% 4/1/32 | 1130000 | 1171906 |
| 6.50% 6/15/33 | 129000 | 134100 |
| 7.25% 7/15/28 | 222000 | 228930 |
|  |  | **8595240** |
| **Retail–1.70%** | **Retail–1.70%** | **Retail–1.70%** |
| Asbury Automotive Group, <br> Inc.<br>|  |  |
| 4.50% 3/1/28 | 372000 | 370932 |
| 4.63% 11/15/29 | 475000 | 466997 |
| 4.75% 3/1/30 | 318000 | 313482 |
| Group 1 Automotive, Inc. <br> 6.38% 1/15/30<br>| 297000 | 305611 |
| Lithia Motors, Inc. 5.50% <br> 10/1/30<br>| 221000 | 221878 |
| PetSmart LLC/PetSmart <br> Finance Corp. 7.50% 9/15/32<br>| 1795000 | 1826743 |
| QXO Building Products, Inc. <br> 6.75% 4/30/32<br>| 887000 | 926399 |
| Rite Aid Corp. |  |  |
| =‡^0.00% 7/1/25 | 1377000 | 0 |
| =†^0.00% 10/18/25 | 1045253 | 0 |
| =‡^0.00% 11/15/26 | 2338000 | 0 |
| =†^0.00% 12/31/49 | 365760 | 0 |
| Saks Global Enterprises LLC <br> 11.00% 12/15/29<br>| 555174 | 36086 |
| SGUS LLC 11.00% 12/15/29 | 236869 | 87642 |
| Sonic Automotive, Inc. |  |  |
| 4.63% 11/15/29 | 1108000 | 1087550 |
| 4.88% 11/15/31 | 447000 | 431720 |
| Staples, Inc. |  |  |
| 10.75% 9/1/29 | 2195000 | 2182227 |
| 12.75% 1/15/30 | 1379011 | 1157070 |
| Superior Plus LP/Superior <br> General Partner, Inc. 4.50% <br> 3/15/29<br>| 444000 | 433414 |
|  |  | **9847751** |
| **Semiconductors–0.81%** | **Semiconductors–0.81%** | **Semiconductors–0.81%** |
| Amkor Technology, Inc. 5.88% <br> 10/1/33<br>| 505000 | 515418 |
| ams-OSRAM AG 12.25% <br> 3/30/29<br>| 650000 | 690413 |

---

LVIP JPMorgan High Yield Fund-10

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Kioxia Holdings Corp. 6.25% <br> 7/24/30<br>| 1100000 | $1131719 |
| ON Semiconductor Corp. <br> 3.88% 9/1/28<br>| 1815000 | 1774810 |
| Synaptics, Inc. 4.00% 6/15/29 | 598000 | 578907 |
|  |  | **4691267** |
| **Software–1.31%** | **Software–1.31%** | **Software–1.31%** |
| AthenaHealth Group, Inc. <br> 6.50% 2/15/30<br>| 1445000 | 1440651 |
| CoreWeave, Inc. |  |  |
| 9.00% 2/1/31 | 938000 | 859696 |
| 9.25% 6/1/30 | 765000 | 711276 |
| Fair Isaac Corp. 6.00% <br> 5/15/33<br>| 389000 | 399560 |
| RingCentral, Inc. 8.50% <br> 8/15/30<br>| 1137000 | 1205315 |
| SS&C Technologies, Inc. |  |  |
| 5.50% 9/30/27 | 2605000 | 2607353 |
| 6.50% 6/1/32 | 340000 | 353741 |
|  |  | **7577592** |
| **Telecommunications–5.08%** | **Telecommunications–5.08%** | **Telecommunications–5.08%** |
| Altice Financing SA 5.75% <br> 8/15/29<br>| 929000 | 644057 |
| Altice France Lux 3/Altice <br> Holdings 1 10.00% 1/15/33<br>| 510800 | 468239 |
| Altice France SA |  |  |
| 6.50% 4/15/32 | 1034057 | 991332 |
| 6.88% 10/15/30 | 134020 | 129971 |
| 6.88% 7/15/32 | 637767 | 611580 |
| 9.50% 11/1/29 | 967047 | 994666 |
| †^Altice Holdings 1 SARL 0.00% <br> 12/31/99<br>| 2135 | 342 |
| Cipher Compute LLC 7.13% <br> 11/15/30<br>| 429000 | 436929 |
| CommScope LLC |  |  |
| 4.75% 9/1/29 | 1300000 | 1298167 |
| 8.25% 3/1/27 | 3079000 | 3102896 |
| 9.50% 12/15/31 | 395000 | 398966 |
| CommScope <br> Technologies LLC 5.00% <br> 3/15/27<br>| 145000 | 144674 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC 9.00% <br> 9/15/29<br>| 510000 | 540977 |
| Connect Holding II LLC <br> 10.50% 4/3/31<br>| 866000 | 820492 |
| EchoStar Corp. |  |  |
| @6.75% 11/30/30 | 875461 | 896882 |
| 10.75% 11/30/29 | 1065000 | 1177678 |
| Embarq LLC 8.00% 6/1/36 | 1500000 | 614940 |
| Fibercop SpA 6.38% 11/15/33 | 551000 | 546007 |
| Flash Compute LLC 7.25% <br> 12/31/30<br>| 435000 | 430982 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Frontier Communications <br> Holdings LLC<br>|  |  |
| 5.00% 5/1/28 | 2050000 | $2053525 |
| 5.88% 10/15/27 | 77000 | 77249 |
| 5.88% 11/1/29 | 137507 | 139174 |
| 6.00% 1/15/30 | 286000 | 290850 |
| 8.75% 5/15/30 | 744000 | 776930 |
| GCI LLC 4.75% 10/15/28 | 2340000 | 2282128 |
| Hughes Satellite Systems <br> Corp. 6.63% 8/1/26<br>| 869000 | 793551 |
| Level 3 Financing, Inc. |  |  |
| 6.88% 6/30/33 | 1150000 | 1176770 |
| 7.00% 3/31/34 | 982791 | 1012837 |
| Lumen Technologies, Inc. |  |  |
| 4.13% 4/15/29 | 1121436 | 1110222 |
| 4.13% 4/15/30 | 961549 | 954751 |
| 4.13% 4/15/30 | 1818612 | 1805754 |
| 5.38% 6/15/29 | 1020000 | 958800 |
| 10.00% 10/15/32 | 402750 | 404764 |
| WULF Compute LLC 7.75% <br> 10/15/30<br>| 1302000 | 1341383 |
|  |  | **29428465** |
| **Transportation–0.18%** | **Transportation–0.18%** | **Transportation–0.18%** |
| First Student Bidco, Inc./First <br> Transit Parent, Inc. 4.00% <br> 7/31/29<br>| 82000 | 79677 |
| XPO, Inc. |  |  |
| 6.25% 6/1/28 | 610000 | 621975 |
| 7.13% 2/1/32 | 353000 | 371281 |
|  |  | **1072933** |
| **Total Corporate Bonds** <br>**(Cost $497,104,584)** | **Total Corporate Bonds** <br>**(Cost $497,104,584)** | **497286276** |
| **LOAN AGREEMENTS–9.60%** | **LOAN AGREEMENTS–9.60%** | **LOAN AGREEMENTS–9.60%** |
| •Adient U.S. LLC 5.97% (1 mo. <br> USD Term SOFR + 2.25%) <br> 1/31/31<br>| 686276 | 688424 |
| •Ahead DB Holdings LLC <br> 6.17% (3 mo. USD Term <br> SOFR + 2.50%) 2/3/31<br>| 1084007 | 1081785 |
| •Allied Universal Holdco LLC <br> 6.97% (1 mo. USD Term <br> SOFR + 3.25%) 8/20/32<br>| 239400 | 240489 |
| •Altar Bidco, Inc. 6.78% (1 mo. <br> USD Term SOFR + 3.10%) <br> 2/1/29<br>| 682295 | 674135 |
| •American Airlines, Inc. 6.13% <br> (3 mo. USD Term SOFR + <br> 2.25%) 4/20/28<br>| 855525 | 857023 |
| •Asurion LLC 7.97% (1 mo. <br> USD Term SOFR + 4.25%) <br> 9/19/30<br>| 580417 | 579964 |

---

LVIP JPMorgan High Yield Fund-11

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •AthenaHealth Group, Inc. <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 2/15/29<br>| 615350 | $615990 |
| =AWS Claire's LLC 10.00% <br> 9/18/30<br>| 102982 | 102982 |
| •Bausch & Lomb Corp. 7.97% <br> (1 mo. USD Term SOFR + <br> 4.25%) 1/15/31<br>| 568362 | 573477 |
| •Bausch Health Cos., Inc. <br> 9.97% (1 mo. USD Term <br> SOFR + 6.25%) 10/8/30<br>| 2000855 | 1950093 |
| •BCPE Pequod Buyer, Inc. <br> 6.72% (1 mo. USD Term <br> SOFR + 3.00%) 11/25/31<br>| 1042767 | 1044393 |
| •Belron Finance LLC 6.12% (3 <br> mo. USD Term SOFR + <br> 2.25%) 10/16/31<br>| 486935 | 489369 |
| •Charter Communications <br> Operating LLC 5.99% (3 mo. <br> USD Term SOFR + 2.00%) <br> 12/7/30<br>| 1470000 | 1468163 |
| •Clear Channel Outdoor <br> Holdings, Inc. 7.83% (1 mo. <br> USD Term SOFR + 4.00%) <br> 8/23/28<br>| 174821 | 174915 |
| •Colossus Acquireco LLC <br> 5.41% (3 mo. USD Term <br> SOFR + 1.75%) 7/30/32<br>| 496890 | 496269 |
| ∞CommScope, Inc. 0.00% <br> 12/17/29<br>| 730000 | 730343 |
| •Conair Holdings LLC 7.58% (1 <br> mo. USD Term SOFR + <br> 3.75%) 5/17/28<br>| 857097 | 439262 |
| •Crown Finance U.S., Inc. <br> 8.34% (1 mo. USD Term <br> SOFR + 4.50%) 12/2/31<br>| 683117 | 672529 |
| ∞Dayforce, Inc. 0.00% 8/20/32 | 1082569 | 1078704 |
| •DexKo Global, Inc. 7.58% (1 <br> mo. USD Term SOFR + <br> 3.75%) 10/4/28<br>| 1305391 | 1293694 |
| •DirecTV Financing LLC 9.10% <br> (3 mo. USD Term SOFR + <br> 5.00%) 8/2/27<br>| 76336 | 76357 |
| •EMRLD Borrower LP 6.12% (6 <br> mo. USD Term SOFR + <br> 2.25%) 8/4/31<br>| 811262 | 812455 |
| •EW Scripps Co. 9.60% (1 mo. <br> USD Term SOFR + 5.75%) <br> 6/30/28<br>| 183046 | 184615 |
| =∞FGI Operating Co. LLC 0.00% <br> 12/31/25<br>| 74836 | 748 |
| •First Advantage Holdings LLC <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 10/31/31<br>| 925585 | 914923 |
| •First Student Bidco, Inc. | •First Student Bidco, Inc. | •First Student Bidco, Inc. |
| 6.17% (3 mo. USD Term <br> SOFR + 2.50%) 8/15/30<br>| 1850757 | 1855847 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •First Student Bidco, Inc. (continued) | •First Student Bidco, Inc. (continued) | •First Student Bidco, Inc. (continued) |
| 6.17% (3 mo. USD Term <br> SOFR + 2.50%) 8/15/30<br>| 283725 | $284315 |
| •Hertz Corp. | •Hertz Corp. | •Hertz Corp. |
| 7.33% (1 mo. USD Term <br> SOFR + 3.50%) 6/30/28<br>| 651979 | 546234 |
| 7.33% (1 mo. USD Term <br> SOFR + 3.50%) 6/30/28<br>| 128663 | 107795 |
| •HUB International Ltd. 6.12% <br> (3 mo. USD Term SOFR + <br> 2.25%) 6/20/30<br>| 247816 | 248991 |
| •iHeartCommunications, Inc. <br> 9.61% (1 mo. USD Term <br> SOFR + 5.78%) 5/1/29<br>| 2507481 | 2288528 |
| •Ineos U.S. Finance LLC 6.97% <br> (1 mo. USD Term SOFR + <br> 3.25%) 2/18/30<br>| 1138894 | 918233 |
| •Instructure Holdings, Inc. <br> 6.44% (3 mo. USD Term <br> SOFR + 2.75%) 11/13/31<br>| 1125043 | 1126314 |
| •LABL, Inc. 8.94% (3 mo. USD <br> Term SOFR + 5.00%) <br> 10/30/28<br>| 1110136 | 699186 |
| •LSF12 Crown <br> U.S. Commercial Bidco LLC <br> 7.37% (1 mo. USD Term <br> SOFR + 3.50%) 12/2/31<br>| 1329047 | 1336105 |
| •Lumen Technologies, Inc. <br> 4.35% (1 mo. USD Term <br> SOFR + 2.35%) 4/16/29<br>| 1713463 | 1702754 |
| •Madison IAQ LLC 6.70% (6 <br> mo. USD Term SOFR + <br> 2.50%) 6/21/28<br>| 937392 | 941404 |
| •Medline Borrower LP 5.47% <br> (1 mo. USD Term SOFR + <br> 1.75%) 10/23/28<br>| 105985 | 106270 |
| •MI Windows & Doors LLC <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 3/28/31<br>| 531927 | 531762 |
| Moran Foods LLC | Moran Foods LLC | Moran Foods LLC |
| =@•5.67% (3 mo. USD Term <br> SOFR + 2.00%) 6/30/26<br>| 7344051 | 1824997 |
| =•6.34% (3 mo. USD Term <br> SOFR + 2.50%) 12/31/28<br>| 1146933 | 1089586 |
| =•12.34% (3 mo. USD Term <br> SOFR + 8.50%) 12/31/28<br>| 1048251 | 995838 |
| @•15.02% (3 mo. USD Term <br> SOFR + 2.00%) 6/30/26<br>| 3440464 | 344 |
| =•15.44% (3 mo. USD Term <br> SOFR + 11.50%) 6/30/26<br>| 2888930 | 2744483 |
| •Nuvei Technologies Corp. <br> 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 11/17/31<br>| 1366359 | 1366782 |
| •PAREXEL International Corp. <br> 6.47% (1 mo. USD Term <br> SOFR + 2.75%) 12/12/31<br>| 873543 | 875911 |

---

LVIP JPMorgan High Yield Fund-12

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Petco Health & Wellness Co., <br> Inc. 7.18% (3 mo. USD Term <br> SOFR + 3.25%) 3/3/28<br>| 1959891 | $1937607 |
| •PetSmart, Inc. 7.73% (1 mo. <br> USD Term SOFR + 4.00%) <br> 8/18/32<br>| 224420 | 223228 |
| •Primo Brands Corp. 5.92% (3 <br> mo. USD Term SOFR + <br> 2.25%) 3/31/28<br>| 954096 | 956405 |
| •Quikrete Holdings, Inc. 5.97% <br> (1 mo. USD Term SOFR + <br> 2.25%) 2/10/32<br>| 1357244 | 1361125 |
| •QXO, Inc. 5.72% (1 mo. USD <br> Term SOFR + 2.00%) <br> 4/30/32<br>| 144788 | 145134 |
| Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| ✠0.00% 11/19/31 | 48490 | 48626 |
| •6.72% (1 mo. USD Term <br> SOFR + 3.00%) 11/19/31<br>| 673767 | 675660 |
| •Rocket Software, Inc. 7.47% <br> (1 mo. USD Term SOFR + <br> 3.75%) 11/28/28<br>| 804183 | 803733 |
| •Sanmina Corp. 5.92% (1 mo. <br> USD Term SOFR + 2.00%) <br> 10/27/32<br>| 789711 | 790698 |
| •Serta Simmons Bedding LLC <br> 11.29% (3 mo. USD Term <br> SOFR + 7.50%) 6/29/28<br>| 790907 | 741475 |
| @•Shutterfly, Inc. 8.82% (3 mo. <br> USD Term SOFR + 5.00%) <br> 10/1/27<br>| 682140 | 648763 |
| •SPX Flow, Inc. 6.47% (1 mo. <br> USD Term SOFR + 2.75%) <br> 4/5/29<br>| 540562 | 541627 |
| •Star Parent, Inc. 7.67% (3 mo. <br> USD Term SOFR + 4.00%) <br> 9/27/30<br>| 412650 | 412972 |
| •Station Casinos LLC 5.72% (1 <br> mo. USD Term SOFR + <br> 2.00%) 3/14/31<br>| 378263 | 379257 |
| •Topgolf Callaway Brands <br> Corp. 6.72% (1 mo. USD <br> Term SOFR + 3.00%) <br> 3/18/30<br>| 427494 | 428383 |
| •TransDigm, Inc. | •TransDigm, Inc. | •TransDigm, Inc. |
| 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 2/28/31<br>| 207889 | 208596 |
| 6.22% (1 mo. USD Term <br> SOFR + 2.50%) 8/19/32<br>| 533662 | 535776 |
| •U.S. Renal Care, Inc. 8.83% (1 <br> mo. USD Term SOFR + <br> 5.00%) 6/28/28<br>| 1004613 | 942769 |
| •UKG, Inc. 6.34% (3 mo. USD <br> Term SOFR + 2.50%) <br> 2/10/31<br>| 360447 | 360591 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** | **LOAN AGREEMENTS (continued)** |
| •Varsity Brands, Inc. 6.67% (3 <br> mo. USD Term SOFR + <br> 3.00%) 8/26/31<br>| 1467293 | $1471886 |
| @•Venator Materials LLC | @•Venator Materials LLC | @•Venator Materials LLC |
| 10.75% (3 mo. USD Term <br> SOFR + 6.75%) 7/16/26<br>| 415943 | 332755 |
| 10.75% (3 mo. USD Term <br> SOFR + 6.75%) 10/12/28<br>| 667914 | 133583 |
| 10.75% (3 mo. USD Term <br> SOFR + 6.75%) 7/16/26<br>| 408427 | 326742 |
| •Vista Management Holding, <br> Inc. 7.74% (3 mo. USD Term <br> SOFR + 3.75%) 4/1/31<br>| 897741 | 905220 |
| •White Cap Buyer LLC 6.97% <br> (1 mo. USD Term SOFR + <br> 3.25%) 10/19/29<br>| 1499381 | 1505124 |
| **Total Loan Agreements** <br>**(Cost $56,530,494)** | **Total Loan Agreements** <br>**(Cost $56,530,494)** | **55650515** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>|  |
| **COMMON STOCK–1.32%** | **COMMON STOCK–1.32%** | **COMMON STOCK–1.32%** |
| †Clear Channel Outdoor <br> Holdings, Inc.<br>| 169362 | 374290 |
| †Envision Healthcare Corp. | 16065 | 242485 |
| †Frontier Communications <br> Parent, Inc.<br>| 22898 | 871728 |
| †Gulfport Energy Corp. | 2489 | 517687 |
| †iHeartMedia, Inc. Class A | 32090 | 133494 |
| =†Incora Intermediate LLC | 28922 | 312936 |
| =†Incora Top Holdco LLC | 556 | 15045 |
| †Luxco Co. Ltd. | 41490 | 747232 |
| †Mallinckrodt PLC | 16262 | 1607092 |
| †Mallinckrodt PLC | 11151 | 1101998 |
| =†Moran Foods LLC | 8504906716 | 0 |
| =†MYT Holding LLC | 502370 | 125593 |
| National CineMedia, Inc. | 46490 | 180846 |
| =†Neiman Marcus Group LLC | 483 | 966 |
| =†‡NMG Parent LLC | 5708 | 2854 |
| =†Rite Aid Corp. | 3660 | 0 |
| †Serta Simmons Bedding, Inc. | 43090 | 420127 |
| =†Serta SSB Equipment Co. | 43090 | 0 |
| =†Venator Materials PLC | 1539 | 26933 |
| =†Yeoman Capital SA | 108812 | 959071 |
| **Total Common Stock** <br>**(Cost $12,289,956)** | **Total Common Stock** <br>**(Cost $12,289,956)** | **7640377** |
| **PREFERRED STOCKS–0.23%** | **PREFERRED STOCKS–0.23%** | **PREFERRED STOCKS–0.23%** |
| =† ☐Mallinckrodt PLC <br> 0.00%<br>| 740961768 | 0 |
| =† ☐Mallinckrodt PLC. <br> 0.00%<br>| 508084164 | 0 |
| =†MYT Holding LLC 10.00% <br> 6/6/29<br>| 1067993 | 1353147 |
| **Total Preferred Stocks** <br>**(Cost $879,488)** | **Total Preferred Stocks** <br>**(Cost $879,488)** | **1353147** |

---

LVIP JPMorgan High Yield Fund-13

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **RIGHTS–0.21%** | **RIGHTS–0.21%** | **RIGHTS–0.21%** |
| =†SES SA | 75556 | $1180563 |
| **Total Rights** <br>**(Cost $0)** | **Total Rights** <br>**(Cost $0)** | **1180563** |
| **WARRANTS–0.00%** | **WARRANTS–0.00%** | **WARRANTS–0.00%** |
| =†Audacy, Inc. exp 5/01/27 <br> exercise price $1.00<br>| 4493 | 70 |
| †Audacy, Inc. exp 12/31/99 <br> exercise price $1.00<br>| 3707 | 20388 |
| =†Audacy, Inc. exp 12/31/49 <br> exercise price $1.00<br>| 749 | 12 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **20470** |
| **MONEY MARKET FUND–1.53%** | **MONEY MARKET FUND–1.53%** | **MONEY MARKET FUND–1.53%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 3.74%)<br>| 8857190 | 8857190 |
| **Total Money Market Fund** <br>**(Cost $8,857,190)** | **Total Money Market Fund** <br>**(Cost $8,857,190)** | **8857190** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **INVESTMENT COMPANY—0.01%** | **INVESTMENT COMPANY—0.01%** | **INVESTMENT COMPANY—0.01%** |
| **Private Trust–0.01%** | **Private Trust–0.01%** | **Private Trust–0.01%** |
| =Endo GUC Trust 0.00% | 56661 | $32580 |
| **Total Short-Term Investment** <br>**(Cost $0)**<br>|  | **32580** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–98.91% (Cost $576,075,424)** | **573322288** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.09%** | **6335003** |
| **NET ASSETS APPLICABLE TO 57,851,289 SHARES OUTSTANDING–100.00%** | **$579657291** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN HIGH YIELD FUND STANDARD CLASS** <br>**($362,575,109 / 36,176,959 Shares)** | **$10.022** |
| **NET ASSET VALUE PER SHARE–LVIP JPMORGAN HIGH YIELD FUND SERVICE CLASS** <br>**($217,082,182 / 21,674,330 Shares)** | **$10.016** |
| **COMPONENTS OF NET ASSETS AT DECEMBER 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | **$648896954** |
| Distributable earnings/(accumulated loss) | **(69239663)**<br>|
| **TOTAL NET ASSETS** | **$579657291** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| |
|:---|
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| @PIK. 100% of the income received was in the form of additional par. |
| μFixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date. |
| ^Zero coupon security. |
| =The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table <br> located in Note 3 in "Notes to Financial Statements". |
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2025. For securities based on a <br> published reference rate and spread, the reference rate and spread are indicated in their description above and may be subject to caps <br> and/or floors or include a multiplier. Certain variable rate securities are not based on a published reference rate and spread but are <br> determined by the issuer or agent and are based on current market conditions such as changes in current interest rate and prepayments <br> on the underlying pool of assets. These securities do not indicate a reference rate and spread in their description above. |

---

LVIP JPMorgan High Yield Fund-14

------

**LVIP JPMorgan High Yield Fund**

**Statement of Net Assets (continued)**

---

| |
|:---|
| ‡Non-income producing security. Security is currently in default. No interest income is being accrued during the bankruptcy proceedings. |
| †Non-income producing. |
| ∞Delayed settlement. Interest rate to be determined upon settlement date. |
| ✠All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the <br> time of funding. |
| ☐Rate is less than 0.01%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

★Includes $2,992,048 payable for securities purchased, $1,179,001 payable for fund shares redeemed, $32,202 other accrued expenses <br> payable, $48,490 payable for unfunded loan commitments, $370,899 due to manager and affiliates, $32,868 payable for audit fee and $22,920 <br> payable for fund accounting fee as of December 31, 2025.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Summary of Abbreviations:** |
| LNG–Liquefied Natural Gas |
| SOFR–Secured Overnight Financing Rate |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-15

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LVIP JPMorgan High Yield Fund** | **LVIP JPMorgan High Yield Fund** |
| **Statement of Operations** | **Statement of Operations** |
| Year Ended December 31, 2025 | Year Ended December 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $46873972 |
| Dividends | 11524 |
|  | 46885496 |
| **EXPENSES:** |  |
| Management fees | 4399670 |
| Distribution fees-Service Class | 527396 |
| Shareholder servicing fees | 200567 |
| Accounting and administration expenses | 137923 |
| Professional fees | 93875 |
| Pricing fees | 58895 |
| Reports and statements to shareholders | 22931 |
| Custodian fees | 22250 |
| Trustees' fees and expenses | 20524 |
| Consulting fees | 7607 |
| Other | 21655 |
|  | 5513293 |
| Less:  |  |
| Management fees waived | (270806)<br>|
| Total operating expenses | 5242487 |
| **NET INVESTMENT INCOME**  | 41643009 |
| **NET REALIZED AND UNREALIZED GAIN** <br> **(LOSS):**<br>|  |
| Net realized loss on investments | (16348112)<br>|
| Net change in unrealized appreciation <br> (depreciation) of investments<br>| 31652600 |
| **NET REALIZED AND UNREALIZED GAIN** | 15304488 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $56947497 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **LVIP JPMorgan High Yield Fund** | **LVIP JPMorgan High Yield Fund** | **LVIP JPMorgan High Yield Fund** |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **INCREASE (DECREASE) IN** <br> **NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |  |
| Net investment income | $41643009 | $41741279 |
| Net realized loss | (16348112)<br>| (3591649)<br>|
| Net change in unrealized <br> appreciation (depreciation)<br>| 31652600 | 17459007 |
| Net increase in net assets resulting <br> from operations<br>| 56947497 | 55608637 |
| **DIVIDENDS AND** <br> **DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |  |
| Distributable earnings: |  |  |
| Standard Class | (26390638)<br>| (35669134)<br>|
| Service Class | (12738702)<br>| (13961634)<br>|
|  | (39129340)<br>| (49630768)<br>|
| **CAPITAL SHARE** <br> **TRANSACTIONS:**<br>|  |  |
| Proceeds from shares sold: |  |  |
| Standard Class | 63390258 | 132426389 |
| Service Class | 36021040 | 31999134 |
| Reinvestment of dividends and<br> distributions:<br>|  |  |
| Standard Class | 26390638 | 35669134 |
| Service Class | 12738702 | 13961634 |
|  | 138540638 | 214056291 |
| Cost of shares redeemed: |  |  |
| Standard Class | (251875605)<br>| (114071894)<br>|
| Service Class | (46746968)<br>| (36135246)<br>|
|  | (298622573)<br>| (150207140)<br>|
| Increase (decrease) in net assets <br> derived from capital share <br> transactions<br>| (160081935)<br>| 63849151 |
| **NET INCREASE (DECREASE)** <br> **IN NET ASSETS**<br>| (142263778)<br>| 69827020 |
| **NET ASSETS:** |  |  |
| Beginning of year | 721921069 | 652094049 |
| End of year | $579657291 | $721921069 |

---

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-16

------

**LVIP JPMorgan High Yield Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** | **LVIP JPMorgan High Yield Fund Standard Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.809 | &nbsp;&nbsp; $9.731 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.804 | &nbsp;&nbsp; $10.624 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.619 | 0.603 | 0.548 | 0.497 | 0.453 |
| Net realized and unrealized gain (loss) | 0.241 | 0.191 | 0.524 | &nbsp;&nbsp; (1.596)<br>| 0.227 |
| Total from investment operations | 0.860 | 0.794 | 1.072 | &nbsp;&nbsp; (1.099)<br>| 0.680 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.647)<br>| &nbsp;&nbsp; (0.716)<br>| &nbsp;&nbsp; (0.474)<br>| &nbsp;&nbsp; (0.572)<br>| &nbsp;&nbsp; (0.499)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.647)<br>| &nbsp;&nbsp; (0.716)<br>| &nbsp;&nbsp; (0.474)<br>| &nbsp;&nbsp; (0.572)<br>| &nbsp;&nbsp; (0.500)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.022 | &nbsp;&nbsp; $9.809 | &nbsp;&nbsp; $9.731 | &nbsp;&nbsp; $9.133 | &nbsp;&nbsp; $10.804 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.85% | &nbsp;&nbsp; 8.09% | &nbsp;&nbsp; 11.76% | &nbsp;&nbsp; (10.23%)<br>| &nbsp;&nbsp; 6.43% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $362575 | &nbsp;&nbsp; $511236 | &nbsp;&nbsp; $452632 | &nbsp;&nbsp; $439627 | &nbsp;&nbsp; $624429 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.70% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.01% | &nbsp;&nbsp; 5.77% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 4.11% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 6.06% | &nbsp;&nbsp; 5.97% | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; 4.96% | &nbsp;&nbsp; 4.07% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-17

------

**LVIP JPMorgan High Yield Fund**

**Financial Highlights (continued)**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** | **LVIP JPMorgan High Yield Fund Service Class** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.803 | &nbsp;&nbsp; $9.726 | &nbsp;&nbsp; $9.130 | &nbsp;&nbsp; $10.798 | &nbsp;&nbsp; $10.619 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.593 | 0.576 | 0.524 | 0.471 | 0.424 |
| Net realized and unrealized gain (loss) | 0.241 | 0.192 | 0.521 | &nbsp;&nbsp; (1.594)<br>| 0.227 |
| Total from investment operations | 0.834 | 0.768 | 1.045 | &nbsp;&nbsp; (1.123)<br>| 0.651 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.621)<br>| &nbsp;&nbsp; (0.691)<br>| &nbsp;&nbsp; (0.449)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.471)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.001)<br>|
| Total dividends and distributions | &nbsp;&nbsp; (0.621)<br>| &nbsp;&nbsp; (0.691)<br>| &nbsp;&nbsp; (0.449)<br>| &nbsp;&nbsp; (0.545)<br>| &nbsp;&nbsp; (0.472)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.016 | &nbsp;&nbsp; $9.803 | &nbsp;&nbsp; $9.726 | &nbsp;&nbsp; $9.130 | &nbsp;&nbsp; $10.798 |
| Total return<sup>2</sup> | &nbsp;&nbsp; 8.59% | &nbsp;&nbsp; 7.81% | &nbsp;&nbsp; 11.49% | &nbsp;&nbsp; (10.46%)<br>| &nbsp;&nbsp; 6.16% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $217082 | &nbsp;&nbsp; $210685 | &nbsp;&nbsp; $199462 | &nbsp;&nbsp; $192503 | &nbsp;&nbsp; $250402 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.76% | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 3.86% |
| Ratio of net investment income to average net assets prior to expenses <br> waived/reimbursed<br>| &nbsp;&nbsp; 5.81% | &nbsp;&nbsp; 5.72% | &nbsp;&nbsp; 5.48% | &nbsp;&nbsp; 4.71% | &nbsp;&nbsp; 3.82% |
| Portfolio turnover | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<sup>1</sup> The average shares outstanding method has been applied for per share information.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower. 

See accompanying notes, which are an integral part of the financial statements.

LVIP JPMorgan High Yield Fund-18

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements**

December 31, 2025

Lincoln Variable Insurance Products Trust ("LVIP" or the "Trust") is a Delaware statutory trust. The Trust consists of 110 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP JPMorgan High Yield Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the 1940 Act. The Fund may sell its shares directly or indirectly to The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), or to unaffiliated insurance companies. Lincoln Life and LNY hold the Fund's shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The Fund's investment objective is to seek a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns through the year ended December 31, 2025 and for all open tax years (years ended December 31, 2022-December 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Unfunded Loan Commitments–Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund

LVIP JPMorgan High Yield Fund-19

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **1. Significant Accounting Policies (continued)**

may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Net Assets.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.65% of the first $500 million of the Fund's average daily net assets; and 0.60% of the Fund's average daily net assets in excess of $500 million. LFI has contractually agreed to waive a portion of its advisory fee as follows: 0.00% on the first $150 million of the Fund's average daily net assets and 0.05% of the Fund's average daily net assets in excess of $150 million. The agreement will continue at least through April 30, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI. The management fee, net of waivers, is calculated daily and paid monthly.

J.P. Morgan Investment Management, Inc. (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Statement of Operations. For the year ended December 31, 2025, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | &nbsp;&nbsp; $58102 |
| Legal | &nbsp;&nbsp; 9566 |

---

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund's average daily net assets, calculated daily and paid monthly. The fee is included in "Shareholder servicing fees" on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $12,312 for the year ended December 31, 2025.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP JPMorgan High Yield Fund-20

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **2. Management Fees and Other Transactions With Affiliates (continued)**

At December 31, 2025, the Fund had liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Management fees payable to LFI | &nbsp;&nbsp; $310086 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 45918 |
| Shareholder servicing fees payable to Lincoln Life | &nbsp;&nbsp; 14895 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

**3. Investments**

For the year ended December 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $160015540 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 290912195 |
| Sales of U.S. government securities | &nbsp;&nbsp; 11514025 |

---

At December 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp; $578421406 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $19503284 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp; (23872059)<br>|
| Net unrealized depreciation of investments | &nbsp;&nbsp; $(4368775)<br>|

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Convertible Bond | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1301170 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1301170 |
| Corporate Bonds |  |  |  |  |
| Advertising | &nbsp;&nbsp; — | &nbsp;&nbsp; 8469686 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8469686 |
| Aerospace & Defense | &nbsp;&nbsp; — | &nbsp;&nbsp; 6333353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6333353 |

---

LVIP JPMorgan High Yield Fund-21

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Airlines | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3884329 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3884329 |
| Auto Manufacturers | &nbsp;&nbsp; — | &nbsp;&nbsp; 8700524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8700524 |
| Auto Parts & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 21111498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21111498 |
| Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1071015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1071015 |
| Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp; 799848 | &nbsp;&nbsp; — | &nbsp;&nbsp; 799848 |
| Building Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 18810502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18810502 |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 16665934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16665934 |
| Commercial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 33534330 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33534330 |
| Computers | &nbsp;&nbsp; — | &nbsp;&nbsp; 6494098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6494098 |
| Cosmetics & Personal Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 1592070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1592070 |
| Distribution/Wholesale | &nbsp;&nbsp; — | &nbsp;&nbsp; 1762793 | &nbsp;&nbsp; 275280 | &nbsp;&nbsp; 2038073 |
| Diversified Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 5337348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5337348 |
| Electric | &nbsp;&nbsp; — | &nbsp;&nbsp; 10183570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10183570 |
| Electrical Components & Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 5586825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5586825 |
| Electronics | &nbsp;&nbsp; — | &nbsp;&nbsp; 6710300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6710300 |
| Engineering & Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 4049130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4049130 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp; 17696688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17696688 |
| Environmental Control | &nbsp;&nbsp; — | &nbsp;&nbsp; 6479923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6479923 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 8633490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8633490 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 1272812 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1272812 |
| Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 1320612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1320612 |
| Health Care Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 7226089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7226089 |
| Health Care Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 28192858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28192858 |
| Home Furnishings | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234760 |
| Household Products Wares | &nbsp;&nbsp; — | &nbsp;&nbsp; 1919077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1919077 |
| Housewares | &nbsp;&nbsp; — | &nbsp;&nbsp; 8918034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8918034 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; 782359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 782359 |
| Internet | &nbsp;&nbsp; — | &nbsp;&nbsp; 4531343 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4531343 |
| Iron & Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 5086721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5086721 |
| Leisure Time | &nbsp;&nbsp; — | &nbsp;&nbsp; 9729375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9729375 |
| Lodging | &nbsp;&nbsp; — | &nbsp;&nbsp; 9048138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9048138 |
| Machinery Construction & Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 3348406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3348406 |
| Machinery Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 1883216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1883216 |
| Media | &nbsp;&nbsp; — | &nbsp;&nbsp; 66902518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66902518 |
| Mining | &nbsp;&nbsp; — | &nbsp;&nbsp; 3631831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3631831 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; — | &nbsp;&nbsp; 3452857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3452857 |
| Office Business Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp; 563966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 563966 |
| Oil & Gas | &nbsp;&nbsp; — | &nbsp;&nbsp; 31673923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31673923 |
| Oil & Gas Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 2174658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2174658 |
| Packaging & Containers | &nbsp;&nbsp; — | &nbsp;&nbsp; 10709805 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10709805 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; 10864485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10864485 |
| Pipelines | &nbsp;&nbsp; — | &nbsp;&nbsp; 24377328 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24377328 |
| Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 2045323 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2045323 |
| Real Estate Investment Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 8595240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8595240 |
| Retail | &nbsp;&nbsp; — | &nbsp;&nbsp; 9847751 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 9847751 |
| Semiconductors | &nbsp;&nbsp; — | &nbsp;&nbsp; 4691267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4691267 |
| Software | &nbsp;&nbsp; — | &nbsp;&nbsp; 7577592 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7577592 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 29428465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29428465 |
| Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp; 1072933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1072933 |
| Loan Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 48891881 | &nbsp;&nbsp; 6758634 | &nbsp;&nbsp; 55650515 |
| Common Stock | &nbsp;&nbsp; 2078045 | &nbsp;&nbsp; 4118934 | &nbsp;&nbsp; 1443398 | &nbsp;&nbsp; 7640377 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1353147 | &nbsp;&nbsp; 1353147 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1180563 | &nbsp;&nbsp; 1180563 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 20388 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 20470 |
| Money Market Fund | &nbsp;&nbsp; 8857190 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8857190 |
| Private Trust | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32580 | &nbsp;&nbsp; $32580 |
| **Total Investments** | &nbsp;&nbsp; $10935235 | &nbsp;&nbsp; $551343369 | &nbsp;&nbsp; $11043684 | &nbsp;&nbsp; $573322288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes securities that have been valued at zero on the "Statement of Net Assets" that are considered to be Level 3 investments in this table.

LVIP JPMorgan High Yield Fund-22

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**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

For the year ended December 31, 2025, transfers in and out of level 3 were the result of changes in the transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain valuation inputs used by pricing services or the valuation designee, as applicable, in determining fair value. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the year ended December 31, 2025. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to significantly increase or decrease the fair value of the Fund's securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at**<br> **December 31, 2025**<br>| **Valuation**<br> **Technique(s)**<br>| **Unobservable**<br> **Input**<br>| **Range**<br> **(Weighted Average)(a)**<br>|
| Common Stock | $1443398 | Indicative Market Quote | Broker Quote | $0.25 - $17.50 ($8.05) |
|  |  | Enterprise Value | Expected Recovery - Terms of Restructuring | $0.00 - $27.06 ($11.27) |
|  |  | Enterprise Value | Expected Recovery - Discount (b) | 60% (N/A) |
| Corporate Bonds | $275280 | Enterprise Value | Expected Recovery - Terms of Restructuring | $0.00 - $43.33 ($43.33) |
|  |  | Enterprise Value | Expected Recovery - Discount (b) | 60% (N/A) |
| Loan Agreements | $6758634 | Enterprise Value | Expected Recovery - Terms of Restructuring | $1.00 - $100.00 ($76.12) |
| Preferred Stocks | $1353147 | Indicative Market Quote | Broker Quote | $1.267 (N/A) |
|  |  | Enterprise Value | Expected Recovery - Terms of Restructuring | $0.00 (N/A) |
| Private Trust | $32580 | Indicative Market Quote | Broker Quote | $0.575 (N/A) |
| Rights | $1180563 | Indicative Market Quote | Broker Quote | $15.625 (N/A) |
| Warrants | $82 | Indicative Market Quote | Broker Quote | $0.0155 (N/A) |
| Total | $11043684 |  |  |  |

| The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. | The table above excludes investments that have been deemed worthless and have been valued at zero as there are no unobservable inputs for <br> these securities. |
| (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. | (a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. |
| (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. | (b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as <br> applicable, when pricing the investments. |

---

LVIP JPMorgan High Yield Fund-23

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **3. Investments (continued)**

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balances**<br> **as of**<br> **12/31/2024**<br>| **Reclassifications** | **Purchases** | **Sales** | **Transfer**<br> **In**<br>| **Transfer**<br> **Out**<br>| **Accretion/**<br> **(amortization)**<br>| **Net realized**<br> **gain (loss)**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Balance**<br> **as of**<br> **12/31/25**<br>| **Net change in**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br> **from**<br> **Level 3**<br> **investments**<br> **still held as**<br> **of**<br> **12/31/25**<br>|
| Common Stock | $3162243 | $— | $3737440 | $(2773301)<br>| $— | $— | $— | $(5467051)<br>| $2784067 | $1443398 | $(3038463)<br>|
| Corporate Bonds | 1191106 |  | 460197 | (5719)<br>|  |  | (153479)<br>| (4027496)<br>| 2810671 | 275280 | (203980)<br>|
| Loan Agreements | 1751447 |  | 2132014 | (9756)<br>| 1309308 | (345238)<br>| 143 | 11 | 1920705 | 6758634 | 1920705 |
| Preferred Stocks | 2979300 |  |  |  |  |  |  | (332692)<br>| (1293461)<br>| 1353147 | 249910 |
| Private Trust | 35413 |  |  |  |  |  |  |  | (2833)<br>| 32580 | (2833)<br>|
| Rights |  |  |  |  |  |  |  |  | 1180563 | 1180563 | 1180563 |
| Warrants |  |  |  |  |  |  |  | (137)<br>| 219 | 82 | 82 |
| Total | $9119509 | $— | $6329651 | $(2788776)<br>| $1309308 | (345238)$| $(153336)<br>| $(9827365)<br>| $7399931 | $11043684 | $105984 |

---

For the year ended December 31, 2025, transfers in and out of level 3 were the result of changes in the transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain valuation inputs used by pricing services or the valuation designee, as applicable, in determining fair value. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to adjustments related to wash sales and partnerships and premium amortization adjustments on certain debt instruments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Ordinary income | &nbsp;&nbsp; $39129340 | &nbsp;&nbsp; $49630768 |

---

**5. Components of Distributable Earnings on a Tax Basis**

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $2649488 |
| Capital loss carryforward | &nbsp;&nbsp; (67520378)<br>|
| Other temporary differences | &nbsp;&nbsp; 2 |
| Net unrealized depreciation | &nbsp;&nbsp; (4368775)<br>|
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(69239663)<br>|

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended December 31, 2025, there were no permanent differences requiring a reclassification.

As of December 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | |
|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Long-Term**  | **Total**  |
| $67520378 | &nbsp;&nbsp; $67520378 |

---

LVIP JPMorgan High Yield Fund-24

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **12/31/25** | **12/31/24** |
| Shares sold: |  |  |
| Standard Class | &nbsp;&nbsp; 6200351 | &nbsp;&nbsp; 13299199 |
| Service Class | &nbsp;&nbsp; 3554706 | &nbsp;&nbsp; 3186101 |
| Shares reinvested: |  |  |
| Standard Class | &nbsp;&nbsp; 2650612 | &nbsp;&nbsp; 3581255 |
| Service Class | &nbsp;&nbsp; 1280095 | &nbsp;&nbsp; 1403017 |
|  | &nbsp;&nbsp; 13685764 | &nbsp;&nbsp; 21469572 |
| Shares redeemed: |  |  |
| Standard Class | &nbsp;&nbsp; (24794570)<br>| &nbsp;&nbsp; (11276437)<br>|
| Service Class | &nbsp;&nbsp; (4651948)<br>| &nbsp;&nbsp; (3604825)<br>|
|  | &nbsp;&nbsp; (29446518)<br>| &nbsp;&nbsp; (14881262)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (15760754)<br>| &nbsp;&nbsp; 6588310 |

---

**7. Line of Credit**

The Fund, along with other funds in the Trust ("Participants"), is a participant in a $200,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants are charged an annual commitment fee of 0.20%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets (one-fifth of their net assets for any Participant that is a fund of funds) under the agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement may be renewed annually.

The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year.

The line of credit was renewed in February 2026.

**8. Risk Factors**

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

LVIP JPMorgan High Yield Fund-25

------

**LVIP JPMorgan High Yield Fund**

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. Recent Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

LVIP JPMorgan High Yield Fund-26

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of LVIP JPMorgan High Yield Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of LVIP JPMorgan High Yield Fund (the "Fund") (one of the series constituting Lincoln Variable Insurance Products Trust (the "Trust")) as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable Insurance Products Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img5a6181832.jpg)

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, Pennsylvania

February 26, 2026

LVIP JPMorgan High Yield Fund–27

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item
 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

At a special shareholder meeting on August 9, 2024, a vote was submitted to shareholders of the LVIP Western Asset Core Bond Fund to approve the agreement and plan of reorganization for the merger of the LVIP Western Asset Core Bond Fund into the LVIP Franklin Templeton Core Bond Fund, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against or Withheld** | **Abstain** | **Broker Non-Votes** |
| 56,144,374.369 | 325,524.433 | 5,440,449.928 | 0.000 |

---

At a special shareholder meeting on July 31, 2025, a vote was submitted to shareholders of the LVIP Invesco Select Equity Income Managed Volatility Fund to approve the agreement and plan of reorganization for the merger of the LVIP Invesco Select Equity Income Managed Volatility Fund into the LVIP BlackRock Dividend Value Managed Volatility Fund, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **For** | **Against or Withheld** | **Abstain** | **Broker Non-Votes** |
| 26,638,332.533 | 1,178,385.675 | 1,389,993.720 | 0.000 |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Statement of Operations in the Fund's financial statements lists Directors' fees paid by the Fund.

Certain officers and trustees of the Fund Complex are also officers or directors of The Lincoln National Life Insurance Company and its affiliates and receive no compensation from the Fund Complex. The Fund Complex pays compensation to unaffiliated trustees.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**<u>American Century Subadvised Funds</u>**

---

| |
|:---|
| **51 LVIP American Century Disciplined Core Value Fund** |
| **52 LVIP American Century Large Company Value Fund** |
| **53 LVIP American Century Ultra Fund** |
| **54 LVIP American Century Value Fund** |
| **68 LVIP American Century Capital Appreciation Fund** |
| **69 LVIP American Century Mid Cap Value Fund** |
| **83 LVIP American Century International Fund** |
| **96 LVIP American Century Inflation Protection Fund** |

---

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with the subadviser (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc., an independent provider of investment company data, and the subadviser, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar and the subadviser provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadviser, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of a subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance.* With respect to the LVIP American Century Capital Appreciation Fund, the Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of the Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for the Fund compared to the quarterly average total return of funds in the respective Morningstar category. The Board noted that Morningstar did not provide similar information for each other Fund as the Funds' Standard Class shares recently incepted in connection with the Funds' April 26, 2024 adoption and did not have a full year of performance. The Board further noted that LFI prepared a report for each Fund evaluating each Fund's performance as discussed below. The Board referred to and reviewed the performance information included in these reports.

 ****

As noted above, the Board also reviewed information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods ended March 31, 2025, and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of portfolio construction. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Funds and has delegated those duties to unaffiliated subadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis, oversight of brokerage execution quality and compliance reviews. The Board concluded that LFI had appropriately reviewed and monitored the subadviser's investment performance.

**LVIP American Century Disciplined Core Value Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

**LVIP American Century Large Company Value Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP American Century Ultra Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through August 31, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP American Century Value Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP American Century Capital Appreciation Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP American Century Mid Cap Value Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP American Century International Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was within range of the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP American Century Inflation Protection Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Subadvisory Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and American Century Investment Management, Inc. ("American Century") on behalf of the Funds, the Board considered the nature, extent and quality of services provided by American Century under the subadvisory agreement. The Board reviewed the services provided by American Century, the background of the investment professionals servicing the Funds and the reputation, resources and investment approach of American Century. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the information prepared by LFI evaluating the LVIP American Century Disciplined Core Value Fund's total return compared to the total return of the Morningstar Large Value funds category and the Russell 1000<sup>®</sup> Value Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar category average and benchmark index for the one-, three-, five- and ten-year periods. The Board noted LFI's comments that the Fund's underperformance relative to the benchmark over the one, three- and five-year periods was primarily due to negative security selection within the Financials, Industrials and Consumer Staples sectors. The Board further noted LFI's representation that it remained comfortable with the Fund's portfolio management team and investment philosophy. The Board concluded that the services provided by American Century were satisfactory.

The Board reviewed the information prepared by LFI evaluating the LVIP American Century Large Company Value Fund's total return compared to the total return of the Morningstar Large Value funds category and the Russell 1000<sup>®</sup> Value Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar category average and benchmark index for the one-year period and below the return of the Morningstar category average and the benchmark index for the three-, five- and ten-year periods. The Board noted LFI's comments that the Fund's underperformance relative to the benchmark over the three- and five-year periods was primarily due to negative security selection within the Communication Services, Consumer Discretionary and Consumer Staples sectors. The Board further noted LFI's representation that the Fund outperformed the category average and benchmark for the first quarter of 2025 and LFI's belief that the Fund's performance and portfolio positioning remain consistent with LFI's expectations. The Board concluded that the services provided by American Century were satisfactory.

The Board reviewed the information prepared by LFI evaluating the LVIP American Century Ultra Fund's total return compared to the total return of the Morningstar Large Growth funds category and the Russell 1000<sup>®</sup> Growth Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar category average and benchmark index for the one- and three-year periods and above the return of the Morningstar category average and below the return of the benchmark index for the five- and ten-year periods. The Board noted LFI's comments that the Fund's underperformance relative to the benchmark over the one- and three-year periods was primarily due to negative security selection within the Industrials and Consumer Discretionary sectors. The Board further noted LFI's belief that the Fund's performance and portfolio positioning remain consistent with LFI's expectations. The Board concluded that the services provided by American Century were satisfactory.

The Board reviewed the information prepared by LFI evaluating the LVIP American Century Value Fund's total return compared to the total return of the Morningstar Large Value funds category and the Russell 1000<sup>®</sup> Value Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar category average and benchmark index for the one- and five-year periods, below the return of the Morningstar category average and above the return of the benchmark index for the three-year period and above the return of the Morningstar category average and below the return of the benchmark index for the ten-year period. The Board concluded that the services provided by American Century were satisfactory.

The Board reviewed the LVIP American Century Capital Appreciation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Mid-Cap Growth funds category and the Russell Mid-Cap Growth Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-and three-year periods and above the return of the Morningstar peer group median and the benchmark index for the five-year period. The Board concluded that the services provided by American Century were satisfactory.

The Board reviewed the information prepared by LFI evaluating the LVIP American Century Mid Cap Value Fund's total return compared to the total return of the Morningstar Mid-Cap Value funds category and the Russell Mid-Cap Value Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar category average and benchmark index for the one-, three- and ten-year periods and below the return of the Morningstar category average and the benchmark index for the five-year period. The Board concluded that the services provided by American Century were satisfactory.

The Board reviewed the information prepared by LFI evaluating the LVIP American Century International Fund's total return compared to the total return of the Morningstar Foreign Large Growth funds category and the MSCI EAFE Net Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar category average and benchmark index for the one- and ten- three-, five- and ten-year periods. The Board noted LFI's comments that the Fund's underperformance relative to the benchmark over the one- and three-year periods was primarily due to the Fund's growth bias, as growth underperformed value during the periods, and negative security selection in the Financials and Communication Services sectors. The Board concluded that the services provided by American Century were satisfactory.

The Board reviewed the information prepared by LFI evaluating the LVIP American Century Inflation Protection Fund's total return compared to the total return of the Inflation-Protected Bond funds category and the Bloomberg US Treasury US Treasury Inflation Protected Securities Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar category average and below the return of the benchmark index for the one-year period, below the return of the Morningstar category average the benchmark index for the three- and ten-year periods and above the return of the Morningstar category average and the benchmark index for the five-year period. The Board concluded that the services provided by American Century were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedules, which contain breakpoints, and the management fees of funds with similar investment strategies for which American Century serves as investment adviser or subadviser, noting that American Century does not manage accounts with investment strategies similar to LVIP American Century Capital Appreciation Fund, LVIP American Century Disciplined Core Value Fund and LVIP American Century International Fund. The Board considered that LFI compensates American Century from its fees and that the subadvisory fee schedule was negotiated between LFI and American Century. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* With respect to profitability, the Board considered that the subadvisory fee schedules were negotiated between LFI and American Century, which is unaffiliated with LFI, and that LFI compensates American Century from its fees. The Board reviewed materials provided by American Century as to any additional benefits it receives and noted American Century's statement that its relationship with the Funds may enhance its name recognition in the investment community and may enhance its ability to obtain research from broker-dealers or obtaining research with soft dollars.

***All Funds***

***Conclusion*.** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**<u>Equity Subadvised Funds</u>**

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| |
|:---|
| **60 LVIP MFS Value Fund** |
| **62 LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund** |
| **65 LVIP AllianceBernstein Large Cap Growth Fund** |
| **70 LVIP Baron Growth Opportunities Fund** |
| **73 LVIP T. Rowe Price Structured Mid-Cap Growth Fund** |
| **74 LVIP Wellington SMID Cap Value Fund** |
| **76 LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund** |
| **77 LVIP JPMorgan Mid Cap Value Fund** |
| **78 LVIP JPMorgan Small Cap Core Fund** |
| **79 LVIP JPMorgan U.S. Equity Fund** |
| **82 LVIP Channing Small Cap Value Fund** |
| **87 LVIP Loomis Sayles Global Growth Fund** |
| **88 LVIP MFS International Growth Fund** |
| **89 LVIP Mondrian International Value Fund** |
| **90 LVIP Franklin Templeton Multi-Factor International Equity Fund** |
| **93 LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund** |
| **95 LVIP BlackRock Real Estate Fund** |

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**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreements with various subadvisers (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar of Broadridge Financial Solutions, Inc. ("Morningstar"), an independent provider of investment company data, and the subadvisers, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar and the subadvisers provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadvisers, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of a subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance.* The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of portfolio construction. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Funds and has delegated those duties to unaffiliated subadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis, oversight of brokerage execution quality and compliance reviews. The Board concluded that LFI had appropriately reviewed and monitored the subadviser's investment performance.

**LVIP MFS Value Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including acquired fund fees and expenses ("AFFE")) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee, coupled with the advisory fee waiver, was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

***LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund***

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*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver on assets up to $500 million through April 30, 2026. The Board noted that the net investment management fee for the Fund was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in its investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

**LVIP AllianceBernstein Large Cap Growth Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was within range of the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee, coupled with the advisory fee waiver, was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

**LVIP Baron Growth Opportunities Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund on assets over $750 million through April 30, 2026. The Board noted that the net investment management fee was below the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Wellington SMID Cap Value Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was the same as the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver on assets up to $50 million through April 30, 2026. The Board noted that the net investment management fee for the Fund was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in its investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP JPMorgan Mid Cap Value Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

 **

***LVIP JPMorgan Small Cap Core Fund***

 **

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP JPMorgan U.S. Equity Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

 **

***LVIP Channing Small Cap Value Fund***

 **

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was within range of the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Loomis Sayles Global Growth Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the net expense ratio was the same as the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP MFS International Growth Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Mondrian International Value Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Franklin Templeton Multi-Factor International Equity Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver on assets up to $500 million through April 30, 2026. The Board noted that the net investment management fee for the Fund was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in its investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that that LFI had implemented an partial advisory fee waiver on assets up to $500 million through April 30, 2026. The Board noted that the net investment management fee for the Fund was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in its investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP BlackRock Real Estate Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver on assets up to $750 million for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***All Funds***

 ****

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Subadvisory Agreement(s)</u>**

**LVIP MFS Value Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Massachusetts Financial Services Company ("MFS") on behalf of LVIP MFS Value Fund, the Board considered the nature, extent and quality of services provided by MFS under the subadvisory agreement. The Board reviewed the services provided by MFS, the background of the investment professionals servicing the Fund and the reputation, resources and the investment approach of MFS. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP MFS Value Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Value funds category and the Russell 1000<sup>®</sup> Value Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one- and five-year periods, below the return of the Morningstar peer group median and above the return of the benchmark index for the three-year period and the same as the return of the Morningstar peer group and above the return of the benchmark index for the ten-year period. The Board noted LFI's comments that the Fund's underperformance compared to the benchmark was primarily due to negative security selection within the Consumer Staples sector over the one- and five-year periods and the Financials sector over the three-year period. The Board noted LFI's view that it remained comfortable with the Fund and that longer term performance drivers are consistent with its expectations. The Board concluded that the services provided by MFS were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule, which contains breakpoints, as well as the fees charged to other clients in the same investment strategy managed by MFS. The Board considered that LFI compensates MFS from its fees and that the subadvisory fee schedule was negotiated between LFI and MFS, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding MFS's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by MFS as to any additional benefits it receives and noted MFS's statements that it could potentially realize a benefit from the relationship with the Fund by being awarded future or increased mandates or obtaining research services in connection with trading client assets.

**LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund**

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and Franklin Advisers, Inc ("Franklin"), on behalf of LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund, the Board considered the nature, extent and quality of services provided by Franklin under the subadvisory agreement. The Board reviewed the services provided, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Franklin. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Value category and the S&P 500 Total Return USD Index. The Board noted that the Fund's total return was the same as the return of the Morningstar peer group median and above the return of the benchmark index for the one-year period. The Board considered that, effective April 11, 2023, the name and investment strategies of the Fund were changed to transition the Fund from a two-factor to a multi-factor investment approach, that Franklin replaced the Fund's prior investment subadviser and that performance information prior to this time was not relevant. The Board concluded that the services provided by Franklin were satisfactory.

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and noted Franklin's statement that it advises no comparable accounts. The Board considered that LFI compensates Franklin from its fees and that the subadvisory fee schedule was negotiated between LFI and Franklin. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered that the subadvisory fee schedule was negotiated between LFI and Franklin, which is unaffiliated with LFI, and that LFI compensates Franklin from its fees. The Board reviewed materials provided by Franklin as to any additional benefits it receives and noted its statement that it may receive reputational benefits from its association with LFI and considered that Franklin may receive research and services with soft dollars related to brokerage commissions by the Fund that may be shared with advisory affiliates.

**LVIP AllianceBernstein Large Cap Growth Fund** 

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and T. Rowe Price Associates, Inc. ("T. Rowe") on behalf of the LVIP AllianceBernstein Large Cap Growth Fund, the Board considered the nature, extent and quality of services provided by T. Rowe under the subadvisory agreement for the Private Placement sleeve of the Fund.

In considering the renewal of the subadvisory agreement between LFI and AllianceBernstein L.P. ("AB") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by AB under the subadvisory agreement. The Board reviewed the services provided by AB, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of AB. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the LVIP AllianceBernstein Large Cap Growth Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large-Growth funds category and the Russell 1000 Growth Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten- year periods. The Board considered that, effective April 5, 2024, AllianceBernstein serves as the Fund's investment subadviser and T. Rowe Price subadvises the Private Placement sleeve of the Fund and that performance information prior to this time was not relevant. The Board noted LFI's representation that the Fund's relative underperformance versus the benchmark for the one-year period was driven by negative security selection in the Consumer Discretionary and Information Technology sectors.

*Subadvisory Fee and Economies of Scale*. The Board considered that T. Rowe subadvises the Private Placement Sleeve of the Fund for an annual fixed fee. The Board also reviewed the subadvisory fee schedule for AB, which contains breakpoints, and fees charged to another client with a similar strategy. The Board considered that LFI compensates T. Rowe and AB from its fees and that the subadvisory fee schedules were negotiated between LFI and T. Rowe and AB, respectively, which are unaffiliated with LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. With respect to T. Rowe, the Board considered that the subadvisory fee schedule was negotiated between LFI and T. Rowe, an unaffiliated third party, and that LFI compensates T. Rowe from its fees. The Board reviewed materials provided by T. Rowe as to any additional benefits it receives and noted T. Rowe obtains research with soft dollars.

With respect to AB, the Board considered information regarding AB's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by AB as to any additional benefits it receives and noted AB's statement that it identified no fall-out benefits from its relationship to the Fund and that it obtains research with soft dollars.

**LVIP Baron Growth Opportunities Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and BAMCO, Inc. ("BAMCO") on behalf of the LVIP Baron Growth Opportunities Fund, the Board considered the nature, extent and quality of services provided by BAMCO under the subadvisory agreement. The Board reviewed the services provided by BAMCO, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of BAMCO. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the LVIP Baron Growth Opportunities Fund's total return compared to the total return of a peer group of funds included in the Morningstar Mid-Cap Growth funds category and the Russell 2000 Growth Total Return USD Index. The Board noted that the Fund's total return was the same as the return of the Morningstar peer group median and below the return of the benchmark index for the one-year period, above the return of the Morningstar peer group median and the benchmark index for the three- and five-year periods, and below the return of the Morningstar peer group median and above the return of the benchmark index for the ten-year period. The Board concluded that the services provided by BAMCO were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fees BAMCO charges as well as information provided by BAMCO regarding the fees charged to a subadvised fund for which BAMCO manages a comparable portfolio with the same portfolio manager. The Board considered that LFI compensates BAMCO from its fees and that the subadvisory fee schedule was negotiated between LFI and BAMCO, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding BAMCO's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by BAMCO as to any additional benefits it receives and noted that BAMCO has the ability to obtain research from broker-dealers through commissions paid by clients and that research may be used for the benefit of all the clients of BAMCO.

**LVIP T. Rowe Price Structured Mid-Cap Growth Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and T. Rowe Price Associates, Inc. ("T. Rowe") on behalf of the LVIP T. Rowe Price Structured Mid-Cap Growth Fund, the Board considered the nature, extent and quality of services provided by T. Rowe under the subadvisory agreement. The Board reviewed the services provided by T. Rowe and the reputation, resources and investment approach of T. Rowe. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP T. Rowe Price Structured Mid-Cap Growth Fund's total return compared to the total return of a peer group of funds included in the Morningstar Mid-Cap Growth funds category and the Russell Mid Cap Growth Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten- year periods. The Board concluded that the services provided by T. Rowe were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the fees charged to other registered funds managed by T. Rowe with similar investment strategies. The Board considered that LFI compensates T. Rowe from its fees and that the subadvisory fee schedule for the Fund was negotiated between LFI and T. Rowe, an unaffiliated third party. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. With respect to profitability, the Board considered that the subadvisory fee schedule was negotiated between LFI and T. Rowe, an unaffiliated third party, and that LFI compensates T. Rowe from its fees. The Board reviewed materials provided by T. Rowe as to any additional benefits it receives and noted that T. Rowe obtains research with soft dollars.

**LVIP Wellington SMID Cap Value Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Wellington Management Company, LLP ("Wellington") on behalf of the LVIP Wellington SMID Cap Value Fund, the Board considered the nature, extent and quality of services provided by Wellington under the subadvisory agreement. The Board reviewed the services provided by Wellington, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Wellington. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP Wellington SMID Cap Value Fund's total return compared to the total return of a peer group of funds included in the Morningstar Mid-Cap Value funds category and the Russell 2500<sup>®</sup> Value Total Return USD Index. The Board noted that the Fund's total return was the same as the return of the Morningstar peer group median and above the return of the benchmark index for the one- and three-year periods, and below the return of the Morningstar peer group median and the benchmark index for the five- and ten-year periods. The Board concluded that the services provided by Wellington were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule, which contains a breakpoint, and the fees charged to other registered investment companies subadvised by Wellington. The Board considered that LFI compensates Wellington from its fees and that the subadvisory fee schedule was negotiated between LFI and Wellington, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. With respect to profitability, the Board considered that the subadvisory fee schedule was negotiated between LFI and Wellington, an unaffiliated third party, and that LFI compensates Wellington from its fees. The Board reviewed materials provided by Wellington as to any additional benefits it receives and noted Wellington's statement that the engagement provides a reputational benefit and that it obtains research through client commission arrangements.

***LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund***

 ****

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and Franklin, on behalf of LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund, the Board considered the nature, extent and quality of services provided by Franklin under the subadvisory agreement. The Board reviewed the services provided, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Franklin. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund's total return compared to the total return of a peer group of funds included in the Morningstar Small Value category and the Russell 2000 Total Return USD Index. The Board noted that the Fund's total return was below the total return of the Morningstar peer group median and the benchmark index for the one-year period. The Board considered that, effective April 11, 2023, the name and investment strategies of the Fund were changed to transition the Fund from a two-factor to a multi-factor investment approach, that Franklin replaced the Fund's prior investment subadviser and that performance information prior to this time was not relevant. The Board concluded that the services provided by Franklin were satisfactory.

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and noted Franklin's statement that it advises no comparable accounts. The Board considered that LFI compensates Franklin from its fees and that the subadvisory fee schedule was negotiated between LFI and Franklin. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered that the subadvisory fee schedule was negotiated between LFI and Franklin, which is unaffiliated with LFI, and that LFI compensates Franklin from its fees. The Board reviewed materials provided by Franklin as to any additional benefits it receives and noted its statement that it may receive reputational benefits from its association with LFI and considered that Franklin may receive research and services with soft dollars related to brokerage commissions by the Fund that may be shared with advisory affiliates.

***LVIP JPMorgan Mid Cap Value Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and J.P. Morgan Investment Management Inc. ("JPM") on behalf of LVIP JPMorgan Mid Cap Value Fund, the Board considered the nature, extent and quality of services provided by JPM under the subadvisory agreement. The Board reviewed the services provided by JPM, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of JPM. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP JPMorgan Mid Cap Value Fund's total return compared to the total return of a peer group of funds included in the Morningstar Mid-Cap Value funds category and the Russell Mid Cap Value Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-year period, within range of the return of the Morningstar peer group median and above the return of the benchmark index for the three-year period, below the return of the Morningstar peer group median and above the return of the benchmark index for the five-year period and below the return of the Morningstar peer group median and the benchmark index for the ten-year period. The Board concluded that the services provided by JPM were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule and the fees charged to another client subadvised by JPM. The Board considered that LFI compensates JPM from its fees and that the subadvisory fee schedule was negotiated between LFI and JPM, an unaffiliated third party. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding JPM's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by JPM as to any additional benefits it receives and noted JPM's statement that it was not aware of other direct or indirect benefits derived from its relationship to the Fund other than the receipt of subadvisory fees.

***LVIP JPMorgan Small Cap Core Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and JPM on behalf of LVIP JPMorgan Small Cap Core Fund, the Board considered the nature, extent and quality of services provided by JPM under the subadvisory agreement. The Board reviewed the services provided by JPM, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of JPM. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP JPMorgan Small Cap Core Fund's total return compared to the total return of a peer group of funds included in the Morningstar Small Blend funds category and the Russell 2000<sup>®</sup> Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three- and ten-year periods and below the return of the Morningstar peer group median and above the return of the benchmark index for the five-year period. The Board noted LFI's comments that the Fund's underperformance compared to the benchmark over the one- and three-year periods was primarily due to negative security selection within the Healthcare sector. The Board noted LFI's view that it remained comfortable with the Fund, as its performance patterns and portfolio positioning remained consistent with its expectations and the prevailing market conditions. The Board concluded that the services provided by JPM were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule and the fees charged to other clients subadvised by JPM. The Board considered that LFI compensates JPM from its fees and that the subadvisory fee schedule was negotiated between LFI and JPM, an unaffiliated third party. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding JPM's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by JPM as to any additional benefits it receives and noted JPM's statement that it was not aware of other direct or indirect benefits derived from its relationship to the Fund other than the receipt of subadvisory fees.

***LVIP JPMorgan U.S. Equity Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and JPM on behalf of LVIP JPMorgan U.S. Equity Fund, the Board considered the nature, extent and quality of services provided by JPM under the subadvisory agreement. The Board reviewed the services provided by JPM, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of JPM. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP JPMorgan U.S. Equity Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Blend funds category and the S&P 500 Total Return USD Index. The Board noted that the Fund's total return was within range of the return of Morningstar peer group median and below the return of the benchmark index for the one-year period, below the return of the Morningstar peer group median and the benchmark index for the three-year period and above the return of the Morningstar peer group median and the benchmark index for the five- and ten-year periods. The Board concluded that the services provided by JPM were satisfactory.

 ****

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule, which contains breakpoints and the fees charged to other clients subadvised by JPM. The Board considered that LFI compensates JPM from its fees and that the subadvisory fee schedule was negotiated between LFI and JPM, an unaffiliated third party. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding JPM's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by JPM as to any additional benefits it receives and noted JPM's statement that it was not aware of other direct or indirect benefits derived from its relationship to the Fund other than the receipt of subadvisory fees.

***LVIP Channing Small Cap Value Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Channing Capital Management, LLC ("Channing") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Channing under the subadvisory agreement. The Board reviewed the services provided by Channing, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Channing. The Board considered that in connection with the subadvisory agreement, Channing provides LFI supplementary financial information. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

**Performance. The Board reviewed the LVIP Channing Small Cap Value Fund's total return compared to the total return of a peer group of funds included in the Morningstar Small Value funds category and the Russell 2000<sup>®</sup> Value Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-year period. The Board considered that the Fund commenced operations on July 25, 2022, which provided a limited period of time to evaluate investment performance. The Board concluded that the services provided by Channing were satisfactory.** 

Subadvisory Fee and Economies of Scale. The Board reviewed the subadvisory fee schedule and the fee rates charged to another fund with a similar investment strategy for which Channing serves as the subadviser. The Board considered that LFI compensates Channing from its fees and that the subadvisory fee schedule was negotiated between LFI and Channing, an unaffiliated third party. The Board concluded that the subadvisory fee for the Fund was reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding Channing's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by Channing as to any additional benefits it receives and noted that Channing has the ability to obtain research from broker-dealers through soft dollars and that research may be used for the benefit of all the clients of Channing.

***LVIP Loomis Sayles Global Growth Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Loomis, Sayles & Company, L.P. ("Loomis") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Loomis under the subadvisory agreement. The Board considered the services provided by Loomis, the background of the portfolio managers and Loomis's investment decision-making approach. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP Loomis Sayles Global Growth Fund's total return compared to the total return of a peer group of funds included in the Morningstar Global Large-Stock Growth funds category and the MSCI ACWI NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one- and three-year periods and above the return of the Morningstar peer group median and the same as the return of the benchmark index for the five-year period. The Board concluded that the services provided by Loomis were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee and the fee rates charged to other accounts advised by Loomis. The Board considered that LFI compensates Loomis from its fees and that the subadvisory fee schedule was negotiated between LFI and Loomis, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information provided by Loomis regarding Loomis's estimated profitability in providing subadvisory services to the Fund. The Board reviewed materials provided by Loomis as to any additional benefits it receives and noted Loomis's statement that it may use the performance of the Fund in marketing materials and may use soft dollars to acquire brokerage and research products and services.

**LVIP MFS International Growth Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and MFS on behalf of the LVIP MFS International Growth Fund, the Board considered the nature, extent and quality of services to be provided by MFS under the subadvisory agreement. The Board reviewed the services provided by MFS, the background of the investment professionals servicing the Fund and the reputation, resources and the investment approach of MFS. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP MFS International Growth Fund's total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Growth funds category and the MSCI EAFE Growth NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-, three-, five-, and ten-year periods. The Board concluded that the services provided by MFS were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for the Fund, which contains breakpoints, and considered fees charged to another account with a similar investment strategy. The Board considered that LFI compensates MFS from its fees and that the subadvisory fee schedule was negotiated between LFI and MFS, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding MFS's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by MFS as to any additional benefits it receives and noted MFS's statements that it could potentially realize a benefit from the relationship with the Fund by being awarded future or increased mandates or obtaining research services in connection with trading client assets.

**LVIP Mondrian International Value Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Mondrian Investment Partners Limited ("Mondrian") on behalf of the LVIP Mondrian International Value Fund, the Board considered the nature, extent and quality of services provided by Mondrian under the subadvisory agreement. The Board considered the services provided by Mondrian, the background of the portfolio managers and Mondrian's investment decision-making approach. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP Mondrian International Value Fund's total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Value funds category and the MSCI EAFE NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the return of the benchmark index for the one- and three-year periods, below the return of the Morningstar peer group median and above the return of the benchmark index for the five-year period and above the return of the Morningstar peer group median and below the return of the benchmark index for the ten-year period. The Board determined that the services provided by Mondrian were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which includes breakpoints, and the fee rates charged to other accounts with an investment strategy similar to the Fund's advised by Mondrian. The Board considered that LFI compensates Mondrian from its fees and that the subadvisory fee schedule was negotiated between LFI and Mondrian, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information provided by Mondrian regarding Mondrian's estimated profitability in providing subadvisory services to the Fund. The Board reviewed materials provided by Mondrian as to any additional benefits it receives and noted that none were identified.

***LVIP Franklin Templeton Multi-Factor International Equity Fund***

 ****

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and Franklin, on behalf of LVIP Franklin Templeton Multi-Factor International Equity Fund, the Board considered the nature, extent and quality of services provided by Franklin under the subadvisory agreement. The Board reviewed the services provided, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Franklin. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the LVIP Franklin Templeton Multi-Factor International Equity Fund's total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Value category and the MSCI EAFE NR USD Index. The Board noted that the Fund's total return was below the total return of the Morningstar peer group median and above the total return of the benchmark index for the one-year period. The Board considered that, effective April 11, 2023, the name and investment strategies of the Fund were changed to transition the Fund from a two-factor to a multi-factor investment approach, that Franklin replaced the Fund's prior investment subadviser and that performance information prior to this time was not relevant. The Board concluded that the services provided by Franklin were satisfactory.

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and noted Franklin's statement that it advises no comparable accounts. The Board considered that LFI compensates Franklin from its fees and that the subadvisory fee schedule was negotiated between LFI and Franklin. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered that the subadvisory fee schedule was negotiated between LFI and Franklin, which is unaffiliated with LFI, and that LFI compensates Franklin from its fees. The Board reviewed materials provided by Franklin as to any additional benefits it receives and noted its statement that it may receive reputational benefits from its association with LFI and considered that Franklin may receive research and services with soft dollars related to brokerage commissions by the Fund that may be shared with advisory affiliates.

***LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund***

 ****

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and Franklin, on behalf of LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund, the Board considered the nature, extent and quality of services provided by Franklin under the subadvisory agreement. The Board reviewed the services provided, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Franklin. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund's total return compared to the total return of a peer group of funds included in the Morningstar Diversified Emerging Markets category and the MSCI Emerging Markets NR USD Index. The Board noted that the Fund's total return was above the total return of the Morningstar peer group median and the benchmark index for the one-year period. The Board considered that, effective April 11, 2023, the name and investment strategies of the Fund were changed to transition the Fund from a two-factor to a multi-factor investment approach, that Franklin replaced the Fund's prior investment subadviser and that performance information prior to this time was not relevant. The Board concluded that the services provided by Franklin were satisfactory.

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and noted Franklin's statement that it advises no comparable accounts. The Board considered that LFI compensates Franklin from its fees and that the subadvisory fee schedule was negotiated between LFI and Franklin. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered that the subadvisory fee schedule was negotiated between LFI and Franklin, which is unaffiliated with LFI, and that LFI compensates Franklin from its fees. The Board reviewed materials provided by Franklin as to any additional benefits it receives and noted its statement that it may receive reputational benefits from its association with LFI and considered that Franklin may receive research and services with soft dollars related to brokerage commissions by the Fund that may be shared with advisory affiliates.

**LVIP BlackRock Real Estate Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and BlackRock Investment Management, LLC ("BlackRock") on behalf of the LVIP BlackRock Real Estate Fund, the Board considered the nature, extent and quality of services provided by BlackRock under the subadvisory agreement. The Board reviewed the services provided by BlackRock, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of BlackRock. The Board considered that BlackRock uses affiliated investment advisers as sub-subadvisers in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the Fund's total return compared to the total return of a peer group of funds included in the Morningstar Global Real Estate funds category and the FTSE EPRA/NAREIT Developed NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one- and five-year periods and below the return of the Morningstar peer group median and the benchmark index for the three-year period. The Board considered that in February 2019 BlackRock replaced the prior subadviser to the Fund. The Board concluded that the services provided by BlackRock were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule, which contains breakpoints, and noted BlackRock's statement that it advised no comparable registered funds managed using the same benchmark as the Fund. The Board considered that LFI compensates BlackRock from its fees and that the subadvisory fee schedule was negotiated between LFI and BlackRock, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information provided by BlackRock regarding BlackRock's estimated profitability in providing subadvisory services to the Fund. The Board reviewed materials provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement may raise its profile in the broker-dealer community, provide potential scale-related benefits and increase analyst coverage and sales of BlackRock proprietary products.

 **

***All Funds***

 

***Conclusion*.** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**<u>Equity Subadvised Funds</u>**

---

| |
|:---|
| **57 LVIP Macquarie Social Awareness Fund** |
| **58 LVIP Dimensional U.S. Core Equity 1 Fund** |
| **59 LVIP Dimensional U.S. Core Equity 2 Fund** |
| **61 LVIP BlackRock Equity Dividend Fund *(formerly, LVIP Macquarie Value Fund)*** |
| **63 LVIP SSGA S&P 500 Index Fund** |
| **64 LVIP SSGA Nasdaq-100 Index Fund** |
| **66 LVIP Macquarie U.S. Growth Fund** |
| **71 LVIP Macquarie Mid Cap Value Fund** |
| **72 LVIP SSGA Mid-Cap Index Fund** |
| **75 LVIP SSGA Small-Cap Index Fund** |
| **80 LVIP Macquarie SMID Cap Core Fund** |
| **81 LVIP Macquarie U.S. REIT Fund** |
| **86 LVIP Dimensional International Core Equity Fund** |
| **91 LVIP SSGA International Index Fund** |
| **94 LVIP SSGA Emerging Markets Equity Index Fund** |

---

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreements with various subadvisers (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar of Broadridge Financial Solutions, Inc. ("Morningstar"), an independent provider of investment company data, and the subadvisers, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar and the subadvisers provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadvisers, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of a subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance.* The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of portfolio construction. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Funds and has delegated those duties to unaffiliated subadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis, oversight of brokerage execution quality and compliance reviews. The Board concluded that LFI had appropriately reviewed and monitored the subadviser's investment performance.

**LVIP Macquarie Social Awareness Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio (including acquired fund fees and expenses ("AFFE")) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

**LVIP Dimensional U.S. Core Equity 1 Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Dimensional U.S. Core Equity 2 Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP BlackRock Equity Dividend Fund***

 ****

The Board considered that in May 2025, BlackRock Investment Management, LLC replaced the Fund's prior investment subadvisor.

*Performance*. The Board reviewed the LVIP BlackRock Equity Dividend Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Value funds category and the Russell 1000<sup>®</sup> Value Total Return USD Index for various periods ended March 31, 2025. The Board considered that in May 2025 BlackRock Investment Management, LLC replaced the prior subadviser to the Fund and that performance information prior to this time was not relevant. The Board concluded that the services provided were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA S&P 500 Index Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver on assets up to $1 billion for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (including AFFE) was the same as the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA Nasdaq-100 Index Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was higher than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Macquarie U.S. Growth Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was within range of the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Macquarie Mid Cap Value Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA Mid-Cap Index Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was higher than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA Small-Cap Index Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was within range of the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Macquarie SMID Cap Core Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Macquarie U.S. REIT Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and the net expense ratio was the same as the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Dimensional International Core Equity Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and the net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA International Index Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and the net expense ratio was the same as the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP SSGA Emerging Markets Equity Index Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and the net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. The Board also noted that the peer group contained a limited number of funds. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Subadvisory Agreement(s)</u>**

**LVIP Macquarie Social Awareness Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Delaware Investments Fund Advisers ("DIFA") on behalf of the LVIP Macquarie Social Awareness Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses an affiliated investment adviser as sub-subadviser in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura Holding America Inc. ("Nomura") recently announced the acquisition of the U.S. and European public investments business of Macquarie Asset Management ("MAM"), including the business of DIFA, which is a subsidiary of MAM (the "Transaction"). The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

*Performance*. The Board reviewed the LVIP Macquarie Social Awareness Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Blend funds category and the Russell 1000<sup>®</sup> Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and benchmark index for the one-year period, the same as the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period and above the return of the Morningstar peer group median and below the return of the benchmark index for the five- and ten-year periods. The Board noted LFI's comments that over the one, three- and five-year periods, underperformance relative to the benchmark was primarily due to negative security selection within the consumer discretionary and healthcare sectors. The Board concluded that the services provided by DIFA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule and noted DIFA's statement that there were no comparable accounts for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

**LVIP Dimensional U.S. Core Equity 1 Fund**

**LVIP Dimensional U.S. Core Equity 2 Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Dimensional Fund Advisors LP ("Dimensional") on behalf of the Funds, the Board considered the nature, extent and quality of services provided by Dimensional under the subadvisory agreement. The Board reviewed the services provided by Dimensional, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Dimensional. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the LVIP Dimensional U.S. Core Equity 1 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Blend funds category and the Russell 3000 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-, three- and ten-year periods and above the return of the Morningstar peer group median and the benchmark index for the five-year period. The Board concluded that the services provided by Dimensional were satisfactory.

The Board reviewed the LVIP Dimensional U.S. Core Equity 2 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Blend funds category and the Russell 3000 Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-year period, the same as the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period and above the return of the Morningstar peer group median and the benchmark index for the five-year period. The Board concluded that the services provided by Dimensional were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedules, which include a breakpoint and the fees of comparable accounts advised by Dimensional. The Board considered that LFI compensates Dimensional from its fees and that the subadvisory fee schedules were negotiated between LFI and Dimensional, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* The Board considered information regarding Dimensional's estimated range of profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by Dimensional as to any additional benefits it receives and noted that Dimensional may receive benefits associated with an increase in assets under management, including an enhanced ability to obtain better data about markets and strategy implementation, obtain more favorable trade execution, increased participation from brokers in implementing Dimensional's proprietary trade processes and obtain improved services from various service providers.

***LVIP SSGA S&P 500 Index Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SSGA Funds Management, Inc. ("SSGA") on behalf of the LVIP SSGA S&P 500 Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance*. The Board reviewed the LVIP SSGA S&P 500 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Blend funds category and the S&P 500 Total Return USD Index. The Board noted that the Fund's total return was within range of the Morningstar peer group median and below the return of the benchmark index for the one- and five-year periods, the same as the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period and above the return of the Morningstar peer group median and below the return of the benchmark index for the ten-year period. The Board also noted LFI's comments that, since inception, the Fund has met its objective of closely tracking its benchmark index on a gross of fees basis and that LFI believes that the Fund has the ability to meet its objective going forward. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the average fees charged by SSGA to other clients with similar investment strategies as the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule was negotiated between LFI and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

***LVIP SSGA Nasdaq-100 Index Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SSGA on behalf of the LVIP SSGA Nasdaq-100 Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance.* The Board reviewed the LVIP SSGA Nasdaq-100 Index Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Growth category and the NASDAQ 100 Total Return USD index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one- and three-year periods. The Board also noted LFI's comments that, since inception, the Fund has met its objective of closely tracking its benchmark index on a gross of fees basis and that LFI believes that the Fund has the ability to meet its objective going forward. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the average fees charged by SSGA to other clients with similar investment strategies as the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule was negotiated between LFI and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

***LVIP Macquarie U.S. Growth Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and DIFA on behalf of the LVIP Macquarie U.S. Growth Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses an affiliated investment adviser as sub-subadviser in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura recently announced the Transaction. The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

**Performance. The Board reviewed the LVIP Macquarie U.S. Growth Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Growth funds category and the Russell 1000<sup>®</sup> Growth Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-year period, above the return of the Morningstar peer group median and the benchmark index for the three-year period, above the return of the Morningstar peer group median and within range of the benchmark index for the five-year period and below the return of the Morningstar peer group median and the benchmark index for the ten-year period. The Board concluded that the services provided by DIFA were satisfactory.**

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and noted DIFA's statement that there were no comparable accounts for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

 ****

**LVIP Macquarie Mid Cap Value Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and DIFA on behalf of the LVIP Macquarie Mid Cap Value Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses an affiliated investment adviser as sub-subadviser in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura recently announced the Transaction. The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

Performance. The Board reviewed the LVIP Macquarie Mid Cap Value Fund's total return compared to the total return of a peer group of funds included in the Morningstar Mid-Cap Value funds category and the Russell Mid Cap Value Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-year period, below the return of the Morningstar peer group median and above the return of the benchmark index for the three-year period and above the return of the Morningstar peer group median and the benchmark index for the five- and ten-year periods. The Board concluded that the services provided by DIFA were satisfactory.

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and the management fee of a fund with similar investment strategies for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

***LVIP SSGA Mid-Cap Index Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SSGA on behalf of the LVIP SSGA Mid-Cap Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance.* The Board reviewed the LVIP SSGA Mid-Cap Index Fund's total return compared to the total return of a peer group of funds included in the Morningstar Mid-Cap Blend funds category and the S&P MidCap 400 Total Return Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board also noted LFI's comments that, since inception, the Fund has met its objective of closely tracking its benchmark index on a gross of fees basis and that LFI believes that the Fund has the ability to meet its objective going forward. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the average fees charged by SSGA to other clients with similar investment strategies as the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule was negotiated between LFI and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

**LVIP SSGA Small-Cap Index Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SSGA on behalf of the LVIP SSGA Small-Cap Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance.* The Board reviewed the LVIP SSGA Small-Cap Index Fund's total return compared to the total return of a peer group of funds included in the Morningstar Small Blend funds category and the Russell 2000<sup>®</sup> Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-year period and below the return of the Morningstar peer group median and the benchmark index for the three-, five- and ten-year periods. The Board noted LFI's comments that the Fund has met its objective of closely tracking its benchmark index on a gross of fees basis and that LFI believes that the Fund has the ability to meet its objective going forward. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the average fees charged by SSGA to other clients with similar investment strategies as the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule was negotiated between LFI and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

***LVIP Macquarie SMID Cap Core Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and DIFA on behalf of the LVIP Macquarie SMID Cap Core Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses an affiliated investment adviser as sub-subadviser in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura recently announced the Transaction. The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

The Board further considered that Nomura recently announced the Transaction. The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

**Performance. The Board reviewed the LVIP Macquarie SMID Cap Core Fund's total return compared to the total return of a peer group of funds included in the Morningstar Small Blend funds category and the Russell 2500<sup>®</sup> Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the services provided by DIFA were satisfactory.**

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and the management fee of a fund with similar investment strategies for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

***LVIP Macquarie U.S. REIT Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and DIFA on behalf of the LVIP Macquarie U.S. REIT Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses an affiliated investment adviser as sub-subadviser in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura recently announced the Transaction. The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

Performance. The Board reviewed the LVIP Macquarie U.S. REIT Fund's total return compared to the total return of a peer group of funds included in the Morningstar Real Estate funds category and the FTSE NAREIT Equity REITs Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, five- and ten-year periods and above the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period. The Board noted LFI's comments that underperformance compared to the benchmark during the one-year period was primarily due to an overweight allocation to the lodging sector, and that underperformance compared to the benchmark over the three- and five-year periods was primarily due to negative security selection in the apartments sector. The Board concluded that the services provided by DIFA were satisfactory.

Subadvisory Fees and Economies of Scale. The Board reviewed the subadvisory fee schedule and noted DIFA's statement that there were no comparable accounts for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

 ****

**LVIP Dimensional International Core Equity Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Dimensional on behalf of the LVIP Dimensional International Core Equity Fund, the Board considered the nature, extent and quality of services provided by Dimensional under the subadvisory agreement. The Board reviewed the services provided by Dimensional, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Dimensional. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board reviewed the LVIP Dimensional International Core Equity Fund's total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Blend funds category and the MSCI World Ex USA NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one- and five-year periods and below the return of the Morningstar peer group median and the benchmark index for the three-year period. The Board concluded that the services provided by Dimensional were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule, which includes a breakpoint and the fees of clients with similar strategies advised by Dimensional. The Board considered that LFI compensates Dimensional from its fees and that the subadvisory fee schedule was negotiated between LFI and Dimensional, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* The Board considered information regarding Dimensional's estimated range of profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by Dimensional as to any additional benefits it receives and noted that Dimensional may receive benefits associated with an increase in assets under management, including an enhanced ability to obtain better data about markets and strategy implementation, obtain more favorable trade execution, increased participation from brokers in implementing Dimensional's proprietary trade processes and obtain improved services from various service providers.

***LVIP SSGA International Index Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SSGA on behalf of the LVIP SSGA International Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance.* The Board reviewed the LVIP SSGA International Index Fund's total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Blend funds category and the MSCI EAFE NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-, three- and five-year periods and the same as the return of the Morningstar peer group median and below the return of the benchmark index for the ten-year period. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the average fees charged by SSGA to other clients with similar investment strategies as the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule was negotiated between LFI and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

***LVIP SSGA Emerging Markets Equity Index Fund***

 ****

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and SSGA on behalf of the LVIP SSGA Emerging Markets Equity Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance*. The Board reviewed the LVIP SSGA Emerging Markets Equity Index Fund's total return compared to the total return of a peer group of funds included in the Morningstar Diversified Emerging Markets funds category and the MSCI Emerging Markets NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-year period and below the return of the Morningstar peer group median and the benchmark index for the three- and five year periods. The Board noted LFI's comments that underperformance compared to the benchmark was primarily due to the Fund's expenses and transaction costs incurred from cash flow activities over the three- and five-year periods. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains breakpoints and the average fees charged by SSGA to other clients with similar investment strategies as the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule was negotiated between LFI and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

***All Funds***

***Conclusion*.** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**<u>Fixed Income Subadvised Funds</u>**

---

| |
|:---|
| **98 LVIP BlackRock Inflation Protected Bond Fund** |
| **99 LVIP Franklin Templeton Core Bond Fund *(formerly, LVIP Macquarie Bond Fund)*** |
| **100 LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund *(formerly, LVIP Macquarie Diversified Income Fund)*** |
| **101 LVIP Macquarie Diversified Floating Rate Fund** |
| **103 LVIP Mondrian Global Income Fund** |
| **104 LVIP Government Money Market Fund** |
| **105 LVIP JPMorgan Core Bond Fund** |
| **106 LVIP JPMorgan High Yield Fund** |
| **107 LVIP Macquarie High Yield Fund** |
| **108 LVIP PIMCO Low Duration Bond Fund** |
| **109 LVIP SSGA Bond Index Fund** |
| **110 LVIP SSGA Short-Term Bond Index Fund** |
| **111 LVIP JPMorgan Short Duration Bond Fund *(formerly, LVIP Macquarie Limited-Term Diversified Income Fund)*** |
| **112 LVIP Western Asset Core Bond Fund** |

---

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreements with various subadvisers (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar of Broadridge Financial Solutions, Inc. ("Morningstar"), an independent provider of investment company data and the subadvisers, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar and the subadvisers provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadvisers, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of a subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance.* The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of portfolio construction decisions. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Funds and has delegated those duties to unaffiliated subadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis, oversight of brokerage execution quality (except for the LVIP Government Money Market Fund) and compliance reviews. The Board concluded that LFI had appropriately reviewed and monitored the subadviser's investment performance.

**LVIP BlackRock Inflation Protected Bond Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio (including acquired fund fees and expenses ("AFFE")) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

***LVIP Franklin Templeton Core Bond Fund***

 ****

The Board considered that in May 2025, Franklin Advisers, Inc. replaced the Fund's prior investment subadvisor.

*Performance*. The Board reviewed the LVIP Franklin Templeton Core Bond Fund's total return compared to the total return of a peer group of funds included in the Morningstar Intermediate Core Bond funds category and the Bloomberg US Aggregate Bond Total Return USD Index for various periods ended March 31, 2025. The Board considered that in May 2025 Franklin Advisers, Inc. replaced the prior subadviser to the Fund and that performance information prior to this time was not relevant. The Board concluded that the services provided were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through October 31, 2027. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule, and concluded that economies of scale were appropriately shared with investors.

***LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund***

 ****

The Board considered that in May 2025, FAIM LLC ("FIAM") replaced the Fund's prior investment subadvisor.

*Performance*. The Board reviewed the LVIP Fidelity Institutional AM® Total Bond Fund's total return compared to the total return of a peer group of funds included in the Morningstar Intermediate Core-Plus Bond funds category and the Bloomberg US Aggregate Bond Total Return USD Index for various periods ended March 31, 2025. The Board considered that in May 2025 FAIM replaced the prior subadviser to the Fund and that performance information prior to this time was not relevant. The Board concluded that the services provided were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was the same as the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule, and concluded that economies of scale were appropriately shared with investors.

**LVIP Macquarie Diversified Floating Rate Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was the same as the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Mondrian Global Income Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was within range of the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Government Money Market Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP JPMorgan Core Bond Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP JPMorgan High Yield Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver on assets over $150 million for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that LFI had a breakpoint in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Macquarie High Yield Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP PIMCO Low Duration Bond Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA Bond Index Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA Short-Term Bond Index Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP JPMorgan Short Duration Bond Fund***

 ****

*Performance*. The Board reviewed the LVIP JPMorgan Short Duration Bond Fund's total return compared to the total return of a peer group of funds included in the Morningstar Short-Term Bond funds category and the Bloomberg US Government/Credit 1-3 Year Total Return USD Index for various periods ended March 31, 2025. The Board considered that in May 2025, J.P. Morgan Investment Management, Inc. ("JPMorgan") replaced the prior subadviser to the Fund and that performance information prior to this time was not relevant. The Board concluded that the services provided were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was the same as the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Western Asset Core Bond Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Subadvisory Agreement(s)</u>**

**LVIP BlackRock Inflation Protected Bond Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and BlackRock Financial Management, Inc. ("BlackRock") on behalf of the LVIP BlackRock Inflation Protected Bond Fund, the Board considered the nature, extent and quality of services provided by BlackRock under the subadvisory agreement. The Board reviewed the services provided by BlackRock, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of BlackRock. The Board considered that BlackRock uses an affiliated investment adviser as sub-subadviser in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP BlackRock Inflation Protected Bond Fund's total return compared to the total return of a peer group of funds included in the Morningstar Inflation-Protected Bond funds category and the Bloomberg World Government IL 1-10 Year Total Return Hedged USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-year period, above the return of the Morningstar peer group median and below the return of the benchmark index for the three- and five-year periods and the same as the return of the Morningstar peer group median and below the return of the benchmark index for the ten-year period. The Board considered LFI's comments that small active foreign currency positions detracted from the Fund's performance relative to the benchmark index for the three- and five-year periods, and that tactical U.S. duration positioning and long U.K. versus Europe nominal rates detracted from the Fund's performance relative to the benchmark index and the peer group for the one-year period. The Board concluded that the services provided by BlackRock were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule, which contains breakpoints, and noted BlackRock's statement that it advises no comparable registered funds using the same strategy. The Board considered that LFI compensates BlackRock from its fees and that the subadvisory fee schedule was negotiated between LFI and BlackRock, an unaffiliated third party of LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. With respect to profitability, the Board considered information regarding BlackRock's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement may raise its profile in the broker-dealer community, provide potential scale-related benefits and increase analyst coverage and sales of BlackRock proprietary products.

**LVIP Macquarie Diversified Floating Rate Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and DIFA on behalf of the LVIP Macquarie Diversified Floating Rate Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses affiliated investment advisers as sub-subadvisers in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura Holding America Inc. ("Nomura") recently announced the acquisition of the U.S. and European public investments business of Macquarie Asset Management ("MAM"), including the business of DIFA, which is a subsidiary of MAM (the "Transaction"). The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

*Performance*. The Board reviewed the LVIP Macquarie Diversified Floating Rate Fund's total return compared to the total return of a peer group of funds included in the Morningstar Ultrashort Bond funds category and the Secured Overnight Financing Rate Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and above the return of the benchmark index for the one- and five-year periods, below the return of the Morningstar peer group median and within range of the return of the benchmark index for the three-year period and below the return of the Morningstar peer group median for the ten-year period. The Board noted that no benchmark return was provided for the ten-year period because the benchmark's inception was April 2, 2018 and it did not have ten years of returns. The Board noted LFI's view that it remained comfortable with the current investment team and process and that performance patterns have been in line with LFI's expectations and market conditions. The Board concluded that the services provided by DIFA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which includes a breakpoint, and the management fees of a fund with a similar investment strategy for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

**LVIP Mondrian Global Income Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Mondrian Investment Partners Limited ("Mondrian") on behalf of the LVIP Mondrian Global Income Fund, the Board considered the nature, extent and quality of services provided by Mondrian under the subadvisory agreement. The Board considered the services provided by Mondrian, the background of the portfolio managers and Mondrian's investment strategy. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. In considering investment performance, the Board considered that, in July 2022, Mondrian transitioned from managing a portion of the Fund's assets to managing all of the Fund's assets. The Board reviewed the LVIP Mondrian Global Income Fund's total return compared to the total return of a peer group of funds included in the Morningstar Global Bond funds category and the FTSE WGBI USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-,three- and ten-year periods and below the return of the Morningstar peer group median and above the return of the benchmark index for the five-year period. The Board considered LFI's comments that underperformance compared to the peer group median for the three- and five-year periods was driven by the Fund's underweight position to the corporate and securitized sectors. The Board further noted that LFI remains comfortable with the investment team and its ability to meet the performance objective of the Fund. The Board determined that the services provided by Mondrian were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule for Mondrian, which includes breakpoints, and the fee schedule of other accounts with similar investment strategies managed by Mondrian. The Board considered that LFI compensates Mondrian from its fees and that the subadvisory fee schedule was negotiated between LFI and Mondrian, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered the information provided regarding Mondrian's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by Mondrian as to any additional benefits it receives and noted that none were identified.

**LVIP Government Money Market Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and BlackRock on behalf of the LVIP Government Money Market Fund, the Board considered the nature, extent and quality of services provided by BlackRock under the subadvisory agreement. The Board reviewed the services provided by BlackRock, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of BlackRock. It also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP Government Money Market Fund's total return compared to the total return of a peer group of funds included in the Morningstar Prime Money Market funds category and the FTSE Treasury Bill 3 Month USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board determined that the services provided by BlackRock were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule for the Fund, which includes breakpoints, as well as information on comparable accounts subadvised by BlackRock. The Board considered that LFI compensates BlackRock from its fees and that the subadvisory fee schedule was negotiated between LFI and BlackRock, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding BlackRock's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement may raise its profile in the broker-dealer community, provide potential scale-related benefits and increase analyst coverage for BlackRock proprietary products.

**LVIP JPMorgan Core Bond Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and JPMorgan on behalf of the LVIP JPMorgan Core Bond Fund, the Board considered the nature, extent and quality of services provided by JPMorgan under the subadvisory agreement. The Board reviewed the services provided by JPMorgan, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of JPMorgan. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP JPMorgan Core Bond Fund's total return compared to the total return of a peer group of funds included in the Morningstar Intermediate Core Bond funds category and the Bloomberg US Aggregate Bond Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the services provided by JPMorgan were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for the Fund as well as fees for other similar accounts managed by JPMorgan. The Board considered that LFI compensates JPMorgan from its fees and that the subadvisory fee schedule for the Fund was negotiated between LFI and JPMorgan, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding JPMorgan's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by JPMorgan as to any additional benefits it receives and noted JPMorgan's statement that it was not aware of other direct or indirect benefits from its relationship to the Fund other than receipt of subadvisory fees.

**LVIP JPMorgan High Yield Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and JPMorgan on behalf of the LVIP JPMorgan High Yield Fund, the Board considered the nature, extent and quality of services provided by JPMorgan under the subadvisory agreement. The Board reviewed the services provided by JPMorgan, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of JPMorgan. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP JPMorgan High Yield Fund's total return compared to the total return of a peer group of funds included in the Morningstar High Yield Bond funds category and the ICE BofA US High Yield Constrained Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one-year period, above the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period and below the return of the Morningstar peer group median and the benchmark index for the five- and ten-year periods. The Board considered LFI's comments that underperformance for the three- and five-year periods compared to the benchmark was primarily due to negative security selection within the Retail sector and that the Fund performed in line with the benchmark and outperformed the category average during the first quarter of 2025. The Board noted LFI's view that it remained comfortable with the current investment process and the investment team's ability to meet the performance objective of the Fund. The Board concluded that the services provided by JPMorgan were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for the Fund as well as fees for other similar accounts managed by JPMorgan. The Board considered that LFI compensates JPMorgan from its fees and that the subadvisory fee schedule for the Fund was negotiated between LFI and JPMorgan, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding JPMorgan's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by JPMorgan as to any additional benefits it receives and noted JPMorgan's statement that it was not aware of other direct or indirect benefits from its relationship to the Fund other than receipt of subadvisory fees.

***LVIP Macquarie High Yield Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and DIFA on behalf of the LVIP Macquarie High Yield Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses affiliated investment advisers as sub-subadvisers in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura recently announced the Transaction. The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

*Performance*. The Board reviewed the LVIP Macquarie High Yield Fund's total return compared to the total return of a peer group of funds included in the Morningstar High Yield Bond funds category and the ICE BofA US High Yield Constrained Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, five- and ten-year periods and was the same as the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period. The Board considered LFI's comment that the Fund's underperformance over recent periods compared to the benchmark and the peer funds was primarily attributable to security selection within the Banking and Media sectors. The Board noted LFI's view that it remained comfortable with the investment team and process, and that performance patterns were in line with expectations and market conditions. The Board concluded that the services provided by DIFA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule and the management fees of funds with similar investment strategies for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

**LVIP PIMCO Low Duration Bond Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Pacific Investment Management Company LLC ("PIMCO") on behalf of the LVIP PIMCO Low Duration Bond Fund, the Board considered the nature, extent and quality of services provided by PIMCO under the subadvisory agreement. The Board considered the services provided by PIMCO, the background of the investment professionals and PIMCO's investment strategy and resources. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP PIMCO Low Duration Bond Fund's total return compared to the total return of a peer group of funds included in the Morningstar Short-Term Bond funds category and the ICE BofA 1-3 Year US Treasury Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and above the return of the benchmark index for the one-, three-, five- and ten-year periods. The Board considered LFI's comments that the Fund underperformed compared to peer funds over the five-year period due to negative contributions from currency positioning. The Board also considered LFI's comment that the Fund underperformed the benchmark over the three-year period due to tactical currency exposure, particularly overweight exposure to the Japanese Yen and Australian dollar. The Board noted LFI's view that it remained comfortable with the current investment team and process and that longer-term performance has been in line with LFI's expectations and market conditions. The Board determined that the services provided by PIMCO were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains a breakpoint. The Board considered that LFI compensates PIMCO from its fees and that the subadvisory fee schedule was negotiated between LFI and PIMCO, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information provided by PIMCO regarding PIMCO's estimated profitability in providing subadvisory services to the Fund. The Board reviewed materials provided by PIMCO as to any additional benefits it receives, such as PIMCO's statements that it may receive research from trading activity, may receive information that can benefit it and its affiliates, and may derive indirect benefits due to an increase in total assets under management and from the existence of the relationship with the Fund.

**LVIP SSGA Bond Index Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SSGA Funds Management, Inc. ("SSGA") on behalf of the LVIP SSGA Bond Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance*. The Board reviewed the LVIP SSGA Bond Index Fund's total return compared to the total return of a peer group of funds included in the Morningstar Intermediate Core Bond funds category and the Bloomberg US Aggregate Bond Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board noted LFI's statements that the Fund's longer-term tracking error has been within a reasonable range and is mostly attributable to cash flows and the Fund's fees. The Board noted LFI's view that it remained comfortable with the Fund and its ability to meet its investment objective going forward. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which includes breakpoints, and the average fees charged by SSGA to other clients with investment strategies similar to the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule for the Fund was negotiated between LFI and SSGA, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

**LVIP SSGA Short-Term Bond Index Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SSGA Funds Management, Inc. ("SSGA") on behalf of the LVIP SSGA Short-Term Bond Index Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters.

*Performance*. The Board reviewed the LVIP SSGA Short-Term Bond Index Fund's total return compared to the total return of funds included in the Morningstar Short-Term Bond funds category and the Bloomberg US Corporate 1-3 Year Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-, three- and five-year periods. The Board considered that the Fund commenced operations in 2018 The Board also noted LFI's comments that, since inception, the Fund has met its objective of closely tracking its benchmark index on a gross of fees basis and that LFI believes that the Fund has the ability to meet its objective going forward. The Board further noted LFI's view that it remained comfortable with the Fund and its ability to meet its investment objective going forward. The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which includes breakpoints, and the average fees charged by SSGA to other clients with investment strategies similar to the Fund. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule for the Fund was negotiated between LFI and SSGA, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

**LVIP Western Asset Core Bond Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Western Asset Management Company ("Western") on behalf of the LVIP Western Asset Core Bond Fund, the Board considered the nature, extent and quality of services provided by Western under the subadvisory agreement. The Board considered the services provided by Western, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Western. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP Western Asset Core Bond Fund's total return compared to the total return of funds included in the Morningstar Intermediate Core Bond funds category and the Bloomberg US Aggregate Bond Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one- and three-year periods, and below the return of the Morningstar peer group median and above the return of the benchmark index for the five-year period. The Board considered LFI's comments that the Fund's longer duration position detracted from its performance during the five-year period, drove its underperformance compared to the peer group and the benchmark over the three-year period, and, along with its yield curve positioning, detracted from its performance over the one-year period compared to its peer group and the benchmark. The Board noted that at the June 2025 Board meeting, the Board approved LFI's proposal to merge the Fund into the LVIP Franklin Templeton Core Bond Fund.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which contains a breakpoint, and considered the contractual fee rates charged to another fund advised by Western with an investment strategy similar to the Fund. The Board considered that LFI compensates Western from its fees and that the subadvisory fee schedule was negotiated between LFI and Western, which is an unaffiliated third party of LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. With respect to profitability, the Board considered information provided by Western regarding Western's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by Western as to any additional benefits it receives and noted Western's statement that it may receive research from trading activity but that it does not maintain arrangements or agreements to receive any research or services in exchange for trading activity allocation.

***All Funds***

 ****

***Conclusion*.** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**31 Lincoln Hedged Nasdaq-100 Fund *(formerly, Lincoln Nasdaq-100 Buffer Fund Sep)***

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with Milliman Financial Risk Management LLC ("Milliman") (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (the "Fund"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc., an independent provider of investment company data, and Milliman, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar, Broadridge and Milliman provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Fund, the investment performance, management fees and operating expense ratio of the Fund in comparison to other funds, the estimated profitability and/or financial condition of the Fund, LFI and Milliman, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Fund's expenses, among other matters. The Board also receives information about the Fund from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Fund is only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for the Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**Investment Management Agreement**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Fund by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Fund on behalf of LFI and that LNL provides administrative services to the Fund under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

The Board considered that the Fund employed a hedged equity strategy, which utilizes a combination of FLEX Options and an LVIP Index Fund to track the performance of an underlying exchange-traded fund. The Board also considered that LNL implemented a fund substitution in June, 2024 to consolidate certain LVIP hedged equity funds into the Fund.<sup>1</sup> The Board concluded that the services provided by LFI were satisfactory.

*Performance.* The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for the various periods ended March 31, 2025. The Board also received total return information for the Fund compared to the quarterly average total return of funds in the respective Morningstar category. The Board considered that LFI actively monitors the Fund's performance through quarterly reports and works with the Investment Committee of the Board in analyzing performance issues. The Board noted management's representation that the Fund was performing as expected.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Fund and has delegated those duties to Milliman. The Board noted the ongoing oversight activities performed by LFI, including review of returns and compliance reviews. The Board concluded that LFI had appropriately monitored the investment sub-advisory services Milliman provides to the Fund.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of the Morningstar peer group and category median for the Fund. The Board considered the Fund's asset size and that LFI had implemented an advisory fee waiver on assets up to $50 million through April 30, 2026 and an expense limitation for the Fund through June 21, 2026. The Board noted that the net investment management fee for the Fund was the same as the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio (plus acquired fund fees and expenses ("AFFE")) was the same as the median net expense ratio of the Morningstar peer group (including AFFE). In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

<sup>1</sup> Lincoln Hedged Nasdaq-100 Fund 2, Lincoln Hedged Nasdaq-100 Fund 3 and Lincoln Hedged Nasdaq-100 Fund 4 substituted into Lincoln Hedged Nasdaq-100 Fund.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to the Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Fund was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Fund's Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Fund. LNL serves as the administrator for the Fund for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**Milliman Subadvisory Agreement**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Milliman on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Milliman under the subadvisory agreement. The Board reviewed the services provided by Milliman, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Milliman. It also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance.* The Board also considered that Milliman's responsibility was to implement the stated investment strategy for the Fund and that traditional measures of performance would not be relevant in assessing Milliman's implementation of the strategy. The Board also considered a presentation by representatives of Milliman regarding the performance of the Fund. The Board concluded that the services provided by Milliman were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for Milliman. The Board considered that LFI compensates Milliman from its fees and that the subadvisory fee schedule was negotiated between LFI and Milliman, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding Milliman's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by Milliman as to any additional benefits it receives and noted that Milliman indicated that its business in the aggregate derives non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume, among them trading, operations, compliance and research and that Milliman may receive intangible benefits from association with the Fund, such as favorable publicity in relevant markets.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for the Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of the Fund.

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**<u>Hedged Equity Funds - S&P 500 Funds</u>**

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| |
|:---|
| **29 Lincoln Hedged S&P 500 Fund** |
| **30 Lincoln Hedged S&P 500 Conservative Fund** |

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**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with Milliman Financial Risk Management LLC ("Milliman") (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, and Milliman, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar, Broadridge and Milliman provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and Milliman, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**Investment Management Agreement**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

The Board considered that the Funds employed a hedged equity strategy, which utilizes a combination of FLEX Options and an LVIP Index Fund to track the performance of the S&P 500 Price Return Index (the "Underlying Index"). The Board also considered that LNL implemented a fund substitution in June 2024 to consolidate certain LVIP hedged equity funds into the Funds.<sup>1</sup> The Board concluded that the services provided by LFI were satisfactory.

*Performance.* The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category. The Board considered that LFI actively monitors the Funds' performance through quarterly reports and works with the Investment Committee of the Board in analyzing performance issues. The Board noted management's representation that each Fund was performing as expected.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Funds and has delegated those duties to Milliman. The Board noted the ongoing oversight activities performed by LFI, including review of returns and compliance reviews. The Board concluded that LFI had appropriately monitored the investment sub-advisory services Milliman provided to the Funds.

***Lincoln Hedged S&P 500 Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and an expense limitation for the Fund through April 30, 2026 and June 21, 2026, respectively. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (plus acquired fund fees and expenses ("AFFE")) for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

<sup>1</sup> Lincoln Hedged S&P 500 Fund 2, Lincoln Hedged S&P 500 Fund 3 and Lincoln Hedged S&P 500 Fund 4 substituted into Lincoln Hedged S&P 500 Fund. Lincoln Hedged S&P 500 Conservative Fund 2, Lincoln Hedged S&P 500 Conservative Fund 3 and Lincoln Hedged S&P 500 Conservative Fund 4 substituted into Lincoln Hedged S&P 500 Conservative Fund.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered the Fund's asset size and concluded that economies of scale were appropriately shared with investors.

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to the Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Fund was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Fund's Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Fund. LNL serves as the administrator for the Fund for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

***Lincoln Hedged S&P 500 Conservative Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and an expense limitation for the Fund through April 30, 2026 and June 21, 2026, respectively. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (plus AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered the Fund's asset size and concluded that economies of scale were appropriately shared with investors.

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to the Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Fund was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Fund's Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Fund. LNL serves as the administrator for the Fund for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**Milliman Subadvisory Agreements**

***Lincoln Hedged S&P 500 Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Milliman on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Milliman under the subadvisory agreement. The Board reviewed the services provided by Milliman, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Milliman. It also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance.* The Board also considered that Milliman's responsibility was to implement the stated investment strategy for the Fund and that traditional measures of performance would not be relevant in assessing Milliman's implementation of the strategy. The Board also considered a presentation by representatives of Milliman regarding the performance of the Fund. The Board concluded that the services provided by Milliman were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for Milliman. The Board considered that LFI compensates Milliman from its fees and that the subadvisory fee schedule was negotiated between LFI and Milliman, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding Milliman's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by Milliman as to any additional benefits it receives and noted that Milliman indicated that its business in the aggregate derives non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume, among them trading, operations, compliance and research and that Milliman may receive intangible benefits from association with the Fund, such as favorable publicity in relevant markets.

***Lincoln Hedged S&P 500 Conservative Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Milliman on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Milliman under the subadvisory agreement. The Board reviewed the services provided by Milliman, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Milliman. It also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance.* The Board also considered that Milliman's responsibility was to implement the stated investment strategy for the Fund and that traditional measures of performance would not be relevant in assessing Milliman's implementation of the strategy. The Board also considered a presentation by representatives of Milliman regarding the performance of the Fund. The Board concluded that the services provided by Milliman were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for Milliman. The Board considered that LFI compensates Milliman from its fees and that the subadvisory fee schedule was negotiated between LFI and Milliman, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding Milliman's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by Milliman as to any additional benefits it receives and noted that Milliman indicated that its business in the aggregate derives non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume, among them trading, operations, compliance and research and that Milliman may receive intangible benefits from association with the Fund, such as favorable publicity in relevant markets.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 BOARD CONSIDERATIONS**

**<u>Managed Risk Funds</u>**

**1 LVIP Global Conservative Allocation Managed Risk Fund 2 LVIP Global Moderate Allocation Managed Risk Fund 3 LVIP Global Growth Allocation Managed Risk Fund 4 LVIP U.S. Growth Allocation Managed Risk Fund 5 LVIP American Global Balanced Allocation Managed Risk Fund 6 LVIP American Global Growth Allocation Managed Risk Fund 7 LVIP BlackRock Global Allocation Managed Risk Fund 10 LVIP U.S. Aggressive Growth Allocation Managed Risk Fund 11 LVIP Global Aggressive Growth Allocation Managed Risk Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with Milliman Financial Risk Management LLC ("Milliman") (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data and Milliman, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar, Broadridge and Milliman provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and Milliman, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement.

The Board considered that the Funds are managed with a risk management strategy using up to 20% of a Fund's net assets (the "Risk-Management Sleeve") and that at least 80% of each Fund's net assets are invested in an underlying fund or funds (the "Underlying Sleeve"). The Board considered that the risk management strategy was designed to stabilize overall portfolio volatility (that is, variance in the Fund's investment returns) and reduce the downside exposure of the Fund during significant market downturns by buying and selling (i.e., taking short or long positions) in exchange-traded futures or options contracts.. The Board considered that the Funds' investments in exchange-traded futures and options and the resulting costs limit the upside participation of the Funds in strong, increasing markets relative to unhedged funds. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by each of (i) Broadridge comparing the performance of each Fund to a managed volatility fund peer group, a benchmark index and a custom risk controlled benchmark composite; and (ii) Morningstar comparing the performance of each Fund's Underlying Sleeve to the performance of funds in a peer group of a Morningstar category underlying variable insurance products (each a "Morningstar peer group") and a benchmark index for the one-, three- and five-year periods, as applicable, ended March 31, 2025. The Board considered complex-wide information provided by Broadridge that assessed the overall LVIP Managed Risk Fund returns compared to the aggregate returns of managed volatility funds from variable annuity sponsors and risk control benchmarks and peer group performance information provided by Broadridge. The Board also considered an impact analysis provided by LFI of the overlay/cash positions on the overall portfolio performance.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category, a benchmark index and a custom risk controlled benchmark composite for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of the volatility management strategy. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI has delegated day-to-day portfolio management of each Fund's Risk-Management Sleeve to Milliman and noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis and monitoring the implementation of the risk management overlay model. The Board also considered presentations made by LFI management and Milliman dedicated to an overview of the Funds and implementation of the model. The Board concluded that LFI had appropriately reviewed and monitored Milliman's performance.

**LVIP Managed Risk Funds: LVIP Global Conservative Allocation Managed Risk Fund, LVIP Global Moderate Allocation Managed Risk Fund and LVIP Global Growth Allocation Managed Risk Fund**

The Board reviewed the performance of the LVIP Global Conservative Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the Conservative Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Moderately Conservative Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the performance of the LVIP Global Moderate Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the Moderate Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Moderate Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the performance of the LVIP Global Growth Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the Growth Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Moderate Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed each Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for each Fund. The Board considered that LFI had implemented a partial advisory fee waiver for each Fund through April 30, 2026. The Board noted that the net investment management fee of each Fund was higher than the median net investment management fee of its respective Morningstar peer group and that the net expense ratio (plus acquired fund fees and expenses ("AFFE")) for each Fund was higher than the median net expense ratio (including AFFE) of its respective Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that each Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP U.S. Growth Allocation Managed Risk Fund**

The Board reviewed the performance of the Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the U.S. Growth Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Moderate Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee of the Fund was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP American Managed Risk Funds: LVIP American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund**

The Board reviewed the performance of the LVIP American Global Balanced Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the Balanced Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Moderately Conservative Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the performance of the LVIP American Global Growth Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the Growth Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group of information funds included in the Morningstar Moderate Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed each Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for each Fund. The Board noted that the net investment management fee for each Fund was higher than the median net investment management fee of the respective Morningstar peer group and that each Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of its respective Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that each Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP BlackRock Global Allocation Managed Risk Fund**

The Board reviewed the performance of the Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the BlackRock Global Allocation Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Global Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

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

The Board reviewed the performance of the Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the U.S. Aggressive Growth Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Moderately Aggressive Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver and expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Global Aggressive Growth Allocation Managed Risk Fund**

The Board reviewed the performance of the LVIP Global Aggressive Growth Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the Global Aggressive Growth Blended Composite, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve to peer group information of funds included in the Morningstar Moderately Aggressive Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver and expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was higher than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits.* Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Risk-Management Sleeve - Subadvisory Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Milliman on behalf of each of the Funds, the Board considered the nature, extent and quality of services provided by Milliman under the subadvisory agreement. The Board reviewed the services provided by Milliman, the background of the investment professionals servicing the Fund and the reputation, resources and subadvisory experience of Milliman. It also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance.* The Board considered that Milliman's responsibility was to implement trading based on the managed risk model and that traditional measures of performance would not be relevant in assessing Milliman's implementation of the model. The Board also considered a presentation by representatives of Milliman regarding the performance of the Funds subadvised by Milliman as well as presentations made by LFI management dedicated to analysis of the Risk-Management Sleeve. The Board concluded that the services provided by Milliman were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule for Milliman. The Board considered that LFI compensates Milliman from its fees and that the subadvisory fee schedule was negotiated between LFI and Milliman, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* The Board considered information regarding Milliman's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by Milliman as to any additional benefits it receives and noted that Milliman indicated that its business in the aggregate derives non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume, among them trading, operations, compliance and research and that Milliman may receive intangible benefits from association with the Funds, such as favorable publicity in relevant markets.

**<u>For All Funds</u>**

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 board considerations**

**<u>Managed Volatility Funds</u>**

**16 LVIP Dimensional U.S. Equity Managed Volatility Fund 18 LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund 19 LVIP SSGA Large Cap Managed Volatility Fund 23 LVIP SSGA SMID Cap Managed Volatility Fund 24 LVIP Dimensional International Equity Managed Volatility Fund 26 LVIP Multi-Manager International Equity Managed Volatility Fund *(formerly, LVIP MFS International Equity Managed Volatility Fund)* 27 LVIP Multi-Manager Global Equity Managed Volatility Fund 28 LVIP SSGA International Managed Volatility Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with Schroders Investment Management North America Inc. ("SIMNA") (collectively, with the investment management agreement "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), SIMNA and Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, SIMNA, Morningstar and Broadridge provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and SIMNA, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding the structure of portfolio manager compensation and compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement.

The Board considered that the Funds are managed with a managed volatility overlay using up to 20% of a Fund's net assets (the "Managed Volatility Sleeve") and that at least 80% of each Fund's net assets are invested in an underlying fund or funds (the "Underlying Sleeve"). The managed volatility strategy consists of selling (short) and buying (long) positions in exchange-traded futures contracts to manage overall portfolio volatility and seeks to reduce the impact on a Fund's portfolio of significant market downturns during periods of high volatility. The Board considered that the Funds' investments in exchange-traded futures and the resulting costs limit the upside participation of the Funds in strong, increasing markets relative to unhedged funds. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by each of (i) Broadridge comparing the performance of each Fund to a managed volatility fund peer group and risk controlled benchmark; and (ii) Morningstar comparing the performance of each Fund's Underlying Sleeve to the performance of funds in a peer group of a Morningstar category underlying variable insurance products (each a "Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board considered complex-wide information provided by Broadridge, that assessed the overall LVIP Managed Volatility Fund returns compared to the aggregate returns of managed volatility funds from variable annuity sponsors and risk control benchmarks and peer group performance information by Broadridge. The Board also considered an impact analysis provided by LFI of the overlay/cash positions on the overall portfolio performance.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of the volatility management strategy. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI has delegated day-to-day portfolio management of each Fund's Managed Volatility Sleeve to SIMNA and noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis and monitoring the implementation of the volatility management overlay model. The Board also considered presentations made by LFI management and SIMNA dedicated to an overview of the Funds and analysis of the Managed Volatility Sleeve. The Board concluded that LFI had appropriately reviewed and monitored SIMNA's performance.

**LVIP Dimensional U.S. Equity Managed Volatility Fund**

The Board reviewed performance of the LVIP Dimensional U.S. Equity Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Large Blend funds category and the Russell 3000 Total Return USD Index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (plus acquired fund fees and expenses ("AFFE")) for the Fund was the same as the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

Economies of Scale. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund**

The Board reviewed performance of the LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Large Blend funds category and the S&P 500 Total Return USD Index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and expense limitation through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (including AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA Large Cap Managed Volatility Fund**

The Board reviewed performance of the LVIP SSGA Large Cap Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Large Blend funds category and the S&P 500 Total Return USD Index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver and an expense limitation for the Fund through April 30, 2026. The Board noted that the investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (including AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA SMID Cap Managed Volatility Fund**

The Board reviewed performance of the LVIP SSGA SMID Cap Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Small Blend funds category and the Russell 2000 Total Return USD Index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver and an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (including AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Dimensional International Equity Managed Volatility Fund**

The Board reviewed performance of the LVIP Dimensional International Equity Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Foreign Large Value funds category and the MSCI ACWI Ex USA NR USD Index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that the investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (including AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Multi-Manager International Equity Managed Volatility Fund**

The Board reviewed performance of the LVIP Multi-Manager International Equity Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Foreign Large Blend funds category and the MSCI EAFE NR USD Index. The Board also considered that, effective November 18, 2024, LFI restructured the Fund into a multi-manager allocation fund that invests in three LVIP funds with subadvisers that manage other funds in the Trust in addition to the Fund. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and expense limitation through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (including AFFE) for the Fund was the same as the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Multi-Manager Global Equity Managed Volatility Fund**

The Board reviewed performance of the LVIP Multi-Manager Global Equity Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Global Large-Stock Blend funds category and a custom index (LVIP Multi-Manager Global Equity Composite). The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (including AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA International Managed Volatility Fund**

The Board reviewed performance of the LVIP SSGA International Managed Volatility Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group and risk controlled benchmark and by Morningstar comparing the Underlying Sleeve of the Fund to a peer group of funds in the Morningstar Foreign Large Blend funds category and MSCI EAFE NR USD Index. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver and an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group and that the net expense ratio (including AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***All Funds***

 ****

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits.* Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**Managed Volatility Sleeve - Subadvisory and Sub-Subadvisory Agreement**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SIMNA on behalf of each Fund, the Board considered the nature, extent and quality of services provided by SIMNA under the subadvisory agreement. The Board reviewed the services provided by SIMNA, the background of the investment professionals servicing the Fund and the reputation, resources and subadvisory experience of SIMNA. The Board considered that SIMNA has an affiliated investment adviser, SIMNA Ltd., as sub-subadviser in connection with the subadvisory services provided to the Fund. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance*. The Board considered that SIMNA's responsibility was to implement volatility control strategy and that traditional measures of performance would not be relevant in assessing SIMNA's implementation of the strategy. The Board also considered that the strategy is intended to manage overall portfolio volatility and seeks to reduce the impact on the Fund's portfolio of significant market downturns during periods of high volatility. The Board also considered a presentation by representatives of SIMNA regarding the performance of the Funds subadvised by SIMNA as well as presentations made by LFI management dedicated to analysis of the Managed Volatility Sleeve. The Board concluded that the services provided by SIMNA were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule for SIMNA. The Board considered that LFI compensates SIMNA from its fees and that the subadvisory fee schedule was negotiated between LFI and SIMNA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SIMNA's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by the SIMNA as to any additional benefits it would receive and noted SIMNA's statement that the engagement may attract broker-dealers or investment advisers who may offer SIMNA the opportunity to participate in other lines of business, such as sub-advisory, separate account wrap programs or model manager programs.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 BOARD CONSIDERATIONS**

**<u>Master – Feeder Funds</u>**

**55 LVIP American Growth Fund 56 LVIP American Growth-Income Fund 84 LVIP American International Fund 85 LVIP American Global Growth Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") (the "Advisory Agreement") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL") and Morningstar of Broadridge Financial Solutions, Inc. ("Morningstar"), an independent provider of investment company data, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management agreements and the factors they should consider in evaluating such agreements. LFI, LNL and Morningstar provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund and LFI, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreement. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement for each Fund. In considering the renewal of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding the structure of portfolio manager compensation and compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement.

The Board considered that the LVIP American Growth Fund, the LVIP American Growth-Income Fund, the LVIP American International Fund and the LVIP American Global Growth Fund (collectively, the "LVIP American Funds") each invest all of their assets in a master fund offered as a series of American Funds Insurance Series ("AFIS"). The Board considered that LFI monitors the performance of the relevant master funds for each of the LVIP American Funds and has certain compliance and investment oversight responsibilities with respect to the master-feeder arrangements. Since Capital Research and Management Company is the adviser responsible for the day-to-day portfolio management of the assets of the AFIS master funds, the Board considered Capital Research and Management Company's investment management reputation. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the Service II class of each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the performance of the underlying fund. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreement.

The Board reviewed the LVIP American Growth Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Growth funds category and the S&P 500 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the same as the return of the benchmark index for the one-year period, above the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period and above the return of the Morningstar peer group median and benchmark index for the five- and ten-year periods. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP American Growth-Income Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Blend funds category and the S&P 500 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the benchmark index for the one- and three-year periods and below the return of the Morningstar peer group median and the benchmark index for the five- and ten-year periods. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP American International Fund's total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Growth funds category and the MSCI ACWI Ex USA NR USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board considered LFI's view that underperformance for the one- and three-year periods was due to the Fund's growth bias, as value outperformed growth within the international equity markets, and negative security selection in the Materials and Healthcare sectors and that underperformance for the five-year period was primarily due to negative security selection in the Financials and Healthcare sectors. The Board noted LFI's view that performance was consistent with expectations for a non-US equity fund with a large-cap orientation, growth bias and meaningful emerging markets exposure. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP American Global Growth Fund's total return compared to the total return of a peer group of funds included in the Morningstar Global Large-Stock Growth funds category and the MSCI ACWI NR USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three- and five-year periods and above the return of the Morningstar peer group median and the benchmark index for the ten-year period. The Board considered LFI's view that underperformance for the one- and five-year periods was due to negative security selection in the Information Technology and Consumer Discretionary sectors, as well as the Healthcare sector for the one-year period, and that underperformance for the three-year period was due to negative security selection in the Consumer Staples and Information Technology sectors. The Board noted LFI's continued conviction in the Fund and LFI's belief that the Fund has the ability to meet its performance objective. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed each Fund's investment management fee and expense ratio, and reviewed information comparing the investment management fee and expense ratio to those of the Morningstar peer group and category median for each Fund. Because the LVIP American Funds invest their assets in the respective master funds, LFI has agreed not to charge a management fee to the LVIP American Funds, unless they are no longer invested in a registered investment company. The LVIP American Funds incur as an expense the management fee charged by each AFIS master fund, as disclosed in the relevant underlying fund's prospectus. The Board considered that LFI charged no management fee conditioned on the master-feeder relationships for the Funds. In light of the nature, quality and extent of services provided by LFI, the Board concluded that each Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that LFI did not currently charge the Funds a management fee conditioned on the master-feeder relationships. The Board concluded that economies of scale were appropriately shared with investors.

*Profitability*. The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and noted that LFI does not currently charge the Funds a management fee, and therefore concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits.* Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class II shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for each Fund are fair and reasonable, and that the continuation of the Advisory Agreement is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 board considerations**

**<u>Multi-Asset Fund of Funds</u>**

**33 LVIP American Balanced Allocation Fund**

**35 LVIP American Growth Allocation Fund 36 LVIP American Income Allocation Fund** 

**97 LVIP American Preservation Fund 40 LVIP SSGA Conservative Index Allocation Fund 41 LVIP SSGA Moderate Index Allocation Fund 42 LVIP SSGA Moderately Aggressive Index Allocation Fund 43 LVIP Structured Conservative Allocation Fund 44 LVIP Structured Moderate Allocation Fund 45 LVIP Structured Moderately Aggressive Allocation Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") (the "Advisory Agreement") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL") and Morningstar of Broadridge Financial Solutions, Inc. ("Morningstar"), an independent provider of investment company data, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management agreements and the factors they should consider in evaluating such agreements. LFI, LNL and Morningstar provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund and LFI, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreement. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement for each Fund. In considering the renewal of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding the structure of portfolio manager compensation and compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the performance of the underlying funds. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreement.

**LVIP American Funds of Funds: LVIP American Balanced Allocation Fund, LVIP American Growth Allocation Fund, LVIP American Income Allocation Fund and LVIP American Preservation Fund**

The Board reviewed the LVIP American Balanced Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderate Allocation funds category and a custom index (Balanced Allocation Composite). The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the custom index for the one- and ten-year periods, above the return of the Morningstar peer group median and below the return of the custom index for the three-year period and the same as the return of the Morningstar peer group median and above the return of the custom index for the five-year period. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP American Growth Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderate Allocation funds category and a custom index (Growth Allocation Composite). The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the custom index for the one-, three- and ten-year periods and above the return of the Morningstar peer group median and the custom index for the five-year period. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP American Income Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderately Conservative Allocation funds category and a custom index (Income Allocation Composite). The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the custom index for the one-, three-, five- and ten-year periods. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP American Preservation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Short-Term Bond funds category and the Bloomberg U.S. Government/Credit 1-5 Year A+ Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three- and ten-year periods and below the return of the Morningstar peer group median and above the return of the benchmark index for the five-year period. The Board noted LFI's comments that the Fund's longer duration and higher quality profile differs from funds in its Morningstar category. The Board considered that the Fund changed its benchmark to the Bloomberg U.S. Government/Credit 1-5 Year A+ TR Index effective May 1, 2024. The Board noted LFI's view that the Fund's duration and quality profile are more aligned with the Bloomberg U.S. Government/Credit 1-5 year A+ TR Index and that the Fund has performed in line with LFI's expectations and market conditions. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed each Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of the Morningstar peer group and category median for each Fund. The Board considered that LFI had implemented an advisory fee waiver for each Fund through April 30, 2026. The Board noted that the net investment management fee for the LVIP American Balanced Allocation Fund and LVIP American Growth Allocation Fund was higher than the median net investment management fee of each Fund's respective Morningstar peer group and that the net expense ratio (plus acquired fund fees and expenses ("AFFE")) for each Fund was lower than the median net expense ratio (including AFFE) of each respective Morningstar peer group. The Board noted that the net investment management fee for the LVIP American Income Allocation Fund was within range of the median net investment management fee of its Morningstar peer group and that the net expense ratio (plus AFFE) for the Fund was lower than the median net expense ratio (including AFFE) of its Morningstar peer group. The Board noted that the net investment management fee for the LVIP American Preservation Fund was lower than the median net investment management fee of its Morningstar peer group and that the net expense ratio (plus AFFE) for the Fund was higher than the median net expense ratio (including AFFE) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that each Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP SSGA Index Allocation Funds of Funds: LVIP SSGA Conservative Index Allocation Fund, LVIP SSGA Moderate Index Allocation Fund and LVIP SSGA Moderately Aggressive Index Allocation Fund**

The Board reviewed the LVIP SSGA Conservative Index Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderately Conservative Allocation funds category and a custom index (Conservative Index Allocation Composite). The Board noted that the Fund's total return was the same as the return of the Morningstar peer group median and below the return of the custom index for the one-year period and below the return of the Morningstar peer group median and the custom index for the three-, five- and ten-year periods. The Board noted LFI's comments that underperformance compared to the benchmark was due to the Fund's expenses, flows via quarterly rebalancing and cash drag in the underlying funds. The Board noted LFI's view that the Fund's performance results were in line with LFI's expectations. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP SSGA Moderate Index Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderate Allocation funds category and a custom index (Moderate Index Allocation Composite). The Board noted that the Fund's total return was within range of the Morningstar peer group median and below the return of the custom index for the one-year period and below the return of the Morningstar peer group median and the custom index for the three-, five- and ten-year periods. The Board noted LFI's comments that underperformance compared to the benchmark was due to the Fund's expenses, flows via quarterly rebalancing and cash drag in the underlying funds*.* The Board noted LFI's view that the Fund's performance results were in line with LFI's expectations. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP SSGA Moderately Aggressive Index Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderate Allocation funds category and a custom index (Moderately Aggressive Index Allocation Composite). The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the custom index for the one-, three- and ten-year periods and the same as the return of the Morningstar peer group median and below return of the custom index for the five-year period. The Board noted LFI's comments that underperformance compared to the benchmark was due to the Fund's expenses, flows via quarterly rebalancing, and cash drag in the underlying funds. The Board noted LFI's view that the Fund's performance results were in line with LFI's expectations. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed each Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of the Morningstar peer group and category median for each Fund. The Board considered that LFI had implemented an expense limitation for LVIP SSGA Conservative Index Allocation Fund through April 30, 2026. The Board noted that the investment management fee for the LVIP SSGA Conservative Index Allocation Fund and LVIP SSGA Moderately Aggressive Index Allocation Fund was lower than the median net investment management fee of each Fund's respective Morningstar peer group and that the net expense ratio (plus AFFE) for each Fund was lower than the median net expense ratio (including AFFE) of each Fund's respective Morningstar peer group. The Board noted that the investment management fee for the LVIP SSGA Moderate Index Allocation Fund was higher than the median net investment management fee of the Fund's Morningstar peer group and that the net expense ratio (plus AFFE) for the LVIP SSGA Moderate Index Allocation Fund was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that each Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Structured Allocation Funds of Funds: LVIP Structured Conservative Allocation Fund, LVIP Structured Moderate Allocation Fund and LVIP Structured Moderately Aggressive Allocation Fund**

The Board reviewed the LVIP Structured Conservative Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderately Conservative Allocation funds category and a custom index (Conservative Structured Allocation Composite). The Board noted that the Fund's total return was within range of the return of the Morningstar peer group median and below the return of the custom index for the one-year period, below the return of the Morningstar peer group median and the custom index for the three- and ten-year periods and below the return of the Morningstar peer group median and above the return of the custom index for the five-year period. The Board considered that the Fund's strategy was modified in April 2023 to invest in underlying funds that employ a passive investment style, funds that employ a multi-factor strategy and exchange-traded funds. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP Structured Moderate Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderate Allocation funds category and a custom index (Moderate Structured Allocation Composite). The Board noted that the Fund's total return was above the return of the Morningstar peer group median and the custom index for the one-year period, below the return of the Morningstar peer group median and above the return of the custom index for the three-year period, the same as the return of the Morningstar peer group median and above the return of the custom index for the five-year period and below the return of the Morningstar peer group median and the custom index for the ten-year period. The Board considered that the Fund's strategy was modified in April 2023 to invest in underlying funds that employ a passive investment style, funds that employ a multi-factor strategy and exchange-traded funds. The Board concluded that the services provided by LFI were satisfactory.

The Board reviewed the LVIP Structured Moderately Aggressive Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderate Allocation funds category and a custom index (Moderately Aggressive Structured Allocation Composite). The Board noted that the Fund's total return was above the return of the Morningstar peer group median and custom index for the one-, three- and five-year periods and below the return of the Morningstar peer group median and custom index for the ten-year period. The Board considered that the Fund's strategy was modified in April 2023 to invest in underlying funds that employ a passive investment style, funds that employ a multi-factor strategy and exchange-traded funds. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee*. The Board reviewed each Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of the Morningstar peer group and category median for each Fund. The Board considered that, effective October 31, 2025, LFI will implement an expense limitation for LVIP Structured Moderate Allocation Fund through October 31, 2027. The Board noted that the investment management fee for the LVIP Structured Conservative Allocation Fund was lower than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. The Board noted that the investment management fee for the LVIP Structured Moderate Allocation Fund was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. The Board noted that the investment management fee for the LVIP Structured Moderately Aggressive Allocation Fund was lower than the median net investment fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was the same as the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that each Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability*. The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds, for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

***Conclusion*.** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for each Fund are fair and reasonable, and that the continuation of the Advisory Agreement is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**<u>Multi-Asset Subadvised Funds</u>**

**34 LVIP American Century Balanced Fund**

**37 LVIP BlackRock Global Allocation Fund**

**38 LVIP Macquarie Wealth Builder Fund**

**39 LVIP JPMorgan Retirement Income Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with the subadviser (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar of Broadridge Financial Solutions, Inc. ("Morningstar"), an independent provider of investment company data, and the subadviser, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar and the subadviser provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadviser, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of a subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance.* The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund (excluding the LVIP American Century Balanced Fund) compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category. The Board noted that Morningstar did not provide similar information for the LVIP American Century Balanced Fund as the Fund's Standard Class shares recently incepted in connection with the Fund's April 26, 2024 adoption and did not have a full year of performance. The Board further noted that LFI prepared a report for the LVIP American Century Balanced Fund evaluating the Fund's performance as discussed below. The Board referred to and reviewed the performance information included in this report.

 ****

The Board referred to information prepared by LFI evaluating each Fund's performance, including the LVIP American Century Balanced Fund as noted above. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of portfolio construction decisions. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI had delegated the day-to-day investment management of the Funds and has delegated those duties to unaffiliated subadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis, oversight of brokerage execution quality and compliance reviews. The Board concluded that LFI had appropriately reviewed and monitored the subadviser's investment performance.

***LVIP American Century Balanced Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group category and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the net expense ratio for the Fund was lower than the median net expense ratio (including acquired fund fees and expenses ("AFFE")) of its Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP BlackRock Global Allocation Fund***

 ****

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group category and category median for the Fund. The Board considered that the Fund had a breakpoint in the investment management fee schedule and that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Macquarie Wealth Builder Fund***

 

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio was the same as the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP JPMorgan Retirement Income Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Subadvisory and Sub-Subadvisory Agreement(s)</u>**

***LVIP American Century Balanced Fund***

 ****

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and American Century Investment Management, Inc. ("American Century") on behalf of the LVIP American Century Balanced Fund, the Board considered the nature, extent and quality of services provided by American Century under the subadvisory agreement. The Board reviewed the services provided by American Century, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of American Century. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the information prepared by LFI evaluating the Fund's total return compared to the total return of the Morningstar Moderate Allocation funds category and the American Century VP Balanced benchmark index. The Board noted that the Fund's total return was above the return of the Morningstar category average for the ten-year period, but below the return of the Morningstar category average for the one-, three- and five-year periods. The Board also noted the Fund's total return was below the return of the benchmark index for the one-, three-, five- and ten-year periods. The Board further noted LFI's comments that the Fund's underperformance relative to the category average and benchmark over the one- and three-year periods was primarily due to negative security selection within the Information Technology sector, and over the five-year period also within the Consumer Discretionary sector. The Board concluded that the services provided by American Century were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the management fees of funds with similar investment strategies for which American Century serves as investment adviser or subadviser. The Board considered that LFI compensates American Century from its fees and that the subadvisory fee schedule was negotiated between LFI and American Century. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. With respect to profitability, the Board considered that the subadvisory fee schedules were negotiated between LFI and American Century, which is unaffiliated with LFI, and that LFI compensates American Century from its fees. The Board reviewed materials provided by American Century as to any additional benefits it receives and noted American Century's statement that its relationship with the Fund may enhance its name recognition in the investment community and may enhance its ability to obtain research from broker-dealers or obtaining research with soft dollars.

**LVIP BlackRock Global Allocation Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and BlackRock Investment Management, LLC ("BlackRock") on behalf of the LVIP BlackRock Global Allocation Fund, the Board considered the nature, extent and quality of services provided by BlackRock under the subadvisory agreement. The Board reviewed the services provided by BlackRock, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of BlackRock. The Board considered that BlackRock uses affiliated investment advisers, as sub-subadvisers, in connection with the subadvisory services provided to the Fund. The Board also considered the investment management services that BlackRock provides to the Cayman Islands-based company, which is wholly owned by the Fund. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance*. The Board reviewed the LVIP BlackRock Global Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Global Allocation funds category and the BlackRock Global Allocation Composite Index. The Board noted that the Fund commenced operations in 2019 and that its total return was below the return of the Morningstar peer group median and the benchmark index for the one- and three-year periods and above the return of the Morningstar peer group median and the benchmark index for the five-year period. The Board concluded that the services provided by BlackRock were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule, which contains breakpoints, and the management fees of funds with similar investment strategies for which BlackRock serves as investment adviser or subadviser. The Board considered that LFI compensates BlackRock from its fees and that the subadvisory fee schedule was negotiated between LFI and BlackRock, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. With respect to profitability, the Board considered information regarding BlackRock's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement may raise its profile in the broker-dealer community, provide potential scale-related benefits, and increase analyst coverage and sales of BlackRock proprietary products and that research may be obtained with soft dollars.

**LVIP Macquarie Wealth Builder Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Delaware Investments Fund Advisers ("DIFA") on behalf of the LVIP Macquarie Wealth Builder Fund, the Board considered the nature, extent and quality of services provided by DIFA under the subadvisory agreement. The Board reviewed the services provided by DIFA, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of DIFA. The Board considered that DIFA uses affiliated investment advisers as sub-subadvisers in connection with the subadvisory services provided to the Fund. It also reviewed information provided regarding the structure of DIFA's portfolio manager compensation, trading and brokerage arrangements, risk management and compliance matters.

The Board further considered that Nomura Holding America Inc. ("Nomura") recently announced the acquisition of the U.S. and European public investments business of Macquarie Asset Management ("MAM"), including the business of DIFA, which is a subsidiary of MAM (the "Transaction"). The Board also considered that, at its September meeting, it was asked to approve a new sub-advisory agreement with DIFA, in addition to reapproving the existing sub-advisory agreement, as the Transaction would result in a change of control of DIFA upon its closing expected in the fourth quarter of 2025. The Board noted that the Transaction was not anticipated to result in any change to the investment management services provided to the Fund and that the new agreement was identical to the existing agreement, except for the effective date and necessary changes such as DIFA's name and contact information. The Board also noted that the Fund would replace "Macquarie" with "Nomura" in its name upon the closing of the Transaction.

*Performance*. The Board reviewed the LVIP Macquarie Wealth Builder Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderate Allocation funds category and a custom index (LVIP Delaware Wealth Builder Composite). The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods. The Board considered that the Fund's investment strategy and benchmark changed effective May 2017. The Board noted LFI's statement that the Fund's underperformance for the one-, three- and five-year periods was primarily due to the Fund's equity allocation, which maintained a value bias that underperformed core and growth strategies during the periods. The Board noted that at the March 2025 Board meeting, the Board approved LFI's proposal to merge the Fund into the LVIP Structured Moderate Allocation Fund during the fourth quarter of 2025. The Board concluded that the services provided by DIFA were satisfactory.

*Subadvisory Fees and Economies of Scale*. The Board reviewed the subadvisory fee schedule and the management fee of a fund with similar investment strategies for which DIFA serves as the investment adviser. The Board considered that LFI compensates DIFA from its fees and that the subadvisory fee schedule was negotiated between LFI and DIFA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding DIFA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by DIFA as to any additional benefits it receives and noted DIFA's statement that its relationship with the Fund may add to its prestige and visibility in the investment community and may make DIFA more attractive to potential separate account clients and enhance DIFA's ability to obtain research with soft dollars.

***JPMorgan Retirement Income Fund***

 ****

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and J.P. Morgan Investment Management, Inc. ("JPMorgan") on behalf of the LVIP JPMorgan Retirement Income Fund, the Board considered the nature, extent and quality of services provided by JPMorgan under the subadvisory agreement. The Board reviewed the services provided by JPMorgan, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of JPMorgan. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

 

*Performance*. The Board reviewed the LVIP JPMorgan Retirement Income Fund's total return compared to the total return of a peer group of funds included in the Morningstar Moderately Conservative Allocation funds category and the S&P Target Date Retirement Income Total Return USD Index.

The Board noted that the Fund's total return was above the return of the Morningstar peer group median for the one- and three-year periods, below the return of the Morningstar peer group median for the five- and ten-year periods, below the return of the benchmark index for the one- and ten-year periods and above the return of the benchmark index for the three- and five-year periods. The Board considered that the Fund's investment strategy and benchmark changed and that JPMorgan became subadviser effective May 1, 2017. The Board noted that LFI believes that the Fund has performed in line with LFI's expectations and market conditions. The Board concluded that the services provided by JPMorgan were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for the Fund. The Board noted that all of the Fund's assets are invested in underlying funds managed by JPMorgan, an unaffiliated third party, and its affiliates. The Board further noted that JP Morgan's contractual subadvisory fee is zero as JPMorgan receives fees for managing the underlying funds and does not manage direct portfolio investments for the Fund. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding JPMorgan's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by JPMorgan as to any additional benefits it receives and noted JPMorgan's statement that it was not aware of other direct or indirect benefits from its relationship to the Fund other than receipt of subadvisory fees and management fees from the underlying funds.

***All Funds***

***Conclusion*.** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 BOARD CONSIDERATIONS**

**<u>Multi-Asset</u>**

**<u>Target Date Funds</u>**

**46 LVIP T. Rowe Price 2020 Fund**

**47 LVIP T. Rowe Price 2030 Fund**

**48 LVIP T. Rowe Price 2040 Fund**

**49 LVIP T. Rowe Price 2050 Fund**

**50 LVIP T. Rowe Price 2060 Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with T. Rowe Price Associates, Inc. ("T. Rowe") (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc. an independent provider of investment company data and the subadviser, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreement and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar and the subadviser provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadviser, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of the subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the performance of the underlying funds. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Funds and has delegated those duties to T. Rowe, which is responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis, oversight of brokerage execution quality and compliance reviews. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed each Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for each Fund. The Board considered that LFI had implemented an expense limitation for each Fund through April 30, 2026. The Board noted that the net investment management fee for each Fund was higher than the median net investment management fee of the respective Morningstar peer group. The Board also considered that the net expense ratio (plus acquired fund fees and expenses ("AFFE")) for each Fund was higher than its respective median net expense ratio (including AFFE) of each respective Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that each Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits.* Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Subadvisory Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and T. Rowe on behalf of the Funds, the Board considered the nature, extent and quality of services provided by T. Rowe under the subadvisory agreement. The Board reviewed the services provided by T. Rowe and the reputation, resources and investment approach of T. Rowe. It also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance matters. The Board considered that each Fund had been restructured effective February 1, 2018 and that T. Rowe Price became the subadviser to each Fund on February 1, 2018. The Board concluded that the services provided by T. Rowe were satisfactory.

*Performance*. The Board reviewed the LVIP T. Rowe Price 2020 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Target-Date 2020 funds category and the S&P Target Date 2020 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one- and three-year periods and above the return of the Morningstar peer group median and the benchmark index for the five-year period.

The Board reviewed the LVIP T. Rowe Price 2030 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Target-Date 2030 funds category and the S&P Target Date 2030 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one- and three-year periods and above the return of the Morningstar peer group median and the benchmark index for the five-year period.

The Board reviewed the LVIP T. Rowe Price 2040 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Target-Date 2040 funds category and the S&P Target Date 2040 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one- and three-year periods and above the returns of the Morningstar peer group median and the benchmark index for the five-year period.

The Board reviewed the LVIP T. Rowe Price 2050 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Target-Date 2050 funds category and the S&P Target Date 2050 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one- and three-year periods and above the returns of the Morningstar peer group median and the benchmark index for the five-year period.

The Board reviewed the LVIP T. Rowe Price 2060 Fund's total return compared to the total return of a peer group of funds included in the Morningstar Target-Date 2060 funds category and the S&P Target Date 2060 Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-year period and above the return of the Morningstar peer group median and below the return of the benchmark index for the three-year period. The Board considered that the Fund commenced operations in May 2020.

*Subadvisory Fee and Economies of Scale.* The Board considered the subadvisory fee schedule, which contains a breakpoint and noted T. Rowe's statement that it does not manage comparable sub-advised funds using the same strategy as the Funds. The Board considered that LFI compensates T. Rowe from its fees and that the subadvisory fee schedule was negotiated between LFI and T. Rowe, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* With respect to profitability, the Board considered that the subadvisory fee schedule for T. Rowe was negotiated between LFI and T. Rowe, an unaffiliated third party, and that LFI compensates T. Rowe from its fees. The Board reviewed materials provided by T. Rowe as to any additional benefits it receives, and considered other benefits to T. Rowe, such as its use of equity brokerage commissions in connection with client securities transactions to pay for research from broker-dealers and independent third-parties through commission sharing arrangements.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 Board Considerations**

**32 Lincoln Opportunistic Hedged Equity Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with Milliman Financial Risk Management LLC ("Milliman") (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (the "Fund"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc., an independent provider of investment company data, and Milliman, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar, Broadridge and Milliman provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Fund, the investment performance, management fees and operating expense ratio of the Fund in comparison to other funds, the estimated profitability and/or financial condition of the Fund, LFI and Milliman, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Fund's expenses, among other matters. The Board also receives information about the Fund from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Fund is only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for the Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**Investment Management Agreement**

*Nature, Extent and Quality of Services.* In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Fund by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Fund on behalf of LFI and that LNL provides administrative services to the Fund under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

The Board considered that the Fund employed a hedged equity strategy, which utilizes a combination of exchange-traded index options and an LVIP Index Fund to track the performance of the S&P 500 Price Return Index (the "Underlying Index"). The Board concluded that the services provided by LFI were satisfactory.

*Performance.* The Board considered that the Fund has a limited performance history. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for the one-year period ended March 31, 2025. The Board also received total return information for the Fund compared to the quarterly average total return of funds in the respective Morningstar category. The Board considered that LFI actively monitors the Fund's performance through quarterly reports and works with the Investment Committee of the Board in analyzing performance issues. The Board noted management's representation that the Fund was performing as expected.

The Board considered that LFI does not manage the day-to-day investment portfolio of the Fund and has delegated those duties to Milliman. The Board noted the ongoing oversight activities performed by LFI, including review of returns and compliance reviews. The Board concluded that LFI had appropriately monitored the investment sub-advisory services Milliman provides to the Fund.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of the Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an expense limitation for the Fund through April 30, 2026. The Board noted that the net investment management fee for the Fund was the same as the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio (plus acquired fund fees and expenses ("AFFE")) was lower than the median net expense ratio of the Morningstar peer group (including AFFE). In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to the Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Fund was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Fund's Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Fund. LNL serves as the administrator for the Fund for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**Milliman Subadvisory Agreement**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Milliman on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Milliman under the subadvisory agreement. The Board reviewed the services provided by Milliman, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Milliman. It also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance.* With respect to performance, the Board considered that the Fund had a limited performance history. The Board also considered that Milliman's responsibility was to implement the stated investment strategy for the Fund and that traditional measures of performance would not be relevant in assessing Milliman's implementation of the strategy. The Board also considered a presentation by representatives of Milliman regarding the performance of the Fund. The Board concluded that the services provided by Milliman were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for Milliman. The Board considered that LFI compensates Milliman from its fees and that the subadvisory fee schedule was negotiated between LFI and Milliman, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding Milliman's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by Milliman as to any additional benefits it receives and noted that Milliman indicated that its business in the aggregate derives non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume, among them trading, operations, compliance and research and that Milliman may receive intangible benefits from association with the Fund, such as favorable publicity in relevant markets.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for the Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of the Fund.

**Lincoln Variable Insurance Products Trust 2025 board considerations**

**<u>Subadvised Managed Risk Funds</u>**

**8 LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund 9 LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreement with the subadviser (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar") of Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, and the subadviser, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar, Broadridge and the subadviser provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadviser, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of a subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement.

The Board considered that the Funds are managed with a risk management strategy using up to 20% of a Fund's net assets (the "Risk-Management Sleeve") and that at least 80% of each Fund's net assets are invested by BlackRock Investment Management, LLC ("BlackRock") in underlying funds (the "Underlying Sleeve"). The Board considered that the risk management strategy was designed to stabilize overall portfolio volatility (that is, variance in the Fund's investment returns) and reduce the downside exposure of the Fund during significant market downturns by selling (short) (i.e., hedging) positions in exchange-traded futures contracts. The Board considered that the Funds' investments in exchange-traded futures and the resulting costs limit the upside participation of the Funds in strong, increasing markets relative to unhedged funds. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by each of (i) Broadridge comparing the performance of each Fund to a managed volatility fund peer group, a benchmark index and a custom risk controlled benchmark composite; and (ii) Morningstar comparing the performance of each Fund's Underlying Sleeve to the performance of funds in a peer group of a Morningstar category underlying variable insurance products (each a "Morningstar peer group") and a benchmark index for the one-, three- and five-year periods ended March 31, 2025. The Board considered complex-wide information provided by Broadridge that assessed the overall LVIP Managed Risk Fund returns compared to the aggregate returns of managed volatility funds from variable annuity sponsors and risk control benchmarks and peer group performance information provided by Broadridge. The Board also considered an impact analysis provided by LFI of the overlay/cash positions on the overall portfolio performance.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category, a benchmark index and a custom risk controlled benchmark composite for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of the volatility management strategy. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI has delegated day-to-day portfolio management of each Fund's Risk-Management Sleeve to Milliman Financial Risk Management LLC ("Milliman") and noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis, and monitoring of the implementation of the risk management overlay model. The Board concluded that LFI had appropriately reviewed and monitored Milliman's performance.

The Board considered that LFI has delegated the day-to-day investment management of each Fund's Underlying Sleeve to an unaffiliated subadviser responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis and compliance reviews. The Board concluded that LFI had appropriately reviewed and monitored the subadviser's investment performance.

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

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus acquired fund fees and expenses ("AFFE")) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group and that the Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability.* The Board considered that the subadvised assets of the LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund and the LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund are combined for purposes of calculating the subadvisory fees LFI pays to BlackRock. The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

Fallout Benefits. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**Risk-Management Sleeve - Subadvisory Agreement**

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

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and Milliman on behalf of each of the Funds, the Board considered the nature, extent and quality of services provided by Milliman under the subadvisory agreement. The Board reviewed the services provided by Milliman, the background of the investment professionals servicing the Fund and the reputation, resources and subadvisory experience of Milliman. It also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance.* The Board considered that Milliman's responsibility was to implement trading based on the managed risk model and that traditional measures of performance would not be relevant in assessing Milliman's implementation of the model. The Board also considered a presentation by representatives of Milliman regarding the performance of the Funds subadvised by Milliman as well as presentations made by LFI management dedicated to analysis of the Risk-Management Sleeve. The Board concluded that the services provided by Milliman were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board considered the subadvisory fee schedule for Milliman. The Board considered that LFI compensates Milliman from its fees and that the subadvisory fee schedule was negotiated between LFI and Milliman, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* The Board considered information regarding Milliman's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by Milliman as to any additional benefits it receives and noted that Milliman indicated that its business in the aggregate derives non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume, among them trading, operations, compliance and research and that Milliman may receive intangible benefits from association with the Funds such as favorable publicity in relevant markets.

**<u>Underlying Sleeve - Subadvisory Agreement</u>**

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

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and BlackRock on behalf of the Fund, the Board considered the nature, extent and quality of services provided by BlackRock under the subadvisory agreement. The Board reviewed the services provided by BlackRock, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of BlackRock. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadviser manages the Underlying Fund Sleeve of each Fund. The Board reviewed the performance of the LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the BlackRock U.S. Growth ETF Allocation Index, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve, to peer group information of funds included in the Morningstar Moderate Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by BlackRock to the Fund were satisfactory.

The Board also reviewed the performance of the LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund. In its review, the Board considered the total return and standard deviation data provided by Broadridge comparing the performance of the Fund to a managed volatility fund peer group, the Fund's custom benchmark index, the BlackRock U.S. Growth ETF Allocation Index, and a custom risk controlled benchmark composite; and Morningstar comparing the performance of the Fund's Underlying Sleeve, to peer group information of funds included in the Morningstar Moderate Allocation funds category and the Fund's custom benchmark index. The Board concluded that the services provided by BlackRock to the Fund were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board considered the LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund's subadvisory fee schedule, which contains a breakpoint, and noted BlackRock's statement that it advised no comparable registered funds using the same strategy with the same benchmark by the same portfolio management team. The Board considered that LFI compensates BlackRock from its fees and that the subadvisory fee schedule was negotiated between LFI and BlackRock, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

The Board considered the LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund's subadvisory fee schedule, which contains a breakpoint, and noted BlackRock's statement that it advised no comparable registered funds using the same strategy with the same benchmark by the same portfolio management team. The Board considered that LFI compensates BlackRock from its fees and that the subadvisory fee schedule was negotiated between LFI and BlackRock, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* The Board noted that the subadvisory fee schedules were negotiated between LFI and BlackRock, an unaffiliated third party, and that LFI compensates BlackRock from its fees. The Board reviewed materials provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement may raise its profile in the broker-dealer community, provide potential scale-related benefits, and increase analyst coverage and sales of BlackRock proprietary products. The Board also noted that BlackRock stated that it receives a unitary management fee from the underlying BlackRock sponsored funds in which the Funds invest and the subadvisory fee.

**<u>For All Funds</u>**

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 board considerations**

**<u>Subadvised Managed Volatility Funds</u>**

**12 LVIP SSGA Global Tactical Allocation Managed Volatility Fund 13 LVIP BlackRock Dividend Value Managed Volatility Fund 14 LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund** 

**15 LVIP Blended Large Cap Growth Managed Volatility Fund 20 LVIP American Century Select Mid Cap Managed Volatility Fund 21 LVIP Blended Mid Cap Managed Volatility Fund 22 LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund 25 LVIP Franklin Templeton Global Equity Managed Volatility Fund**

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") and (ii) the renewal of the subadvisory agreements with various subadvisers (collectively, with the investment management agreement, the "Advisory Agreements") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL"), Morningstar ("Morningstar"), of Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, and the subadvisers, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management and subadvisory agreements and the factors they should consider in evaluating such agreements. LFI, LNL, Morningstar, Broadridge and the subadvisers provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund, LFI and the subadvisers, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements for each Fund. In considering the renewal of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**<u>Investment Management Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources and LFI's criteria for review of a subadviser's performance. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement.

The Board considered that the Funds are managed with a managed volatility overlay using up to 20% of a Fund's net assets (the "Managed Volatility Sleeve"). The managed volatility strategy consists of selling (short) and buying (long) positions in exchange-traded futures contracts to manage overall portfolio volatility and seeks to reduce the impact on a Fund's portfolio of significant market downturns during periods of high volatility. The remaining 80-100% of the Fund's net assets is managed by a subadviser according to the investment mandate (the "Underlying Sleeve"). The Board considered that the Funds' investments in exchange-traded futures and the resulting costs limit the upside participation of the Funds in strong, increasing markets relative to unhedged funds. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by each of (i) Broadridge comparing the performance of each Fund to a managed volatility fund peer group and risk controlled benchmark; and (ii) Morningstar comparing the performance of each Fund's Underlying Sleeve to the performance of funds in a peer group of a Morningstar category underlying variable insurance products (each a "Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board considered complex-wide information provided by Broadridge that assessed the overall LVIP Managed Volatility Fund returns compared to the aggregate returns of managed volatility funds from variable annuity sponsors and risk control benchmarks and peer group performance information by Broadridge. The Board also considered an impact analysis provided by LFI of the overlay cash positions on the overall portfolio performance.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the impact of the volatility management strategy. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreements.

The Board considered that LFI has delegated day-to-day portfolio management of the Managed Volatility Sleeve to Schroder Investment Management North America Inc. ("SIMNA") and noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis and monitoring the implementation of the volatility management overlay model. The Board also considered presentations made by LFI management and SIMNA dedicated to an overview of the Funds and analysis of the Managed Volatility Sleeve. The Board concluded that LFI had appropriately reviewed and monitored SIMNA's performance.

The Board considered that LFI has delegated the day-to-day investment management of the Underlying Sleeve to unaffiliated subadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LFI, including review of returns on a relative and absolute basis and compliance reviews. The Board concluded that LFI had appropriately reviewed and monitored the subadviser's investment performance.

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio (plus acquired fund fees and expenses ("AFFE")) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP BlackRock Dividend Value Managed Volatility Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and expense limitation through August 1, 2027 and August 30, 2027, respectively. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver and expense limitation through April 30, 2026. The Board noted that the net investment management fee was higher than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was lower than the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Blended Large Cap Growth Managed Volatility Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was within range of the median net expense ratio of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had a breakpoint in the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

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

*Management Fee*. The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was within range of the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Blended Mid Cap Managed Volatility Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

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

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was within range of the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented a partial advisory fee waiver through April 30, 2026. The Board noted that the net investment management fee was the same as the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpoints in the investment management fee schedule. The Board concluded that economies of scale were appropriately shared with investors.

***All Funds***

 ****

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits.* Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

**<u>Managed Volatility Sleeve - Subadvisory and Sub-Subadvisory Agreement</u>**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and SIMNA on behalf of each Fund, the Board considered the nature, extent and quality of services provided by SIMNA under the subadvisory agreement. The Board reviewed the services provided by SIMNA, the background of the investment professionals servicing the Fund and the reputation, resources and subadvisory experience of SIMNA. The Board considered that SIMNA uses an affiliated investment adviser, SIMNA Ltd., as sub-subadviser, in connection with the subadvisory services provided to the Fund. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading practices, risk management and compliance matters.

*Performance*. The Board considered that SIMNA's responsibility was to implement the volatility control strategy and that traditional measures of performance would not be relevant in assessing SIMNA's implementation of the strategy. The Board also considered that the strategy is intended to manage overall portfolio volatility and seeks to reduce the impact on the Fund's portfolio of significant market downturns during periods of high volatility. The Board also considered a presentation by representatives of SIMNA regarding the performance of the Funds subadvised by SIMNA as well as presentations made by LFI management dedicated to analysis of the Managed Volatility Sleeve. The Board concluded that the services provided by SIMNA were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board considered the subadvisory fee schedule for SIMNA. The Board considered that LFI compensates SIMNA from its fees and that the subadvisory fee schedule was negotiated between LFI and SIMNA, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding SIMNA's estimated profitability from providing subadvisory services to the Funds. The Board reviewed materials provided by the SIMNA as to any additional benefits it would receive and noted SIMNA's statement that the engagement may attract broker-dealers or investment advisers who may offer SIMNA the opportunity to participate in other lines of business, such as subadvisory, separate account wrap programs or model manager programs.

**<u>Underlying Sleeve - Subadvisory Agreement</u>**

**LVIP SSGA Global Tactical Allocation Managed Volatility Fund**

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and SSGA Funds Management, Inc. ("SSGA") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by SSGA under the subadvisory agreement. The Board reviewed the services provided by SSGA, the background of the investment professionals servicing the Fund, and the reputation, resources and investment approach of SSGA. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadviser manages the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Moderate Allocation funds category and a custom index (Global Tactical Allocation Composite). The Board concluded that the services provided by SSGA were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule, which includes a breakpoint, and noted SSGA's statement that it advised no comparable registered funds using the same strategies. The Board considered that LFI compensates SSGA from its fees and that the subadvisory fee schedule for the Fund was negotiated between LFI and SSGA, an unaffiliated third party. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits.* The Board considered information regarding SSGA's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by SSGA as to any additional benefits it receives and noted that SSGA indicated that it indirectly benefits from association with the Fund in the marketplace and its ability to leverage resources.

**LVIP BlackRock Dividend Value Managed Volatility Fund**

*Nature, Extent and Quality of Services*. In considering the renewal of the subadvisory agreement between LFI and BlackRock Investment Management, LLC ("BlackRock") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by BlackRock under the subadvisory agreement. The Board reviewed the services provided by BlackRock, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of BlackRock. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadviser manages the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Large Value funds category and the Russell 1000 Value Total Return USD Index*.* The Board concluded that the services provided by BlackRock were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board considered the Fund's subadvisory fee schedules, one of which contains breakpoints, and noted BlackRock's statement that it advised no comparable registered funds using the same strategies with the same portfolio management team and benchmark as the Fund. The Board considered that LFI compensates BlackRock from its fees and that the subadvisory fee schedules were negotiated between LFI and BlackRock, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* The Board considered information regarding BlackRock's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement may raise its profile in the broker-dealer community, provide potential scale-related benefits, increase analyst coverage and sales of BlackRock proprietary products and that research may be obtained with soft dollars which may be used to manage other accounts.

**LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund**

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and ClearBridge Investments, LLC ("ClearBridge") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by ClearBridge under the subadvisory agreement. The Board reviewed the services provided by ClearBridge, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of ClearBridge. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

In considering the renewal of the subadvisory agreement between LFI and Franklin Advisers, Inc. ("Franklin") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Franklin under the subadvisory agreement. The Board reviewed the services provided by Franklin, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of Franklin. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadvisers manage the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve of the Fund to a peer group of funds in the Morningstar Large Blend funds category and the S&P 500 Total Return USD Index. The Board concluded that the services provided by ClearBridge and Franklin were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule for ClearBridge, which contains breakpoints, and the fees charged to other clients in similar strategies. The Board also reviewed the subadvisory fee schedule for Franklin, which contains breakpoints, as well as the fees charged to another fund by Franklin. The Board considered that LFI compensates ClearBridge and Franklin from its fees and that the subadvisory fee schedules were negotiated between LFI and ClearBridge and Franklin, respectively, which are unaffiliated with LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* With respect to ClearBridge's profitability, the Board considered ClearBridge's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by ClearBridge as to any additional benefits it receives and noted ClearBridge's statement that its relationship with the Fund may enhance its name recognition in the investment community, allow for more favorable trade execution, provide additional access to the new issue market and research, which may positively affect ClearBridge's ability to serve the Fund and other clients and considered that ClearBridge obtains research with soft dollars.

With respect to Franklin's profitability, the Board considered that the subadvisory fee schedule for Franklin was negotiated between LFI and Franklin, which is unaffiliated with LFI, and that LFI compensates Franklin from its fees. The Board reviewed materials provided as to any additional benefits it receives and noted Franklin's statement that it may receive reputational benefits from its association with LFI and considered that Franklin may receive research and services with soft dollars related to brokerage commissions by the Fund that may be shared with advisory affiliates.

**LVIP Blended Large Cap Growth Managed Volatility Fund**

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and Goldman Sachs Asset Management, L.P. ("GSAM") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by GSAM under the subadvisory agreement. The Board reviewed the services provided by GSAM, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of GSAM. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

In considering the renewal of the subadvisory agreement between LFI and AllianceBernstein L.P. ("AB") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by AB under the subadvisory agreement. The Board reviewed the services provided by AB, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of AB. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadvisers manage a portion of the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Large Growth funds category and the Russell 1000 Growth Total Return USD Index. The Board considered that GSAM had subadvised the Fund since May of 2017 and that AB had subadvised the Fund since April of 2021. The Board concluded that the services provided by the subadvisers were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule for GSAM, which contains breakpoints, and noted GSAM's statement that it advised no comparable registered funds using the same strategy. The Board also reviewed the subadvisory fee schedule for AB, which contains breakpoints, and fees charged to another client with a similar strategy. The Board considered that LFI compensates GSAM and AB from its fees and that the subadvisory fee schedules were negotiated between LFI and GSAM and AB, respectively, which are unaffiliated with LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* For the Underlying Sleeve subadvised by GSAM, the Board considered information regarding GSAM's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by GSAM as to any additional benefits it receives and noted GSAM's statement that it may receive improved trading efficiencies resulting from aggregated orders with other accounts and that an affiliated broker may receive commissions for executing certain trades for the Fund and potential economies of scale.

For the Underlying Sleeve subadvised by AB, the Board considered information regarding AB's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by AB as to any additional benefits it receives and noted AB's statement that it identified no fall-out benefits from its relationship to the Fund and that it obtains research with soft dollars.

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

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and American Century Investment Management, Inc. ("American Century") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by American Century under the subadvisory agreement. The Board reviewed the services provided by American Century, the background of the investment professionals servicing the Fund, and the reputation, resources and investment approach of American Century. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadviser manages the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve of the Fund to a peer group of funds in the Morningstar Mid-Cap Value funds category and the Russell Mid Cap Value Total Return USD Index. The Board concluded that the services provided by American Century were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedules, which include breakpoints, and the fees charged to other clients advised by American Century. The Board considered that LFI compensates American Century from its fees and that the subadvisory fee schedules for the Fund were negotiated between LFI and American Century, which is unaffiliated with LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* With respect to profitability, the Board considered that the subadvisory fee schedules were negotiated between LFI and American Century, which is unaffiliated with LFI, and that LFI compensates American Century from its fees. The Board reviewed materials provided by American Century as to any additional benefits it receives and noted American Century's statement that its relationship with the Fund may enhance its name recognition in the investment community and may enhance its ability to obtain research from broker-dealers or obtaining research with soft dollars.

**LVIP Blended Mid Cap Managed Volatility Fund**

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and T. Rowe Price Associates, Inc. ("T. Rowe") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by T. Rowe under the subadvisory agreement. The Board reviewed the services provided by T. Rowe, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of T. Rowe. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

In considering the renewal of the subadvisory agreement between LFI and Massachusetts Financial Services Company ("MFS") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by MFS under the subadvisory agreement. The Board reviewed the services provided by MFS, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of MFS. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadvisers manage the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Mid-Cap Growth funds category and the Russell Mid Cap Growth Total Return USD Index. The Board considered that T. Rowe had subadvised the Fund since February 2016 and that MFS had subadvised the Fund since November 2018. The Board concluded that the services provided by the subadvisers were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board reviewed the subadvisory fee schedule for T. Rowe, which contains breakpoints, as well as the fees charged to a comparable account. The Board also reviewed the subadvisory fee schedule for MFS, which contains breakpoints, as well as the fees charged to comparable clients managed by MFS. The Board considered that LFI compensates T. Rowe and MFS from its fees and that the subadvisory fee schedules were negotiated between LFI and T. Rowe and MFS, respectively, which are unaffiliated with LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* For the Underlying Sleeve subadvised by T. Rowe, the Board considered that the subadvisory fee schedule for T. Rowe, which contains breakpoints, was negotiated between LFI and T. Rowe, which is unaffiliated with LFI, and that LFI compensates T. Rowe from its fees. The Board reviewed materials provided by T. Rowe as to any additional benefits it receives and noted that T. Rowe obtains research with soft dollars.

For the Underlying Sleeve subadvised by MFS, the Board considered information regarding MFS's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by MFS as to any additional benefits it receives and noted that MFS could potentially realize a benefit from the relationship with the Fund by being awarded future or increased mandates or obtaining research services in connection with trading client assets.

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

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreement between LFI and J.P. Morgan Investment Management, Inc. ("JPMorgan") on behalf of the Fund, the Board considered the nature, extent and quality of services provided by JPMorgan under the subadvisory agreement. The Board reviewed the services provided by JPMorgan, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of JPMorgan. It also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadviser manages the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Mid-Cap Value funds category and the Russell Mid Cap Value Total Return USD Index. The Board concluded that the services provided by JPMorgan were satisfactory.

*Subadvisory Fee and Economies of Scale*. The Board reviewed the subadvisory fee schedule for the Fund and noted JP Morgan's statement that it advised no similar funds. The Board considered that LFI compensates JPMorgan from its fees and that the subadvisory fee schedule was negotiated between LFI and JPMorgan, which is unaffiliated with LFI. The Board concluded that the subadvisory fees for the Fund were reasonable.

*Profitability and Fallout Benefits*. The Board considered information regarding JPMorgan's estimated profitability from providing subadvisory services to the Fund. The Board reviewed materials provided by JPMorgan as to any additional benefits it receives and noted JPMorgan's statement that it was not aware of other direct or indirect benefits from its relationship to the Fund other than receipt of subadvisory fees and considered that JPMorgan obtains broker proprietary research in connection with trading subadvised accounts.

**LVIP Franklin Templeton Global Equity Managed Volatility Fund**

*Nature, Extent and Quality of Services.* In considering the renewal of the subadvisory agreements between LFI and Templeton Investment Counsel, LLC, Franklin Advisers, Inc., and Franklin Mutual Advisers, LLC (together, the "Franklin Templeton Advisers"), each on behalf of the Fund, the Board considered the nature, extent and quality of services provided by the Franklin Templeton Advisers under each of the subadvisory agreements. The Board reviewed the services provided, the background of the investment professionals servicing the Fund and the reputation, resources and investment approach of the Franklin Templeton Advisers. The Board also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

*Performance.* The Board considered that the subadvisers manage the Underlying Sleeve. In its review of performance, the Board considered the total return, standard deviation, and Sharpe ratio data provided by Morningstar comparing the performance of the Underlying Sleeve to a peer group of funds in the Morningstar Global Large-Stock Blend funds category and the MSCI World Net Return USD Index. The Board concluded that the services provided by the Franklin Templeton Advisers were satisfactory.

*Subadvisory Fee and Economies of Scale.* The Board considered the subadvisory fee schedules, three of which contain breakpoints, and noted the statement by the Franklin Templeton Advisers that it does not subadvise other portfolios with similar strategies. The Board considered that LFI compensates the Franklin Templeton Advisers from its fees and that the subadvisory fee schedules were negotiated between LFI and the Franklin Templeton Advisers, which are unaffiliated with LFI. The Board concluded that the subadvisory fees were reasonable.

*Profitability and Fallout Benefits.* With respect to profitability, the Board considered that the subadvisory fee schedules were negotiated between LFI and Franklin Templeton Advisers, which are unaffiliated with LFI, and that LFI compensates the Franklin Templeton Advisers from its fees. The Board reviewed materials provided by the Franklin Templeton Advisers as to any additional benefits they receive and noted their statement that they may receive reputational benefits from their association with LFI and considered that the Franklin Templeton Advisers may receive research and services with soft dollars related to brokerage commissions by the Fund that may be shared with advisory affiliates.

***For All Funds***

 ****

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of each Fund.

**Lincoln Variable Insurance Products Trust 2025 board considerations**

**<u>Vanguard Funds</u>**

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| | |
|:---|:---|
| **67** | **LVIP Vanguard Domestic Equity ETF Fund** |
| **92** | **LVIP Vanguard International Equity ETF Fund** |
| **102** | **LVIP Vanguard Bond Allocation Fund** |

---

**Background**

On August 15 and September 9-10, 2025, the Board of Trustees (the "Board") of Lincoln Variable Insurance Products Trust (the "Trust") met to consider, among other things, the renewal of the investment management agreement between the Trust and Lincoln Financial Investments Corporation ("LFI") (the "Advisory Agreement") for series of the Trust (each, a "Fund" and collectively, the "Funds"). The trustees of the Trust who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") had requested and reviewed materials provided by LFI, Lincoln National Life Insurance Company ("LNL") and Morningstar of Broadridge Financial Solutions, Inc. ("Morningstar"), an independent provider of investment company data, prior to and during the meetings, and had reviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investment management agreements and the factors they should consider in evaluating such agreements. LFI, LNL and Morningstar provided information to the Independent Trustees regarding the nature, extent and quality of services provided to the Funds, the investment performance, management fees and operating expense ratio of each Fund in comparison to other funds, the estimated profitability and/or financial condition of each Fund and LFI, and compliance and regulatory matters. After reviewing the information, the Independent Trustees requested and received supplemental information. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Trust officers and LNL employees to consider the renewal of the Advisory Agreement. The Board was assisted in its evaluation by the Investment Committee of the Board, which meets with LFI quarterly and monitors investment performance, and by the Audit Committee of the Board, which meets with LFI quarterly and monitors the Funds' expenses, among other matters. The Board also receives information about the Funds from LFI and LNL throughout the year in connection with the regular quarterly Board meetings. The Board considered that the Funds are only offered to contract owners of variable annuities and variable life insurance policies.

The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement for each Fund. In considering the renewal of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

*Nature, Extent and Quality of Services*. In considering the renewal of the investment management agreement with LFI, the Board considered the nature, extent and quality of services provided to the Funds by LFI, including LFI personnel and resources. The Board reviewed the services provided by LFI in serving as investment adviser, including the background of the personnel providing the investment management services. It also reviewed information provided regarding the structure of portfolio manager compensation and compliance and regulatory matters. The Board also considered that certain LNL personnel provide services to the Funds on behalf of LFI and that LNL provides administrative services to the Funds under an administration agreement. The Board concluded that the services provided by LFI were satisfactory.

*Performance*. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided by Morningstar for the standard class of each Fund compared to the median performance of funds in a peer group of a Morningstar category underlying variable insurance products ("Morningstar peer group") and a benchmark index for various periods ended March 31, 2025. The Board also received total return information for each Fund compared to the quarterly average total return of funds in the respective Morningstar category.

The Board referred to information prepared by LFI evaluating each Fund's performance. These reports include performance information for each Fund (including total return, standard deviation and Sharpe ratio) compared to the average performance of the respective Morningstar category and a benchmark index for various periods and commentary regarding the factors believed to have impacted the Fund's performance, such as market conditions and the performance of the underlying funds. The Board considered that LFI actively monitors the Funds' performance and works with the Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factors that it considers in evaluating the renewal of the Advisory Agreement.

**LVIP Vanguard Domestic Equity ETF Fund**

The Board reviewed the LVIP Vanguard Domestic Equity ETF Fund's total return compared to the total return of a peer group of funds included in the Morningstar Large Blend funds category and the Russell 3000 Total Return USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-, five- and ten-year periods and below the return of the Morningstar peer group median and the return of the benchmark index for the three-year period.

The Board noted LFI's comments that underperformance relative to the benchmark over the one- and three-year periods was partially due to fees associated with investing in the underlying ETFs, and that a modest underweight allocation to Mega Cap securities detracted from benchmark relative returns. With respect to the five-year period, the Board noted LFI's comments that underperformance relative to the benchmark was primarily due to fees associated with investing in the underlying ETFs. The Board noted LFI's view that the Fund has performed in line with LFI's expectations given sector and factor differences relative to the benchmark. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio (plus acquired fund fees and expenses ("AFFE")) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

***LVIP Vanguard International Equity ETF Fund***

 ****

The Board reviewed the LVIP Vanguard International Equity ETF Fund's total return compared to the total return of a peer group of funds included in the Morningstar Foreign Large Blend funds category and the MSCI ACWI Ex USA NR USD Index. The Board noted that the Fund's total return was above the return of the Morningstar peer group median and below the return of the benchmark index for the one-year period, below the return of the Morningstar peer group median and the benchmark index for the three- and five-year periods and below the return of the Morningstar peer group and within range of the benchmark index for the ten-year period. The Board noted LFI's comments that the performance difference relative to the benchmark index was driven by fees as well modest sector and country differences, and that the performance difference compared to peers was due to greater exposure to emerging markets. The Board noted LFI's belief that the Fund performance is as expected and consistent with market conditions. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board considered that LFI had implemented an advisory fee waiver for the Fund through April 30, 2026. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**LVIP Vanguard Bond Allocation Fund**

The Board reviewed the LVIP Vanguard Bond Allocation Fund's total return compared to the total return of a peer group of funds included in the Morningstar Intermediate Core Bond funds category and the Bloomberg US Aggregate Bond Total Return USD Index. The Board noted that the Fund's total return was below the return of the Morningstar peer group median and the benchmark index for the one-, three- and ten-year periods and below the return of the Morningstar peer group median and above the return of the benchmark index for the five-year period. The Board further noted that the Fund's historical performance was in line with LFI's expectations and consistent with market conditions and portfolio positioning. The Board concluded that the services provided by LFI were satisfactory.

*Management Fee.* The Board reviewed the Fund's investment management fee and expense ratio and reviewed information comparing the investment management fee and expense ratio to those of the Morningstar peer group and category median for the Fund. The Board noted that the net investment management fee was lower than the median net investment management fee of the Morningstar peer group. The Board also considered that the Fund's net expense ratio (plus AFFE) was lower than the median net expense ratio (including AFFE) of the Morningstar peer group. In light of the nature, quality and extent of services provided by LFI, the Board concluded that the Fund's investment management fee was reasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board concluded that economies of scale were appropriately shared with investors.

**All Funds**

*Profitability*. The Board also reviewed the estimated profitability of LFI with respect to each Fund individually and the Funds overall and concluded that the estimated profitability of LFI in connection with the management of the Funds was not unreasonable.

*Fallout Benefits*. Because of its relationship with the Trust, LFI and its affiliates receive certain benefits. The Board reviewed materials provided by LFI as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Funds' Service Class shares through Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Funds. LNL serves as the administrator for the Funds, for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible to claim on their tax returns "dividends received deductions" in connection with dividends received from LVIP Funds by the Lincoln Insurance Companies holding Fund shares on behalf of contract holders.

*Conclusion*. Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for each Fund are fair and reasonable, and that the continuation of the Advisory Agreement is in the best interests of each Fund.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
 effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based
 on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and
 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over
 financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the
 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is [attached hereto](fp0097558-1_ex99code.htm).

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 – [attached hereto](fp0097558-1_ex99cert.htm).

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002
 – [attached hereto](fp0097558-1_ex99906cert.htm) .

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Lincoln Variable Insurance Products Trust |
| By (Signature and Title) | /s/ John Morriss |
|  | John Morriss, President |
|  | (principal executive officer) |
| Date: | February 24, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John Morriss |
|  | John Morriss, President |
|  | (principal executive officer) |
| Date: | February 24, 2026 |
| By (Signature and Title) | /s/ James Hoffmayer |
|  | James Hoffmayer, Chief Accounting Officer |
|  | (principal financial officer) |
| Date: | February 24, 2026 |

---

## Ex-99.Code

---

| | |
|:---|:---|
| ![](fp0097558-1_01.jpg) | **Exhibit A** |

---

**Lincoln Financial Investments Corporation**

**and**

**Lincoln Mutual Funds**

**Code of Ethics**

*Rules for Employee Investing*

 

September 2015

Revised February 28, 2018

Revised April 10, 2023

Revised June 7, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

Lincoln Financial Investments Corporation ("LFI") and the Lincoln Funds have adopted this Code of Ethics (this "Code"). This Code documents how the Lincoln organization seeks to prevent personal securities transactions and other investment activities from impacting LFI "*Clients*," which includes:

● The Lincoln Funds;

● The private funds and insurance company separate accounts offered by affiliated life insurance companies; and

● Firms that offer LFI model portfolios.

This Code sets forth general fiduciary standards and standards of business conduct that govern the personal investment activities of "*Supervised Persons*." Supervised Persons have a duty to act fairly, honestly, and in the best interests of Clients, including the Funds.

This Code also complies with the regulatory requirements of Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act").

Each Supervised Person is expected to understand and abide by this Code as a condition of such person's association with Lincoln. This Code is being delivered to each Supervised Person for his or her reference. Any changes to this Code also will be provided to each Supervised Person. Each Supervised Person will be required to acknowledge receipt and acceptance of this Code upon becoming an Supervised Person, then on an annual basis, or at the time of any amendments.

---

| |
|:---|
| **Questions About This Code of Ethics**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If you have any question about this Code, you should contact the Code's Compliance Officer at:<br>● Jack.Weston@lfg.com; or<br> ● (603) 226-5457  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Statement of General Principles** 

LFI and the Funds adopt the following general principles to guide your actions as an Supervised Person:

● You have a duty to place the interests of Clients first.

● You must avoid conduct that creates an actual or potential conflict of interest with Clients.

● You must not take inappropriate advantage of your position at Lincoln.

● You must comply with the Applicable Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **General Standards of Conduct** 

*Personal Trading Is a Privilege*. Lincoln considers personal trading to be a privilege, not a right. When making personal investment decisions, Supervised Persons must exercise extreme care to ensure that the prohibitions of this Code are not violated. Supervised Persons should conduct their personal investing to eliminate the possibility that their time and attention are devoted to their personal investments at the expense of time and attention that should be devoted to their duties at Lincoln.

*No Excessive Trading*. Excessive or inappropriate trading ("excessive trading") that interferes with job performance or compromises the duty that LFI owes to its Clients is not permitted. An unusually high level of personal trading is strongly discouraged and may be monitored by the Code's Compliance Officer or designee and reported to Lincoln senior management. A pattern of excessive trading may lead to disciplinary action.

 

*No Insider Trading*. Applicable Federal Securities Laws also prohibit any Supervised Person from purchasing or selling, directly or indirectly, any security based on material, non-public information (often referred to as "MNPI") received from any source or communicating this information to others.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) "*Access Person*" means (i) any trustee, director, officer, partner or Advisory Person of LFI or the Funds, and (ii)
other persons as designated by the Code's Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) "*Advisory Person*" of LFI or the Funds means (i) any trustee, director, officer, partner or employee of LFI or the
Funds (or of any company in a control relationship to LFI or the Funds) who, in connection with his or her regular functions or duties,
makes, participates in, or obtains information regarding the purchase or sale of a Covered Security by a Client (including the writing
of an option to purchase or sell a Covered Security), or whose functions relate to the making of any recommendations with respect to such
purchases or sales; (ii) any natural person in a control relationship to LFI or the Funds who obtains information concerning recommendations
made to a Client with regard to the purchase or sale of Covered Securities by the Clients; and (iii) any Supervised Person who (a) has
access to nonpublic information regarding a Client's purchase or sale of securities, (b) is involved in making securities recommendations,
(c) who has access to securities recommendations which are nonpublic, or (d) has access to nonpublic information regarding the portfolio
holdings of any Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) "*Applicable Federal Securities Laws*" means the Securities Act of 1933, the Securities Exchange Act of 1934, the
Sarbanes-Oxley Act of 2002, the 1940 Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission
("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted
thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) "*Automatic Investment Plan*" means a program in which regular periodic purchases (or withdrawals) are made automatically
in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend
reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) "*Beneficial Ownership*" is to be determined in the same manner as it is for purposes of Section 16 of the Securities
Exchange Act of 1934. A person should consider himself or herself the beneficial owner of securities in which he/she has a direct or indirect
pecuniary interest. In addition, a person should consider himself or herself the beneficial owner of securities held by his or her spouse,
domestic partner, dependent children, any person who shares his/her home, or other persons (including trusts, partnerships, corporations
and other entities) by reason of any contract, arrangement, understanding or relationship that provides him or her with sole or shared
voting or investment power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) "*Control*" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act, which defines "control"
as the power to exercise a controlling influence over the management or policies of a company. The issue of influence or control is a
question of fact, which must be determined based on all relevant facts and circumstances. Any person who owns beneficially, either directly
or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company.
The Code's Compliance Officer should be informed of any accounts for which an Access Person is considered a "beneficial owner"
but where the Access Person has no direct or indirect influence or control, such as (i) accounts in which full investment discretion has
been granted to an outside bank, investment adviser or trustee and where neither the Access Person nor any close relative participates
in the investment decisions or is informed in advance of transactions ()"*Blind Accounts* "), or (ii) accounts of close
relatives where the circumstances clearly demonstrate that there is no risk of influence or control by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) "*Covered Security*" shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, and generally
includes:

● Equity (publicly traded and restricted) securities;

● Fixed-income securities;

● Exchange-traded funds;

● Lincoln Funds;

● Variable annuity contracts and variable life insurance policies with underlying separate accounts that invest in Lincoln Funds;

● Derivatives (*e.g.*, options, futures, forwards, and swaps);

● Commodities; and

● Stock options.

Covered Security shall *not* include:

● Stock (publicly traded and restricted) of Lincoln National Corporation; <sup>1</sup>

● Shares of mutual funds that are not Lincoln Funds;

● Variable annuity contracts and variable life insurance policies with underlying separate accounts that do not invest in Lincoln Funds;

● Securities held through 529 plans (both prepaid college tuition plans and college savings plans);

● Direct obligations of the Government of the United States;

● Bankers' acceptances;

● Bank certificates of deposit and savings accounts;

● Commercial paper and high-quality short-term debt instruments, including repurchase agreements; and

● Cryptocurrency. <sup>2</sup>

<sup>1</sup> LFI Clients, including the Funds other than index funds, are prohibited from investing directly in securities of Lincoln National Corporation.

<sup>2</sup> LFI Clients, including the Funds, are generally not permitted to invest in cryptocurrencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) "*De Minimis Purchases or Sales*" shall mean purchases or sales by Access Persons of
up to: (1) $5,000 USD in Covered Securities per day that are traded for a Client's account, or (2) 500 shares during a 30-day period
of (i) stock in a company that is in the Standard and Poor's 500 Index or (ii) an ETF listed on Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) "*Independent Trustee*" means any Fund Trustee who is not "an interested person" of the Fund within the
meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) "*Managed Account*" means an account that is professionally managed through a wrap program. An example of a managed
account would be a professionally advised account about which the Access Person will not be consulted or have any input on specific transactions
placed by the investment manager prior to their execution. **Managed Accounts require pre-approval from the Code's Compliance Officer prior to starting up the account** and the Code's Compliance Officer may require additional information including, but not limited
to, information regarding the relationship between the Access Person and the manager of such account. The Code's Compliance Officer
will consider the facts and circumstances of the account, including the functions and duties of Access Persons, when approving or denying
such accounts. In addition, preclearance is exempt with Managed Accounts, however, all trades still require reporting and duplicate statements
and confirmations are required to be sent to the Code's Compliance Officer. Trades initiated by the wrap manager are exempt from
preclearance. All trades initiated by Access Persons require preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Security being "*Considered for Purchase or Sale*" or "Being Purchased or Sold" means when a recommendation
to purchase or sell the Covered Security has been made and communicated to the trading desk and with respect to the person making the
recommendation, when such person seriously considers making, or when such person knows or should know that another person is seriously
considering making, such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) A "*Security Held or to be Acquired*" means any Covered Security which, within the most recent 15 days, (i) is or
has been held by a Client, or (ii) is being or has been considered for purchase by a Client, or any option to purchase or sell, and any
security convertible into or exchangeable for, such Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) "*Supervised Person*" of LFI means any partner, officer, director (or other person occupying a similar status or
performing similar functions), or employee of LFI, or other person who provides investment advice on behalf of LFI and is subject to the
supervision and control of LFI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Account Types** 

The trading restrictions and reporting requirements of this Code apply to an Access Person's securities accounts, which generally are any accounts through which Access Persons may buy, sell or hold securities.

Depending on the investment options for the account, a securities account could include:

✓ Personal brokerage accounts;

✓ Retirement accounts;<sup>\*</sup>

✓ Trust accounts; and

✓ Wrap accounts.<sup>\*\*</sup>

\* Retirement accounts are *only* reportable if the Access Person can purchase or sell Covered Securities. Employer sponsored retirement accounts or 401(k) accounts that *only* invest in mutual funds do not require reporting.

\*\* An Access Person must obtain pre-approval from the Code's Compliance Officer to establish a discretionary wrap account. The Officer will consider the relevant facts and circumstances of the account, including the functions and duties of the Access Person, when approving or denying such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Control** 

This Code applies to the securities accounts where an Access Person has a financial interest or control (*i.e.*, is a "Beneficial Owner" of the account). An Access Person is generally considered to have Beneficial Ownership of an account where a named account owner is, among others:

✓ The Access Person;

✓ The Access Person's spouse or domestic partner;

✓ The Access Person's dependent children;

✓ A person sharing the Access Person's household;

✓ Anyone who has given the Access Person discretion over their investments; or

✓ A person that by reason of any contract, arrangement, understanding, or relationship provides the Access Person with sole or shared voting or investment power.

If someone has authorized the Access Person to make investment decisions on her/his behalf, then that securities account would be considered the Access Person's securities account according to this Code. (For example, if an Access Person's neighbor has given authority to the Access Person to make investments on her behalf in an investment account, then the neighbor's investment account is considered the Access Person's securities account.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Prohibited Trading Activities** 

*Prohibitions*. No Access Person shall, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired by a Client:

 

⮚ Employ any device, scheme or artifice to defraud a Client;

⮚ Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

⮚ Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Client; or

⮚ Engage in any manipulative practice with respect to a Client.

No Access Person shall purchase or sell, directly or indirectly, any Covered Security which to his/her knowledge is being actively Considered for Purchase or Sale by any Client.

*Exceptions*. This trading prohibition shall *not* apply to:

 

⮚ Purchases or sales in which the Access Person does not acquire any direct or indirect Beneficial Ownership;

⮚ Purchases or sales that are nonvolitional on the part of either the Access Person or the Client;

⮚ Purchases which are part of an Automatic Investment Plan;

⮚ Purchases effected upon the exercise of rights issued by an issuer *pro rata* to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

⮚ Purchases or sales made by a wrap manager in an Access Person's Managed Account, provided that such purchases or sales do not reflect a pattern;

⮚ Purchases or sales in accounts over which the Access Person has no direct or indirect influence or Control;

⮚ Other purchases and sales specifically approved by the Code's Compliance Officer, with advice of the legal counsel to the Funds, and deemed appropriate because of unusual or unforeseen circumstances.

*Special Situations*. LFI or the Funds may from time to time adopt specific prohibitions or restrictions in response to special situations where there is a greater likelihood that certain Access Persons will have actual knowledge that a Client intends to buy or sell certain Covered Securities. Such prohibitions or restrictions when adopted and signed by the Code's Compliance Officer shall be considered part of this Code until such time as the Officer deems such prohibitions or restrictions to be unnecessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Preclearance Requirements** 

*Covered Securities Transactions*. Access Persons must preclear their personal transactions in any Covered Security with the exception of Lincoln Enterprise Compliance personnel who do not meet the definition of an *Advisory Person.*

 

However, Access Persons are *not* required to preclear the following:

● *Managed Account Transactions*. Transactions for a Managed Account (The Managed Account must have been pre-approved by the Code's Compliance Officer). See Section IV.

● *Exempt Reporting Transactions*. Transactions that are excepted from this Code's reporting requirements. See Section VII.C.

● *Ineligible Client Investments*. Transactions in investments that are not eligible for purchase or sale by a Client. A list of ineligible investments for purchase or sale by a Client will be maintained by the Code's Compliance Officer.

 

Preclearance approval does not alter an Access Person's responsibility to ensure that each personal investment transaction complies with the general standards of conduct and reporting requirements. By seeking preclearance, an Access Person will be deemed to be advising the Code's Compliance Officer that he or she is complying with the "Statement of General Principles" and "General Standards of Conduct," and would not be engaging in any "Prohibited Trading Activities." See Sections II, III and V.

---

| |
|:---|
| **Preclearing a Trade**  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1. A preclearance request must be submitted through ComplySci to the Code's Compliance Officer or designee prior to entering any orders for personal transactions. *Please consult the separate Trade Preclearance Instructions.*<br>&nbsp;&nbsp;&nbsp;&nbsp;2. Preclearance is only valid through the day after the preclearance authorization is given. After such time, the preclearance request must be resubmitted.<br>&nbsp;&nbsp;&nbsp;&nbsp;3. Preclearance under this section shall be denied where an Access Person seeks to execute a buy or sell order when there was a Client transaction within the last 7 business days for that same security (not including *De Minimis* Purchases or Sales).<br>&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions that meet the *De Minimis* exception must be submitted for preclearance to ensure that the approval under the exception does not exceed 500 shares in total during a 30- day period or does not exceed $5,000 in Covered Securities per day.  |

---

*IPOs and Private Placements*. Access Persons must obtain prior written approval from the Code's Compliance Officer or designee before directly or indirectly acquiring Beneficial Ownership in any securities in an initial public offering or in a private security offering.

 

*Public Company Board Positions*. Access Persons may not accept a position as a director, trustee, or general partner of a publicly traded company (other than Lincoln National Corporation) unless such position has been approved by the Code's Compliance Officer as not inconsistent with the interests of the Funds and their shareholders. The Code's Compliance Officer shall report any such approval to the Funds' Board at the next Board meeting.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Distribution of Code of Ethics** 

⮚ *New Access Persons.* The Code's Compliance Officer shall provide each Supervised Person with a copy of the Code within ten days of such person becoming an Supervised Person.

⮚ *Code Amendments.* The Code's Compliance Officer shall provide each Supervised Person with a copy of the revised Code within ten days of the effective date of any amendments to the Code.

---

| | |
|:---|:---|
| ⮚ | *Acknowledgment of Receipt.* Each Access Person shall sign a written acknowledgment through ComplySci within ten days of receiving the Code and any amendments thereto, which shall affirm such person's receipt and understanding of the Code. Each Supervised Person who is not an Access Person will acknowledge receipt and understanding electronically within ten days of receiving the relevant provisions of the Code and any amendments thereto. |

---

---

| | |
|:---|:---|
| ⮚ | *Annual Acknowledgment.* Each Access Person shall sign a written acknowledgement annually through ComplySci which shall affirm that such person has read and understood the Code of Ethics and has complied with its requirements. Such affirmation shall also require each Access Person to certify that any accounts for which the Access Person has beneficial ownership but no direct or indirect influence or Control to affirm that they did, in fact, not influence or Control such accounts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Required Reports** 

Unless a reporting exception applies, every Access Person must provide to the Code's Compliance Officer the following reports: (1) Initial Holdings Report; (2) Quarterly Transaction Report; and (3) Annual Holdings Report. These reports must be completed (*i.e.*, signed and dated) through ComplySci even if the Access Person has no holdings or transactions to report for the relevant time period.

☐ *Initial Holding Report.* No later than ten days after a person becomes an Access Person, the Access Person will provide an Initial Securities Holdings Report to the Code's Compliance Officer. The Access Person must complete the report with information relating to securities holdings and accounts (which information must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person). In addition, after a person becomes an Access Person, the Access Person may be required to provide additional information about any account(s) (or the person(s) managing such accounts) which the Access Person has no direct or indirect influence or Control over to the Code's Compliance Officer.

---

| | |
|:---|:---|
| ✓ | *Duplicate Brokerage Statements and Confirmations.* Access Persons must consent to or direct their brokers to supply to the Code's Compliance Officer, on a timely basis, duplicate copies of confirmations and statements for all Covered Securities accounts (whether provided electronically through ComplySci, through the mail or similar method). |

---

☐ *Quarterly Transaction Reports.* No later than thirty (30) days after the end of a calendar quarter, Access Persons must submit a Quarterly Securities Transaction Report, detailing securities transactions during the quarter. Typically, each Access Person is required to notify the Code's Compliance Officer of new accounts through the Quarterly Transactions Reports. However, if an Access Person opens an account where a third party will manage the account and the Access Person has no direct or indirect influence or Control, the Access Person must promptly notify the Code's Compliance Officer and the Code's Compliance Officer may request information from the Access Person about the third-party manager and the Access Person's relationship with such manager.

☐ *Annual Holdings Reports.* Access Persons must submit an Annual Securities Holdings Report (which information must be current as of a date no more than forty-five (45) days before the report is submitted). Such affirmation shall also require each Access Person to certify that any accounts for which the Access Person is a beneficial owner but has no direct or indirect influence or Control to affirm that they did, in fact, not influence or Control such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Report Exceptions** 

*Non-Controlled Accounts*. An Access Person is not required to make a report regarding transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or Control. An Access Person must receive approval from the Code's Compliance Officer prior to relying on this exception for any account over which the Access Person may be a Beneficial Owner but have no direct or indirect influence or Control. Such account may include:

 

● A Blind Account (see definition of "Control"); or

● An account of an Access Person's close relative where the circumstances demonstrate that the Access Person has no influence or control.

*Automatic Investment Plan*. An Access Person need not make a Quarterly Transaction Report regarding transactions effected pursuant to an Automatic Investment Plan.

 

*Independent Fund Trustees*. A Fund Independent Trustee who would be required to make a report solely by reason of being a Trustee need not make:

 

● An Initial Holdings Report or an Annual Holdings Report; and

● A Quarterly Transaction Report – unless the Trustee knew or, in the course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately before or after the Trustee's transaction in a Covered Security, a Fund purchased or sold the Covered Security, or a Fund or its investment adviser Considered for Purchase or Sale a Covered Security.<sup>\*</sup>

<sup>\*</sup> An Independent Trustee who is required to file a Quarterly Transaction Report should do so no later than thirty (30) days after the end of the calendar quarter in which the securities transaction occurred.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Annual Report to Fund Boards** 

No less frequently than annually, an officer of LFI and the Funds will furnish to the Funds' Board, and the Board will consider, a written report that:

● Describes any issues arising under this Code since the last report to the Board, including, but not limited to, information about material violations of the Code and sanctions imposed in response to the material violations; and

● Certifies that LFI or the Funds, as applicable, have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Administrative Procedures** 

*Identifying Access Persons*. The Code's Compliance Officer or designee will identify all Access Persons and will notify them of this classification and their obligations under this Code. The Code's Compliance Officer will also maintain procedures regarding the review of all reports required to be made under the 1940 Act and the Advisers Act, as applicable.

 

*Identifying Violations*. The Code's Compliance Officer, with guidance from Legal as appropriate, shall determine whether there is a violation of the prohibitions or reporting requirements contained in this Code and the appropriate sanctions to be imposed. The Code's Compliance Officer shall report to the Principal Executive Officer on a timely basis any material violations of the prohibitions or reporting requirements contained in this Code and the sanctions imposed.

 

*Quarterly Board Reporting*. On a quarterly basis, the Code's Compliance Officer will provide the Funds' Boards with a summary report of material violations of the Code and the sanctions imposed. When the Code's Compliance Officer finds that a transaction otherwise reportable could not reasonably be found to have resulted in fraud, deceit, or a manipulative practice in violation of the 1940 Act, he or she may, in his discretion, document such finding in lieu of reporting the transaction to the Boards.

*LFI Governance Committee Reporting*. On at least a quarterly basis, the Code's Compliance Officer shall report to the LFI Governance Committee any violations of the prohibitions or reporting requirements contained in this Code and the sanction imposed, if applicable. The LFI Governance Committee will review the report to consider whether appropriate sanctions were imposed.

 

*No Self-Evaluations*. No person shall participate in a determination of whether he or she has committed a violation of the Code or of the imposition of any sanction against himself or herself. If a Code violation of the Principal Executive Officer is under consideration, the Funds' Independent Trustees collectively shall act in the manner prescribed herein for the Principal Executive Officer.

 

*Code Compliance Officer Reporting*. At least annually, the Code's Compliance Officer will provide a copy of his or her Annual Holdings Report and Personal Transaction Reports to the LFI Principal Executive Officer for review.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Violations and Sanctions** 

*Self-Reporting.* Each Supervised Person is required to report any of their known Code violations promptly to the Code's Compliance Officer.

 

*Possible Sanctions.* Violations of the Code may result in sanctions or other consequences up to and including termination of employment such as:

 

⮚ A warning

⮚ Additional training

⮚ Referral to the Access Person's business manager, senior management and/or oversight committee

⮚ Reversal of a trade

⮚ Disgorgement of profits

⮚ Limitation or restriction on personal investing

---

| | |
|:---|:---|
| ⮚ | A fine |

---

⮚ Referral to civil or criminal authorities

*Sanction Factors.* In determining what, if any, remedial action is appropriate in response to a violation of the Code, the Code's Compliance Officer will consider, among other factors, whether the Supervised Person self-reported the violation, the gravity of the violation, the frequency of the violations, whether any violation caused harm or the potential of harm to any Client, whether the Supervised Person knew or should have known that his/her activity violated the Code, whether the Supervised Person engaged in a transaction with a view to making a profit on the anticipated market action of a transaction by a Client, the Supervised Person's efforts to cooperate with the investigation, and the Supervised Person's efforts to correct any conduct that led to a violation. In rare instances, the Code's Compliance Officer may determine that, for equitable reasons, no remedial action should be taken.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Records** 

*General*. LFI and the Funds shall maintain the following records not less than five years from the end of the fiscal year in which a record is made, the first two years in an easily accessible place, which records shall be available for examination by SEC representatives:

 

● A copy of this Code and any other code which is, or at any time within the past five years has been in effect regarding LFI or the Funds' operations;

● A record of any violation of this Code and of any action taken as a result of such violation;

● A copy of each report made by an Access Person (*e.g.*, Initial Holdings Report, Quarterly Transaction Report, Annual Holdings Report), including any information provided in lieu of the Quarterly Transaction Reports;

● A list of all persons who are, or within the past five years have been, required to make reports under this Code, and also those persons who were responsible for reviewing these reports;

● A copy of each report to the Funds' Board required by this Code.

*Trade Approvals*. LFI and the Funds shall maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities under this Code, for at least five years after the end of the fiscal year in which the approval is granted.

 

*Regulatory Records*. The Code's Compliance Officer shall maintain on behalf of LFI and the Funds all records required by the 1940 Act and the Advisers Act for the time periods prescribed.

 

*Confidentiality*. The Code's Compliance Officer shall keep all information and reports from any Access Person in strict confidence, subject only to disclosure as required by law or as described in this Code.

 

\* \* \*

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1** | **Schedule 1** | **Schedule 1** | **Schedule 1** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception**  | **Pre-Clearance still required for ETFs eligible for de minimis exception**  | **Pre-Clearance still required for ETFs eligible for de minimis exception**  | **Pre-Clearance still required for ETFs eligible for de minimis exception**  |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | DGRW | WisdomTree US Quality Dividend Growth Fund |
| ACWI | iShares MSCI ACWI ETF | DIA | SPDR Dow Jones Industrial Average ETF Trust |
| ACWX | iShares MSCI ACWI ex U.S. ETF | DIVO | Amplify CWP Enhanced Dividend Income ETF |
| AGG | iShares Core U.S. Aggregate Bond ETF | DUHP | Dimensional US High Profitability ETF |
| AMJ | J.P. Morgan Alerian MLP Index ETN | DVY | iShares Select Dividend ETF |
| AMLP | Alerian MLP ETF | DXJ | WisdomTree Japan Hedged Equity Fund |
| ANGL | VanEck Fallen Angel High Yield Bond ETF | EBND | SPDR Bloomberg Emerging Markets Local Bond ETF |
| AOK | iShares Core Conservative Allocation ETF | ECH | iShares MSCI Chile ETF |
| AOR | iShares Core Growth Allocation ETF | EELV | Invesco S&P Emerging Markets Low Volatility ETF |
| ARKF | ARK Fintech Innovation ETF | EEM | iShares MSCI Emerging Markets ETF |
| ARKG | ARK Genomic Revolution ETF | EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF |
| ARKK | ARK Innovation ETF | EFA | iShares MSCI EAFE ETF |
| ARKW | ARK Next Generation Internet ETF | EFAV | iShares MSCI EAFE Min Vol Factor ETF |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | EFG | iShares MSCI EAFE Growth ETF |
| AVUV | Avantis U.S. Small Cap Value ETF | EFV | iShares MSCI EAFE Value ETF |
| BAB | Invesco Taxable Municipal Bond ETF | EMB | iShares JP Morgan USD Emerging Markets Bond ETF |
| BAR | GraniteShares Gold Shares | EMLC | VanEck J. P. Morgan EM Local Currency Bond ETF |
| BBEU | JPMorgan BetaBuilders Europe ETF | EMLP | First Trust North American Energy Infrastructure Fund |
| BBJP | JPMorgan BetaBuilders Japan ETF | EMXC | iShares MSCI Emerging Markets ex China ETF |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | EPI | WisdomTree India Earnings Fund |
| BITO | ProShares Bitcoin Strategy ETF | EPP | iShares MSCI Pacific ex-Japan ETF |
| BIV | Vanguard Intermediate-Term Bond ETF | ERX | Direxion Daily Energy Bull 2x Shares |
| BKLN | Invesco Senior Loan ETF | ESGD | iShares ESG Aware MSCI EAFE ETF |
| BLV | Vanguard Long-Term Bond ETF | ESGE | iShares ESG Aware MSCI EM ETF |
| BND | Vanguard Total Bond Market ETF | ESGU | iShares ESG Aware MSCI USA ETF |
| BNDX | Vanguard Total International Bond ETF | EUFN | iShares MSCI Europe Financials ETF |
| BOIL | ProShares Ultra Bloomberg Natural Gas | EWA | iShares MSCI Australia ETF |
| BOTZ | Global X Robotics & Artificial Intelligence ETF | EWC | iShares MSCI Canada ETF |
| BSCN | Invesco Bulletshares 2023 Corporate Bond ETF | EWG | iShares MSCI Germany ETF |
| BSCO | Invesco BulletShares 2024 Corporate Bond ETF | EWH | iShares MSCI Hong Kong ETF |
| BSCP | Invesco Bulletshares 2025 Corporate Bond ETF | EWJ | iShares MSCI Japan ETF |
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | EWL | iShares MSCI Switzerland ETF |
| BSV | Vanguard Short-Term Bond ETF | EWP | iShares MSCI Spain ETF |
| BWX | SPDR Bloomberg International Treasury Bond ETF | EWQ | iShares MSCI France ETF |
| CGDV | Capital Group Dividend Value ETF | EWS | iShares MSCI Singapore ETF |
| CGGO | Capital Group Global Growth Equity ETF | EWT | iShares MSCI Taiwan ETF |
| CGGR | Capital Group Growth ETF | EWU | iShares MSCI United Kingdom ETF |
| CGXU | Capital Group International Focus Equity ETF | EWW | iShares MSCI Mexico ETF |
| CIBR | First Trust NASDAQ Cybersecurity ETF | EWY | iShares MSCI South Korea ETF |
| CLOU | Global X Cloud Computing ETF | EWZ | iShares MSCI Brazil ETF |
| CMF | iShares California Muni Bond ETF | EZU | iShares MSCI Eurozone ETF |
| COMT | iShares GSCI Comm Dynamic Roll Strategy ETF | FALN | iShares Fallen Angels USD Bond ETF |
| COPX | Global X Copper Miners ETF | FAS | Direxion Daily Financial Bull 3x Shares |
| COWZ | Pacer US Cash Cows 100 ETF | FBND | Fidelity Total Bond ETF |
| CWB | SPDR Bloomberg Convertible Securities ETF | FCG | First Trust Natural Gas ETF |
| CWI | SPDR MSCI ACWI ex-US ETF | FDL | First Trust Morningstar Dividend Leaders Index Fund |
| DBA | Invesco DB Agriculture Fund | FDN | First Trust Dow Jones Internet Index Fund |
| DBC | Invesco DB Commodity Index Tracking Fund | FENY | Fidelity MSCI Energy Index ETF |
| DBEF | Xtrackers MSCI EAFE Hedged Equity ETF | FEZ | SPDR EURO STOXX 50 ETF |
| DEM | WisdomTree Emerging Markets High Dividend Fund | FIXD | First Trust TCW Opportunistic Fixed Income ETF |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| DFAC | Dimensional U.S. Core Equity 2 ETF | FLOT | iShares Floating Rate Bond ETF |
| DFAE | Dimensional Emerging Core Equity Market ETF | FLRN | SPDR Bloomberg Investment Grade Floating Rate ETF |
| DFAI | Dimensional International Core Equity Market ETF | FLTR | VanEck IG Floating Rate ETF |
| DFAU | Dimensional US Core Equity Market ETF | FNDA | Schwab Fundamental US Small Co. Index ETF |
| DFAX | Dimensional World ex U.S. Core Equity 2 ETF | FNDE | Schwab Fundamental Emerging Markets Large Co. Index ETF |
| DFCF | Dimensional Core Fixed Income ETF | FNDF | Schwab Fundamental International Large Co. Index ETF |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | FNDX | Schwab Fundamental US Large Co. Index ETF |
| DFIC | Dimensional International Core Equity 2 ETF | FNGU | MicroSectors FANG+ Index 3X Leveraged ETN |
| DFIV | Dimensional International Value ETF | FPE | First Trust Preferred Securities & Income ETF |
| DFUV | Dimensional US Marketwide Value ETF | FPEI | First Trust Institutional Preferred Securities & Income ETF |
| DGRO | iShares Core Dividend Growth ETF | FREL | Fidelity MSCI Real Estate Index ETF |
| FTCS | First Trust Capital Strength ETF | IUSB | iShares Core Total USD Bond Market ETF |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | IUSG | iShares Core S&P U.S. Growth ETF |
| FTSL | First Trust Senior Loan Fund | IUSV | iShares Core S&P US Value ETF |
| FTSM | First Trust Enhanced Short Maturity ETF | IVE | iShares S&P 500 Value ETF |
| FVD | First Trust Value Line Dividend Index Fund | IVLU | iShares MSCI Intl Value Factor ETF |
| FXI | iShares China Large-Cap ETF | IVOL | Quadratic Interest Rate Volatility & Inflation Hedge ETF |
| FXN | First Trust Energy AlphaDEX Fund | IVV | iShares Core S&P 500 ETF |
| GBIL | Goldman Sachs Access Treasury 0-1 Year ETF | IVW | iShares S&P 500 Growth ETF |
| GDXJ | VanEck Junior Gold Miners ETF | IWB | iShares Russell 1000 ETF |
| GLD | SPDR Gold Shares | IWD | iShares Russell 1000 Value ETF |
| GLDM | SPDR Gold MiniShares Trust | IWF | iShares Russell 1000 Growth ETF |
| GNR | SPDR S&P Global Natural Resources ETF | IWM | iShares Russell 2000 ETF |
| GOVT | iShares U.S. Treasury Bond ETF | IWN | iShares Russell 2000 Value ETF |
| GSG | iShares S&P GSCI Commodity Indexed Trust | IWO | iShares Russell 2000 Growth ETF |
| GSIE | Goldman Sachs ActiveBeta International Equity ETF | IWP | iShares Russell Mid-Cap Growth ETF |
| GSLC | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | IWR | iShares Russell Midcap ETF |
| GSY | Invesco Ultra Short Duration ETF | IWS | iShares Russell Mid-Cap Value ETF |
| GUNR | FlexShares Global Upstream Natural Resources Index Fund | IXC | iShares Global Energy ETF |
| GUSH | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | IXN | iShares Global Tech ETF |
| HDV | iShares Core High Dividend ETF | IXUS | iShares Core MSCI Total International Stock ETF |
| HEFA | iShares Currency Hedged MSCI EAFE ETF | IYE | iShares U.S. Energy ETF |
| HYD | VanEck High Yield Muni ETF | IYR | iShares U.S. Real Estate ETF |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | IYW | iShares U.S. Technology ETF |
| HYLB | Xtrackers USD High Yield Corporate Bond ETF | JEPI | JPMorgan Equity Premium Income ETF |
| HYMB | SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | JETS | U.S. Global Jets ETF |
| HYS | PIMCO 0-5 Year High Yield Corporate Bond Index ETF | JMST | JPMorgan Ultra-Short Municipal Income ETF |
| IAU | iShares Gold Trust | JNK | SPDR Bloomberg High Yield Bond ETF |
| IBB | iShares Biotechnology ETF | JPST | JPMorgan Ultra-Short Income ETF |
| IBDO | iShares iBonds Dec 2023 Term Corporate ETF | KBE | SPDR S&P Bank ETF |
| IBDP | iShares iBonds Dec 2024 Term Corporate ETF | KBWB | Invesco KBW Bank ETF |
| IBTD | iShares iBonds Dec 2023 Term Treasury ETF | KIE | SPDR S&P Insurance ETF |
| ICLN | iShares Global Clean Energy ETF | KRE | SPDR S&P Regional Banking ETF |
| ICSH | BlackRock Ultra Short-Term Bond ETF | KSA | iShares MSCI Saudi Arabia ETF |
| ICVT | iShares Convertible Bond ETF | KWEB | KraneShares CSI China Internet ETF |
| IDEV | iShares Core MSCI International Developed Markets ETF | LABU | Direxion Daily S&P Biotech Bull 3X Shares |
| IDV | iShares International Select Dividend ETF | LIT | Global X Lithium & Battery Tech ETF |
| IEF | iShares 7-10 Year Treasury Bond ETF | LMBS | First Trust Low Duration Opportunities ETF |
| IEFA | iShares Core MSCI EAFE ETF | LQD | iShares Investment Grade Corporate Bond ETF |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| IEI | iShares 3-7 Year Treasury Bond ETF | MBB | iShares MBS ETF |
| IEMG | iShares Core MSCI Emerging Markets ETF | MCHI | iShares MSCI China ETF |
| IEUR | iShares Core MSCI Europe ETF | MDY | SPDR S&P Midcap 400 ETF Trust |
| IEV | iShares Europe ETF | MINT | PIMCO Enhanced Short Maturity Active ETF |
| IGE | iShares North American Natural Resources ETF | MOAT | VanEck Morningstar Wide Moat ETF |
| IGF | iShares Global Infrastructure ETF | MTUM | iShares MSCI USA Momentum Factor ETF |
| IGIB | iShares 5-10 Year Investment Grade Corporate Bond ETF | MUB | iShares National Muni Bond ETF |
| IGLB | iShares 10+ Year Investment Grade Corporate Bond ETF | NEAR | BlackRock Short Maturity Bond ETF |
| IGSB | iShares 1-5 Year Investment Grade Corporate Bond ETF | NOBL | ProShares S&P 500 Dividend Aristocrats ETF |
| IGV | iShares Expanded Tech-Software Sector ETF | NUGT | Direxion Daily Gold Miners Index Bull 2x Shares |
| IHI | iShares U.S. Medical Devices ETF | OIH | VanEck Oil Services ETF |
| IJH | iShares Core S&P Mid-Cap ETF | ONEQ | Fidelity Nasdaq Composite Index ETF |
| IJJ | iShares S&P Mid-Cap 400 Value ETF | OUNZ | VanEck Merk Gold Trust |
| IJR | iShares Core S&P Small Cap ETF | PAVE | Global X U.S. Infrastructure Development ETF |
| IJS | iShares S&P Small-Cap 600 Value ETF | PBW | Invesco WilderHill Clean Energy ETF |
| ILF | iShares Latin America 40 ETF | PCY | Invesco Emerging Markets Sovereign Debt ETF |
| INDA | iShares MSCI India ETF | PDBC | Invesco Opt Yield Diver Comm ETF |
| IQLT | iShares MSCI Intl Quality Factor ETF | PFF | iShares Preferred & Income Securities ETF |
| ISTB | iShares Core 1-5 Year USD Bond ETF | PFFD | Global X U.S. Preferred ETF |
| ITA | iShares U.S. Aerospace & Defense ETF | PGF | Invesco Financial Preferred ETF |
| ITB | iShares U.S. Home Construction ETF | PGX | Invesco Preferred ETF |
| ITM | VanEck Intermediate Muni ETF | PICK | iShares MSCI Global Metals & Mining Producers ETF |
| ITOT | iShares Core S&P Total U.S. Stock Market ETF | PSQ | ProShares Short QQQ |
| PULS | PGIM Ultra Short Bond ETF | SPLG | SPDR Portfolio S&P 500 ETF |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | SPLV | Invesco S&P 500 Low Volatility ETF |
| PXH | Invesco FTSE RAFI Emerging Markets ETF | SPMB | SPDR Portfolio Mortgage Backed Bond ETF |
| PZA | Invesco National AMT-Free Municipal Bond ETF | SPMD | SPDR Portfolio S&P 400 Mid Cap ETF |
| QLD | ProShares Ultra QQQ | SPSB | SPDR Portfolio Short Term Corporate Bond ETF |
| QQQ | Invesco QQQ Trust | SPSM | SPDR Portfolio S&P 600 Small Cap ETF |
| QQQM | Invesco NASDAQ 100 ETF | SPTI | SPDR Portfolio Intermediate Term Treasury ETF |
| QUAL | iShares MSCI USA Quality Factor ETF | SPTL | SPDR Portfolio Long Term Treasury ETF |
| QYLD | Global X NASDAQ 100 Covered Call ETF | SPTM | SPDR Portfolio S&P 1500 Composite Stock Market ETF |
| RDVY | First Trust Rising Dividend Achievers ETF | SPTS | SPDR Portfolio Short Term Treasury ETF |
| REET | iShares Global REIT ETF | SPXL | Direxion Daily S&P 500 Bull 3x Shares |
| REM | iShares Mortgage Real Estate ETF | SPXS | Direxion Daily S&P 500 Bear 3x Shares |
| RPV | Invesco S&P 500 Pure Value ETF | SPXU | ProShares UltraPro Short S&P500 |
| RSP | Invesco S&P 500 Equal Weight ETF | SPY | SPDR S&P 500 ETF Trust |
| RYLD | Global X Russell 2000 Covered Call ETF | SPYD | SPDR Portfolio S&P 500 High Dividend ETF |
| SCHA | Schwab U.S. Small-Cap ETF | SPYG | SPDR Portfolio S&P 500 Growth ETF |
| SCHB | Schwab U.S. Broad Market ETF | SPYV | SPDR Portfolio S&P 500 Value ETF |
| SCHC | Schwab International Small-Cap Equity ETF | SQQQ | ProShares UltraPro Short QQQ |
| SCHD | Schwab US Dividend Equity ETF | SRLN | SPDR Blackstone Senior Loan ETF |
| SCHE | Schwab Emerging Markets Equity ETF | SSO | ProShares Ultra S&P 500 |
| SCHF | Schwab International Equity ETF | STIP | iShares 0-5 Year TIPS Bond ETF |
| SCHG | Schwab U.S. Large-Cap Growth ETF | SUB | iShares Short-Term National Muni Bond ETF |
| SCHH | Schwab U.S. REIT ETF | TAN | Invesco Solar ETF |
| SCHM | Schwab U.S. Mid-Cap ETF | TBT | ProShares UltraShort 20+ Year Treasury |
| SCHO | Schwab Short-Term US Treasury ETF | TDTT | FlexShares iBoxx 3 Year Target Duration TIPS Index Fund |
| SCHP | Schwab US TIPS ETF | TECL | Direxion Daily Technology Bull 3x Shares |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| SCHR | Schwab Intermediate-Term US Treasury ETF | TFI | SPDR Nuveen Bloomberg Municipal Bond ETF |
| SCHV | Schwab U.S. Large-Cap Value ETF | TFLO | iShares Treasury Floating Rate Bond ETF |
| SCHX | Schwab U.S. Large-Cap ETF | TIP | iShares TIPS Bond ETF |
| SCHZ | Schwab US Aggregate Bond ETF | TIPX | SPDR Bloomberg 1-10 Year TIPS ETF |
| SCZ | iShares MSCI EAFE Small-Cap ETF | TLH | iShares 10-20 Year Treasury Bond ETF |
| SDOW | ProShares UltraPro Short Dow30 | TLT | iShares 20+ Year Treasury Bond ETF |
| SDS | ProShares UltraShort S&P500 | TMF | Direxion Daily 20+ Year Treasury Bull 3X Shares |
| SDY | SPDR S&P Dividend ETF | TNA | Direxion Daily Small Cap Bull 3x Shares |
| SGOL | abrdn Physical Gold Shares ETF | TOTL | SPDR DoubleLine Total Return Tactical ETF |
| SGOV | iShares 0-3 Month Treasury Bond ETF | TQQQ | ProShares UltraPro QQQ |
| SH | ProShares Short S&P500 | TZA | Direxion Daily Small Cap Bear 3x Shares |
| SHM | SPDR Nuveen Bloomberg Short Term Municipal Bond ETF | UCO | ProShares Ultra Bloomberg Crude Oil |
| SHV | iShares Short Treasury Bond ETF | UCON | First Trust TCW Unconstrained Plus Bond ETF |
| SHY | iShares 1-3 Year Treasury Bond ETF | UDOW | ProShares UltraPro Dow30 |
| SHYG | iShares 0-5 Year High Yield Corporate Bond ETF | UNG | United States Natural Gas Fund LP |
| SIL | Global X Silver Miners ETF | UPRO | ProShares UltraPro S&P500 |
| SILJ | ETFMG Prime Junior Silver Miners Fund | URA | Global X Uranium ETF |
| SIVR | abrdn Physical Silver Shares ETF | URNM | Sprott Uranium Miners ETF |
| SJNK | SPDR Bloomberg Short Term High Yield Bond ETF | USFR | WisdomTree Floating Rate Treasury Fund |
| SKYY | First Trust Cloud Computing ETF | USHY | iShares Broad USD High Yield Corporate Bond ETF |
| SLQD | iShares 0-5 Year Investment Grade Corporate Bond ETF | USIG | iShares Broad USD Investment Grade Corporate Bond ETF |
| SLV | iShares Silver Trust | USMV | iShares MSCI USA Min Vol Factor ETF |
| SMH | VanEck Semiconductor ETF | USO | United States Oil Fund LP |
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | UUP | Invesco DB US Dollar Index Bullish Fund |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | UVXY | ProShares Ultra VIX Short-Term Futures ETF |
| SOXX | iShares Semiconductor ETF | VB | Vanguard Small-Cap ETF |
| SPAB | SPDR Portfolio Aggregate Bond ETF | VBR | Vanguard Small Cap Value ETF |
| SPDN | Direxion Daily S&P 500 Bear 1X Shares | VCIT | Vanguard Intermediate-Term Corporate Bond ETF |
| SPDW | SPDR Portfolio Developed World ex-US ETF | VCLT | Vanguard Long-Term Corporate Bond ETF |
| SPEM | SPDR Portfolio Emerging Markets ETF | VCSH | Vanguard Short-Term Corporate Bond ETF |
| SPHD | Invesco S&P 500 High Dividend Low Volatility ETF | VDE | Vanguard Energy ETF |
| SPHQ | Invesco S&P 500 Quality ETF | VEA | Vanguard FTSE Developed Markets ETF |
| SPIB | SPDR Portfolio Intermediate Term Corporate Bond ETF | VEU | Vanguard FTSE All-World ex-US Index Fund |
| SPIP | SPDR Portfolio TIPS ETF | VFH | Vanguard Financials ETF |
| SPLB | SPDR Portfolio Long Term Corporate Bond ETF | VGIT | Vanguard Intermediate-Term Treasury ETF |
| VGK | Vanguard FTSE Europe ETF | VWO | Vanguard FTSE Emerging Markets ETF |
| VGLT | Vanguard Long-Term Treasury ETF | VWOB | Vanguard Emerging Markets Government Bond ETF |
| VGSH | Vanguard Short-Term Treasury ETF | VXF | Vanguard Extended Market ETF |
| VGT | Vanguard Information Technology ETF | VXUS | Vanguard Total International Stock ETF |
| VIG | Vanguard Dividend Appreciation ETF | VYM | Vanguard High Dividend Yield Index ETF |
| VLUE | iShares MSCI USA Value Factor ETF | VYMI | Vanguard International High Dividend Yield ETF |
| VMBS | Vanguard Mortgage-Backed Securities ETF | WCLD | WisdomTree Cloud Computing Fund |
| VNQ | Vanguard Real Estate ETF | XBI | SPDR S&P BIOTECH ETF |
| VO | Vanguard Mid-Cap ETF | XHB | SPDR S&P Homebuilders ETF |
| VOE | Vanguard Mid-Cap Value ETF | XLB | Materials Select Sector SPDR Fund |
| VONG | Vanguard Russell 1000 Growth ETF | XLC | Communication Services Select Sector SPDR Fund |
| VONV | Vanguard Russell 1000 Value ETF | XLE | Energy Select Sector SPDR Fund |
| VOO | Vanguard S&P 500 ETF | XLF | Financial Select Sector SPDR Fund |
| VPL | Vanguard FTSE Pacific ETF | XLI | Industrial Select Sector SPDR Fund |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| VRP | Invesco Variable Rate Preferred ETF | XLK | Technology Select Sector SPDR Fund |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | XLP | Consumer Staples Select Sector SPDR Fund |
| VT | Vanguard Total World Stock ETF | XLRE | Real Estate Select Sector SPDR Fund |
| VTEB | Vanguard Tax-Exempt Bond ETF | XLU | Utilities Select Sector SPDR Fund |
| VTI | Vanguard Total Stock Market ETF | XLV | Health Care Select Sector SPDR Fund |
| VTIP | Vanguard Short-Term Inflation-Protected Securities ETF | XLY | Consumer Discretionary Select Sector SPDR Fund |
| VTV | Vanguard Value ETF | XME | SPDR S&P Metals & Mining ETF |
| VTWO | Vanguard Russell 2000 ETF | XOP | SPDR S&P Oil & Gas Exploration & Production ETF |
| VUG | Vanguard Growth ETF | XSOE | WisdomTree EM ex-State-Owned Ent Fund |
| VUSB | Vanguard Ultra-Short Bond ETF | XYLD | Global X S&P 500 Covered Call ETF |
| VV | Vanguard Large-Cap ETF | YINN | Direxion Daily FTSE China Bull 3X Shares |

---

## Ex-99.Code

Exhibit 19(a)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, John Morriss, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lincoln Variable Insurance Products Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 24, 2026 | /s/ John Morriss |
|  |  | John Morriss, President |
|  |  | (principal executive officer) |

---

Exhibit 19(a)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, James Hoffmayer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lincoln Variable Insurance Products Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 24, 2026 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

Exhibit 19(b)

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, John Morriss, President of Lincoln Variable Insurance Products Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | February 24, 2026 | /s/ John Morriss |
|  |  | John Morriss, President |
|  |  | (principal executive officer) |

---

I, James Hoffmayer, Chief Accounting Officer of Lincoln Variable Insurance Products Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | February 24, 2026 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

---